Document and Entity Information
Document and Entity Information | 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 | SOPHiA GENETICS SA |
Entity Central Index Key | 0001840706 |
Document Accounting Standard | International Financial Reporting Standards |
Document Registration Statement | false |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 63,857,604 |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Title of 12(b) Security | Ordinary shares, par value CHF 0.05 per share |
Trading Symbol | SOPH |
Security Exchange Name | NASDAQ |
Entity File Number | 001-40627 |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Rue du Centre 172 |
Entity Address, City or Town | Saint-Sulpice |
Entity Address, Country | CH |
Entity Address, Postal Zip Code | CH-1025 |
Document Annual Report | true |
Document Transition Report | false |
Auditor Firm ID | 1358 |
Auditor Name | PricewaterhouseCoopers SA |
Auditor Location | Lausanne, Switzerland |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 185 Dartmouth Street Floor 5 |
Entity Address, City or Town | Boston |
Entity Address, Postal Zip Code | MA 02116 |
Contact Personnel Name | Ross Muken |
City Area Code | 617 |
Local Phone Number | 982-1210 |
Consolidated Statements of Loss
Consolidated Statements of Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 40,450 | $ 28,400 | $ 25,362 |
Cost of revenue | (15,229) | (10,709) | (7,532) |
Gross profit | 25,221 | 17,691 | 17,830 |
Research and development costs | (26,578) | (18,588) | (15,018) |
Selling and marketing costs | (28,735) | (17,432) | (19,414) |
General and administrative costs | (41,505) | (18,965) | (15,669) |
Other operating income (expense), net | 108 | (93) | (16) |
Operating loss | (71,489) | (37,387) | (32,287) |
Finance expense, net | (2,018) | (3,838) | (1,342) |
Loss before income taxes | (73,507) | (41,225) | (33,629) |
Income tax (expense) benefit | (168) | 1,886 | (162) |
Loss for the year | (73,675) | (39,339) | (33,791) |
Attributable to the owners of the parent | $ (73,675) | $ (39,339) | $ (33,791) |
Loss per share | |||
Basic and diluted loss per share | $ (1.33) | $ (0.93) | $ (0.90) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Comprehensive Income [Abstract] | |||
Loss for the year | $ (73,675) | $ (39,339) | $ (33,791) |
Items that may be reclassified to statement of loss (net of tax) | |||
Currency translation differences | (4,736) | 7,338 | 272 |
Total items that may be reclassified to statement of loss | (4,736) | 7,338 | 272 |
Items that will not be reclassified to statement of loss (net of tax) | |||
Remeasurement of defined benefit plans | 461 | 184 | (1,523) |
Total items that will not be reclassified to statement of loss | 461 | 184 | (1,523) |
Other comprehensive (loss) income for the year | (4,275) | 7,522 | (1,251) |
Total comprehensive loss for the year | (77,950) | (31,817) | (35,042) |
Attributable to owners of the parent | $ (77,950) | $ (31,817) | $ (35,042) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 192,962 | $ 74,625 |
Term deposits | 72,357 | 22,720 |
Accounts receivable | 6,278 | 6,363 |
Inventory | 5,729 | 3,384 |
Prepaids and other current assets | 5,529 | 2,602 |
Total current assets | 282,855 | 109,694 |
Non-current assets | ||
Property and equipment | 4,663 | 1,772 |
Intangible assets | 15,673 | 13,282 |
Right-of-use assets | 11,292 | 3,767 |
Deferred tax assets | 1,990 | 2,114 |
Other non-current assets | 3,700 | 1,486 |
Total non-current assets | 37,318 | 22,421 |
Total assets | 320,173 | 132,115 |
Current liabilities | ||
Accounts payable | 6,737 | 5,907 |
Accrued expenses | 15,972 | 9,081 |
Deferred contract revenue | 4,069 | 2,642 |
Current portion of borrowings | 2,873 | |
Current portion of lease liabilities | 1,813 | 1,036 |
Other current liabilities | 12 | 48 |
Total current liabilities | 28,603 | 21,587 |
Non-current liabilities | ||
Deferred contract revenue, net of current portion | 142 | |
Borrowings, net of current portion | 457 | |
Lease liabilities, net of current portion | 11,246 | 2,883 |
Defined benefit pension liabilities | 4,453 | 5,158 |
Other non-current liabilities | 471 | 1,378 |
Total non-current liabilities | 16,170 | 10,018 |
Total liabilities | 44,773 | 31,605 |
Equity | ||
Share capital | 3,328 | 2,460 |
Share premium | 470,887 | 227,429 |
Other reserves | 12,539 | 8,300 |
Accumulated deficit | (211,354) | (137,679) |
Total equity | 275,400 | 100,510 |
Total liabilities and equity | $ 320,173 | $ 132,115 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity $ in Thousands | USD ($) | Initial Public OfferingUSD ($) | Private PlacementUSD ($) | Greenshoe OfferingUSD ($) | Share CapitalUSD ($)shares | Share CapitalInitial Public OfferingUSD ($)shares | Share CapitalPrivate PlacementUSD ($)shares | Share CapitalGreenshoe OfferingUSD ($)shares | Share PremiumUSD ($) | Share PremiumInitial Public OfferingUSD ($) | Share PremiumPrivate PlacementUSD ($) | Share PremiumGreenshoe OfferingUSD ($) | Other ReservesUSD ($) | Accumulated DeficitUSD ($) |
Balance, beginning of the year at Dec. 31, 2018 | $ 54,818 | $ 1,912 | $ 117,502 | $ (47) | $ (64,549) | |||||||||
Balance, beginning of the year, shares at Dec. 31, 2018 | shares | 37,625,260 | |||||||||||||
Loss for the year | (33,791) | (33,791) | ||||||||||||
Other comprehensive loss | (1,251) | (1,251) | ||||||||||||
Total comprehensive loss for the year | (35,042) | (1,251) | (33,791) | |||||||||||
Share-based compensation | 717 | 717 | ||||||||||||
Transactions with owners | ||||||||||||||
Share options exercised | 1,760 | $ 35 | 1,725 | |||||||||||
Share options exercised, shares | shares | 694,500 | |||||||||||||
Balance, end of the year at Dec. 31, 2019 | 22,253 | $ 1,947 | 119,227 | (581) | (98,340) | |||||||||
Balance, end of the year, shares at Dec. 31, 2019 | shares | 38,319,760 | |||||||||||||
Loss for the year | (39,339) | (39,339) | ||||||||||||
Other comprehensive loss | 7,522 | 7,522 | ||||||||||||
Total comprehensive loss for the year | (31,817) | 7,522 | (39,339) | |||||||||||
Share-based compensation | 1,359 | 1,359 | ||||||||||||
Transactions with owners | ||||||||||||||
Share options exercised | 1,072 | $ 17 | 1,055 | |||||||||||
Share options exercised, shares | shares | 319,000 | |||||||||||||
Issue of share capital, net of transaction costs | 107,643 | $ 496 | 107,147 | |||||||||||
Issue of share capital, net of transaction costs, shares | shares | 9,316,940 | |||||||||||||
Balance, end of the year at Dec. 31, 2020 | 100,510 | $ 2,460 | 227,429 | 8,300 | (137,679) | |||||||||
Balance, end of the year, shares at Dec. 31, 2020 | shares | 47,955,700 | |||||||||||||
Loss for the year | (73,675) | (73,675) | ||||||||||||
Other comprehensive loss | (4,275) | (4,275) | ||||||||||||
Total comprehensive loss for the year | (77,950) | (4,275) | (73,675) | |||||||||||
Share-based compensation | 8,514 | 8,514 | ||||||||||||
Transactions with owners | ||||||||||||||
Share options exercised | 4,527 | $ 69 | 4,458 | |||||||||||
Share options exercised, shares | shares | 1,271,300 | |||||||||||||
Issue of share capital, net of transaction costs | $ 211,663 | $ 19,648 | $ 8,488 | $ 710 | $ 61 | $ 28 | $ 210,953 | $ 19,587 | $ 8,460 | |||||
Issue of share capital, net of transaction costs, shares | shares | 13,000,000 | 1,111,111 | 519,493 | |||||||||||
Balance, end of the year at Dec. 31, 2021 | $ 275,400 | $ 3,328 | $ 470,887 | $ 12,539 | $ (211,354) | |||||||||
Balance, end of the year, shares at Dec. 31, 2021 | shares | 63,857,604 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Loss before tax | $ (73,507) | $ (41,225) | $ (33,629) |
Adjustments for non-monetary items | |||
Depreciation | 2,517 | 1,758 | 1,546 |
Amortization | 1,092 | 632 | 367 |
Interest expense | 658 | 1,224 | 1,073 |
Interest income | (20) | (96) | (86) |
Gain on TriplePoint success fee | (430) | ||
Expected credit loss allowance | (988) | 763 | 872 |
Share-based compensation | 8,514 | 1,359 | 717 |
Intangible assets write-off | 30 | 226 | |
Movements in provisions, pensions, and government grants | (23) | 1,203 | 580 |
Research tax credit | (1,597) | (763) | (447) |
Loss on disposal of property and equipment | 22 | ||
Working capital changes | |||
(Increase) decrease in accounts receivable | 1,806 | 1,118 | (4,352) |
(Increase) decrease in prepaids and other assets | (2,330) | 2,347 | (2,009) |
(Increase) decrease in inventory | (2,336) | 536 | (862) |
Increase (decrease) in accounts payables, accrued expenses, deferred contract revenue, and other liabilities | 8,980 | (185) | 5,603 |
Cash used in operating activities | |||
Income tax received (paid) | (55) | 153 | (252) |
Interest paid | (286) | (855) | (837) |
Interest received | 14 | 75 | 36 |
Net cash flows used in operating activities | (57,939) | (31,730) | (31,680) |
Investing activities | |||
Purchase of property and equipment | (2,683) | (450) | (1,355) |
Acquisition of intangible assets | (130) | (318) | (1,678) |
Capitalized development costs | (3,858) | (2,436) | |
Proceeds upon maturity of term deposits and short-term investments | 21,878 | ||
Purchase of term deposits and short-term investments | (72,141) | (21,119) | |
Net cash flow used in investing activities | (56,934) | (24,323) | (3,033) |
Financing activities | |||
Proceeds from exercise of share options | 4,527 | 1,072 | 1,760 |
Proceeds from issuance of share capital, net of transaction costs | 107,643 | ||
Proceeds from initial public offering, net of transaction costs | 211,663 | ||
Proceeds from greenshoe, net of transaction costs | 8,488 | ||
Proceeds from private placement, net of transaction costs | 19,648 | ||
Payment of TriplePoint success fee | (2,468) | ||
Proceeds from borrowings | 15,839 | ||
Repayments of borrowings | (3,167) | (16,529) | (1,967) |
Payments of principal portion of lease liabilities | (918) | (980) | (816) |
Net cash flow provided from (used in) financing activities | 237,773 | 107,045 | (1,023) |
Increase (decrease) in cash and cash equivalents | 122,900 | 50,992 | (35,736) |
Effect of exchange differences on cash balances | (4,563) | 5,564 | (102) |
Cash and cash equivalents at beginning of the year | 74,625 | 18,069 | 53,907 |
Cash and cash equivalents at end of the year | $ 192,962 | $ 74,625 | $ 18,069 |
Company Information and Operati
Company Information and Operations | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Company Information And Operations [Abstract] | |
Company Information and Operations | 1. Company information and operations General information SOPHiA GENETICS SA and its consolidated subsidiaries (NASDAQ: SOPH) (“the Company”) is a limited liability healthcare technology company, incorporated on March 18, 2011, and headquartered in Saint-Sulpice, Switzerland. The Company is dedicated to establishing the practice of data-driven medicine as the standard of care in health care and for life sciences research. The Company has built a cloud-based software-as-a-service (“SaaS”) platform capable of analyzing data and generating insights from complex multimodal datasets and different diagnostic modalities. This platform, commercialized as “SOPHiA DDM,” standardizes, computes and analyzes digital health data and is used in decentralized locations to break down data silos. As of December 31, 2021, the Company had the following wholly-owned subsidiaries: Name Country of domicile SOPHiA GENETICS S.A.S. France SOPHiA GENETICS LTD UK SOPHiA GENETICS, Inc. USA SOPHiA GENETICS Intermediação de Negócios EIRELI Brazil SOPHiA GENETICS PTY LTD Australia SOPHiA GENETICS S.R.L. Italy Interactive Biosoftware S.A.S., a wholly owned subsidiary located in France and acquired in 2018, was merged into SOPHiA GENETICS S.A.S. in 2020. On April 9, 2021, SOPHiA GENETICS PTY LTD, a wholly owned subsidiary located in Australia, was incorporated. On May 27, 2021, SOPHiA GENETICS S.R.L., a wholly owned subsidiary located in Italy, was incorporated. The Company’s Board of Directors approved the issue of the consolidated financial statements on March 15, 2022. Share split On June 30, 2021, the Company effected a one-to-twenty Initial public offering In July 2021, the Company completed its initial public offering (“IPO”) in the United States on the Nasdaq Global Market (“Nasdaq”) under the trading ticker symbol “SOPH”. Trading on the Nasdaq commenced at market open on July 23, 2021. The Company completed the IPO of 13,000,000 ordinary shares, at an IPO price of $18.00 per share, par value $0.05 (CHF 0.05). The aggregate net proceeds received from the IPO, net of underwriting discounts and commissions and offering expenses, was $211.7 million. Immediately prior to the completion of the IPO, all then outstanding shares of preferred shares were converted into 24,561,200 shares of ordinary shares on a one-to-one basis. Concurrent with the IPO, the Company closed a private placement, in which it sold 1,111,111 ordinary shares to an affiliate of GE Healthcare at a price of $18.00 per share, par value $0.05 (CHF 0.05). The aggregate net proceeds received from the private placement, net of offering expenses, was $19.6 million. On August 25, 2021, the underwriters of the IPO elected to exercise in part their option to purchase an additional 519,493 ordinary shares (“greenshoe”) at the IPO price of $18.00 per share, par value $0.05 (CHF 0.05). The aggregate net proceeds received from the greenshoe, net of underwriting discounts and commissions and offering expenses, was $8.5 million. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies Basis of preparation Compliance with International Financial Reporting Standards The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”). Basis of consolidation A subsidiary is an entity over which the Company has control. The Company controls an entity when it has the power to direct its activities and has rights to its variable returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and deconsolidated from the date that control ceases. During the consolidation process intercompany transactions, balances, and unrealized gains on transactions between companies are eliminated. Unrealized losses are also eliminated unless there is evidence of an impairment of the transferred asset. In order to ensure consistency with the accounting policies of the Company, the accounting policies of subsidiaries have been changed where necessary. Foreign currency translation Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). In individual entities, transactions in foreign currencies are translated as of transaction date. Monetary assets and liabilities in foreign currencies are translated at month end rates. The Company’s reporting currency of the Company’s consolidated financial statements is the U.S. dollar (“USD”). Assets and liabilities denominated in foreign currencies are translated at the month-end spot exchange rates, income statement accounts are translated at average rates of exchange for the period presented, and equity is translated at historical exchange rates. On consolidation, assets and liabilities of foreign operations reported in their local functional currencies are translated into USD. Differences arising from the retranslation of opening net assets of foreign operations, together with differences arising from the translation of the net results for the year of foreign operations, are recognized in other comprehensive income under currency retranslations. Gains or losses resulting from foreign currency transactions are included in net income. The Company selected the U.S. dollar as its presentation currency for purposes of its consolidated financial statements instead of the Company’s functional currency, the Swiss franc, because of the global nature of its business, its expectation that an increasing portion of revenues and expenses will be denominated in USD, and its plans to access U.S. capital markets. Use of estimates The preparation of consolidated financial statements in conformity with IFRS requires the use of accounting estimates. It also requires management to exercise judgement in applying the Company’s accounting policies. The Company’s significant estimates and judgements included in the preparation of the consolidated financial statements are related to revenue recognition, capitalized internal software development costs, share-based compensation, expected credit loss, goodwill, defined benefit pension liabilities, uncertain tax positions, and derivatives. Disclosed in the corresponding sections within the footnotes are the areas which require a high degree of judgment, significant assumptions, and/or estimates. Going concern basis The consolidated financial statements have been prepared on a going concern basis (See Note 31 – “Capital management”). Historical cost convention The consolidated financial statements have been prepared on a historical cost basis except for certain assets and liabilities, which are carried at fair value. Accounting policies The significant accounting policies adopted in the preparation of the consolidated financial statements have been consistently applied, unless otherwise stated. Provisions and contingencies Provisions comprise liabilities of uncertain timing or amount. The provisions and liabilities are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period, unless the impact of discounting is immaterial. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not fully within the control of the Company. The likelihood of occurrence of provisions and contingent liabilities requires use of judgement. Judgement is also required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognized, and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. Financial assets classification Upon recognition, financial assets are classified on the basis of how the financial assets are measured: at amortized cost or fair value through income. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. Except for accounts receivable that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income, transaction costs. Accounts receivable that do not contain a significant financing component are measured at the transaction price. The Company’s business model for managing financial assets is defined by whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets held in order to collect contractual cash flows are measured at amortized cost. Financial assets held both to collect contractual cash flows and for sale are measured at fair value through other comprehensive income/loss. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset. Financial assets measured at amortized cost Financial assets initially measured at amortized cost are subsequently measured using the effective interest rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in income when the asset is derecognized, modified, or impaired. The Company’s financial assets at amortized cost include cash, term deposits and accounts receivable. Financial assets—derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated balance sheet) when: • The rights to receive cash flows from the asset have expired or; • The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either; • the Company has transferred substantially all the risks and rewards of the asset, or; • the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When the Company has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Financial assets—impairment For cash, cash equivalents, and term deposits, the Company invests in assets where it has never incurred and does not expect to incur credit losses. For accounts receivable the Company recognizes a loss allowance based on lifetime estimated credit losses (“ECL”) at each reporting date. When estimating the ECL the Company takes into consideration: readily available relevant and supportable information (this includes quantitative and qualitative data), the Company’s historical experience and forward-looking information specific to the receivables and the economic environment. See Note 13 – “Accounts receivable” for further information about the Company’s accounting for trade receivables. Financial liabilities classification Financial liabilities are classified upon initial recognition as financial liabilities measured at fair value through income or at amortized cost. The Company’s financial liabilities include accounts payable and debt (including borrowings and lease liabilities), which are measured at amortized cost, and derivatives, which are measured at fair value through income. Interest-bearing borrowings are initially recognized at fair value less directly attributable costs and subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in income when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of income/loss. Financial liabilities—derecognition A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statements of loss. New standards, amendments to standards and interpretations not yet adopted New standards, amendments to standards, and interpretations issued not yet effective In January 2020, IASB issued amendments to paragraphs 69 to 76 of IAS 1, Presentation of Financial Statements There are no other IFRS or IFRS IC interpretations that are not yet effective and that could have a material impact to the consolidated financial statements. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Operating Segments [Abstract] | |
Segment Reporting | 3. Segment reporting The Company operates in a single operating segment. The Company’s financial information is reviewed, and its performance assessed as a single segment by the senior management team led by the Chief Executive Officer (“CEO”), the Company’s Chief Operating Decision Maker (“CODM”). An analysis of revenue by customer location is presented below (in USD thousands): Year ended December 31, 2021 2020 2019 France $ 7,405 $ 6,060 $ 5,874 Italy 6,124 2,994 3,150 United States 3,944 2,636 1,989 Spain 3,765 2,356 2,105 Turkey 2,682 1,222 1,714 Austria 1,835 1,310 927 Brazil 1,621 1,535 1,186 United Kingdom 1,500 1,147 1,213 Switzerland 1,394 1,708 722 Germany 1,280 1,146 1,140 Other 8,900 6,286 5,342 Total revenue $ 40,450 $ 28,400 $ 25,362 For the years ended December 31, 2021 and 2020, respectively, the Company had a physical presence in four countries outside of its headquarters in Switzerland: France, the United States, the UK, and Brazil. An analysis of the location of non-current non-financial assets by country is as follows (in USD thousands): Year ended December 31, 2021 2020 Switzerland $ 28,974 $ 17,362 France 3,480 2,656 United States 2,924 996 United Kingdom 527 416 Brazil 8 7 Total non-current non-financial assets $ 35,913 $ 21,437 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Receivables From Contracts With Customers [Abstract] | |
Revenue | 4. Revenue Critical accounting estimates and judgements The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Significant judgment is required to determine the stand-alone selling price (“SSP”) for each performance obligation in the SOPHiA platform, the amount allocated to each performance obligation and whether it depicts the amount that the Company expects to receive in exchange for the related product and/or service. The Company enters into arrangements with multiple performance obligations where it could be difficult to determine the performance obligations under a sales agreement; in such cases, how and when revenue should be recognized is subject to certain estimates or assumptions. Should these judgments and estimates not be correct, revenue recognized for any reporting period could be adversely affected. Accounting policies Revenue represents amounts received and receivable from third parties for goods supplied and services rendered to customers. Revenues are reported net of rebates and discounts and net of sales and value added taxes in an amount that reflects the consideration that is expected to be received for goods or services. The majority of the sales revenue is recognized: (i) when customers generate analyses on their patient data through the SOPHiA platform, (ii) when consumables, namely DNA enrichment kits, are delivered to customers at which point control transfers, (iii) when services, namely set-up programs, are performed and (iv) over the duration of the software licensing arrangements for the Alamut software offerings. Products and services are sold both directly to customers and through distributors, generally under agreements with payment terms of up to 180 days. Therefore, contracts do not contain a significant financing component. For all contracts with customers the following steps are performed to determine the amount of revenue to be recognized and when it should be recognized: (1) identify the contract or contracts; (2) determine whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (3) measure the transaction price, including the constraint on variable consideration; (4) allocate the transaction price to the performance obligations based on estimated selling prices; and (5) recognize revenue when (or as) each performance obligation is satisfied. SOPHiA Platform The majority of the SOPHiA platform revenue is derived from each use of the SOPHiA platform by customers to generate analysis on their patient data. Analysis revenue is recognized as analysis results are made available to the customer on the SOPHiA platform. Contract assets are recognized on the balance sheet as accrued contract revenue for any analyses performed by customers that have not been invoiced at the reporting period date. Any payments received in advance of customers generating analyses are recorded as deferred contract revenue until the analyses are performed. Customers use the SOPHiA platform to perform analyses under three different models: dry lab access; bundle access; and integrated solutions. For dry lab contracts, customers use the testing instruments and consumables of their choice and the SOPHiA platform and algorithms for variant detection and identification. In these arrangements, the Company has identified one performance obligation, which is the delivery of the analysis result to the customer. For bundle arrangements, customers purchase a DNA enrichment kit along with each analysis. Customers use the DNA enrichment kit in the process of performing their own sequencing of each sample. Customers then upload their patient data to the SOPHiA platform for analysis. In these arrangements, the Company has identified two performance obligations: the delivery of the DNA enrichment kits and the performance of the analyses. Revenue is recognized for the DNA enrichment kits when control of products has transferred to the customer, which is generally at the time of delivery, as this is when title and risk of loss have been transferred. Revenue for the performance of the analyses is recognized on delivery of the analysis results to the customer. Refer to Arrangements with multiple performance obligations Deferred contract revenue balances relating to analyses not performed within 12 months from the date of the delivery date are recognized as revenue. This policy is not based on contractual conditions but on the Company’s experience of customer behavior and expiration of the kits associated with the analyses. For integrated arrangements, customers have their samples processed and sequenced through selected SOPHiA platform partners within the clinical network and access their data through the SOPHiA platform. The Company has identified one performance obligation, which is delivery of the analysis results to the customer through the SOPHiA platform. The Company also sells access to Alamut software products (“Alamut”) through the SOPHiA platform. Some arrangements with customers allow customers to use Alamut as a hosted software service over the contract period without the customer taking possession of the software. Other customers take possession of the software, but the utility of that software is limited by access to the Company’s proprietary SOPHiA database, which is provided to the customer on a fixed term basis. Under both models, revenue is recognized on a straight-line basis over the duration of the agreement. The Company also derives revenue from the SOPHiA platform by providing services to biopharma customers who engage the Company to (i) develop and perform customized genomic analyses and/or (ii) access the database for use in clinical trials and other research projects. The Company does enter into biopharma contracts that contain multiple products or services or non-standard terms and conditions. The biopharma contracts are generally unique in nature and each contract is assessed upon execution. Generally, the primary performance obligation in these arrangements is the delivery of analysis results in the form of a final report, resulting in revenue being recognized, in most cases, upon the issuance of the final report or successful recruitment of clinical trial participants. Workflow materials and services Revenue from workflow materials and services includes all revenue from the sale of materials and services that do not form part of a contract for the provision of platform services. These include the provision of set-up programs and training and the sale of kits and tests that are not linked to use of the platform. Set-up programs and training are typically combined with a customer’s first order prior to the customer beginning to use the SOPHiA platform. Revenue from services is generally recognized when the services are performed. Revenue from materials is recognized when control of the goods is transferred to the customer, generally at the time of delivery. This category of revenue also includes the revenue from the sale of DNA sequencing automation equipment accounted for under IFRS 16, Leases Arrangements with multiple performance obligations The Company sells different combinations of analyses, consumables, and services to its customers under its various SOPHiA platform models. The Company has determined that the stand-alone selling prices for services and DNA enrichment kits are directly observable. For set-up programs and training sold along with dry lab arrangements or bundle arrangements, the stand-alone selling price of these services is determined on a time and materials basis. For DNA enrichment kits sold as part of a bundle, the SSP is based on an expected cost-plus-margin approach of the kit portion of the bundle. The Company has determined that the SSP for the analyses, in both a dry lab arrangement and bundle arrangement, is highly variable and therefore a representative SSP is not discernible from past transactions. As a result, the residual approach is used to determine the stand-alone selling price of the analyses in dry lab arrangements that include services and in bundle arrangements that include DNA enrichment kits and, in some cases, services. The Company also has a small number of bundle contracts with a fixed term that also include providing the customer with DNA sequencing automation equipment, which the Company has determined is an IFRS 16 leasing component. In these arrangements the Company provides DNA sequencing automation equipment to the customer over the fixed term and at completion of the contract term the customer takes possession of the equipment. The Company has determined that it is a dealer lessor and provision of this equipment to the customer is classified as a finance lease. As a result, upon delivery of the leased equipment at the inception of the arrangement, a selling profit is recognized based on the fair value of the underlying equipment less the cost of the equipment. Over the term of the agreement, the minimum lease payment is deducted from the proceeds of the bundle sales in order to reduce the net investment in the corresponding lease receivable over the contract term and interest income is recognized as the discount on the lease receivable unwinds. The remaining proceeds from the contract are accounted for under IFRS 15, Revenue from Contracts with Customers Contract assets and liabilities Accrued contract revenue Accrued contract revenue is related to unbilled SOPHiA platform analyses and are recorded in accounts receivable. As of December 31, 2021 and December 31, 2020, accrued contract revenue was $0.7 million and $0.3 million, respectively. The Company recorded no loss allowance related to the accrued contract revenue as of December 31, 2021 and December 31, 2020, respectively Deferred contract costs Deferred contract costs comprise deferred fulfillment costs related to biopharma, prepayments on contracts, and prepaid maintenance costs relating to DNA sequencing automation equipment. Costs are incurred to fulfill obligations under certain contracts once obtained, but before transferring goods or services to the customer. Fulfillment costs are recognized as an asset, provided these costs are not addressed by other accounting standards, if the following criteria are met: (i) the costs relate directly to a contract or an anticipated contract that the Company can specifically identify, (ii) the costs generate or enhance resources of the Company that will be used in satisfying (or continuing to satisfy) performance obligations in the future and (iii) the costs are expected to be recovered. The asset recognized from deferring the costs to fulfill a contract is recorded in the consolidated balance sheet as deferred contract costs within other current assets and amortized on a systematic basis consistent with the The timing of revenue recognition and billings can result in accrued contract revenue and deferred contract costs, which are presented within other current assets in the consolidated balance sheet and deferred contract revenue which is presented on the face of the consolidated balance sheet. Deferred contract revenue Deferred contract revenue relates to prepayments received from customers before revenue is recognized and is primarily related to SOPHiA platform analyses invoiced in advance of the customers performing the analyses, deferred Alamut software revenue and progress payments received as part of biopharma contracts. For reporting purposes, deferred revenue billed, but not collected at period end, is deducted from deferred revenue and accounts receivable, so that both balances are reported net of unpaid deferred revenue. Deferred contract revenue brought forward as of January 1, 2021 and January 1, 2020 amounts to $2.9 million and $2.2 million, respectively. During the twelve months ended December 31, 2021 and 2020, the Company satisfied the performance obligations associated with that deferred contract revenue to the extent that revenue was recognized of $3.0 million and $2.0 million, respectively. The majority of the platform revenue is derived from contracts with an original expected length of one year or less. However, there are certain biopharma and Alamut contracts in which performance obligations extend over multiple years. The Company has elected to apply the practical expedient not to disclose the value of remaining performance obligations associated with these types of contracts. Revenue streams The Company’s revenue from contracts with customers has been allocated to the revenue streams indicated in the table below (in USD thousands): Year ended December 31, 2021 2020 2019 SOPHiA platform $ 39,465 $ 27,221 $ 23,710 Workflow equipment and services 985 1,179 1,652 Total revenue $ 40,450 $ 28,400 $ 25,362 Workflow equipment and services includes revenues from payments from leased equipment recognized under IFRS 16, Leases, of $0.2 million, $0.1 million, and $0.2 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. |
Cost of Revenue
Cost of Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Cost Of Sales [Abstract] | |
Cost of Revenue | 5. Cost of revenue Accounting policies Cost of revenue comprises costs directly incurred in earning revenue, including computer costs and data storage fees paid to hosting providers, manufacturing costs, materials and consumables, the cost of equipment leased out under finance leases, personnel-related expenses and amortization of capitalized development costs. |
Operating Expense
Operating Expense | 12 Months Ended |
Dec. 31, 2021 | |
Analysis Of Income And Expense [Abstract] | |
Operating Expense | 6. Operating expense Accounting policies Research and development Research and development costs consist of personnel and related expenses for technology and product development, depreciation and amortization, laboratory supplies, consulting services, computer costs and data storage fees paid to hosting providers related to research and development and allocated overhead costs. These costs are stated net of government grants for research and development and innovation received as tax credits and net of capitalized costs. Government grants for research and development and innovation received as tax credits The Company receives government grants in France for research and development and innovation by way of tax credits. Total government grants for research and development and innovation recognized in the statement of loss amounts to $0.4 million, $ 0.8 ” Selling and marketing costs Selling and marketing costs consist of personnel and related expenses for the employees of the sales and marketing organization, costs of communications materials that are produced to generate greater awareness and utilization of the platform among customers, costs of third-party market research, costs related to transportation and distribution of our products, and allocated overhead costs. These costs are stated net of government grants under the US Paycheck Protection Program (“PPP”) for payroll and/or rental obligations received as a loan that is forgiven if utilized as intended. The Company pays sales commission to its employees for obtaining contracts. These costs are expensed as part of employee compensation in selling and marketing costs. They are not capitalized as contract costs as the commissions either represent bonuses payable for revenue earned in the period or have a service condition attached. General and administrative costs General and administrative costs consist of personnel and related expenses for our executive, accounting and finance, legal, quality, support and human resources functions, depreciation and amortization, professional services fees incurred by these functions, general corporate costs and allocated overhead costs, which include occupancy costs and information technology costs. Operating expense by nature The table presents operating expenses by nature (in USD thousands): For the year ended December 31, 2021 2020 2019 Changes in inventories of finished goods and work in progress $ 568 $ (259 ) $ 729 Raw materials and consumables used (9,650 ) (3,843 ) (3,180 ) Employee benefit expenses (53,802 ) (36,732 ) (27,237 ) Social charges (8,373 ) (6,983 ) (4,218 ) COVID—salaries reimbursement — 1,129 — Research tax credit 1,597 763 447 Share-based compensation (8,514 ) (1,359 ) (717 ) Depreciation (2,517 ) (1,758 ) (1,546 ) Amortization (1,092 ) (632 ) (367 ) Professional fees (11,318 ) (5,371 ) (5,357 ) Office expenses (5,333 ) (2,006 ) (2,774 ) Travel (1,576 ) (1,361 ) (4,416 ) Marketing — (972 ) (1,761 ) Licenses (2,021 ) (1,647 ) (996 ) Less: capitalized software development costs ("Note 17 - Intangible assets”) 3,858 2,436 — Other expense (13,874 ) (7,099 ) (6,240 ) Total $ (112,047 ) $ (65,694 ) $ (57,633 ) Depreciation and amortization have been charged in the following expense categories (in USD thousands): For the year ended December 31, 2021 2020 2019 Depreciation Amortization Depreciation Amortization Depreciation Amortization Cost of revenue $ — $ (483 ) $ — $ (111 ) $ — $ — Research and development costs (1,028 ) — (727 ) — (624 ) — Selling and marketing costs (744 ) — (543 ) — (550 ) — General and administrative costs (745 ) (609 ) (488 ) (521 ) (372 ) (367 ) Total $ (2,517 ) $ (1,092 ) $ (1,758 ) $ (632 ) $ (1,546 ) $ (367 ) The table presents employee costs by function, which consists of “Employee benefit expenses”, “Social charges” and “Share-based compensation” from the operating expense table (in USD thousands): For the year ended December 31, 2021 2020 2019 Research and development costs $ 23,899 $ 16,109 $ 10,622 Selling and marketing costs 21,659 12,085 10,579 General and administrative costs 25,131 16,880 10,244 Total $ 70,689 $ 45,074 $ 31,445 |
Other Operating Income (Expense
Other Operating Income (Expense), Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Income Expense Net [Abstract] | |
Other Operating Income (Expense), Net | 7. Other operating income (expense), net Accounting policies The Company records income and expenses that are not regularly occurring or normal business income and expense to other operating income (expense). Other operating income (expense) consists of government grants, gains on disposal of tangible assets, intangible write-offs, and other operating income (expense). COVID-19 loans are granted at below-market rates of interest and represent a form of government grant. The COVID-19 loans are initially measured at fair value, calculated on the basis of the contractual future cashflows discounted at the market interest rate. The surplus of the loan proceeds over the fair value of the loan is recognized initially on the balance sheet in deferred government grant income within other liabilities and released to income within other operating income over the life of the loan. The loan is subsequently accounted for at amortized cost using the effective interest rate method. Certain government grants for payroll and/or rental obligations are received as loans that are forgiven if the proceeds are utilized as intended within the specified timeframe. As soon as it is clear that the conditions for forgiveness will be fulfilled, these loans are recognized in the statement of income/loss as a reduction in the operating expense costs that they are intended to fund. Refer to Note 24 – “Borrowings” |
Finance Expense, Net
Finance Expense, Net | 12 Months Ended |
Dec. 31, 2021 | |
Finance Expense Net [Abstract] | |
Finance Expense, Net | 8. Finance expense, net December 31, 2021 2020 2019 Interest income $ 20 $ 96 $ 86 Total interest income $ 20 $ 96 $ 86 Interest on loans (120 ) (513 ) (715 ) Interest on lease liabilities (225 ) (121 ) (129 ) Other interest (313 ) (206 ) (132 ) Total interest expense $ (658 ) $ (840 ) $ (976 ) Derivative fair value (losses) (1,444 ) (384 ) (98 ) Foreign exchange gains (losses), net 64 (2,710 ) (354 ) Total finance income (expense), net $ (2,018 ) $ (3,838 ) $ (1,342 ) Accounting policies Interest income consists of interest income earned on cash and cash equivalents, short-term investments, and lease receivables. Interest expense on lease liabilities and loans, which includes, interest on commercial borrowings, and also interest on COVID-19 loans using the effective interest rate method. The relevant accounting policy is disclosed in Note 7 - “Other operating income (expense).” The foreign exchange gains and losses arise principally on USD cash balances and intercompany receivable balances in the parent company, whose functional currency is the Swiss Franc. The derivative fair value losses arise on the revaluation of a success fee associated with a loan and explained in Note 21 – “Non-current liabilities.” The Company had an obligation to pay a success fee linked to a loan that is now repaid. The obligation had many features of a cash-settled share option. It was revalued at fair value at each reporting date using an option pricing model based on a Monte Carlo simulation. This model demands inputs that require the exercise of considerable judgement. Refer to Note 25 - “ ” |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Tax | 9. Income tax Critical accounting estimates and judgements Uncertain tax positions The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates and therefore subject to tax examination by various taxing authorities. In the normal course of business, the Company is subject to examination by local tax authorities in Switzerland, France, Brazil, the UK and the US. The Company is currently under examination in France for its 2018 and 2019 tax returns and is not aware of any additional issues under review that could result in significant payments, accruals or material deviation from its tax positions. There are no other tax examinations in progress. The Company records tax liabilities or benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. There is inherent uncertainty in quantifying income tax positions, especially considering the complex tax laws and regulations in each of the jurisdictions in which the Company operates. Accounting policies The Company is subject to taxes in different countries. Taxes and related fiscal assets and liabilities recognized in the Company’s consolidated financial statements reflect management’s best estimate of the outcome based on the facts known at the balance sheet date in each individual country. These facts may include but are not limited to change in tax laws and interpretation thereof in the various jurisdictions where the Company operates. They may have an impact on the income tax as well as the resulting income tax assets and liabilities. Any differences between tax estimates and final tax assessments are charged to the statement of income/loss in the period in which they are incurred. Taxes include current and deferred taxes on income as well as actual or potential withholding taxes on current and expected transfers of income from subsidiaries and tax adjustments relating to prior years. Income tax is recognized in the statement of income/loss, except to the extent that it relates to an item directly taken to other comprehensive income/loss or equity, in which case it is recognized against other comprehensive income/loss or equity, respectively. Current income tax liabilities refer to the portion of the tax on the current year taxable profit (as determined according to the rules of the taxation authorities) and includes uncertain tax liabilities. The Company determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates consistently with the tax treatment used or planned to be used in its income tax filings if the Company concludes it is probable that the taxation authority will accept an uncertain tax treatment. Otherwise, the Company reflects the effect of uncertainty using either the most likely outcome or the expected value outcome, depending on which method the entity expects to better predict the resolution of the uncertainty. Deferred taxes are based on the temporary differences that arise when taxation authorities recognize and measure assets and liabilities with rules that differ from the accounting policies of the Company’s consolidated financial statements. They also arise on temporary differences stemming from tax losses carried forward. Deferred taxes are measured at the rates of tax expected to prevail when the temporary differences reverse, subject to such rates being substantively enacted at the balance sheet date. Any changes of the tax rates are recognized in the statement of income/loss unless related to items directly recognized against other comprehensive income. Deferred tax liabilities are recognized on all taxable temporary differences excluding non-deductible goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, on the basis of the business plans for individual subsidiaries in the Company. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Company uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. As of December 31, 2021, and 2020, the Company recorded a provision of $0.1 million and $0.2 million for unrecognized tax liabilities including interest and penalties. The Company records interest and penalties related to income tax amounts as a component of income tax expense. Presentation of tax (expense) benefits The following table presents the current and deferred tax (expense) benefits (in USD thousands): For the year ended December 31, 2021 2020 2019 Current income tax expense Current year $ — $ — $ (86 ) Uncertain tax positions (110 ) (74 ) (76 ) Total current income tax expense $ (110 ) $ (74 ) $ (162 ) Deferred income tax (expense) benefit Origination and reversal of temporary differences $ (58 ) $ 1,960 $ — Total deferred income tax (expense) benefit $ (58 ) $ 1,960 $ — Total income tax (expense) benefit $ (168 ) $ 1,886 $ (162 ) The following table presents the reconciliation of the expected tax expense to the tax expense report in the statement of loss (in USD thousands): For the year ended December 31, 2021 2020 2019 Loss before tax $ (73,507 ) $ (41,225 ) $ (33,629 ) Tax at Swiss statutory rate 9,907 5,541 4,519 Effect of tax rates in foreign jurisdictions (218 ) (177 ) 568 Tax effect of: Unrecognized deferred tax assets (9,077 ) (3,276 ) (5,110 ) Income not subject to tax (expense not deductible for tax purposes) (805 ) 41 (1 ) Uncertain tax positions (110 ) (74 ) (76 ) Other 135 (169 ) (62 ) Income tax (expense)/benefit $ (168 ) $ 1,886 $ (162 ) Movement in the deferred tax balances During the year ended December 31, 2020, the Company recognized deferred tax assets for its foreign subsidiaries due to the implementation of intercompany transfer pricing arrangements that will assure realization of their respective deferred tax assets in each country. The following table presents the changes in the Company’s deferred tax assets and deferred tax liabilities (in USD thousands): Depreciation & amortization Bad debt reserves Accrued pension ROU asset Lease liability Other Net operating loss carryforward Total January 1, 2021 $ 288 $ 433 $ 35 $ (311 ) $ 301 $ (10 ) $ 1,378 $ 2,114 Recognized in profit or loss (309 ) (65 ) 12 (34 ) 331 38 (31 ) (58 ) Currency translation differences (8 ) (27 ) (3 ) (7 ) (2 ) 68 (87 ) (66 ) December 31, 2021 $ (29 ) $ 341 $ 44 $ (352 ) $ 630 $ 96 $ 1,260 $ 1,990 Deferred tax assets — 341 44 — 630 361 1,260 2,636 Deferred tax liabilities (29 ) — — (352 ) — (265 ) — (646 ) Depreciation & amortization Bad debt reserves Accrued pension ROU asset Lease liability Other Net operating loss carryforward Total January 1, 2020 $ — $ — $ — $ — $ — $ — $ — $ — Recognized in profit or loss 268 403 33 (289 ) 280 (17 ) 1,282 1,960 Recognized in OCI — — 7 — — — — 7 Currency translation differences 20 30 (5 ) (22 ) 21 7 96 147 December 31, 2020 $ 288 $ 433 $ 35 $ (311 ) $ 301 $ (10 ) $ 1,378 $ 2,114 Deferred tax assets 288 433 35 — 301 — 1,378 2,435 Deferred tax liabilities — — — (311 ) — (10 ) — (321 ) Unrecognized deferred tax assets As of December 31, 2021 and December 31, 2020, the Company recognized deferred tax assets to the extent that it was probable that they would be realized. The following table consists of the deferred tax assets that have not been recognized because it is not probable that there will be future taxable profits to use these benefits (in USD thousands): December 31, 2021 2020 Gross amount Tax effect Gross amount Tax effect Deductible temporary differences $ 5,101 $ 729 $ 5,371 $ 722 Net operating loss carryforwards 202,394 28,597 141,896 20,616 Total $ 207,495 $ 29,326 $ 147,267 $ 21,338 Net operating loss carryforwards As of December 31, 2021 and December 31, 2020, the Company had various net operating loss (“NOL”) carryforwards in Switzerland, France, the UK, the US, and Brazil that are available to reduce future taxable income and income taxes, the majority of which will expire at various dates through 2027. As of December 31, 2021 and December 31, 2020, the Company had the following expiring amounts of unrecognized NOL carryforwards (in USD thousands): December 31, 2021 2020 One year $ 7,625 $ 3,262 Two years 12,170 7,265 Three years 16,482 12,170 Four years 15,772 16,482 Thereafter and unlimited 150,345 102,717 Net operating loss carryforwards $ 202,394 $ 141,896 Future realization of the tax benefits of existing temporary differences and NOL carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2021, the Company performed an evaluation to determine the likelihood of realization of these tax benefits. In assessing the realization of the deferred tax assets, the Company considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is not probable that all of the deferred tax assets will be realized in Switzerland but has recognized deferred tax assets in France, the UK, the US and Brazil. Unrecognized deferred tax liability on retained earnings of subsidiaries The Company does not provide for foreign income and withholding taxes, Swiss income taxes or tax benefits on the excess of the financial reporting basis over the tax basis of its investments in foreign subsidiaries to the During the years ended December 31, 2021 and 2020, only the Company’s French subsidiary had positive retained earnings, amounting to $6.1 million and $1.1 million, respectively. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 10. Loss per share Share data have been revised retrospectively to give effect to the share split explained in Note 1 - “Company information and operations - Share split” and Note 1 - “Company information and operations – Initial Public Offering”. The Company’s shares comprised of ordinary shares. Each share has a nominal value of $0.05 (CHF 0.05). The basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the period. The table presents the loss for the year ended December 31, 2021, 2020, and 2019, respectively (in USD thousands, except shares and loss per share): Year ended December 31, 2021 2020 2019 Net loss attributed to shareholders $ (73,675 ) $ (39,339 ) $ (33,791 ) Weighted average number of shares in issue 55,299,863 42,350,757 37,775,948 Basic and diluted loss per share $ (1.33 ) $ (0.93 ) $ (0.90 ) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 11. Cash and cash equivalents Accounting policies Cash and cash equivalents include cash on hand, deposits held at call with external financial institutions and other short- term highly liquid investments with original maturities of three months or less. They are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. The following table presents the allocation between the Company’s cash and cash equivalents (in USD thousands): December 31, 2021 2020 Cash $ 39,578 $ 42,880 Cash equivalents $ 153,384 $ 31,745 Cash and cash equivalents $ 192,962 $ 74,625 Designated cash In July 2021, the Company designated $30.0 million to a separate bank account to be used exclusively to settle potential liabilities arising from claims against Directors and Officers covered under the Company’s Directors and Officers Insurances Policy (“D&O Policy”). Setting up the designated account has significantly reduced the premiums associated with the D&O Policy. The Company expects to continue to designate this cash balance for this sole use under the current D&O Policy. |
Term Deposits
Term Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Term Deposits [Abstract] | |
Term Deposits | 12. Term deposits The following table presents the allocation between the Company’s term deposits (in USD thousands): December 31, 2021 2020 Term deposits, over 3 months, up to 12 months $ 72,357 $ 22,720 Total term deposits $ 72,357 $ 22,720 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Receivables [Abstract] | |
Accounts Receivable | 13. Accounts receivable Significant accounting estimates and judgements The Company has adopted the simplified method indicated in IFRS 9, Financial Instruments Accounting policies Accounts receivable balances are non-interest bearing and payment terms are generally under agreements with payment terms of up to 180 days. The Company’s customers are mainly government-owned or government-funded hospitals and laboratories with a low credit risk. The Company has had minimal instances of actual credit losses and considers that this will continue to be the case. The following table presents the accounts receivable and lease receivable less the expected credit loss (in USD thousands): December 31, 2021 December 31, 2020 Accounts receivable $ 7,060 $ 8,877 Accrued contract revenue 657 — Lease receivable 237 150 Allowance for expected credit losses (1,676 ) (2,664 ) Net accounts receivable $ 6,278 $ 6,363 The movement in the allowance for expected credit losses in accounts receivable is presented below (in USD thousands): 2021 2020 As of January 1 $ 2,664 $ 1,831 Increase 1,273 1,069 Reversals (1,612 ) (379 ) Write-off (572 ) (16 ) Currency translation differences (77 ) 159 As of December 31 $ 1,676 $ 2,664 As of December 31, 2021, and 2020, the Company’s largest customer balance represented 18% and 5% of accounts receivable. All customer balances that individually exceeded 1% of accounts receivable in aggregate amounted to $4.6 million and $4.5 million as of December 31, 2021 and 2020, respectively. Accounts receivable includes amounts receivable that relate to leases. The Company is the lessor under finance leases related to the leasing out of DNA sequencing automation equipment. The Company recorded long-term lease receivables in other non-current assets in the amount of $0.0 million and $0.2 million as of December 31, 2021, and 2020, respectively. As of December 31, 2021, and 2020, the Company had recorded net lease receivables in the amount of $0.2 million and $0.4 million. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Classes Of Inventories [Abstract] | |
Inventory | 14. Inventory Accounting policies Raw materials and finished goods are stated at the lower of cost calculated using the first-in, first-out (“FIFO”) method and net realizable value. Work in progress is stated at the lower of its weighted average cost and net realizable value. Cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Inventory consists of the following (in USD thousands): December 31, 2021 2020 Raw materials $ 5,105 $ 3,248 Work in progress 1,330 722 Finished goods 87 127 Provision (793 ) (713 ) Total $ 5,729 $ 3,384 Inventory provision movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands): 2021 2020 As of January 1, $ (713 ) $ (182 ) Increase in provision (105 ) (512 ) Currency Translation Adjustment 25 (19 ) As of December 31, $ (793 ) $ (713 ) |
Prepaids and Other Current Asse
Prepaids and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaids And Other Current Assets [Abstract] | |
Prepaids and Other Current Assets | 15. Prepaids and other current assets The following table presents the other current assets (in USD thousands): December 31, 2021 December 31, 2020 Accrued contract revenue $ — $ 262 Deferred contract costs 150 18 Research tax credit receivable — 863 Prepayments 3,943 1,084 VAT receivable 811 300 Government grants receivable — 66 Other 625 9 Total $ 5,529 $ 2,602 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property and Equipment | 16. Property and equipment Accounting policies Property and equipment include leasehold improvements, computer hardware, machinery and furniture and fixtures. Property and equipment are shown on the balance sheet at their historical cost. The cost of an asset, less any residual value, is depreciated using the straight-line method over the useful life of the asset. For this purpose, assets with similar useful lives have been grouped as follows: • Leasehold improvements—Shorter of the useful life of the asset or the remaining term of the lease • Computer hardware—Three to five years • Machinery and equipment—Five years • Furniture and fixtures—Five years Useful lives, components, and residual amounts are reviewed annually. Such a review takes into consideration the nature of the assets, their intended use, including but not limited to the closure of facilities, and the evolution of the technology and competitive pressures that may lead to technical obsolescence. Depreciation of property and equipment is allocated to the appropriate headings of expenses by function in the statement of loss. Reviews of the carrying amount of the Company’s property and equipment are performed when there is an indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. In assessing the value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the country where the assets are located. For the year ended December 31, 2021 and 2020, the Company recorded $0.5 million and less than $0.1 million in accrued expense related to amounts to be paid within the next 12 months, respectively. Property and equipment, net movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands): Leasehold improvements Machinery and equipment Computer hardware Furniture and fixtures Total January 1, 2021 $ 890 $ 615 $ 1,799 $ 623 $ 3,927 Additions 2,447 608 421 420 3,896 Disposals (49 ) (85 ) (294 ) (31 ) (459 ) Currency Translation Adjustment (28 ) (22 ) (71 ) (5 ) (126 ) December 31, 2021 $ 3,260 $ 1,116 $ 1,855 $ 1,007 $ 7,238 Accumulated depreciation January 1, 2021 $ (258 ) $ (398 ) $ (1,230 ) $ (269 ) $ (2,155 ) Additions (352 ) (119 ) (341 ) (130 ) (942 ) Disposals 29 85 292 31 437 Currency Translation Adjustment 11 14 51 9 85 December 31, 2021 $ (570 ) $ (418 ) $ (1,228 ) $ (359 ) $ (2,575 ) Net book value at December 31, 2021 $ 2,690 $ 698 $ 627 $ 648 $ 4,663 Leasehold improvements Machinery and equipment Computer hardware Furniture and fixtures Total January 1, 2020 $ 664 $ 541 $ 1,817 $ 496 $ 3,518 Additions 201 19 101 130 451 Disposals (50 ) — (266 ) (54 ) (370 ) Currency Translation Adjustment 75 55 147 51 328 December 31, 2020 $ 890 $ 615 $ 1,799 $ 623 $ 3,927 Accumulated depreciation January 1, 2020 $ (130 ) $ (253 ) $ (1,030 ) $ (192 ) $ (1,605 ) Additions (157 ) (112 ) (347 ) (109 ) (725 ) Disposals 50 — 263 54 367 Currency Translation Adjustment (21 ) (33 ) (116 ) (22 ) (192 ) December 31, 2020 $ (258 ) $ (398 ) $ (1,230 ) $ (269 ) $ (2,155 ) Net book value at December 31, 2020 $ 632 $ 217 $ 569 $ 354 $ 1,772 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 17. Intangible Assets Critical accounting estimate and judgements Goodwill The Company operates as one segment or cash-generating unit (“CGU”), goodwill is tested by considering its recoverability in terms of the entire business. Management assesses the recoverable value of goodwill by comparing the Company’s equity value, either from observable market prices or based on discounted cash flow forecasts, to the net assets as reported in the Company’s consolidated financial statements. The values as of December 31, 2020 were based on discounted cash flow projections, which in turn were based on historical results and ratios updated to reflect management’s expectations of future growth and profitability and discounted using a weighted average cost of capital derived from an analysis of comparable selected public companies. Critically, the values based on a discounted cash flow approach were found to be consistent with a value based on the share transaction in September 2020. The value as of December 31, 2021 was based on the Company’s market capitalization which is a factor of the Company’s outstanding shares multiplied by the price of the Company’s stock on the last day of trading in 2021. Capitalized internally developed software costs Capitalized costs are based on the employment costs of individuals working on software development and based on timesheets. Special attention is paid to distinguishing between costs incurred on developing new software or software upgrades, which may be eligible for capitalization, and costs incurred in maintenance and in the correction of problems, which is not eligible. Judgement is required in identifying whether individual projects meet all of the criteria required to permit capitalization, in particular, whether the software will generate probable future economic benefits. Accounting policies Goodwill Goodwill is initially measured as the difference between the aggregate of the value of the consideration transferred and the fair value of net assets acquired. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Impairment testing Intangible assets are allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The CGUs or groups of CGUs are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. As the Company operates as a single operating segment or CGU, the Company has only a single cash generating unit for impairment testing. Management assesses the recoverable value of goodwill by comparing the value of the Company equity value, either inferred from the public prices of share issues or based on discounted cash flow forecasts, with the net assets as reported in its consolidated financial statements. The discounted cash flow approach involves key assumptions that leave considerable scope for judgement. The Company only used the discounted cash flow method for the fiscal year ended as of December 31, 2020. Purchased software The costs of accessing software services are not capitalized if the Company does not have any contractual right to take possession of the software at any time during the term of the agreement and it is not feasible for the Company either to run the software on its own hardware or to contract with a third party unrelated to the vendor. Such costs represent SaaS costs and are expensed as incurred. The Company does capitalize software implementation costs, such as fees paid to outside consultants to set up a software arrangement. For cloud computing costs, the Company capitalized costs for certain configuration and customization costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain an intangible asset. Purchased software and associated capitalized costs are amortized using the straight-line method over an estimated life of five years. Capitalized internally developed software costs Costs incurred in the internal development of software are capitalized as intangible assets when the criteria required by IAS 38 as set out below. Software development costs consist entirely of capitalized internally generated costs that are directly attributable to the design, testing and enhancement of identifiable and unique software products controlled by the Company and incorporated principally within the Company’s SOPHiA platform. They are recognized as intangible assets where the following criteria are met: • it is technically feasible to complete software so that it will be available for use; • management intends to complete the software and use or sell it; • there is an ability to use or sell the software; • it can be demonstrated how the software will generate probable future economic benefits; • adequate technical, financial and other resources to complete the development and to use or sell the software are available, and; • the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software comprise principally employee costs. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its expected useful life. Capitalized software development costs are amortized using the straight-line method over an estimated life of five years. The Company considers that it is only since the beginning of 2020 that development costs have fulfilled the criteria for recognition as intangible assets set out in IAS 38. Intangible assets, net movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands): Goodwill Purchased software Capitalized internally developed software costs Total intangible assets January 1, 2021 $ 8,598 $ 3,071 $ 2,621 $ 14,290 Additions — 130 3,858 3,988 Disposals — — (30 ) (30 ) Currency Translation Adjustment (300 ) (111 ) (90 ) (501 ) December 31, 2021 $ 8,298 $ 3,090 $ 6,359 $ 17,747 Accumulated depreciation January 1, 2021 $ — $ (889 ) $ (119 ) $ (1,008 ) Additions — (565 ) (527 ) (1,092 ) Disposals — — — — Currency Translation Adjustment — 22 4 26 December 31, 2021 $ — $ (1,432 ) $ (642 ) $ (2,074 ) Net book value at December 31, 2021 $ 8,298 $ 1,658 $ 5,717 $ 15,673 Goodwill Purchased software Capitalized internally developed software costs Total intangible assets January 1, 2020 $ 7,834 $ 2,761 $ — $ 10,595 Additions — 324 2,436 2,760 Disposals — (286 ) — (286 ) Currency Translation Adjustment 764 272 185 1,221 December 31, 2020 $ 8,598 $ 3,071 $ 2,621 $ 14,290 Accumulated depreciation January 1, 2020 $ — $ (359 ) $ — $ (359 ) Additions — (521 ) (111 ) (632 ) Disposals — 60 — 60 Currency Translation Adjustment — (69 ) (8 ) (77 ) December 31, 2020 $ — $ (889 ) $ (119 ) $ (1,008 ) Net book value at December 31, 2020 $ 8,598 $ 2,182 $ 2,502 $ 13,282 Goodwill arises from the Company’s acquisition of Interactive Biosoftware (“IBS”) in June 2018. Through this acquisition the Company added Alamut (a health technology diagnostic) to its existing SOPHiA platform. Goodwill is tested for impairment on an annual basis and at the occurrence of a potential indication of impairment. As of December 31, 2021 and 2020, respectively, no impairment charged was recorded related to the Company’s goodwill. As of December 31, 2020, the estimated equity value of the Company was $465.3 million, which exceeds the reported net assets of the Company of $100.5 million at that date by $364.8 million. As of December 31, 2021, the estimated equity value of the Company was $900.4 million, which exceeds the reported net assets of the Company of $275.4 million at that date by $626.5 million. On the basis of the analyses performed, the Company concludes that the recoverable amount exceeds the carrying amount of the goodwill and no impairment is needed as of December 31, 2021 and December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Leases | 18. Leases Accounting policies Lessee The Company assesses at inception of the contract whether a contract is or contains a lease. This assessment involves determining whether the Company obtains substantially all the economic benefits from the use of that asset, and whether the Company has the right to direct the use of the asset. When these conditions are met, the Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date, except for short-term leases of 12 months or less, which are expensed in the statement of income/loss on a straight-line basis over the lease term. At inception, the ROU asset comprises the initial lease liability, initial direct costs, and any obligations to refurbish the asset, less any incentives granted by the lessors. The ROU asset is depreciated over the shorter of the duration of the lease contract (including contractually agreed optional extension periods whose exercise is deemed to be reasonably certain) and the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator for impairment, as for owned assets. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that is not readily determinable, the incremental borrowing rate (“IBR”) at the lease commencement date. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment. Lease payments can include fixed payments; variable payments that depend on an index or rate known at the commencement date; and extension option payments or purchase options that the Company is reasonably certain to exercise. The lease liability is subsequently measured at amortized cost using the effective interest rate method and remeasured (with a corresponding adjustment to the related ROU asset) when there is a change in future lease payments due to renegotiation, changes in an index or rate or a reassessment of options. Some of the Company’s leases include options to extend the lease, and these options are included in the lease term to the extent they are reasonably certain to be exercised. Lessor The Company leases out laboratory equipment to certain customers. These leases are classified as finance leases as the Company transfers substantially all the risks and rewards incidental to ownership of the asset to the customer. At the commencement of the lease term, the Company records revenue and the associated costs of sales, being the sale proceeds at fair value of the asset (computed at cost plus a margin) and the cost of the asset, derecognizes the leased asset from inventory, and recognizes a finance lease receivable in the balance sheet equal to the net investment in the lease. Company leases During the year ended December 31, 2021, the Company entered into two significant leases as described below. Rolle office On March 3, 2021, the Company entered into a 120-month lease for office space in Rolle, Switzerland primarily to support the expansion of the research and development department. The lease in total is for approximately 38,750 square feet with the Company gaining access to areas on prescribed dates. The Company gained access to 11,840 square feet on July 1, 2021. The Company will gain access to 7,535 square feet on January 1, 2022 and the remaining 19,375 square feet on February 1, 2023. The expected lease commitments resulting from this contract are less than $ 0.1 million in 2021, $ 0.5 million in 2022, $ 1.0 million in 2023 onwards, and $ 1.14 million from 2024 onward. The expected lease commitments are linked to changes in the Swiss Consumer Price Index as published by Swiss Federal Statistical Office. The Company makes fixed payments and additional variable payments depending on the usage of the asset during the contract period. Upon commencement of the lease, the Company recorded a ROU asset of $7.7 million and a lease liability of $8.5 million. The difference between the ROU and lease liability of $0.8 million is driven by lease incentives and expected restoration costs. Boston office On August 9, 2021, the Company entered into a 40-month new lease for office space in Boston, Massachusetts to support the expansion of the Company’s growth in the United States. The lease in total is for approximately 9,192 square feet. The expected lease commitments resulting from this contract are $0.5 million a year starting in 2022 through the end of the lease in 2024. The Company makes fixed payments and additional variable payments depending on the usage of the asset during the contract period. Upon commencement of the lease, the Company recorded a right-of-use asset of $1.2 million and a lease liability of $1.4 million. The difference between the ROU and lease liability of $0.2 million is driven by lease incentives. Generally, lease terms for office buildings are between one and ten years. Any leases with terms less than 12 months and/or with low value are expensed in accordance with the IFRS 16 practical expedients for short-term leases and low-value leases. These expenses amounted to $0.3 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively. The Company had cash outflows related to leases less than 12 months and/or with low value of $0.3 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively. The Company has lease liabilities amounting to $10.8 million and $3.9 million for the years ended December 31, 2021 and 2020, respectively, that are linked to consumer price indices in Switzerland and France. The future cash flow in relation to short-term leases and leases of low value assets is disclosed in Note 29 – “Commitments and contingencies.” The Company has several leases with extension and termination options. Management determines, on the basis of the business needs, whether they expect to exercise these options. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that is not readily determinable, the IBR at the lease commencement date. The IBR is the rate of interest that the Company would have had to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment. On the basis of this policy, the IBRs used by the Company to discount lease payments outstanding at December 31, 2021 and 2020, respectively, in the countries in which it has recognized right-of-use assets and lease liabilities have been in the range of 2.61% to 3.47% and 2.61% to 3.47%, respectively. The following table presents the movements in the ROUs (in USD thousands): 2021 2020 As of January 1 $ 3,767 $ 4,535 Additions 9,205 — Depreciation charge (1,575 ) (1,033 ) Currency translation effects (105 ) 265 As Of December 31 $ 11,292 $ 3,767 The following table presents the movements in the lease liabilities (in USD thousands): 2021 2020 As of January 1 $ 3,919 $ 4,626 Additions 10,165 — Cash outflows (principle and interest) (1,143 ) (1,101 ) Non-cash interest 225 121 Currency translation effects (107 ) 273 As Of December 31 $ 13,059 $ 3,919 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Accounts Payable | 19. Accounts payable Accounts consist of the following (in USD thousands): December 31, 2021 December 31, 2020 Trade payables 2,337 1,281 Employee related payables 3,509 3,232 VAT and sales taxes 891 1,394 Total $ 6,737 $ 5,907 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | 20. Accrued expenses Accrued expenses consist of the following (in USD thousands): December 31, 2021 December 31, 2020 Accrued Compensation $ 9,148 $ 5,198 Accrued Professional fees 2,743 2,380 Accrued inventory purchases 2,472 — Accrued IT support 25 753 Accrued Legal fees 125 462 Accrued Other 1,459 288 Total $ 15,972 $ 9,081 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Miscellaneous Noncurrent Liabilities [Abstract] | |
Other Non-Current Liabilities | 21. Other non-current liabilities Other non-current liabilities consist of the following (in USD thousands): December 31, 2021 December 31, 2020 Derivative — $ 1,024 Lease restoration costs $ 160 — Provisions 311 304 Deferred government grant income — 50 Total $ 471 $ 1,378 |
Post-employment Benefits
Post-employment Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Information About Post Employment Benefits [Abstract] | |
Post-employment Benefits | 22. Post-employment benefits Significant accounting estimates and judgements The liability or asset recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of income/loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. The remeasurement gains and losses are included in retained earnings in the statement of changes in equity and in the balance sheet. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in income as past service costs. For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans. Employee contributions to these plans is voluntary and these contributions are matched by the employer. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Contributions are charged to the statement of income/loss as incurred. Accounting policies The Company operates defined benefit and defined contribution pension plans. Funded schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity (a fund) and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The actual return on plan assets, excluding interest income measured at the discount rate, is recognized in other comprehensive income/loss within defined benefit plan remeasurements. The Company has a funded defined benefit plan in Switzerland, an unfunded defined benefit plan in France and a defined contribution plans in the US. The Company has no occupational pension plans in the UK and Brazil. Swiss pension plan The Company contracted with the Swiss Life Collective BVG Foundation based in Zurich for the provision of occupational benefits. All benefits in accordance with the regulations are reinsured in their entirety with Swiss Life SA within the framework of the corresponding contract. This pension solution fully reinsures the risks of Although the amount of ultimate pension benefit is not defined, certain legal obligations of the plan create constructive obligations on the employer to pay further contributions to fund an eventual deficit; this results in the plan nevertheless being accounted for as a defined benefit plan. French pension plan In France, the bulk of pensions are paid by national pension schemes, which are unfunded. In addition, French employers are obliged by law to pay a retirement indemnity. Its amount depends on the last salary of the employee and on the period of activity with its employer. Rights to this benefit are acquired during the service life with the same employer on the condition that the employee will be with its employer at retirement date; it means that the rights are only vested on retirement date. This indemnity is in substance a defined benefit plan. The following table provides additional details on the defined pension plans’ funded status (in USD thousands): December 31, 2021 2020 Present value of defined benefit obligation $ (17,889 ) $ (15,938 ) Fair value of plan assets 13,436 10,780 Net pension liability $ (4,453 ) $ (5,158 ) The following table presents the movement in the defined benefit obligation (in USD thousands): 2021 2020 Funded Unfunded Total Funded Unfunded Total January 1 $ (15,773 ) $ (165 ) $ (15,938 ) $ (10,703 ) $ (75 ) $ (10,778 ) Service Cost (1,054 ) (80 ) (1,134 ) (1,547 ) (49 ) (1,596 ) of which current service cost (1,382 ) (80 ) (1,462 ) (1,435 ) (49 ) (1,484 ) of which past service cost 328 — 328 (112 ) — (112 ) Interest expense (49 ) (1 ) (50 ) (6 ) (1 ) (7 ) Actuarial gains (losses) 471 26 497 244 (30 ) 214 Actual plan participants’ contributions (1,171 ) — (1,171 ) (771 ) — (771 ) Transfers (in) out due to (joiners) leavers (651 ) — (651 ) (1,663 ) — (1,663 ) Currency translation differences 541 17 558 (1,327 ) (10 ) (1,337 ) December 31 $ (17,686 ) $ (203 ) $ (17,889 ) $ (15,773 ) $ (165 ) $ (15,938 ) The service cost and interest expense are charged to the statement of income/loss as pension cost. Actuarial gains (losses) are credited or charged to other comprehensive income (loss) as defined benefit plan remeasurements. As of December 31, 2021, the Swiss and French plans had 252 and 105 active members, respectively. As of December 31, 2020, the Swiss and French plans had 173 and 86 active members, respectively. As a result of the reduction in conversion factors, the Company incurred a past service cost gain of $0.3 million for the year ended December 31, 2021. The following table presents the movement in the defined benefit plans’ assets (in USD thousands): 2021 2020 As of January 1 $ 10,780 $ 6,715 Interest income 39 4 Return on plan assets, excl. interest income (32 ) (45 ) Administrative expenses (62 ) (42 ) Employer contributions 1,257 819 Employee contributions 1,171 771 Transfers in (out) due to joiners (leavers) 651 1,663 Currency translation differences (368 ) 895 As of December 31 $ 13,436 $ 10,780 The following table presents the defined benefit plan assets, which include the following (in USD thousands): December 31, 2021 2020 Cash $ 528 $ 319 Insurance policies 12,908 10,461 Total $ 13,436 $ 10,780 The Swiss Life Collective BVG Foundation, to which the Swiss pension plan is affiliated, manages its funds in the interests of all members, with due attention to the priorities of liquidity, security, and return. The Company’s pension plan benefits from the economies of scale and diversification of risk available through this affiliation. The Company has no influence over the investment policy. The follow table presents the pension costs recognized in statement of loss (in USD thousands): December 31, 2021 2020 2019 Funded Unfunded Total Funded Unfunded Total Funded Unfunded Total Service cost $ (1,054 ) $ (80 ) $ (1,134 ) $ (1,547 ) $ (49 ) $ (1,596 ) $ (843 ) $ (26 ) $ (869 ) Interest cost (49 ) (1 ) (50 ) (6 ) (1 ) (7 ) (68 ) (1 ) (69 ) Total recognized $ (1,103 ) $ (81 ) $ (1,184 ) $ (1,553 ) $ (50 ) $ (1,603 ) $ (911 ) $ (27 ) $ (938 ) The follow table presents the pension remeasurement recognized in statement other comprehensive loss (in USD thousands): December 31, 2021 2020 2019 Funded Unfunded Total Funded Unfunded Total Funded Unfunded Total Changes in demographic assumptions $ 1,278 $ — $ 1,278 $ 1,039 $ — $ 1,039 $ — $ — $ — Changes in financial assumptions 37 13 50 157 (16 ) 141 (949 ) (15 ) (964 ) Experience adjustments (844 ) 13 (831 ) (952 ) (14 ) (966 ) (431 ) 10 (421 ) Total actuarial gains (losses) 471 26 497 244 (30 ) 214 (1,380 ) (5 ) (1,385 ) Return on plan assets (32 ) — (32 ) (45 ) — (45 ) (93 ) — (93 ) Currency translation differences (4 ) — (4 ) 13 2 15 (45 ) — (45 ) Total recognized $ 435 $ 26 $ 461 $ 212 $ (28 ) $ 184 $ (1,518 ) $ (5 ) $ (1,523 ) The positive impact of changes in demographic assumptions in 2021 was due principally to an increase in the expected employee salaries increased from 100% to 125%. This implies that more members are expected to have a higher pensionable amount before pensionable age. The positive impact of changes in demographic assumptions in 2020 was due principally to an increase in the expected employee turnover rate from 11% to 15%. This implies that more members are expected to leave the plan before pensionable age. The negative experience adjustments in 2021 and 2020 were due largely to the shortfall between the additional defined benefit obligation attributable to new joiners and the assets that they transferred into the plan. Key actuarial assumptions by plan Discount rate In estimating the defined benefit obligation, the discount rates used were, for the Swiss plan, 0.30% and 0.20% and, for the French plan, 0.35% and 0.70% for the years ended December 31, 2021 and 2020, respectively. Expected rate of salary increase The expected rate of annual salary increase was assumed to be, for the Swiss plan 1.25% and 1.00% and for the French plan 1.50% and 2.30% for the years ended December 31, 2021 and 2020, respectively. Pension plan modified duration The weighted average modified duration of the Swiss plan is 15.9 years and 18.8 years and of the French plan 25.9 years 26.8 years for the years ended December 31, 2021 and 2020, respectively. Interest rates For the Swiss plan, the interest on old age accounts is based, for the LPP account, on the LPP interest rate, which was 1.00% and 1.00% and, for the extra mandatory part, is equivalent to the discount rate, which was 0.30% and 0.35% for the years ended December 31, 2021 and 2020, respectively. Inflation For the Swiss plan, the expected annual rate of inflation is based on the inflation forecast of the Swiss National Bank and was assumed to be 0.75% and 0.50% for the years ended December 31, 2021 and 2020, respectively. Mortality tables Assumptions regarding future mortality experience are set based on actuarial advice provided in accordance with published statistics and experience and are based on the mortality generational tables BGV 2020 (Swiss) and TH/TF 00-02 (French). For the Swiss plan, the average life expectancy in years after retirement of a pensioner retiring at age 65 (male) and 64 (female) on the balance sheet date is, respectively, 22.57 and 22.72 and 24.37 and 24.76, for the years ended December 31, 2021 and 2020, respectively. Sensitivity analysis The following tables demonstrate the sensitivity of the defined benefit obligations to changes in the discount rate, expected rates of salary increase, interest credited on savings accounts, inflation and life expectancy at retirement age. The table below presents the sensitivity analysis for the funded plans (in USD thousands): 2021 2020 Discount rates Increase of 25 basis points (576 ) (637 ) Decrease of 25 basis points 635 697 Expected rates of salary increases Increase of 25 basis points 122 137 Decrease of 25 basis points (120 ) (134 ) Interest rate Increase of 25 basis points 189 206 Decrease of 25 basis points (185 ) (199 ) Inflation Increase of 25 basis points 121 134 Decrease of 25 basis points (118 ) (130 ) Life expectancy Increase of 1 year 145 177 Decrease of 1 year (145 ) (176 ) The table below presents the sensitivity analysis for the unfunded plans (in USD thousands): 2021 2020 Discount rates Increase of 50 basis points (26 ) (18 ) Decrease of 50 basis points 30 20 Expected rates of salary increases Increase of 50 basis points 30 20 Decrease of 50 basis points (26 ) (18 ) The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized within the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period. Future employer contributions Expected employer contributions to the Swiss defined benefit pension plan for the year ending December 31, 2022 amount to $1.6 million. Defined contribution plans US pension plan The Company has a multiple employer 401(k) defined contribution plan in the USA. The expense recognized in respect of the defined contribution plan in the USA was $0.2 million and less than $0.1 million for the years ended December 31, 2021 and 2020, respectively. The Company incurred no expense in the year ended December 31, 2019. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-based Compensation | 23. Share-based compensation Significant accounting estimates and judgements Measuring the cost of share options The fair value of the options under all plans are measured at each grant date using an adjusted form of the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. For options up to September 2020, the fair value at grant date is independently determined using an adjusted form of the Black-Scholes option pricing model that takes into account the strike price, the fair value of the share at grant date, the expected life of the award, the expected price volatility of the underlying share, the risk-free interest rate for the term of the award and the expected dividend yield. For options granted on and subsequent to September 2020 until July 22, 2021 , the fair value at grant date is based on a probability-weighted expected returns method that takes account of both the value derived by using an adjusted form of the Black-Scholes option pricing model, as described above, and a discounted estimate of the price that might be achieved in a future transaction. The Company has used an independent valuation firm to assist in calculating the fair value of the award grants per participant. The key inputs used in the valuation model, for the stock options granted in the years ended December 31, 2021 and 2020, respectively, are outlined below. Stock options were only granted under the 2019 Incentive Share Option Plan (“2019 ISOP”), and the 2021 Employee Incentive Plan (“2021 EIP”). No grants have been made under the SOPHiA GENETICS Incentive Share Option Plan (“2013 ISOP”) since 2019. Prior to the Company’s IPO, the price of the ordinary shares at grant date, which represents a critical input into this model, has been determined on one of the following two bases: • By reference to a contemporaneous transaction involving another class of share, using an adjusted form of the Black-Scholes option pricing model as described above, and considering the timing, amount, liquidation preferences and dividend rights of issues of other classes of shares. • On the basis of discounted cash flow forecasts, where there was no contemporaneous or closely contemporaneous transaction in another class of share and the time interval was too large to permit an assumption that there had been no significant change in the Company’s equity value. Subsequent to the IPO, the price of the ordinary shares at grant date, which represents a critical input into this model, has been determined on the most recent close price of the Company’s stock price on the date of grant. Accounting policies The Company has three share option plans for directors, employees, and advisors which are accounted for as equity-settled share- based compensation plans. The fair value of options granted under these plans is recognized as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted: • including any market performance conditions (e.g., the entity’s share price); • excluding the impact of any service and non-market performance vesting conditions (e.g., profitability, sales growth; targets and remaining an employee of the entity over a specified time period), and; • including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period of time). The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in income, with a corresponding adjustment to equity. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the share price, or the fair value of a share, the expected life of the share option, the volatility of the share price, the risk-free interest rate, the dividend yield, and making certain assumptions about the inputs. The assumptions used for estimating fair value for share-based payment transactions are disclosed below. If the shares are not listed, estimating their fair value also requires determination of the most appropriate valuation model, such as: • By reference to a contemporaneous transaction involving another class of share, using an adjusted form of an option pricing model above, and considering the timing, amount, liquidation preferences and dividend rights of issues of other classes of shares; • On the basis of discounted cash flow forecasts, where there was no contemporaneous or closely contemporaneous transaction in another class of share and the time interval was too large to permit an assumption that there had been no significant change in the Company’s equity value; • Share based compensation expense is measured at the fair value of the options at the grant date and recognized over the vesting period. Share based compensation expense is presented in the statement of income/loss and allocated to the various expense categories based on the functions of the employees to whom the options are granted (e.g., research and development, selling and marketing, general & administrative). The calculation of the cost of the Company’s share option grants and of the fair value of the ordinary shares at the grant date requires the selection of an appropriate valuation model and is based on key assumptions that leave considerable scope for judgement. Recognizing the cost of share options At each reporting date, the Company takes a charge for the vested options granted and for partially earned but non-vested portions of options granted. This results in a front-loaded charge to the statement of loss. Prior to the IPO, at each reporting date, the Company reappraised its estimate of the likelihood and date of a future transaction that would cause all options which would vest six months from the transaction date to vest and, if necessary, accelerated the recognition of the unrecognized cost in the statements of loss. The Company accounts for these plans as equity-settled transactions. The charge to the statements of loss therefore results in a corresponding credit being booked to “Other reserves” within equity. Share data have been revised to give effect to the share split explained in Note 1 - “Company information and operations - Share split”. The plans The Company has three share option plans: the 2013 ISOP (launched in September 2013), the 2019 ISOP (launched March 2019), and the 2021 EIP (launched June 2021). Under these plans, directors may offer options to directors, employees and advisors. The exercise price of the share options is set at the time they are granted. Options, once vested, can be exchanged for an equal number of ordinary shares. Under the 2021 EIP, the Company can grant restricted stock units (“RSUs”) which represent the right to receive ordinary shares upon meeting specific vesting requirements. RSUs are able to be granted to directors, executives, and employees. The options have a life of ten years. Options under the 2013 ISOP vest 50% on the second anniversary of the grant date and a further 50% on the third anniversary of the grant date. Options under the 2019 ISOP vest 25% on each anniversary of the grant date over four years. The options under the 2021 EIP vest 25% on the first anniversary of the grant date and the remaining 75% vesting ratably on a monthly basis over the remaining three years. Refer to Restricted Stock Units On April 22, 2021, the Board amended the 2019 ISOP to the effect that, in the event of a successful IPO or public listing of the Company’s shares, only those unvested options that otherwise would vest within six months following the effective date of the IPO or such public listing should become fully vested immediately as of such date (accelerated vesting). The remaining unvested options (i.e., unvested options that would only vest after the six-month period following the effective date of the IPO or public listing) would not be subject to accelerated vesting and, subject to certain conditions, would vest on the basis of the original vesting schedule. Additionally, the Board instituted a black-out period, irrespective of a successful IPO or public listing of the Company, in which no options could be exercised from May 1, 2021 to January 19, 2022, and to accelerate the vesting of options that would otherwise vest during that period. The Company assessed the amendment to the 2019 ISOP and concluded it resulted in a modification. As such, the Company assessed the valuation of the options immediately prior to and subsequently after the modification. As a result of the modification, the Company incurred an additional expense of $0.2 million year ended December 31, 2021. 2013 ISOP Activity for the year ended December 31, 2021, under the 2013 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2021 1,751,560 $ 3.10 6.39 Exercised (892,020 ) 3.00 — Outstanding as of December 31, 2021 859,540 $ 2.75 5.08 Exercisable as of December 31, 2021 849,540 $ 2.75 5.06 Activity for the year ended December 31, 2020, under the 2013 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2020 2,026,560 $ 2.95 7.36 Exercised (275,000 ) 3.10 — Outstanding as of December 31, 2020 1,751,560 $ 3.10 6.39 Exercisable as of December 31, 2020 1,385,060 $ 3.01 6.39 Options outstanding as of December 31, 2021, under the 2013 ISOP expire between 2022 and 2029. 2019 ISOP Activity for the year ended December 31, 2021, under the 2019 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2021 1,972,500 $ 4.22 9.11 Granted 1,369,000 8.75 9.12 Forfeited (149,750 ) 5.54 — Exercised (379,250 ) 4.00 — Outstanding as of December 31, 2021 2,812,500 $ 5.83 8.61 Exercisable as of December 31, 2021 455,500 $ 1.37 7.85 The valuation inputs for the 2019 ISOP grants were as follows: Twelve months ended December 31, 2021 2020 2019 Share price at grant date (in USD) $5.59 $4.36 - $4.87 $3.32 - $4.16 Expected life of share options (years) 6.05 - 6.19 5.67 - 6.43 6.43 - 6.91 Expected volatility 41.26% - 41.45% 39.84% - 43.56% 39.70% - 40.70% Risk free interest rate (0.63)% - (0.48)% (0.80)% - (0.53)% (0.85)% - (0.47)% Dividend yield (%) —% —% —% Activity for the year ended December 31, 2020, under the 2019 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2020 679,000 $ 4.02 9.63 Granted 1,393,000 4.22 9.30 Forfeited (55,500 ) 4.22 — Exercised (44,000 ) 4.22 — Outstanding as of December 31, 2020 1,972,500 $ 4.22 9.11 Exercisable as of December 31, 2020 115,760 $ 4.22 8.63 Options outstanding as of December 31, 2021, under the 2019 ISOP expire between 2029 and 2031. 2021 EIP Activity for the year ended December 31, 2021, under the 2021 EIP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2021 — $ — — Granted 1,595,314 17.96 9.57 Forfeited (19,245 ) 18.00 — Outstanding as of December 31, 2021 1,576,069 $ 17.96 9.57 Exercisable as of December 31, 2021 — $ — — Options outstanding as of December 31, 2021, under the 2021 EIP expire in 2031. The valuation inputs for the 2021 EIP grants were as follows:: Twelve months ended December 31, 2021 Share price at grant date (in USD) $16.81 - $18.00 Expected life of share options (years) 5.50 - 7.00 Expected volatility 41.60% - 59.77% Risk free interest rate 0.87% - 1.36% Dividend yield (%) —% Share options outstanding at the year ended December 31, 2021 The weighted average fair value of options granted during the years ended December 31, 2021 and 2020, respectively (in USD): 2021 2020 2019 ISOP $ 2.12 $ 1.75 2021 EIP $ 9.87 $ — Movements in the share-based compensation reserve were as follows (in USD thousands): Total January 1, 2020 $ 1,589 Movement in the period 1,359 December 31, 2020 2,948 Movement in the period 8,514 December 31, 2021 $ 11,462 Commitment to grant options to CEO on IPO In addition to the options granted, as set out above, the Board committed on November 29, 2018 to award to the CEO 300,000 share options, if the Company completed an IPO that valued the Company at a minimum of $1.0 billion. No other terms and conditions were specified, although it was assumed that the strike price would be equal to the IPO share price and that there could be further vesting conditions in terms of service beyond the IPO date. On March 25, 2021, the Board formally clarified the conditions of this commitment to grant options to the CEO upon an IPO. Specifically, the Board set the grant date as November 29, 2018, set the strike price at $3.33 (CHF 3.15), confirmed the condition of an IPO that valued the Company at a minimum of $1 billion and set the life of the option at five years. On the basis of these terms, the award was valued as of that date at $0.3 million. This value will not be updated at a later date as all terms and conditions of the award were approved. The expense of $0.3 million will be recognized when it becomes probable that an IPO that values the Company at a minimum of $1.0 billion will occur before November 29, 2023. The Company recognized $0.3 million for the year ended December 31, 2021, related to the Company’s IPO in July 2021. Restricted Stock Units As part of the 2021 EIP, the Company initiated granting of RSUs, which represent the right to receive shares of ordinary shares upon meeting specified vesting requirements. In the year ended December 31, 2021, the Company issued 290,407 RSU under the 2021 plan. Under the terms of the 2021 plan, 234,852 of the RSUs issued are subject to a four-year vesting schedule with 25% vesting on the first anniversary of the grant date and the remaining 75% ratably on a monthly basis over the remaining three years, and the remaining 55,555 of the RSUs issued are subject to vesting upon the Company’s Annual General Meeting. The activity for the year ended December 31, 2021 was as follows: Shares Weighted-average grant date fair value per share Unvested as of January 1, 2021 — $ — Granted 290,407 $ 17.97 Forfeited (2,832 ) $ 18.00 Unvested as of December 31, 2021 287,575 $ 17.97 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Borrowings | 24. Borrowings The following is the activity of the Company’s borrowings for the years ended December 31, 2021 and 2020, respectively (in USD thousands): Borrowings January 1, 2021 $ 3,330 Principal repayments (3,167 ) Transfer to deferred government grant income 39 Interest accrued 50 Interest paid (170 ) Currency translation differences (82 ) December 31, 2021 $ — January 1, 2020 $ 3,838 New borrowing proceeds 15,839 Principal repayments (16,529 ) Transfer to deferred government grant income (163 ) Interest accrued 513 Interest paid (435 ) Currency translation differences 267 Total $ 3,330 $6.0 million (EUR 5.2 million) 9.75% loan On June 18, 2018, the Company signed the Plain English Growth Capital Loan Agreement with TriplePoint. The Company issued a Plain English Growth Capital Promissory Note and received a loan of $6.0 million (EUR 5.2 million). The purpose of the loan was to finance the acquisition of IBS, a company based in France. The loan bore an annual interest of 9.75% (Prime Rate plus 4.75%), and the Company agreed to pay a terminal amount of $0.4 million (EUR 0.3 million) equal to 6.25% of this Promissory Note, on June 1, 2021 (end of term payment). This 3-year borrowing was payable in monthly installments with principal repayments starting as of January 1, 2019. The loan was subject to a number of general covenants. The interest expense was calculated by applying the effective interest rate method to the initial fair value of the loan and to the actual cash outflows resulting from the payment of interest and repayment of the principal. The loan was subsequently carried at amortized cost. The loan was repaid early, on November 16, 2020, at an amount equivalent to the principal, plus both the interest accrued at the nominal amount up to the date of repayment and the terminal payment. In addition, the Company agreed to pay to TriplePoint a success fee upon an initial public offering of the Company or a sale of the Company. The obligation to make this success fee payment has been accounted for as an embedded derivative. In September 2021, the Company paid the TriplePoint success fee. COVID loans During 2020, the Company took advantage of financing opportunities put in place by governments in jurisdictions where it has its affiliates in order to support businesses during the spread of the COVID-19 pandemic. The following loans were granted: • On March 26, 2020, SOPHiA GENETICS SA was granted a $0.5 million (CHF 0.5 million) loan from Credit Suisse maturing on March 26, 2025. This loan carried an interest of 0% and was scheduled to be repaid in eight equal semi-annual installments starting on September 26, 2021. The Company repaid this loan early on March 26, 2021, using cash on hand. • On May 29, 2020, SOPHiA GENETICS SAS was granted a $1.6 million (EUR 1.4 million) loan from Credit Agricole Pyrénées Gascogne maturing on May 31, 2021. This loan carried an interest rate of 0% and was subject to a 0.25% state guarantee fee. It was repaid on maturity. • On May 29, 2020, SOPHiA GENETICS SA was granted a $1.0 million (CHF 1.0 million) loan from Credit Suisse maturing on January 31, 2021. This loan carried an interest rate of 1.175% and was repaid on maturity. • On June 3, 2020, SOPHiA GENETICS Inc. was granted a $0.8 million loan from Citizens Bank under the PPP maturing on June 3, 2022. This loan carried an interest of 1% and was scheduled to be repaid in twelve monthly installments starting from July 3, 2021. The loan agreement allowed for the Company to apply for loan forgiveness if the Company used the proceeds for payroll and/or rental obligations within the 8-week period after the disbursement of the loan. For the PPP loan, the Company was confident from inception of the loan that it would meet the conditions for non-repayment of the loan and accounted for it as a government grant. The loan proceeds were recognized as a reduction in employee benefit expenses within selling and marketing costs in the 8-week period after disbursement of the loan. The Company submitted an application for loan forgiveness in January 2021 and the loan including interest due was confirmed to be forgiven on February 24, 2021. Credit Suisse loan On April 1, 2021, the Company entered into a credit agreement (the “Credit Facility”) with Credit Suisse that provides for maximum borrowings of up to $3.3. million (EUR 2.7 million). Borrowings under the Credit Facility accrue interest at 3.95% per annum and are repayable in installations over 36 months. Borrowings under the Credit Facility can only be used to finance laboratory automation equipment for next generation sequencing (“NGS”) purposes. As of the date of these consolidated financial statements, the Company had no borrowings outstanding under the Credit Facility. During the period since January 1, 2020, the Company has not been subject to any externally imposed capital requirements. |
TriplePoint Success Fee
TriplePoint Success Fee | 12 Months Ended |
Dec. 31, 2021 | |
Triple Point Success Fee [Abstract] | |
TriplePoint Success Fee | 25. TriplePoint success fee Significant accounting estimates and judgements The derivative included in the table below presents the change in fair value of a success fee payable to TriplePoint Capital LLC (“TriplePoint”), the providers of a loan repaid in 2020 (see Note 24 - “Borrowings”) upon an initial public offering of the Company or a sale of the Company. The amount of the success fee will be computed as the excess of the value per share realized in such a transaction over a strike price of $3.65 (CHF 3.65) multiplied by 6.5% of the committed loan facility of EUR 10 million translated to CHF at a rate of 1.16 and divided by the strike price of $3.65 (CHF 3.65). Accounting Policies In the third quarter of 2021, the Company paid the success fee payable to TriplePoint, which became due upon an IPO of the Company or a sale of the Company. The Company’s IPO in July 2021 triggered the success fee to become due. The approach used to determine the fair value of the derivative was based on a Monte Carlo simulation and accounted for as embedded derivative. The following table presents the loss recognized by the Company on the derivative associated with the TriplePoint loan (in USD thousands): 2021 2020 2019 As of January 1 $ 1,024 $ 557 $ 447 Loss on derivative 1,444 467 110 As of December 31 $ 2,468 $ 1,024 $ 557 Key assumptions in the valuation of the derivative in 2021 and 2020 included (in USD thousands when noted in USD): December 31, 2021 2020 Equity value of the Company N/A $465,307 Expected time of the sale or IPO N/A 75% - 3 years 25% - 0.75 years Volatility N/A 50% If the key assumptions were varied as indicated below, the derivative would have the values set out in the table below (in USD thousands): December 31, 2021 2020 Equity value of the Company +10% N/A 1,179 Equity value of the Company -10% N/A 864 Expected time of the IPO or sale 3 months earlier N/A 1,039 Expected time of the IPO or sale 3 months later N/A 1,016 Volatility +10% N/A 1,055 Volatility -10% N/A 993 As the derivative became payable in September 2021, the Company did not have any assumptions as of December 31, 2021 as the actual value was determined. The Company recognized a loss of $1.4 million and a loss of $0.5 million to finance income (expense) on the |
Initial Public Offerings
Initial Public Offerings | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Initial Public Offerings [Abstract] | |
Initial Public Offerings | 26. Initial Public Offerings On July 27, 2021, the Company completed its IPO in the United States on the Nasdaq Global Market (“Nasdaq”) under the trading ticker symbol “SOPH”. Trading on the Nasdaq commenced at market open on July 23, 2021. The Company completed the IPO of 13,000,000 common shares, at the IPO price of $18.00 per share, par value $0.05 (CHF 0.05). The IPO resulted in gross proceeds of $234.0 million. The Company incurred an estimated $22.3 million in issuance costs associated with the IPO, resulting in net proceeds of $211.7 million. Concurrent with the IPO, the Company closed a private placement, in which it sold 1,111,111 ordinary shares to an affiliate of GE Healthcare. Gross proceeds from the private placement, before deducting estimated expenses payable, were $20 million. The Company incurred $0.4 million of issuance costs, resulting in net proceeds of $19.6 million. On August 25, 2021, the underwriters of the IPO elected to exercise in part their option to purchase an additional 519,493 ordinary shares (“greenshoe”) at the IPO price of $18.00 per share. The greenshoe resulted in additional gross proceeds of $9.4 million. The Company incurred an additional $0.9 million of additional issuance costs, resulting in net proceeds of $8.5 million. With the addition of the underwriters’ option to purchase additional shares, the total number of shares sold in the Company’s IPO increased to 13,519,493 shares for aggregate gross proceeds, before deducting underwriting discounts and commissions and estimated fees and offering expenses, of $243.4 million. As a result of the IPO, the Company paid a success fee related to the TriplePoint loan (Note 25 – TriplePoint success fee). Immediately prior to the completion of the Company’s IPO and current with the private placement, the Company’s outstanding preferred shares converted on a one-to-one basis into ordinary shares. |
Share Capital Issuance
Share Capital Issuance | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share Capital Issuance | 27. Share capital issuance On June 25, 2020, the Company issued 5,664,480 preferred F shares at a price per share of $11.53 per share, which resulted in gross proceeds of $65.3 million and, after deduction of transaction costs of $0.7 million, in net proceeds of $64.6 million. On September 23, 2020, the Company issued 3,652,460 preferred F shares at a price per share of $11.89 per share, which resulted in gross proceeds of $ 43.4 and, after deduction of transaction costs of $0.4 million, in net proceeds of $43.0 million. Pursuant to the Articles of Association, in the event of certain defined liquidation events, holders of the preferred F shares are entitled to receive the higher of (i) a pro rata share of the liquidation proceeds and (ii) one time the subscription price paid for the preferred F shares. Pursuant to the Articles of Association, in the event of certain defined liquidation events, and subject to the liquidation preference of the preferred F shares, holders of the preferred E shares are entitled to receive the higher of (i) a pro rata share of the liquidation proceeds and (ii) one time the subscription price paid for the preferred E shares. Pursuant to the Articles of Association, in the event of certain defined liquidation events, and subject to the liquidation preferences of the preferred F shares and of the preferred E shares, holders of the preferred D shares are entitled to receive the higher of (i) a pro rata share of the liquidation proceeds and (ii) one time the subscription price paid for the preferred D shares. On June 30, 2021, the Company performed a one-to-twenty – On July 22, as part of the Company IPO, the Company converted all preferred shares to ordinary shares. Refer to Note 1- “Initial public offering – Company information and operations.” At the next ordinary Annual General Meeting, the Board of Directors will not propose any dividend in respect of the year ended December 31, 2021. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related Parties | 28. Related parties Related parties comprise the Company’s executive officers and directors, including their affiliates, and any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control, with the Company. Key management personnel comprised of six Executive Officers and Directors and six Non-Executive Directors for the year ended December 31, 2021. Key management personnel comprised of four Executive Officers and Directors and four Non-Executive Directors for the year ended December 31, 2020. Key management personnel comprised of three Executive Officers and Directors and three Non-Executive Directors for the year ended December 31, 2019. Compensation for key management and non-executive directors recognized during the year comprised (in USD thousands): December 31, 2021 2020 2019 Salaries and other short-term employee benefits $ 2,761 $ 1,155 $ 756 Pension costs 117 70 32 Share-based compensation expense 6,906 1,065 441 Other compensation 44 146 24 Total $ 9,828 $ 2,436 $ 1,253 On March 25, 2021, the Board also clarified the terms of an award made to the CEO on November 29, 2018. This award is conditional on the achievement by November 29, 2023, of a successful IPO that values the Company at a minimum of $1.0 billion. Further details of the award and its accounting treatment are set out in Note 23 - “Share-based compensation”. Related parties participated in the sale of Series F preferred shares during the year to the following extent: Name of shareholder Number of preferred shares purchased Alychlo NV 233,580 Generation IM Sustainable Fund III, L.P 389,300 Total 622,880 Three members of key management participated in share issuances in 2020 acquiring a total of 65,920 shares. Share data have been revised to give effect to the share split explained in Note 1 - “Significant accounting policies— Share split.” |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Contingent Liabilities In Business Combination [Abstract] | |
Commitments And Contingencies | 29. Commitments and contingencies Commitments The Company has commitments for future lease payments under short-term leases not recognized in the balance sheet amounting as of December 31, 2021 and 2020 of $0.3 million, and $0.4 million, respectively. Contingencies As of December 31, 2021, and 2020 the Company had no contingent assets or liabilities. |
Financial Instruments and Risks
Financial Instruments and Risks | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Instruments and Risks | 30. Financial instruments and risks A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Company hold the following financial instruments (in USD thousands): December 31, 2021 2020 Financial assets at amortized cost Cash and cash equivalents $ 192,962 $ 74,625 Term deposits 72,357 22,720 Accounts receivable 5,621 6,363 Other financial non-current assets 1,405 984 Total financial assets at amortized cost $ 272,345 $ 104,692 Financial assets at fair value through statement of loss Total financial assets $ 272,345 $ 104,692 Financial liabilities at amortized cost Accounts payable 6,737 1,281 Accrued expenses 15,972 9,081 Borrowings — 3,330 Lease liabilities 13,059 3,919 Total financial liabilities at amortized cost 35,768 17,611 Financial liabilities at fair value through statement of loss Derivative — 1,024 Total financial liabilities $ 35,768 $ 18,635 The Company’s exposure to various risks associated with the financial instruments is discussed in below in “Financial risk management.” The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. See Note 13 - “Accounts receivable” for expected credit loss provisions on accounts receivable. Fair value measurement As of December 31, 2021 and 2020, the carrying amount was a reasonable approximation of fair value for the following financial assets and liabilities: Financial assets • Cash and cash equivalents • Term deposits • Accounts receivable • Other non-current assets—lease deposits and lease receivable Financial liabilities • Accounts payable • Accrued liabilities • Lease liabilities • Derivatives • Borrowings Fair value measurement methodology The Company measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the or by selling it to another market participant. The Company uses valuation techniques to measure fair value maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1—Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2—Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Management determines the policies and procedures for both recurring fair value measurement and for non-recurring measurement with the involvement of experts and external consultants when needed. Borrowings, current and non-current, are carried at amortized cost at a total carrying value of $0.0 million and $2.9 million and $0.0 million and $0.5 million as of December 31, 2021, and 2020, respectively. The fair value of these borrowings at December 31, 202 1, and 2020, $ 0.0 million $ 3.3 , respectively. The fair value of borrowings is based on discounted cash flows using current borrowing rates. The basis of measurement is considered to be level 3 owing to the use of unobservable inputs, including own credit risk. Derivatives, which were extinguished in July 2021, included within other current liabilities (see Note 21 - “Other non-current liabilities”), comprised of a success fee payable upon an initial public offering or a sale of the Company. This option was carried at fair value. The fair value of the option had been estimated using a Monte Carlo simulation. The basis of measurement is considered to be level 3 owing to the use of unobservable inputs, including the fair value of the Company’s own shares. In 2021 and 2020 there were no significant changes in the business or economic circumstances that affect the fair value of the Company’s financial assets and financial liabilities. There were also no transfers between categories. Financial risk management Financial risks Senior management regularly review the Company’s cash forecast and related risks. They also perform the risk assessment, define any necessary measures and ensure the monitoring of the internal control system. The Company’s principal financial liabilities include accounts payable, lease liabilities and borrowings. The Company’s principal financial assets include cash and cash equivalents, term deposits and short-term investments and accounts receivable. In the course of its business, the Company is exposed to a number of financial risks including credit and counterparty risk, funding and liquidity risk and market risk (i.e. foreign currency risk and interest rate risk). This note presents the Company’s objectives, policies, and processes for managing these risks. Credit and counterparty risk management Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily accounts receivable. Concentration risk arises when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. The Company’s policy with regard to assessing and providing for expected credit losses on accounts receivable is set out in Note 13 - “Accounts receivable.” Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy. Financial transactions are predominantly entered into with investment grade financial institutions and in principle the Company requires a minimum long-term rating of A3/A- for its cash investments. The Company may deviate from this requirement from time to time for operational reasons. The highest exposure to a single financial counterparty within cash and cash equivalents and term deposits and short-term investments amounted to $115.0 million and $45.7 million as of December 31, 2021 and 2020, respectively. Other non-current financial assets include cash deposits for leases. Funding and liquidity risk management Funding and liquidity risk is the risk that a company may encounter difficulties in meeting its obligations associated with financial liabilities that are settled by delivering cash or other financial assets. Such risk may result from inadequate market depth or disruption or refinancing problems. The Company views equity funding as its primary source of liquidity only partly complemented with revenue generated from the sale of the platform, products and services and some borrowings. The Company has no outstanding borrowing facilitie s . Short term liquidity is managed based on projected cash flows. As of December 31, 2021 and 2020 , the Company’ s liquidity consisted of $ 193.0 million and $ 74.6 million in cash and cash equivalents , respectively . On the basis of the current operating performance and liquidity position, management believes that the available cash balances will be sufficient for operating activities, working capital, interest, capital expenditures and scheduled debt repayments for the next 12 months. The COVID-19 pandemic has negatively affected the Company’s overall and non-COVID-19 analysis-related revenue. The Company’s hospital customers prioritized COVID-19-related services during the pandemic. In addition, as a result of pandemic containment measures, some customers experienced disruptions in their operations, refocused their research and development priorities and operated at reduced capacity. As a result, there was a significant decrease in revenue and analysis volume in the second quarter of 2020. Although there has been a sustained recovery for the rest of the year, management believes that the Company experienced lower growth in revenue and analysis volume in 2020 as a result of the COVID-19 pandemic than it otherwise would have achieved. Given the sustained recovery in 2020 and 2021, management does not believe the COVID-19 pandemic will have a significant impact on the Company’s ability to continue as a going concern. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted cashflows (in USD thousands): Net carrying amount Within 1 year Between 1 and 5 years After 5 years Total December 31, 2021 Lease liabilities $ 13,059 $ 2,018 $ 8,467 $ 4,075 $ 14,560 Accounts payable 6,737 6,737 — — 6,737 Accrued expenses 15,972 15,972 — — 15,972 Total contractual liabilities $ 35,768 $ 24,727 $ 8,467 $ 4,075 $ 37,269 December 31, 2020 COVID CHF 1M 1,132 1,137 — — 1,137 COVID CHF 500K 507 71 497 — 568 COVID EUR 1.4M 1,691 1,718 — — 1,718 Total loans $ 3,330 $ 2,926 $ 497 $ — $ 3,423 Lease liabilities 3,919 1,134 3,005 14 4,153 Accounts payable 1,281 1,281 — — 1,281 Accrued expenses 9,081 1,281 — — 1,281 Other financial non-current liabilities 1,024 — 1,024 — 1,024 Total contractual liabilities $ 18,635 $ 6,622 $ 4,526 $ 14 $ 11,162 Market risk Market risk includes currency risk and interest rate risk. Currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The significant exchange rates that have been applied to these consolidated financial statements are listed below: December 31, For the twelve months ended December 31, 2021 2020 2021 2020 2019 Currency Spot rate Spot rate Average rate Average rate Average rate USD/CHF 0.91210 0.88030 0.91437 0.94703 0.99467 USD/EUR 0.88290 0.81490 0.84579 0.88423 0.89154 USD/GBP 0.74190 0.73260 0.72707 0.78132 0.78588 USD/BRL 5.57130 5.19400 5.39288 5.06281 3.92513 The sensitivity of the Company’s income to possible changes in foreign exchange rates is measured at the local entity level as it depends on the functional currency of each entity. As of December 31, 2021 and 2020, the Company was exposed principally to movements in four cross currency pairs. The sensitivity of the Company’s loss before tax to such changes was as follows (in USD thousands): December 31, 2021 2020 2019 Increase / (decrease) in USD/CHF exchange rate by 10% 19,499 / (19,499) 1,453 / (1,453) 741 / (741) Increase / (decrease) in EUR/CHF exchange rate by 10% 648 / (648) 836 / (836) 410 / (410) Increase / (decrease) in GBP/CHF exchange rate by 10% (18) / 18 351 / (351) 328 / (328) Increase / (decrease) in USD/EUR exchange rate by 10% 726 / (726) 155 / (155) 322 / (322) The Company’s exposure to foreign currency changes for all other currencies is not material. The significant increase/decrease between USD/CHF resulted from the Company’s IPO, which occurred in USD. The Company does not use derivative financial instruments to hedge exposures and under no circumstances may enter into derivative instruments for speculative purposes. The sensitivity of the Company’s reported equity or net assets to possible changes in foreign exchange rates is measured at the consolidated level as it depends on the presentation currency selected for the consolidated financial statements. Such effects are reported not in income but in the currency translation account within other reserves. As of December 31, 2021 and 2020 the sensitivity of the Company’s equity to such changes, measured against the USD, was as follows (in USD thousands): December 31, 2021 2020 Increase / (decrease) in USD/CHF exchange rate by 10% 54 / (54) 11,279 / (11,279) Increase / (decrease) in USD/EUR exchange rate by 10% (89) / 89 467 / (467) Increase / (decrease) in USD/GBP exchange rate by 10% (27) / 27 211 / (211) Increase / (decrease) in USD/BRL exchange rate by 10% 77 / (77) 64 / (64) Interest rate risk The Company’s cash and cash equivalents and term deposits are subject to market risk associated with interest rate fluctuations . Fixed rate securities may have their market value adversely affected due to a rise in interest rates. The Company conclude fluctuations in the interest rate did not have a material impact on our cash equivalents and term deposit balances. The Company’s principal interest-bearing liabilities comprise three COVID-related government loans, which haves fixed interest rates between 0% and 1.175%. As a result, the Company has no cash flow risk and only a minimal fair value risk associated with its interest-bearing debt. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
Capital Commitments [Abstract] | |
Capital Management | 31. Capital management The Company considers equity as equivalent to the IFRS equity on the balance sheet (including share capital, share premium and all other equity reserves attributable to the owners of the Company). The primary objective of the Company’s capital management is to maximize shareholder value. The Board regularly reviews its shareholders’ return strategy. For the foreseeable future, the Board will maintain a capital structure that supports the Company’s strategic objectives through managing funding and liquidity risks and optimizing shareholder return. As of December 31, 2021 and 2020, the Company’s cash and cash equivalents amounted to $193.0 million and $74.6 million, respectively. In addition, its outstanding debt amounted to only $0.0 million and $3.3. million as of December 31, 2021 and 2020, respectively. The Company’s government-issued COVID loans have below-market interest rates, of which all have since been repaid as of December 31, 2021. The Board of Directors believes that the Company has sufficient financial resources to meet all of its obligations for at least the next twelve months. Moreover, the Company is not exposed to liquidity risk through requests for early repayment of loans. |
Events After Reporting Date
Events After Reporting Date | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Events After Reporting Period [Abstract] | |
Events After Reporting Date | 32. Events after the reporting date The Company has evaluated, for potential recognition and disclosure, events that occurred prior to the date at which the consolidated financial statements were available to be issued. There were no material subsequent events. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Preparation | Basis of preparation Compliance with International Financial Reporting Standards The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”). |
Basis Of Consolidation | Basis of consolidation A subsidiary is an entity over which the Company has control. The Company controls an entity when it has the power to direct its activities and has rights to its variable returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and deconsolidated from the date that control ceases. During the consolidation process intercompany transactions, balances, and unrealized gains on transactions between companies are eliminated. Unrealized losses are also eliminated unless there is evidence of an impairment of the transferred asset. In order to ensure consistency with the accounting policies of the Company, the accounting policies of subsidiaries have been changed where necessary. |
Foreign Currency Translation | Foreign currency translation Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). In individual entities, transactions in foreign currencies are translated as of transaction date. Monetary assets and liabilities in foreign currencies are translated at month end rates. The Company’s reporting currency of the Company’s consolidated financial statements is the U.S. dollar (“USD”). Assets and liabilities denominated in foreign currencies are translated at the month-end spot exchange rates, income statement accounts are translated at average rates of exchange for the period presented, and equity is translated at historical exchange rates. On consolidation, assets and liabilities of foreign operations reported in their local functional currencies are translated into USD. Differences arising from the retranslation of opening net assets of foreign operations, together with differences arising from the translation of the net results for the year of foreign operations, are recognized in other comprehensive income under currency retranslations. Gains or losses resulting from foreign currency transactions are included in net income. The Company selected the U.S. dollar as its presentation currency for purposes of its consolidated financial statements instead of the Company’s functional currency, the Swiss franc, because of the global nature of its business, its expectation that an increasing portion of revenues and expenses will be denominated in USD, and its plans to access U.S. capital markets. |
Use Of Estimates | Use of estimates The preparation of consolidated financial statements in conformity with IFRS requires the use of accounting estimates. It also requires management to exercise judgement in applying the Company’s accounting policies. The Company’s significant estimates and judgements included in the preparation of the consolidated financial statements are related to revenue recognition, capitalized internal software development costs, share-based compensation, expected credit loss, goodwill, defined benefit pension liabilities, uncertain tax positions, and derivatives. Disclosed in the corresponding sections within the footnotes are the areas which require a high degree of judgment, significant assumptions, and/or estimates. |
Going Concern Basis | Going concern basis The consolidated financial statements have been prepared on a going concern basis (See Note 31 – “Capital management”). |
Historical Cost Convention | Historical cost convention The consolidated financial statements have been prepared on a historical cost basis except for certain assets and liabilities, which are carried at fair value. |
Accounting Policies | Accounting policies The significant accounting policies adopted in the preparation of the consolidated financial statements have been consistently applied, unless otherwise stated. |
Provisions And Contingencies | Provisions and contingencies Provisions comprise liabilities of uncertain timing or amount. The provisions and liabilities are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period, unless the impact of discounting is immaterial. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not fully within the control of the Company. The likelihood of occurrence of provisions and contingent liabilities requires use of judgement. Judgement is also required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognized, and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. |
Financial Assets Classification | Financial assets classification Upon recognition, financial assets are classified on the basis of how the financial assets are measured: at amortized cost or fair value through income. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. Except for accounts receivable that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income, transaction costs. Accounts receivable that do not contain a significant financing component are measured at the transaction price. The Company’s business model for managing financial assets is defined by whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets held in order to collect contractual cash flows are measured at amortized cost. Financial assets held both to collect contractual cash flows and for sale are measured at fair value through other comprehensive income/loss. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset. Financial assets measured at amortized cost Financial assets initially measured at amortized cost are subsequently measured using the effective interest rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in income when the asset is derecognized, modified, or impaired. The Company’s financial assets at amortized cost include cash, term deposits and accounts receivable. Financial assets—derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated balance sheet) when: • The rights to receive cash flows from the asset have expired or; • The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either; • the Company has transferred substantially all the risks and rewards of the asset, or; • the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When the Company has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Financial assets—impairment For cash, cash equivalents, and term deposits, the Company invests in assets where it has never incurred and does not expect to incur credit losses. For accounts receivable the Company recognizes a loss allowance based on lifetime estimated credit losses (“ECL”) at each reporting date. When estimating the ECL the Company takes into consideration: readily available relevant and supportable information (this includes quantitative and qualitative data), the Company’s historical experience and forward-looking information specific to the receivables and the economic environment. See Note 13 – “Accounts receivable” for further information about the Company’s accounting for trade receivables. |
Financial Liabilities Classification | Financial liabilities classification Financial liabilities are classified upon initial recognition as financial liabilities measured at fair value through income or at amortized cost. The Company’s financial liabilities include accounts payable and debt (including borrowings and lease liabilities), which are measured at amortized cost, and derivatives, which are measured at fair value through income. Interest-bearing borrowings are initially recognized at fair value less directly attributable costs and subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in income when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of income/loss. Financial liabilities—derecognition A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statements of loss. |
New Standards Amendments To Standards And Interpretations Issued Not Yet Effective | New standards, amendments to standards, and interpretations issued not yet effective In January 2020, IASB issued amendments to paragraphs 69 to 76 of IAS 1, Presentation of Financial Statements There are no other IFRS or IFRS IC interpretations that are not yet effective and that could have a material impact to the consolidated financial statements. |
Property and Equipment Accounting Policies | Accounting policies Property and equipment include leasehold improvements, computer hardware, machinery and furniture and fixtures. Property and equipment are shown on the balance sheet at their historical cost. The cost of an asset, less any residual value, is depreciated using the straight-line method over the useful life of the asset. For this purpose, assets with similar useful lives have been grouped as follows: • Leasehold improvements—Shorter of the useful life of the asset or the remaining term of the lease • Computer hardware—Three to five years • Machinery and equipment—Five years • Furniture and fixtures—Five years Useful lives, components, and residual amounts are reviewed annually. Such a review takes into consideration the nature of the assets, their intended use, including but not limited to the closure of facilities, and the evolution of the technology and competitive pressures that may lead to technical obsolescence. Depreciation of property and equipment is allocated to the appropriate headings of expenses by function in the statement of loss. Reviews of the carrying amount of the Company’s property and equipment are performed when there is an indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. In assessing the value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the country where the assets are located. For the year ended December 31, 2021 and 2020, the Company recorded $0.5 million and less than $0.1 million in accrued expense related to amounts to be paid within the next 12 months, respectively. |
Company Information and Opera_2
Company Information and Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Company Information And Operations [Abstract] | |
Summary of Wholly-Owned Subsidiaries | As of December 31, 2021, the Company had the following wholly-owned subsidiaries: Name Country of domicile SOPHiA GENETICS S.A.S. France SOPHiA GENETICS LTD UK SOPHiA GENETICS, Inc. USA SOPHiA GENETICS Intermediação de Negócios EIRELI Brazil SOPHiA GENETICS PTY LTD Australia SOPHiA GENETICS S.R.L. Italy |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Revenue by Customer Location | An analysis of revenue by customer location is presented below (in USD thousands): Year ended December 31, 2021 2020 2019 France $ 7,405 $ 6,060 $ 5,874 Italy 6,124 2,994 3,150 United States 3,944 2,636 1,989 Spain 3,765 2,356 2,105 Turkey 2,682 1,222 1,714 Austria 1,835 1,310 927 Brazil 1,621 1,535 1,186 United Kingdom 1,500 1,147 1,213 Switzerland 1,394 1,708 722 Germany 1,280 1,146 1,140 Other 8,900 6,286 5,342 Total revenue $ 40,450 $ 28,400 $ 25,362 |
Summary of Non-current Non-financial Assets by Country | An analysis of the location of non-current non-financial assets by country is as follows (in USD thousands): Year ended December 31, 2021 2020 Switzerland $ 28,974 $ 17,362 France 3,480 2,656 United States 2,924 996 United Kingdom 527 416 Brazil 8 7 Total non-current non-financial assets $ 35,913 $ 21,437 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables From Contracts With Customers [Abstract] | |
Schedule of Revenue from Contracts with Customers Allocated to Revenue Streams | The Company’s revenue from contracts with customers has been allocated to the revenue streams indicated in the table below (in USD thousands): Year ended December 31, 2021 2020 2019 SOPHiA platform $ 39,465 $ 27,221 $ 23,710 Workflow equipment and services 985 1,179 1,652 Total revenue $ 40,450 $ 28,400 $ 25,362 |
Operating Expense (Tables)
Operating Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis Of Income And Expense [Abstract] | |
Summary of Operating Expenses | The table presents operating expenses by nature (in USD thousands): For the year ended December 31, 2021 2020 2019 Changes in inventories of finished goods and work in progress $ 568 $ (259 ) $ 729 Raw materials and consumables used (9,650 ) (3,843 ) (3,180 ) Employee benefit expenses (53,802 ) (36,732 ) (27,237 ) Social charges (8,373 ) (6,983 ) (4,218 ) COVID—salaries reimbursement — 1,129 — Research tax credit 1,597 763 447 Share-based compensation (8,514 ) (1,359 ) (717 ) Depreciation (2,517 ) (1,758 ) (1,546 ) Amortization (1,092 ) (632 ) (367 ) Professional fees (11,318 ) (5,371 ) (5,357 ) Office expenses (5,333 ) (2,006 ) (2,774 ) Travel (1,576 ) (1,361 ) (4,416 ) Marketing — (972 ) (1,761 ) Licenses (2,021 ) (1,647 ) (996 ) Less: capitalized software development costs ("Note 17 - Intangible assets”) 3,858 2,436 — Other expense (13,874 ) (7,099 ) (6,240 ) Total $ (112,047 ) $ (65,694 ) $ (57,633 ) |
Summary of Depreciation and Amortization have Charged in Expense | Depreciation and amortization have been charged in the following expense categories (in USD thousands): For the year ended December 31, 2021 2020 2019 Depreciation Amortization Depreciation Amortization Depreciation Amortization Cost of revenue $ — $ (483 ) $ — $ (111 ) $ — $ — Research and development costs (1,028 ) — (727 ) — (624 ) — Selling and marketing costs (744 ) — (543 ) — (550 ) — General and administrative costs (745 ) (609 ) (488 ) (521 ) (372 ) (367 ) Total $ (2,517 ) $ (1,092 ) $ (1,758 ) $ (632 ) $ (1,546 ) $ (367 ) |
Summary of Employee Benefit Expenses, Social Charges and Share-based Compensation from the Operating Expense | The table presents employee costs by function, which consists of “Employee benefit expenses”, “Social charges” and “Share-based compensation” from the operating expense table (in USD thousands): For the year ended December 31, 2021 2020 2019 Research and development costs $ 23,899 $ 16,109 $ 10,622 Selling and marketing costs 21,659 12,085 10,579 General and administrative costs 25,131 16,880 10,244 Total $ 70,689 $ 45,074 $ 31,445 |
Finance Expense, Net (Tables)
Finance Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance Expense Net [Abstract] | |
Schedule of Finance Expense, Net | December 31, 2021 2020 2019 Interest income $ 20 $ 96 $ 86 Total interest income $ 20 $ 96 $ 86 Interest on loans (120 ) (513 ) (715 ) Interest on lease liabilities (225 ) (121 ) (129 ) Other interest (313 ) (206 ) (132 ) Total interest expense $ (658 ) $ (840 ) $ (976 ) Derivative fair value (losses) (1,444 ) (384 ) (98 ) Foreign exchange gains (losses), net 64 (2,710 ) (354 ) Total finance income (expense), net $ (2,018 ) $ (3,838 ) $ (1,342 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Current and Deferred Tax (Expenses) Benefits | The following table presents the current and deferred tax (expense) benefits (in USD thousands): For the year ended December 31, 2021 2020 2019 Current income tax expense Current year $ — $ — $ (86 ) Uncertain tax positions (110 ) (74 ) (76 ) Total current income tax expense $ (110 ) $ (74 ) $ (162 ) Deferred income tax (expense) benefit Origination and reversal of temporary differences $ (58 ) $ 1,960 $ — Total deferred income tax (expense) benefit $ (58 ) $ 1,960 $ — Total income tax (expense) benefit $ (168 ) $ 1,886 $ (162 ) |
Reconciliation of Expected Tax Expense to Tax Expense Report in Statement of Loss | The following table presents the reconciliation of the expected tax expense to the tax expense report in the statement of loss (in USD thousands): For the year ended December 31, 2021 2020 2019 Loss before tax $ (73,507 ) $ (41,225 ) $ (33,629 ) Tax at Swiss statutory rate 9,907 5,541 4,519 Effect of tax rates in foreign jurisdictions (218 ) (177 ) 568 Tax effect of: Unrecognized deferred tax assets (9,077 ) (3,276 ) (5,110 ) Income not subject to tax (expense not deductible for tax purposes) (805 ) 41 (1 ) Uncertain tax positions (110 ) (74 ) (76 ) Other 135 (169 ) (62 ) Income tax (expense)/benefit $ (168 ) $ 1,886 $ (162 ) |
Summary of Movement in Deferred Tax Balances | During the year ended December 31, 2020, the Company recognized deferred tax assets for its foreign subsidiaries due to the implementation of intercompany transfer pricing arrangements that will assure realization of their respective deferred tax assets in each country. The following table presents the changes in the Company’s deferred tax assets and deferred tax liabilities (in USD thousands): Depreciation & amortization Bad debt reserves Accrued pension ROU asset Lease liability Other Net operating loss carryforward Total January 1, 2021 $ 288 $ 433 $ 35 $ (311 ) $ 301 $ (10 ) $ 1,378 $ 2,114 Recognized in profit or loss (309 ) (65 ) 12 (34 ) 331 38 (31 ) (58 ) Currency translation differences (8 ) (27 ) (3 ) (7 ) (2 ) 68 (87 ) (66 ) December 31, 2021 $ (29 ) $ 341 $ 44 $ (352 ) $ 630 $ 96 $ 1,260 $ 1,990 Deferred tax assets — 341 44 — 630 361 1,260 2,636 Deferred tax liabilities (29 ) — — (352 ) — (265 ) — (646 ) Depreciation & amortization Bad debt reserves Accrued pension ROU asset Lease liability Other Net operating loss carryforward Total January 1, 2020 $ — $ — $ — $ — $ — $ — $ — $ — Recognized in profit or loss 268 403 33 (289 ) 280 (17 ) 1,282 1,960 Recognized in OCI — — 7 — — — — 7 Currency translation differences 20 30 (5 ) (22 ) 21 7 96 147 December 31, 2020 $ 288 $ 433 $ 35 $ (311 ) $ 301 $ (10 ) $ 1,378 $ 2,114 Deferred tax assets 288 433 35 — 301 — 1,378 2,435 Deferred tax liabilities — — — (311 ) — (10 ) — (321 ) |
Summary of Unrecognized Deferred Tax Assets | The following table consists of the deferred tax assets that have not been recognized because it is not probable that there will be future taxable profits to use these benefits (in USD thousands): December 31, 2021 2020 Gross amount Tax effect Gross amount Tax effect Deductible temporary differences $ 5,101 $ 729 $ 5,371 $ 722 Net operating loss carryforwards 202,394 28,597 141,896 20,616 Total $ 207,495 $ 29,326 $ 147,267 $ 21,338 |
Summary of Expiring Amounts of Unrecognized Net Operating Loss Carryforwards | As of December 31, 2021 and December 31, 2020, the Company had the following expiring amounts of unrecognized NOL carryforwards (in USD thousands): December 31, 2021 2020 One year $ 7,625 $ 3,262 Two years 12,170 7,265 Three years 16,482 12,170 Four years 15,772 16,482 Thereafter and unlimited 150,345 102,717 Net operating loss carryforwards $ 202,394 $ 141,896 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Components of Loss for Year | The table presents the loss for the year ended December 31, 2021, 2020, and 2019, respectively (in USD thousands, except shares and loss per share): Year ended December 31, 2021 2020 2019 Net loss attributed to shareholders $ (73,675 ) $ (39,339 ) $ (33,791 ) Weighted average number of shares in issue 55,299,863 42,350,757 37,775,948 Basic and diluted loss per share $ (1.33 ) $ (0.93 ) $ (0.90 ) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table presents the allocation between the Company’s cash and cash equivalents (in USD thousands): December 31, 2021 2020 Cash $ 39,578 $ 42,880 Cash equivalents $ 153,384 $ 31,745 Cash and cash equivalents $ 192,962 $ 74,625 |
Term Deposits (Tables)
Term Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Term Deposits [Abstract] | |
Allocation Between Company's Term Deposits | The following table presents the allocation between the Company’s term deposits (in USD thousands): December 31, 2021 2020 Term deposits, over 3 months, up to 12 months $ 72,357 $ 22,720 Total term deposits $ 72,357 $ 22,720 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Receivables [Abstract] | |
Schedule of Accounts Receivable and Lease Receivable Less Expected Credit Loss | The following table presents the accounts receivable and lease receivable less the expected credit loss (in USD thousands): December 31, 2021 December 31, 2020 Accounts receivable $ 7,060 $ 8,877 Accrued contract revenue 657 — Lease receivable 237 150 Allowance for expected credit losses (1,676 ) (2,664 ) Net accounts receivable $ 6,278 $ 6,363 |
Schedule of Movement in Allowance for Expected Credit Losses in Accounts Receivable | The movement in the allowance for expected credit losses in accounts receivable is presented below (in USD thousands): 2021 2020 As of January 1 $ 2,664 $ 1,831 Increase 1,273 1,069 Reversals (1,612 ) (379 ) Write-off (572 ) (16 ) Currency translation differences (77 ) 159 As of December 31 $ 1,676 $ 2,664 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes Of Inventories [Abstract] | |
Schedule of Inventory | Inventory consists of the following (in USD thousands): December 31, 2021 2020 Raw materials $ 5,105 $ 3,248 Work in progress 1,330 722 Finished goods 87 127 Provision (793 ) (713 ) Total $ 5,729 $ 3,384 |
Schedule of Inventory Provision Movement | Inventory provision movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands): 2021 2020 As of January 1, $ (713 ) $ (182 ) Increase in provision (105 ) (512 ) Currency Translation Adjustment 25 (19 ) As of December 31, $ (793 ) $ (713 ) |
Prepaids and Other Current As_2
Prepaids and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaids And Other Current Assets [Abstract] | |
Summary of Other Current Assets | The following table presents the other current assets (in USD thousands): December 31, 2021 December 31, 2020 Accrued contract revenue $ — $ 262 Deferred contract costs 150 18 Research tax credit receivable — 863 Prepayments 3,943 1,084 VAT receivable 811 300 Government grants receivable — 66 Other 625 9 Total $ 5,529 $ 2,602 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands): Leasehold improvements Machinery and equipment Computer hardware Furniture and fixtures Total January 1, 2021 $ 890 $ 615 $ 1,799 $ 623 $ 3,927 Additions 2,447 608 421 420 3,896 Disposals (49 ) (85 ) (294 ) (31 ) (459 ) Currency Translation Adjustment (28 ) (22 ) (71 ) (5 ) (126 ) December 31, 2021 $ 3,260 $ 1,116 $ 1,855 $ 1,007 $ 7,238 Accumulated depreciation January 1, 2021 $ (258 ) $ (398 ) $ (1,230 ) $ (269 ) $ (2,155 ) Additions (352 ) (119 ) (341 ) (130 ) (942 ) Disposals 29 85 292 31 437 Currency Translation Adjustment 11 14 51 9 85 December 31, 2021 $ (570 ) $ (418 ) $ (1,228 ) $ (359 ) $ (2,575 ) Net book value at December 31, 2021 $ 2,690 $ 698 $ 627 $ 648 $ 4,663 Leasehold improvements Machinery and equipment Computer hardware Furniture and fixtures Total January 1, 2020 $ 664 $ 541 $ 1,817 $ 496 $ 3,518 Additions 201 19 101 130 451 Disposals (50 ) — (266 ) (54 ) (370 ) Currency Translation Adjustment 75 55 147 51 328 December 31, 2020 $ 890 $ 615 $ 1,799 $ 623 $ 3,927 Accumulated depreciation January 1, 2020 $ (130 ) $ (253 ) $ (1,030 ) $ (192 ) $ (1,605 ) Additions (157 ) (112 ) (347 ) (109 ) (725 ) Disposals 50 — 263 54 367 Currency Translation Adjustment (21 ) (33 ) (116 ) (22 ) (192 ) December 31, 2020 $ (258 ) $ (398 ) $ (1,230 ) $ (269 ) $ (2,155 ) Net book value at December 31, 2020 $ 632 $ 217 $ 569 $ 354 $ 1,772 |
Intangibles assets (Tables)
Intangibles assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets Net, Movement | Intangible assets, net movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands): Goodwill Purchased software Capitalized internally developed software costs Total intangible assets January 1, 2021 $ 8,598 $ 3,071 $ 2,621 $ 14,290 Additions — 130 3,858 3,988 Disposals — — (30 ) (30 ) Currency Translation Adjustment (300 ) (111 ) (90 ) (501 ) December 31, 2021 $ 8,298 $ 3,090 $ 6,359 $ 17,747 Accumulated depreciation January 1, 2021 $ — $ (889 ) $ (119 ) $ (1,008 ) Additions — (565 ) (527 ) (1,092 ) Disposals — — — — Currency Translation Adjustment — 22 4 26 December 31, 2021 $ — $ (1,432 ) $ (642 ) $ (2,074 ) Net book value at December 31, 2021 $ 8,298 $ 1,658 $ 5,717 $ 15,673 Goodwill Purchased software Capitalized internally developed software costs Total intangible assets January 1, 2020 $ 7,834 $ 2,761 $ — $ 10,595 Additions — 324 2,436 2,760 Disposals — (286 ) — (286 ) Currency Translation Adjustment 764 272 185 1,221 December 31, 2020 $ 8,598 $ 3,071 $ 2,621 $ 14,290 Accumulated depreciation January 1, 2020 $ — $ (359 ) $ — $ (359 ) Additions — (521 ) (111 ) (632 ) Disposals — 60 — 60 Currency Translation Adjustment — (69 ) (8 ) (77 ) December 31, 2020 $ — $ (889 ) $ (119 ) $ (1,008 ) Net book value at December 31, 2020 $ 8,598 $ 2,182 $ 2,502 $ 13,282 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Schedule of Movements in Right of Use Assets | The following table presents the movements in the ROUs (in USD thousands): 2021 2020 As of January 1 $ 3,767 $ 4,535 Additions 9,205 — Depreciation charge (1,575 ) (1,033 ) Currency translation effects (105 ) 265 As Of December 31 $ 11,292 $ 3,767 |
Schedule of Movements in Lease Liabilities | The following table presents the movements in the lease liabilities (in USD thousands): 2021 2020 As of January 1 $ 3,919 $ 4,626 Additions 10,165 — Cash outflows (principle and interest) (1,143 ) (1,101 ) Non-cash interest 225 121 Currency translation effects (107 ) 273 As Of December 31 $ 13,059 $ 3,919 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Summary of Accounts Payable | Accounts consist of the following (in USD thousands): December 31, 2021 December 31, 2020 Trade payables 2,337 1,281 Employee related payables 3,509 3,232 VAT and sales taxes 891 1,394 Total $ 6,737 $ 5,907 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following (in USD thousands): December 31, 2021 December 31, 2020 Accrued Compensation $ 9,148 $ 5,198 Accrued Professional fees 2,743 2,380 Accrued inventory purchases 2,472 — Accrued IT support 25 753 Accrued Legal fees 125 462 Accrued Other 1,459 288 Total $ 15,972 $ 9,081 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Miscellaneous Noncurrent Liabilities [Abstract] | |
Schedule of Other Non-Current Liabilities | Other non-current liabilities consist of the following (in USD thousands): December 31, 2021 December 31, 2020 Derivative — $ 1,024 Lease restoration costs $ 160 — Provisions 311 304 Deferred government grant income — 50 Total $ 471 $ 1,378 |
Post-employment Benefits (Table
Post-employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Information About Post Employment Benefits [Abstract] | |
Summary of Additional Details on Defined Pension Plans Funded Status | The following table provides additional details on the defined pension plans’ funded status (in USD thousands): December 31, 2021 2020 Present value of defined benefit obligation $ (17,889 ) $ (15,938 ) Fair value of plan assets 13,436 10,780 Net pension liability $ (4,453 ) $ (5,158 ) |
Summary of Movement in Defined Benefit Obligation | The following table presents the movement in the defined benefit obligation (in USD thousands): 2021 2020 Funded Unfunded Total Funded Unfunded Total January 1 $ (15,773 ) $ (165 ) $ (15,938 ) $ (10,703 ) $ (75 ) $ (10,778 ) Service Cost (1,054 ) (80 ) (1,134 ) (1,547 ) (49 ) (1,596 ) of which current service cost (1,382 ) (80 ) (1,462 ) (1,435 ) (49 ) (1,484 ) of which past service cost 328 — 328 (112 ) — (112 ) Interest expense (49 ) (1 ) (50 ) (6 ) (1 ) (7 ) Actuarial gains (losses) 471 26 497 244 (30 ) 214 Actual plan participants’ contributions (1,171 ) — (1,171 ) (771 ) — (771 ) Transfers (in) out due to (joiners) leavers (651 ) — (651 ) (1,663 ) — (1,663 ) Currency translation differences 541 17 558 (1,327 ) (10 ) (1,337 ) December 31 $ (17,686 ) $ (203 ) $ (17,889 ) $ (15,773 ) $ (165 ) $ (15,938 ) |
Summary of Movement in Defined Benefit Plans Assets | The following table presents the movement in the defined benefit plans’ assets (in USD thousands): 2021 2020 As of January 1 $ 10,780 $ 6,715 Interest income 39 4 Return on plan assets, excl. interest income (32 ) (45 ) Administrative expenses (62 ) (42 ) Employer contributions 1,257 819 Employee contributions 1,171 771 Transfers in (out) due to joiners (leavers) 651 1,663 Currency translation differences (368 ) 895 As of December 31 $ 13,436 $ 10,780 |
Summary of Defined Benefit Plans Assets | The following table presents the defined benefit plan assets, which include the following (in USD thousands): December 31, 2021 2020 Cash $ 528 $ 319 Insurance policies 12,908 10,461 Total $ 13,436 $ 10,780 |
Schedule of Pension Costs Recognized in Statement of Loss | The follow table presents the pension costs recognized in statement of loss (in USD thousands): December 31, 2021 2020 2019 Funded Unfunded Total Funded Unfunded Total Funded Unfunded Total Service cost $ (1,054 ) $ (80 ) $ (1,134 ) $ (1,547 ) $ (49 ) $ (1,596 ) $ (843 ) $ (26 ) $ (869 ) Interest cost (49 ) (1 ) (50 ) (6 ) (1 ) (7 ) (68 ) (1 ) (69 ) Total recognized $ (1,103 ) $ (81 ) $ (1,184 ) $ (1,553 ) $ (50 ) $ (1,603 ) $ (911 ) $ (27 ) $ (938 ) |
Schedule of Pension Remeasurement Recognized in Statement Other Comprehensive Loss | The follow table presents the pension remeasurement recognized in statement other comprehensive loss (in USD thousands): December 31, 2021 2020 2019 Funded Unfunded Total Funded Unfunded Total Funded Unfunded Total Changes in demographic assumptions $ 1,278 $ — $ 1,278 $ 1,039 $ — $ 1,039 $ — $ — $ — Changes in financial assumptions 37 13 50 157 (16 ) 141 (949 ) (15 ) (964 ) Experience adjustments (844 ) 13 (831 ) (952 ) (14 ) (966 ) (431 ) 10 (421 ) Total actuarial gains (losses) 471 26 497 244 (30 ) 214 (1,380 ) (5 ) (1,385 ) Return on plan assets (32 ) — (32 ) (45 ) — (45 ) (93 ) — (93 ) Currency translation differences (4 ) — (4 ) 13 2 15 (45 ) — (45 ) Total recognized $ 435 $ 26 $ 461 $ 212 $ (28 ) $ 184 $ (1,518 ) $ (5 ) $ (1,523 ) |
Schedule of Sensitivity Analysis for Funded and Unfunded Plans | The table below presents the sensitivity analysis for the funded plans (in USD thousands): 2021 2020 Discount rates Increase of 25 basis points (576 ) (637 ) Decrease of 25 basis points 635 697 Expected rates of salary increases Increase of 25 basis points 122 137 Decrease of 25 basis points (120 ) (134 ) Interest rate Increase of 25 basis points 189 206 Decrease of 25 basis points (185 ) (199 ) Inflation Increase of 25 basis points 121 134 Decrease of 25 basis points (118 ) (130 ) Life expectancy Increase of 1 year 145 177 Decrease of 1 year (145 ) (176 ) The table below presents the sensitivity analysis for the unfunded plans (in USD thousands): 2021 2020 Discount rates Increase of 50 basis points (26 ) (18 ) Decrease of 50 basis points 30 20 Expected rates of salary increases Increase of 50 basis points 30 20 Decrease of 50 basis points (26 ) (18 ) |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted Average Fair Value of Options Granted | The weighted average fair value of options granted during the years ended December 31, 2021 and 2020, respectively (in USD): 2021 2020 2019 ISOP $ 2.12 $ 1.75 2021 EIP $ 9.87 $ — |
Movements in Share-based Compensation Reserve | Movements in the share-based compensation reserve were as follows (in USD thousands): Total January 1, 2020 $ 1,589 Movement in the period 1,359 December 31, 2020 2,948 Movement in the period 8,514 December 31, 2021 $ 11,462 |
Summary of Restricted Stock Units Activity | The activity for the year ended December 31, 2021 was as follows: Shares Weighted-average grant date fair value per share Unvested as of January 1, 2021 — $ — Granted 290,407 $ 17.97 Forfeited (2,832 ) $ 18.00 Unvested as of December 31, 2021 287,575 $ 17.97 |
2013 ISOP | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Stock Option Activity | Activity for the year ended December 31, 2021, under the 2013 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2021 1,751,560 $ 3.10 6.39 Exercised (892,020 ) 3.00 — Outstanding as of December 31, 2021 859,540 $ 2.75 5.08 Exercisable as of December 31, 2021 849,540 $ 2.75 5.06 Activity for the year ended December 31, 2020, under the 2013 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2020 2,026,560 $ 2.95 7.36 Exercised (275,000 ) 3.10 — Outstanding as of December 31, 2020 1,751,560 $ 3.10 6.39 Exercisable as of December 31, 2020 1,385,060 $ 3.01 6.39 |
2019 ISOP | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Stock Option Activity | Activity for the year ended December 31, 2021, under the 2019 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2021 1,972,500 $ 4.22 9.11 Granted 1,369,000 8.75 9.12 Forfeited (149,750 ) 5.54 — Exercised (379,250 ) 4.00 — Outstanding as of December 31, 2021 2,812,500 $ 5.83 8.61 Exercisable as of December 31, 2021 455,500 $ 1.37 7.85 Activity for the year ended December 31, 2020, under the 2019 ISOP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2020 679,000 $ 4.02 9.63 Granted 1,393,000 4.22 9.30 Forfeited (55,500 ) 4.22 — Exercised (44,000 ) 4.22 — Outstanding as of December 31, 2020 1,972,500 $ 4.22 9.11 Exercisable as of December 31, 2020 115,760 $ 4.22 8.63 |
Summary of Valuation Inputs | The valuation inputs for the 2019 ISOP grants were as follows: Twelve months ended December 31, 2021 2020 2019 Share price at grant date (in USD) $5.59 $4.36 - $4.87 $3.32 - $4.16 Expected life of share options (years) 6.05 - 6.19 5.67 - 6.43 6.43 - 6.91 Expected volatility 41.26% - 41.45% 39.84% - 43.56% 39.70% - 40.70% Risk free interest rate (0.63)% - (0.48)% (0.80)% - (0.53)% (0.85)% - (0.47)% Dividend yield (%) —% —% —% |
2021 EIP | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Stock Option Activity | Activity for the year ended December 31, 2021, under the 2021 EIP was as follows: Number of options Weighted average exercise price Weighted average remaining life in years Outstanding as of January 1, 2021 — $ — — Granted 1,595,314 17.96 9.57 Forfeited (19,245 ) 18.00 — Outstanding as of December 31, 2021 1,576,069 $ 17.96 9.57 Exercisable as of December 31, 2021 — $ — — |
Summary of Valuation Inputs | The valuation inputs for the 2021 EIP grants were as follows:: Twelve months ended December 31, 2021 Share price at grant date (in USD) $16.81 - $18.00 Expected life of share options (years) 5.50 - 7.00 Expected volatility 41.60% - 59.77% Risk free interest rate 0.87% - 1.36% Dividend yield (%) —% |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Summary of Borrowings Activity | The following is the activity of the Company’s borrowings for the years ended December 31, 2021 and 2020, respectively (in USD thousands): Borrowings January 1, 2021 $ 3,330 Principal repayments (3,167 ) Transfer to deferred government grant income 39 Interest accrued 50 Interest paid (170 ) Currency translation differences (82 ) December 31, 2021 $ — January 1, 2020 $ 3,838 New borrowing proceeds 15,839 Principal repayments (16,529 ) Transfer to deferred government grant income (163 ) Interest accrued 513 Interest paid (435 ) Currency translation differences 267 Total $ 3,330 |
TriplePoint Success Fee (Tables
TriplePoint Success Fee (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Triple Point Success Fee [Abstract] | |
Summary of Loss Recognized on Derivative with TriplePoint Loan | The following table presents the loss recognized by the Company on the derivative associated with the TriplePoint loan (in USD thousands): 2021 2020 2019 As of January 1 $ 1,024 $ 557 $ 447 Loss on derivative 1,444 467 110 As of December 31 $ 2,468 $ 1,024 $ 557 |
Summary of Key Assumptions in Valuation of Derivative | Key assumptions in the valuation of the derivative in 2021 and 2020 included (in USD thousands when noted in USD): December 31, 2021 2020 Equity value of the Company N/A $465,307 Expected time of the sale or IPO N/A 75% - 3 years 25% - 0.75 years Volatility N/A 50% |
Summary of Key Assumptions on Derivative Values Set Out | If the key assumptions were varied as indicated below, the derivative would have the values set out in the table below (in USD thousands): December 31, 2021 2020 Equity value of the Company +10% N/A 1,179 Equity value of the Company -10% N/A 864 Expected time of the IPO or sale 3 months earlier N/A 1,039 Expected time of the IPO or sale 3 months later N/A 1,016 Volatility +10% N/A 1,055 Volatility -10% N/A 993 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Summary of Compensation for Key Management and Non-executive Directors | Compensation for key management and non-executive directors recognized during the year comprised (in USD thousands): December 31, 2021 2020 2019 Salaries and other short-term employee benefits $ 2,761 $ 1,155 $ 756 Pension costs 117 70 32 Share-based compensation expense 6,906 1,065 441 Other compensation 44 146 24 Total $ 9,828 $ 2,436 $ 1,253 |
Summary of Related Parties Participated in Sale of Series F Preferred Shares | Related parties participated in the sale of Series F preferred shares during the year to the following extent: Name of shareholder Number of preferred shares purchased Alychlo NV 233,580 Generation IM Sustainable Fund III, L.P 389,300 Total 622,880 |
Financial Instruments and Ris_2
Financial Instruments and Risks (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Instruments [Abstract] | |
Schedule of Financial Instruments | The Company hold the following financial instruments (in USD thousands): December 31, 2021 2020 Financial assets at amortized cost Cash and cash equivalents $ 192,962 $ 74,625 Term deposits 72,357 22,720 Accounts receivable 5,621 6,363 Other financial non-current assets 1,405 984 Total financial assets at amortized cost $ 272,345 $ 104,692 Financial assets at fair value through statement of loss Total financial assets $ 272,345 $ 104,692 Financial liabilities at amortized cost Accounts payable 6,737 1,281 Accrued expenses 15,972 9,081 Borrowings — 3,330 Lease liabilities 13,059 3,919 Total financial liabilities at amortized cost 35,768 17,611 Financial liabilities at fair value through statement of loss Derivative — 1,024 Total financial liabilities $ 35,768 $ 18,635 |
Summary of Maturity Profile of Financial Liabilities | The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted cashflows (in USD thousands): Net carrying amount Within 1 year Between 1 and 5 years After 5 years Total December 31, 2021 Lease liabilities $ 13,059 $ 2,018 $ 8,467 $ 4,075 $ 14,560 Accounts payable 6,737 6,737 — — 6,737 Accrued expenses 15,972 15,972 — — 15,972 Total contractual liabilities $ 35,768 $ 24,727 $ 8,467 $ 4,075 $ 37,269 December 31, 2020 COVID CHF 1M 1,132 1,137 — — 1,137 COVID CHF 500K 507 71 497 — 568 COVID EUR 1.4M 1,691 1,718 — — 1,718 Total loans $ 3,330 $ 2,926 $ 497 $ — $ 3,423 Lease liabilities 3,919 1,134 3,005 14 4,153 Accounts payable 1,281 1,281 — — 1,281 Accrued expenses 9,081 1,281 — — 1,281 Other financial non-current liabilities 1,024 — 1,024 — 1,024 Total contractual liabilities $ 18,635 $ 6,622 $ 4,526 $ 14 $ 11,162 |
Summary of Significant Foreign Exchange Rates | The significant exchange rates that have been applied to these consolidated financial statements are listed below: December 31, For the twelve months ended December 31, 2021 2020 2021 2020 2019 Currency Spot rate Spot rate Average rate Average rate Average rate USD/CHF 0.91210 0.88030 0.91437 0.94703 0.99467 USD/EUR 0.88290 0.81490 0.84579 0.88423 0.89154 USD/GBP 0.74190 0.73260 0.72707 0.78132 0.78588 USD/BRL 5.57130 5.19400 5.39288 5.06281 3.92513 |
Sensitivity of Loss Before Tax To Changes in Foreign Exchange Rates | The sensitivity of the Company’s income to possible changes in foreign exchange rates is measured at the local entity level as it depends on the functional currency of each entity. As of December 31, 2021 and 2020, the Company was exposed principally to movements in four cross currency pairs. The sensitivity of the Company’s loss before tax to such changes was as follows (in USD thousands): December 31, 2021 2020 2019 Increase / (decrease) in USD/CHF exchange rate by 10% 19,499 / (19,499) 1,453 / (1,453) 741 / (741) Increase / (decrease) in EUR/CHF exchange rate by 10% 648 / (648) 836 / (836) 410 / (410) Increase / (decrease) in GBP/CHF exchange rate by 10% (18) / 18 351 / (351) 328 / (328) Increase / (decrease) in USD/EUR exchange rate by 10% 726 / (726) 155 / (155) 322 / (322) |
Sensitivity of Equity To Changes in Foreign Exchange Rates | The sensitivity of the Company’s reported equity or net assets to possible changes in foreign exchange rates is measured at the consolidated level as it depends on the presentation currency selected for the consolidated financial statements. Such effects are reported not in income but in the currency translation account within other reserves. As of December 31, 2021 and 2020 the sensitivity of the Company’s equity to such changes, measured against the USD, was as follows (in USD thousands): December 31, 2021 2020 Increase / (decrease) in USD/CHF exchange rate by 10% 54 / (54) 11,279 / (11,279) Increase / (decrease) in USD/EUR exchange rate by 10% (89) / 89 467 / (467) Increase / (decrease) in USD/GBP exchange rate by 10% (27) / 27 211 / (211) Increase / (decrease) in USD/BRL exchange rate by 10% 77 / (77) 64 / (64) |
Company Information and Opera_3
Company Information and Operations - Additional Information (Details) $ / shares in Units, $ in Millions | Aug. 25, 2021USD ($)$ / sharesshares | Jul. 27, 2021USD ($)$ / sharesshares | Jun. 30, 2021 | Dec. 31, 2021$ / shares | Dec. 31, 2021SFr / shares | Aug. 25, 2021SFr / sharesshares | Jul. 27, 2021SFr / sharesshares |
Disclosure Of Company Information And Operations [Line Items] | |||||||
Date of incorporation | Mar. 18, 2011 | ||||||
Consolidated financial statements approval date | Mar. 15, 2022 | ||||||
Share split of outstanding shares | 0.05 | ||||||
Ordinary Shares | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Ordinary Shares | Initial Public Offering | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Number of shares issued | shares | 13,519,493 | 13,000,000 | 13,519,493 | 13,000,000 | |||
Shares price per share | $ / shares | $ 18 | ||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Net proceeds from IPO | $ | $ 211.7 | ||||||
Preferred shares were converted into ordinary shares | shares | 24,561,200 | 24,561,200 | |||||
Preferred stock conversion ratio | 1 | 1 | 1 | 1 | |||
Ordinary Shares | Private Placement | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Number of shares issued | shares | 1,111,111 | 1,111,111 | |||||
Shares price per share | $ / shares | $ 18 | ||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Net proceeds from IPO | $ | $ 19.6 | ||||||
Ordinary Shares | Underwriters | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Number of shares issued | shares | 519,493 | 519,493 | |||||
Shares price per share | $ / shares | $ 18 | ||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Net proceeds from IPO | $ | $ 9.4 | ||||||
Net proceeds from issuance | $ | $ 8.5 | ||||||
Interactive Biosoftware S.A.S. | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Name | Interactive Biosoftware S.A.S. | ||||||
Subsidiary location | France | ||||||
Acquisition term | Interactive Biosoftware S.A.S., a wholly owned subsidiary located in France and acquired in 2018, was merged into SOPHiA GENETICS S.A.S. in 2020 | ||||||
SOPHiA GENETICS PTY LTD | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Date of incorporation | Apr. 9, 2021 | ||||||
Name | SOPHiA GENETICS PTY LTD | ||||||
Subsidiary location | Australia | ||||||
SOPHiA GENETICS S.R.L. | |||||||
Disclosure Of Company Information And Operations [Line Items] | |||||||
Date of incorporation | May 27, 2021 | ||||||
Name | SOPHiA GENETICS S.R.L. | ||||||
Subsidiary location | Italy |
Company Information and Opera_4
Company Information and Operations - Summary of Wholly-Owned Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2021 | |
SOPHiA GENETICS S.A.S. | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | SOPHiA GENETICS S.A.S. |
Country of domicile | France |
SOPHiA GENETICS LTD | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | SOPHiA GENETICS LTD |
Country of domicile | UK |
SOPHiA GENETICS, Inc. | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | SOPHiA GENETICS, Inc. |
Country of domicile | USA |
SOPHiA GENETICS Intermediação de Negócios EIRELI | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | SOPHiA GENETICS Intermediação de Negócios EIRELI |
Country of domicile | Brazil |
SOPHiA GENETICS PTY LTD | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | SOPHiA GENETICS PTY LTD |
Country of domicile | Australia |
SOPHiA GENETICS S.R.L. | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | SOPHiA GENETICS S.R.L. |
Country of domicile | Italy |
Segment Reporting - Summary of
Segment Reporting - Summary of Revenue by Customer Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 40,450 | $ 28,400 | $ 25,362 |
France | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 7,405 | 6,060 | 5,874 |
Italy | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 6,124 | 2,994 | 3,150 |
United States | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 3,944 | 2,636 | 1,989 |
Spain | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 3,765 | 2,356 | 2,105 |
Turkey | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 2,682 | 1,222 | 1,714 |
Austria | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,835 | 1,310 | 927 |
Brazil | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,621 | 1,535 | 1,186 |
United Kingdom | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,500 | 1,147 | 1,213 |
Switzerland | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,394 | 1,708 | 722 |
Germany | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,280 | 1,146 | 1,140 |
Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 8,900 | $ 6,286 | $ 5,342 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Non-current Non-financial Assets by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Operating Segments [Line Items] | ||
Non-current non-financial assets | $ 35,913 | $ 21,437 |
Switzerland | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current non-financial assets | 28,974 | 17,362 |
France | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current non-financial assets | 3,480 | 2,656 |
United States | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current non-financial assets | 2,924 | 996 |
United Kingdom | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current non-financial assets | 527 | 416 |
Brazil | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current non-financial assets | $ 8 | $ 7 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Performance Obligations [Line Items] | |||
Customer payment term | 180 days | ||
Accrued contract revenue | $ 700,000 | $ 300,000 | |
Allowance related to accrued contract revenue | 0 | 0 | |
Deferred contract revenue brought forward | 2,900,000 | 2,200,000 | |
Deferred contract revenue, recognized | 3,000,000 | 2,000,000 | |
Workflow Equipment And Services | |||
Disclosure Of Performance Obligations [Line Items] | |||
Revenues from payments from leased equipment recognized | $ 200,000 | $ 100,000 | $ 200,000 |
Revenue - Schedule of Revenue f
Revenue - Schedule of Revenue from Contracts with Customers Allocated to Revenue Streams (Details) - 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] | |||
Revenue | $ 40,450 | $ 28,400 | $ 25,362 |
SOPHiA Platform | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 39,465 | 27,221 | 23,710 |
Workflow Equipment And Services | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | $ 985 | $ 1,179 | $ 1,652 |
Operating Expense - Additional
Operating Expense - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Research tax credit | $ 1,597 | $ 763 | $ 447 |
Research and Development and Innovation | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Research tax credit | $ 400 | $ 763 | $ 400 |
Operating Expense - Summary of
Operating Expense - Summary of Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis Of Income And Expense [Abstract] | |||
Changes in inventories of finished goods and work in progress | $ 568 | $ (259) | $ 729 |
Raw materials and consumables used | (9,650) | (3,843) | (3,180) |
Employee benefit expenses | (53,802) | (36,732) | (27,237) |
Social charges | (8,373) | (6,983) | (4,218) |
COVID—salaries reimbursement | 1,129 | ||
Research tax credit | 1,597 | 763 | 447 |
Share-based compensation | (8,514) | (1,359) | (717) |
Depreciation | (2,517) | (1,758) | (1,546) |
Amortization | (1,092) | (632) | (367) |
Professional fees | (11,318) | (5,371) | (5,357) |
Office expenses | (5,333) | (2,006) | (2,774) |
Travel | (1,576) | (1,361) | (4,416) |
Marketing | (972) | (1,761) | |
Licenses | (2,021) | (1,647) | (996) |
Less: capitalized software development costs ("Note 17 - Intangible assets”) | 3,858 | 2,436 | |
Other expense | (13,874) | (7,099) | (6,240) |
Total | $ (112,047) | $ (65,694) | $ (57,633) |
Operating Expense - Summary o_2
Operating Expense - Summary of Depreciation and Amortization have Charged in Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation | $ (2,517) | $ (1,758) | $ (1,546) |
Amortization | (1,092) | (632) | (367) |
Cost of Revenue | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Amortization | (483) | (111) | |
Research and Development Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation | (1,028) | (727) | (624) |
Selling and Marketing Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation | (744) | (543) | (550) |
General and Administrative Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation | (745) | (488) | (372) |
Amortization | $ (609) | $ (521) | $ (367) |
Operating Expense - Summary o_3
Operating Expense - Summary of Employee Benefit Expenses, Social Charges and Share-based Compensation from the Operating Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total | $ 70,689 | $ 45,074 | $ 31,445 |
Research and Development Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total | 23,899 | 16,109 | 10,622 |
Selling and Marketing Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total | 21,659 | 12,085 | 10,579 |
General and Administrative Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total | $ 25,131 | $ 16,880 | $ 10,244 |
Schedule of Finance Expense, Ne
Schedule of Finance Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Expense Net [Abstract] | |||
Interest income | $ 20 | $ 96 | $ 86 |
Total interest income | 20 | 96 | 86 |
Interest on loans | (120) | (513) | (715) |
Interest on lease liabilities | (225) | (121) | (129) |
Other interest | (313) | (206) | (132) |
Total interest expense | (658) | (840) | (976) |
Derivative fair value (losses) | (1,444) | (384) | (98) |
Foreign exchange gains (losses), net | 64 | (2,710) | (354) |
Total finance income (expense), net | $ (2,018) | $ (3,838) | $ (1,342) |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Unrecognized tax liability including interest and penalties | $ 0.1 | $ 0.2 |
Retained earnings | $ 6.1 | $ 1.1 |
France | Income Tax Year 2018 | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Income tax examination year | 2018 | |
France | Income Tax Year 2019 | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Income tax examination year | 2019 |
Income Tax - Summary of Current
Income Tax - Summary of Current and Deferred Tax (Expenses) Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | |||
Current year | $ (86) | ||
Uncertain tax positions | $ (110) | $ (74) | (76) |
Total current income tax expense | (110) | (74) | (162) |
Deferred income tax (expense) benefit | |||
Origination and reversal of temporary differences | (58) | 1,960 | |
Total deferred income tax (expense) benefit | (58) | 1,960 | |
Total income tax (expense) benefit | $ (168) | $ 1,886 | $ (162) |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Expected Tax Expense to Tax Expense Report in Statement of Loss (Details) - 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 | $ (73,507) | $ (41,225) | $ (33,629) |
Tax at Swiss statutory rate | 9,907 | 5,541 | 4,519 |
Effect of tax rates in foreign jurisdictions | (218) | (177) | 568 |
Unrecognized deferred tax assets | (9,077) | (3,276) | (5,110) |
Income not subject to tax (expense not deductible for tax purposes) | (805) | 41 | (1) |
Uncertain tax positions | (110) | (74) | (76) |
Other | 135 | (169) | (62) |
Total income tax (expense) benefit | $ (168) | $ 1,886 | $ (162) |
Income Tax - Summary of Movemen
Income Tax - Summary of Movement in Deferred Tax Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | $ 2,114 | |
Recognized in profit or loss | (58) | $ 1,960 |
Recognized in OCI | 7 | |
Currency translation differences | (66) | 147 |
Deferred tax liability (asset) at end of period | 1,990 | 2,114 |
Deferred tax assets | 2,636 | 2,435 |
Deferred tax liabilities | (646) | (321) |
Depreciation & Amortization | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | 288 | |
Recognized in profit or loss | (309) | 268 |
Currency translation differences | (8) | 20 |
Deferred tax liability (asset) at end of period | (29) | 288 |
Deferred tax assets | 288 | |
Deferred tax liabilities | (29) | |
Bad debt Reserves | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | 433 | |
Recognized in profit or loss | (65) | 403 |
Currency translation differences | (27) | 30 |
Deferred tax liability (asset) at end of period | 341 | 433 |
Deferred tax assets | 341 | 433 |
Accrued Pension | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | 35 | |
Recognized in profit or loss | 12 | 33 |
Recognized in OCI | 7 | |
Currency translation differences | (3) | (5) |
Deferred tax liability (asset) at end of period | 44 | 35 |
Deferred tax assets | 44 | 35 |
ROU Asset | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | (311) | |
Recognized in profit or loss | (34) | (289) |
Currency translation differences | (7) | (22) |
Deferred tax liability (asset) at end of period | (352) | (311) |
Deferred tax liabilities | (352) | (311) |
Lease Liability | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | 301 | |
Recognized in profit or loss | 331 | 280 |
Currency translation differences | (2) | 21 |
Deferred tax liability (asset) at end of period | 630 | 301 |
Deferred tax assets | 630 | 301 |
Other | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | (10) | |
Recognized in profit or loss | 38 | (17) |
Currency translation differences | 68 | 7 |
Deferred tax liability (asset) at end of period | 96 | (10) |
Deferred tax assets | 361 | |
Deferred tax liabilities | (265) | (10) |
Net Operating Loss Carryforward | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Deferred tax liability (asset) at beginning of period | 1,378 | |
Recognized in profit or loss | (31) | 1,282 |
Currency translation differences | (87) | 96 |
Deferred tax liability (asset) at end of period | 1,260 | 1,378 |
Deferred tax assets | $ 1,260 | $ 1,378 |
Income Tax - Summary of Unrecog
Income Tax - Summary of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Gross amount | $ 207,495 | $ 147,267 |
Tax effect | 29,326 | 21,338 |
Deductible Temporary Differences | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Gross amount | 5,101 | 5,371 |
Tax effect | 729 | 722 |
Net Operating Loss Carryforward | ||
Current Tax Expense Income And Adjustments For Current Tax Of Prior Periods [Abstract] | ||
Gross amount | 202,394 | 141,896 |
Tax effect | $ 28,597 | $ 20,616 |
Income Tax - Summary of Net Ope
Income Tax - Summary of Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Major Components Of Tax Expense Income [Abstract] | ||
One year | $ 7,625 | $ 3,262 |
Two years | 12,170 | 7,265 |
Three years | 16,482 | 12,170 |
Four years | 15,772 | 16,482 |
Thereafter and unlimited | 150,345 | 102,717 |
Net operating loss carryforwards | $ 202,394 | $ 141,896 |
Loss Per Share - Additional inf
Loss Per Share - Additional information (Details) - Dec. 31, 2021 | $ / shares | SFr / shares |
Ordinary Shares | ||
Earnings Per Share [Line Items] | ||
Nominal value | (per share) | $ 0.05 | SFr 0.05 |
Loss Per Share - Components of
Loss Per Share - Components of Loss for Year (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss attributed to shareholders | $ (73,675) | $ (39,339) | $ (33,791) |
Weighted average number of shares in issue | 55,299,863 | 42,350,757 | 37,775,948 |
Basic and diluted loss per share | $ (1.33) | $ (0.93) | $ (0.90) |
Cas and Cash Equivalents - Sche
Cas and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Cash | $ 39,578 | $ 42,880 | ||
Cash equivalents | 153,384 | 31,745 | ||
Cash and cash equivalents | $ 192,962 | $ 74,625 | $ 18,069 | $ 53,907 |
Cas and Cash Equivalents - Addi
Cas and Cash Equivalents - Additional Information (Details) $ in Millions | Jul. 31, 2021USD ($) |
Cash And Cash Equivalents [Abstract] | |
Designated cash | $ 30 |
Term Deposits - Allocation Betw
Term Deposits - Allocation Between Company's Term Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Term Deposits [Abstract] | ||
Term deposits | $ 72,357 | $ 22,720 |
Total term deposits | $ 72,357 | $ 22,720 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade And Other Receivables [Abstract] | ||
Accounts receivable balance non-interest bearing and payment terms | 180 days | |
Percentage of customer balance account receivable | 18.00% | 5.00% |
Percentage of customer balance account receivable individually exceeded | 1.00% | |
Accounts receivable in aggregate amount | $ 4.6 | $ 4.5 |
Long-term lease receivables | 0 | 0.2 |
Net lease receivables | $ 0.2 | $ 0.4 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable and Lease Receivable Less Expected Credit Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade And Other Receivables [Abstract] | |||
Accounts receivable | $ 7,060 | $ 8,877 | |
Accrued contract revenue | 657 | ||
Lease receivable | 237 | 150 | |
Allowance for expected credit losses | (1,676) | (2,664) | $ (1,831) |
Net accounts receivable | $ 6,278 | $ 6,363 |
Schedule of Movement in Allowan
Schedule of Movement in Allowance for Expected Credit Losses in Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade And Other Receivables [Abstract] | ||
As of January 1 | $ 2,664 | $ 1,831 |
Increase | 1,273 | 1,069 |
Reversals | (1,612) | (379) |
Write-off | (572) | (16) |
Currency translation differences | (77) | 159 |
As of December 31 | $ 1,676 | $ 2,664 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Classes Of Inventories [Abstract] | |||
Raw materials | $ 5,105 | $ 3,248 | |
Work in progress | 1,330 | 722 | |
Finished goods | 87 | 127 | |
Provision | (793) | (713) | $ (182) |
Total | $ 5,729 | $ 3,384 |
Inventory - Schedule of Inven_2
Inventory - Schedule of Inventory Provision Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Classes Of Inventories [Abstract] | ||
As of January 1, | $ (713) | $ (182) |
Increase in provision | (105) | (512) |
Currency Translation Adjustment | 25 | (19) |
As of December 31, | $ (793) | $ (713) |
Prepaids and Other Current As_3
Prepaids and Other Current Assets - Summary of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaids And Other Current Assets [Abstract] | ||
Accrued contract revenue | $ 262 | |
Deferred contract costs | $ 150 | 18 |
Research tax credit receivable | 863 | |
Prepayments | 3,943 | 1,084 |
VAT receivable | 811 | 300 |
Government grants receivable | 66 | |
Other | 625 | 9 |
Total | $ 5,529 | $ 2,602 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Accrued expenses | $ 15,972,000 | $ 9,081,000 |
Computer Hardware | Minimum | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful life of property and equipment | 3 years | |
Computer Hardware | Maximum | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful life of property and equipment | 5 years | |
Machinery and Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful life of property and equipment | 5 years | |
Fixtures and fittings [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful life of property and equipment | 5 years | |
Property and Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Accrued expenses | $ 500,000 | |
Property and Equipment | Maximum | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Accrued expenses | $ 100,000 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | $ 1,772 | |
Ending Balance | 4,663 | $ 1,772 |
Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 3,927 | 3,518 |
Additions | 3,896 | 451 |
Disposals | (459) | (370) |
Currency Translation Adjustment | (126) | 328 |
Ending Balance | 7,238 | 3,927 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | (2,155) | (1,605) |
Additions | (942) | (725) |
Disposals | 437 | 367 |
Currency Translation Adjustment | 85 | (192) |
Ending Balance | (2,575) | (2,155) |
Leasehold Improvements | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 632 | |
Ending Balance | 2,690 | 632 |
Leasehold Improvements | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 890 | 664 |
Additions | 2,447 | 201 |
Disposals | (49) | (50) |
Currency Translation Adjustment | (28) | 75 |
Ending Balance | 3,260 | 890 |
Leasehold Improvements | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | (258) | (130) |
Additions | (352) | (157) |
Disposals | 29 | 50 |
Currency Translation Adjustment | 11 | (21) |
Ending Balance | (570) | (258) |
Machinery and Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 217 | |
Ending Balance | 698 | 217 |
Machinery and Equipment | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 615 | 541 |
Additions | 608 | 19 |
Disposals | (85) | |
Currency Translation Adjustment | (22) | 55 |
Ending Balance | 1,116 | 615 |
Machinery and Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | (398) | (253) |
Additions | (119) | (112) |
Disposals | 85 | |
Currency Translation Adjustment | 14 | (33) |
Ending Balance | (418) | (398) |
Computer Hardware | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 569 | |
Ending Balance | 627 | 569 |
Computer Hardware | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 1,799 | 1,817 |
Additions | 421 | 101 |
Disposals | (294) | (266) |
Currency Translation Adjustment | (71) | 147 |
Ending Balance | 1,855 | 1,799 |
Computer Hardware | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | (1,230) | (1,030) |
Additions | (341) | (347) |
Disposals | 292 | 263 |
Currency Translation Adjustment | 51 | (116) |
Ending Balance | (1,228) | (1,230) |
Fixtures and fittings [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 354 | |
Ending Balance | 648 | 354 |
Fixtures and fittings [member] | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 623 | 496 |
Additions | 420 | 130 |
Disposals | (31) | (54) |
Currency Translation Adjustment | (5) | 51 |
Ending Balance | 1,007 | 623 |
Fixtures and fittings [member] | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | (269) | (192) |
Additions | (130) | (109) |
Disposals | 31 | 54 |
Currency Translation Adjustment | 9 | (22) |
Ending Balance | $ (359) | $ (269) |
Intangible Assets -Additional I
Intangible Assets -Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | |
Schedule Of Intangible Assets [Line Items] | ||
Operating segment | Segment | 1 | |
Goodwill impairment | $ 0 | $ 0 |
Estimated equity value | 900,400,000 | 465,300,000 |
Exceeds the reported net assets | 275,400,000 | 100,500,000 |
Equity value | $ 626,500,000 | $ 364,800,000 |
Purchased Software | ||
Schedule Of Intangible Assets [Line Items] | ||
Amortization method | straight-line method | |
Estimated life | 5 years | |
Capitalized Internally Developed Software Costs | ||
Schedule Of Intangible Assets [Line Items] | ||
Amortization method | straight-line method | |
Estimated life | 5 years |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Net, Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 13,282 | |
Ending balance | 15,673 | $ 13,282 |
Gross Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 14,290 | 10,595 |
Additions | 3,988 | 2,760 |
Disposals | (30) | (286) |
Currency Translation Adjustment | (501) | 1,221 |
Ending balance | 17,747 | 14,290 |
Accumulated Depreciation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (1,008) | (359) |
Additions | (1,092) | (632) |
Disposals | 60 | |
Currency Translation Adjustment | 26 | (77) |
Ending balance | (2,074) | (1,008) |
Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 8,598 | |
Ending balance | 8,298 | 8,598 |
Goodwill | Gross Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 8,598 | 7,834 |
Currency Translation Adjustment | (300) | 764 |
Ending balance | 8,298 | 8,598 |
Purchased Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 2,182 | |
Ending balance | 1,658 | 2,182 |
Purchased Software | Gross Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 3,071 | 2,761 |
Additions | 130 | 324 |
Disposals | (286) | |
Currency Translation Adjustment | (111) | 272 |
Ending balance | 3,090 | 3,071 |
Purchased Software | Accumulated Depreciation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (889) | (359) |
Additions | (565) | (521) |
Disposals | 60 | |
Currency Translation Adjustment | 22 | (69) |
Ending balance | (1,432) | (889) |
Capitalized Internally Developed Software Costs | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 2,502 | |
Ending balance | 5,717 | 2,502 |
Capitalized Internally Developed Software Costs | Gross Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 2,621 | |
Additions | 3,858 | 2,436 |
Disposals | (30) | |
Currency Translation Adjustment | (90) | 185 |
Ending balance | 6,359 | 2,621 |
Capitalized Internally Developed Software Costs | Accumulated Depreciation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (119) | |
Additions | (527) | (111) |
Currency Translation Adjustment | 4 | (8) |
Ending balance | $ (642) | $ (119) |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Feb. 01, 2023ft² | Jan. 01, 2022ft² | Aug. 09, 2021ft² | Jul. 01, 2021ft² | Mar. 03, 2021ft² | Dec. 31, 2021USD ($)Lease | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Disclosure Of Lease [Line Items] | ||||||||
Number of significant leases | Lease | 2 | |||||||
Right-of-use assets | $ 11,292 | $ 3,767 | $ 4,535 | |||||
Lease liabilities | 13,059 | 3,919 | $ 4,626 | |||||
Lease expenses | $ 300 | $ 500 | ||||||
Right-of-use assets discounted payments rate | 2.61% | 2.61% | ||||||
Lease liabilities discounted payments rate | 3.47% | 3.47% | ||||||
Consumer Price Indices in Switzerland and France | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Lease liabilities | $ 10,800 | $ 3,900 | ||||||
Minimum | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Lease terms for office buildings | 1 year | |||||||
Cash outflows related to leases less than 12 months | $ 300 | $ 500 | ||||||
Maximum | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Lease terms for office buildings | 10 years | |||||||
Office Space | Rolle | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Lease term | 120 months | |||||||
Area of office space leased | ft² | 38,750 | |||||||
Area of office space gained access under lease | ft² | 19,375 | 11,840 | ||||||
Expected lease commitments | $ 100 | |||||||
Right-of-use assets | 7,700 | |||||||
Lease liabilities | 8,500 | |||||||
Lease incentives and expected restoration costs | 800 | |||||||
Office Space | Rolle | Year 2022 | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Expected lease commitments | 500 | |||||||
Office Space | Rolle | Year 2023 | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Expected lease commitments | 1,000 | |||||||
Office Space | Rolle | Year 2022 Onwards | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Expected lease commitments | 1,140 | |||||||
Office Space | Boston | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Lease term | 40 months | |||||||
Area of office space leased | ft² | 9,192 | |||||||
Expected lease commitments | 500 | |||||||
Right-of-use assets | 1,200 | |||||||
Lease liabilities | 1,400 | |||||||
Lease incentives and expected restoration costs | $ 200 | |||||||
Office Space | Events After Reporting Period | Rolle | ||||||||
Disclosure Of Lease [Line Items] | ||||||||
Area of office space gained access under lease | ft² | 7,535 |
Leases - Schedule of Movements
Leases - Schedule of Movements in Right of Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Leases For Lessee [Abstract] | ||
Right-of-use assets, Beginning of the period | $ 3,767 | $ 4,535 |
Right-of-use assets, Additions | 9,205 | |
Right-of-use assets, Depreciation charge | (1,575) | (1,033) |
Right-of-use assets, Currency translation effects | (105) | 265 |
Right-of-use assets, End of the period | $ 11,292 | $ 3,767 |
Leases - Schedule of Movement_2
Leases - Schedule of Movements in Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Leases For Lessee [Abstract] | |||
Lease liabilities , Beginning of the period | $ 3,919 | $ 4,626 | |
Lease liabilities , Additions | 10,165 | ||
Lease liabilities, Cash outflows (principle and interest) | (1,143) | (1,101) | |
Lease liabilities, Non-cash interest | 225 | 121 | $ 129 |
Lease liabilities, Currency translation effects | (107) | 273 | |
Lease liabilities , End of the period | $ 13,059 | $ 3,919 | $ 4,626 |
Accounts Payable - Summary of A
Accounts Payable - Summary of Accounts Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications Of Assets Liabilities And Equities [Abstract] | ||
Trade payables | $ 2,337 | $ 1,281 |
Employee related payables | 3,509 | 3,232 |
VAT and sales taxes | 891 | 1,394 |
Total | $ 6,737 | $ 5,907 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses [Abstract] | ||
Accrued Compensation | $ 9,148 | $ 5,198 |
Accrued Professional fees | 2,743 | 2,380 |
Accrued inventory purchases | 2,472 | |
Accrued IT support | 25 | 753 |
Accrued Legal fees | 125 | 462 |
Accrued Other | 1,459 | 288 |
Total | $ 15,972 | $ 9,081 |
Other Non-Current Liabilities -
Other Non-Current Liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Miscellaneous Noncurrent Liabilities [Abstract] | ||
Derivative | $ 1,024 | |
Lease restoration costs | $ 160 | |
Provisions | 311 | 304 |
Deferred government grant income | 50 | |
Total | $ 471 | $ 1,378 |
Post-employment Benefits - Addi
Post-employment Benefits - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Member | Dec. 31, 2020USD ($)Member | Dec. 31, 2019USD ($) | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Past service cost gain | $ 300,000 | ||
Demographic assumptions increase in expected employee salaries | 125.00% | 100.00% | |
Demographic assumptions increase in expected employee turnover rate | 15.00% | 11.00% | |
Average life expectancy in years after retirement for male | 22 years 6 months 25 days | 22 years 8 months 19 days | |
Average life expectancy in years after retirement for female | 24 years 4 months 13 days | 24 years 4 months 13 days | |
United States | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Post-employment benefit expense, 401(k) defined contribution plan | $ 200,000 | $ 0 | |
United States | Maximum | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Post-employment benefit expense, 401(k) defined contribution plan | $ 100,000 | ||
Swiss Pension Plan | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Percentage of capital and interest guarantee | 100.00% | ||
Number of active members | Member | 252 | 173 | |
Demographic assumptions increase in expected employee salaries | 1.25% | 1.00% | |
Demographic assumptions increase in expected employee turnover rate | 0.75% | 0.50% | |
Estimating the defined benefit obligation, the discount rates | 0.30% | 0.20% | |
Weighted average modified duration | 15 years 10 months 24 days | 18 years 9 months 18 days | |
LPP interest rate | 1.00% | 1.00% | |
Extra mandatory part equivalent to discount rate | 0.30% | 0.35% | |
Expected employer contributions for next annual reporting period | $ 1,600,000 | ||
French Pension Plan | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Number of active members | Member | 105 | 86 | |
Demographic assumptions increase in expected employee salaries | 1.50% | 2.30% | |
Estimating the defined benefit obligation, the discount rates | 0.35% | 0.70% | |
Weighted average modified duration | 25 years 10 months 24 days | 26 years 9 months 18 days |
Post-employment Benefits - Summ
Post-employment Benefits - Summary of Additional Details on Defined Pension Plans Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Information About Post Employment Benefits [Abstract] | |||
Present value of defined benefit obligation | $ (17,889) | $ (15,938) | $ (10,778) |
Fair value of plan assets | 13,436 | 10,780 | |
Net pension liability | $ 4,453 | $ 5,158 |
Post-employment Benefits - Su_2
Post-employment Benefits - Summary of Movement in Defined Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
January 1 | $ (15,938) | $ (10,778) | |
Service Cost | (1,134) | (1,596) | $ (869) |
of which current service cost | (1,462) | (1,484) | |
of which past service cost | 328 | (112) | |
Interest expense | (50) | (7) | (69) |
Actuarial gains (losses) | 497 | 214 | (1,385) |
Actual plan participants’ contributions | (1,171) | (771) | |
Transfers (in) out due to (joiners) leavers | (651) | (1,663) | |
Currency translation differences | 558 | (1,337) | |
December 31 | (17,889) | (15,938) | (10,778) |
Funded | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
January 1 | (15,773) | (10,703) | |
Service Cost | (1,054) | (1,547) | (843) |
of which current service cost | (1,382) | (1,435) | |
of which past service cost | 328 | (112) | |
Interest expense | (49) | (6) | (68) |
Actuarial gains (losses) | 471 | 244 | (1,380) |
Actual plan participants’ contributions | (1,171) | (771) | |
Transfers (in) out due to (joiners) leavers | (651) | (1,663) | |
Currency translation differences | 541 | (1,327) | |
December 31 | (17,686) | (15,773) | (10,703) |
Unfunded | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
January 1 | (165) | (75) | |
Service Cost | (80) | (49) | (26) |
of which current service cost | (80) | (49) | |
Interest expense | (1) | (1) | (1) |
Actuarial gains (losses) | 26 | (30) | (5) |
Currency translation differences | 17 | (10) | |
December 31 | $ (203) | $ (165) | $ (75) |
Post-employment Benefits - Su_3
Post-employment Benefits - Summary of Movement in Defined Benefit Plans Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Information About Post Employment Benefits [Abstract] | |||
As of January 1 | $ 10,780 | $ 6,715 | |
Interest income | 39 | 4 | |
Return on plan assets, excl. interest income | (32) | (45) | $ (93) |
Administrative expenses | (62) | (42) | |
Employer contributions | 1,257 | 819 | |
Employee contributions | 1,171 | 771 | |
Transfers in (out) due to joiners (leavers) | 651 | 1,663 | |
Currency translation differences | (368) | 895 | |
As of December 31 | $ 13,436 | $ 10,780 | $ 6,715 |
Post-employment Benefits - Su_4
Post-employment Benefits - Summary of Defined Benefit Plans Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Information About Post Employment Benefits [Abstract] | |||
Cash | $ 528 | $ 319 | |
Insurance policies | 12,908 | 10,461 | |
Total | $ 13,436 | $ 10,780 | $ 6,715 |
Post-employment Benefits - Sche
Post-employment Benefits - Schedule of Pension Costs Recognized in Statement of Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Service Cost | $ (1,134) | $ (1,596) | $ (869) |
Interest cost | (50) | (7) | (69) |
Total recognized | (1,184) | (1,603) | (938) |
Funded | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Service Cost | (1,054) | (1,547) | (843) |
Interest cost | (49) | (6) | (68) |
Total recognized | (1,103) | (1,553) | (911) |
Unfunded | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Service Cost | (80) | (49) | (26) |
Interest cost | (1) | (1) | (1) |
Total recognized | $ (81) | $ (50) | $ (27) |
Post-employment Benefits - Sc_2
Post-employment Benefits - Schedule of Pension Remeasurement Recognized in Statement Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Changes in demographic assumptions | $ 1,278 | $ 1,039 | |
Changes in financial assumptions | 50 | 141 | $ (964) |
Experience adjustments | (831) | (966) | (421) |
Total actuarial gains (losses) | 497 | 214 | (1,385) |
Return on plan assets | (32) | (45) | (93) |
Currency translation differences | (4) | 15 | (45) |
Total recognized | 461 | 184 | (1,523) |
Funded | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Changes in demographic assumptions | 1,278 | 1,039 | |
Changes in financial assumptions | 37 | 157 | (949) |
Experience adjustments | (844) | (952) | (431) |
Total actuarial gains (losses) | 471 | 244 | (1,380) |
Return on plan assets | (32) | (45) | (93) |
Currency translation differences | (4) | 13 | (45) |
Total recognized | 435 | 212 | (1,518) |
Unfunded | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Changes in financial assumptions | 13 | (16) | (15) |
Experience adjustments | 13 | (14) | 10 |
Total actuarial gains (losses) | 26 | (30) | (5) |
Currency translation differences | 2 | ||
Total recognized | $ 26 | $ (28) | $ (5) |
Post-employment Benefits - Sc_3
Post-employment Benefits - Schedule of Sensitivity Analysis for Funded Plans (Details) - Funded - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Discount Rates | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 25 basis points | $ (576) | $ (637) |
Decrease of 25 basis points | 635 | 697 |
Expected Rates of Salary Increases | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 25 basis points | 122 | 137 |
Decrease of 25 basis points | (120) | (134) |
Interest Rate | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 25 basis points | 189 | 206 |
Decrease of 25 basis points | (185) | (199) |
Inflation | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 25 basis points | 121 | 134 |
Decrease of 25 basis points | (118) | (130) |
Life Expectancy | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 25 basis points | 145 | 177 |
Decrease of 25 basis points | $ (145) | $ (176) |
Post-employment Benefits - Sc_4
Post-employment Benefits - Schedule of Sensitivity Analysis for Unfunded Plans (Details) - Unfunded - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Discount Rates | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 50 basis points | $ (26) | $ (18) |
Decrease of 50 basis points | 30 | 20 |
Expected Rates of Salary Increases | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase of 50 basis points | 30 | 20 |
Decrease of 50 basis points | $ (26) | $ (18) |
Post-employment Benefits - Sc_5
Post-employment Benefits - Schedule of Sensitivity Analysis for Unfunded Plans (Parenthetical) (Details) - Unfunded | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Discount Rates | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Actuarial assumption basis points | 0.50% | 0.50% |
Expected Rates of Salary Increases | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Actuarial assumption basis points | 0.50% | 0.50% |
Share-based Compensation -Addit
Share-based Compensation -Additional Information (Details) $ / shares in Units, $ in Millions | Mar. 25, 2021USD ($)$ / shares | Mar. 25, 2021USD ($)SFr / shares | Nov. 29, 2018USD ($)shares | Dec. 31, 2021USD ($)sharesPlan | Dec. 31, 2020shares | Dec. 31, 2019 |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Number of share option plans | Plan | 3 | |||||
Life of share-based payment arrangement options | ten years | |||||
Description of vesting requirements for share-based payment arrangement | Options under the 2013 ISOP vest 50% on the second anniversary of the grant date and a further 50% on the third anniversary of the grant date. Options under the 2019 ISOP vest 25% on each anniversary of the grant date over four years. The options under the 2021 EIP vest 25% on the first anniversary of the grant date and the remaining 75% vesting ratably on a monthly basis over the remaining three years. Refer to Restricted Stock Units below for the vesting schedules of the RSUs under the 2021 EIP. | |||||
CEO | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Number of share options granted | 300,000 | |||||
Grant date | November 29, 2018 | |||||
Strike price | (per share) | $ 3.33 | SFr 3.15 | ||||
Life of option | 5 | |||||
Value of award | $ | $ 0.3 | SFr 0.3 | ||||
Expense recognized | $ | 0.3 | |||||
Minimum | CEO | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Net proceeds from IPO | $ | $ 1,000 | $ 1,000 | ||||
2013 ISOP | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Number of share options granted | 0 | |||||
Effective period of share option plan | 2013-09 | |||||
Vesting percentage on second anniversary of grant date | 0.50 | |||||
Vesting percentage on third anniversary | 0.50 | |||||
2013 ISOP | Minimum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Options outstanding expiration year | 2022 | |||||
2013 ISOP | Maximum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Options outstanding expiration year | 2029 | |||||
2019 ISOP | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Number of share options granted | 1,369,000 | 1,393,000 | ||||
Effective period of share option plan | 2019-03 | |||||
Vesting percentage on each anniversary over four year | 0.25 | |||||
Additional expense incurred | $ | $ 0.2 | |||||
2019 ISOP | Minimum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Options outstanding expiration year | 2029 | |||||
Life of option | 6.05 | 5.67 | 6.43 | |||
2019 ISOP | Maximum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Options outstanding expiration year | 2031 | |||||
Life of option | 6.19 | 6.43 | 6.91 | |||
2021 EIP | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Number of share options granted | 1,595,314 | |||||
Effective period of share option plan | 2021-06 | |||||
Vesting percentage on first anniversary on grant date | 0.25 | |||||
Vesting percentage on monthly basis over remaining three years | 0.75 | |||||
Options outstanding expiration year | 2031 | |||||
2021 EIP | Restricted Stock Units | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Vesting percentage on first anniversary on grant date | 0.25 | |||||
Vesting percentage on monthly basis over remaining three years | 0.75 | |||||
Number of share issuance | 290,407 | |||||
Number of instruments granted subject to four year vesting | 234,852 | |||||
Number of instruments granted subject to vesting upon annual general meeting | 55,555 | |||||
2021 EIP | Minimum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Life of option | 5.50 | |||||
2021 EIP | Maximum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Life of option | 7 |
Share-based Compensation -Summa
Share-based Compensation -Summary of Stock Option Activity (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
2013 ISOP | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of options, beginning balance | 1,751,560 | 2,026,560 | |
Number of options, granted | 0 | ||
Number of options, exercised | (892,020) | (275,000) | |
Number of options, ending balance | 859,540 | 1,751,560 | 2,026,560 |
Number of options, exercisable | 849,540 | 1,385,060 | |
Weighted average exercise price, beginning balance | $ / shares | $ 3.10 | $ 2.95 | |
Weighted average exercise price, exercised | $ / shares | 3 | 3.10 | |
Weighted average exercise price, ending balance | $ / shares | 2.75 | 3.10 | $ 2.95 |
Weighted average exercise price, exercisable | $ / shares | $ 2.75 | $ 3.01 | |
Weighted average remaining life in years, ending balance | 5 years 29 days | 6 years 4 months 20 days | 7 years 4 months 9 days |
Weighted average remaining life in years, exercisable | 5 years 21 days | 6 years 4 months 20 days | |
2019 ISOP | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of options, beginning balance | 1,972,500 | 679,000 | |
Number of options, granted | 1,369,000 | 1,393,000 | |
Number of options, forfeited | (149,750) | (55,500) | |
Number of options, exercised | (379,250) | (44,000) | |
Number of options, ending balance | 2,812,500 | 1,972,500 | 679,000 |
Number of options, exercisable | 455,500 | 115,760 | |
Weighted average exercise price, beginning balance | $ / shares | $ 4.22 | $ 4.02 | |
Weighted average exercise price, granted | $ / shares | 8.75 | 4.22 | |
Weighted average exercise price, forfeited | $ / shares | 5.54 | 4.22 | |
Weighted average exercise price, exercised | $ / shares | 4 | 4.22 | |
Weighted average exercise price, ending balance | $ / shares | 5.83 | 4.22 | $ 4.02 |
Weighted average exercise price, exercisable | $ / shares | $ 1.37 | $ 4.22 | |
Weighted average remaining life in years, ending balance | 8 years 7 months 9 days | 9 years 1 month 9 days | 9 years 7 months 17 days |
Weighted average remaining life in years, granted | 9 years 1 month 13 days | 9 years 3 months 18 days | |
Weighted average remaining life in years, exercisable | 7 years 10 months 6 days | 8 years 7 months 17 days | |
2021 EIP | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of options, granted | 1,595,314 | ||
Number of options, forfeited | (19,245) | ||
Number of options, ending balance | 1,576,069 | ||
Weighted average exercise price, granted | $ / shares | $ 17.96 | ||
Weighted average exercise price, forfeited | $ / shares | 18 | ||
Weighted average exercise price, ending balance | $ / shares | $ 17.96 | ||
Weighted average remaining life in years, ending balance | 9 years 6 months 25 days | ||
Weighted average remaining life in years, granted | 9 years 6 months 25 days |
Share-based Compensation -Sum_2
Share-based Compensation -Summary of Valuation Inputs (Details) | 12 Months Ended | ||
Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
2019 ISOP | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share price at grant date (in USD) | $ 5.59 | ||
2019 ISOP | Maximum | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share price at grant date (in USD) | $ 4.87 | $ 4.16 | |
Expected life of share options (years) | 6.19 | 6.43 | 6.91 |
Expected volatility | 41.45% | 43.56% | 40.70% |
Risk free interest rate | (0.48%) | (0.53%) | (0.47%) |
Risk free interest rate | 0.48% | 0.53% | 0.47% |
2019 ISOP | Minimum | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share price at grant date (in USD) | $ 4.36 | $ 3.32 | |
Expected life of share options (years) | 6.05 | 5.67 | 6.43 |
Expected volatility | 41.26% | 39.84% | 39.70% |
Risk free interest rate | (0.63%) | (0.80%) | (0.85%) |
Risk free interest rate | 0.63% | 0.80% | 0.85% |
2021 EIP | Maximum | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share price at grant date (in USD) | $ 18 | ||
Expected life of share options (years) | 7 | ||
Expected volatility | 59.77% | ||
Risk free interest rate | (1.36%) | ||
Risk free interest rate | 1.36% | ||
2021 EIP | Minimum | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share price at grant date (in USD) | $ 16.81 | ||
Expected life of share options (years) | 5.50 | ||
Expected volatility | 41.60% | ||
Risk free interest rate | (0.87%) | ||
Risk free interest rate | 0.87% |
Share-based Compensation - Weig
Share-based Compensation - Weighted Average Fair Value of Options Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
2019 ISOP | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Weighted average fair value of options granted | $ 2.12 | $ 1.75 |
2021 EIP | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Weighted average fair value of options granted | $ 9.87 |
Share-based Compensation - Move
Share-based Compensation - Movements in Share-based Compensation Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |||
Beginning balance | $ 2,948 | $ 1,589 | |
Share-based compensation | 8,514 | 1,359 | $ 717 |
Ending balance | $ 11,462 | $ 2,948 | $ 1,589 |
Share-based Compensation - Summ
Share-based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units | 12 Months Ended |
Dec. 31, 2021shares$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Shares, Granted | shares | 290,407 |
Shares, Forfeited | shares | (2,832) |
Shares, Unvested as of December 31, 2021 | shares | 287,575 |
Weighted-average grant date fair value per share, Granted | $ / shares | $ 17.97 |
Weighted-average grant date fair value per share, Forfeited | $ / shares | 18 |
Weighted-average grant date fair value per share, Unvested as of December 31, 2021 | $ / shares | $ 17.97 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |||
Balance | $ 3,330 | $ 3,838 | |
Proceeds from borrowings | 15,839 | ||
Repayments of borrowings | (3,167) | (16,529) | $ (1,967) |
Transfer to deferred government grant income | 39 | (163) | |
Interest accrued | 50 | 513 | |
Interest paid | (170) | (435) | |
Currency translation differences | (82) | 267 | |
Balance | $ 0 | $ 3,330 | $ 3,838 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) SFr in Millions | Jun. 01, 2021USD ($) | Jun. 01, 2021EUR (€) | Jun. 03, 2020USD ($) | May 29, 2020USD ($) | Mar. 26, 2020USD ($) | Jun. 18, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Apr. 01, 2021USD ($) | Apr. 01, 2021EUR (€) | May 29, 2020EUR (€) | May 29, 2020CHF (SFr) | Mar. 26, 2020CHF (SFr) | Jun. 18, 2018EUR (€) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Payment of terminal amount | $ 3,167,000 | $ 16,529,000 | $ 1,967,000 | ||||||||||||
Outstanding borrowings | $ 0 | $ 3,330,000 | $ 3,838,000 | ||||||||||||
Plain English Growth Capital Promissory Note | TriplePoint | |||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Loan received | $ 6,000,000 | € 5,200,000 | |||||||||||||
Interest rate | 9.75% | 9.75% | |||||||||||||
Payment of terminal amount | $ 400,000 | € 300,000 | |||||||||||||
Percentage of promissory notes paid | 6.25% | 6.25% | |||||||||||||
Maturity year | 3 years | ||||||||||||||
Frequency of principal repayments | monthly installments | ||||||||||||||
Date of first required repayment | Jan. 1, 2019 | ||||||||||||||
Plain English Growth Capital Promissory Note | TriplePoint | Prime Rate | |||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Adjusted interest rate | 4.75% | 4.75% | |||||||||||||
COVID Loans | Credit Suisse | SOPHiA GENETICS SA | |||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Loan received | $ 1,000,000 | $ 500,000 | SFr 1 | SFr 0.5 | |||||||||||
Interest rate | 1.175% | 0.00% | 1.175% | 1.175% | 0.00% | ||||||||||
Frequency of principal repayments | eight equal semi-annual installments | ||||||||||||||
Date of first required repayment | Sep. 26, 2021 | ||||||||||||||
Maturity date | Jan. 31, 2021 | Mar. 26, 2025 | |||||||||||||
Loan repayment date | Mar. 26, 2021 | ||||||||||||||
COVID Loans | Credit Agricole Pyrénées Gascogne | SOPHiA GENETICS SAS | |||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Loan received | $ 1,600,000 | € 1,400,000 | |||||||||||||
Interest rate | 0.00% | 0.00% | 0.00% | ||||||||||||
Maturity date | May 31, 2021 | ||||||||||||||
State guarantee fee | 0.25% | 0.25% | 0.25% | ||||||||||||
COVID Loans under PPP | Citizens Bank | SOPHiA GENETICS, Inc. | |||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Loan received | $ 800,000 | ||||||||||||||
Interest rate | 1.00% | ||||||||||||||
Frequency of principal repayments | twelve monthly installments | ||||||||||||||
Date of first required repayment | Jul. 3, 2021 | ||||||||||||||
Maturity date | Jun. 3, 2022 | ||||||||||||||
Credit Facility | Credit Suisse | |||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||||
Interest rate | 3.95% | 3.95% | |||||||||||||
Frequency of principal repayments | installations over 36 months | ||||||||||||||
Maximum borrowings | $ 3,300,000 | € 2,700,000 | |||||||||||||
Outstanding borrowings | $ 0 |
TriplePoint Success Fee - Addit
TriplePoint Success Fee - Additional Information (Details) - TriplePoint Capital LLC $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021USD ($)SFr / shares | Dec. 31, 2020USD ($) | |
Triple Point Success Fee [Line Items] | ||||
Transaction strike price | (per share) | $ 3.65 | SFr 3.65 | ||
Percentage of committed loan facility | 6.50% | |||
Committed loan facility amount | $ 10 | SFr 10 | ||
Committed loan facility conversion rate | 1.16 | 1.16 | ||
Gain (loss) on finance income (expenses) | $ 0.4 | $ 1.4 | $ 0.5 | |
Reduction of success fee | 0.4 | |||
Success fee | $ 2.5 | $ 2.9 |
TriplePoint Success Fee - Summa
TriplePoint Success Fee - Summary of Loss Recognized on Derivative with TriplePoint Loan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Information About Credit Exposures Designated As Measured At Fair Value Through Profit Or Loss [Line Items] | |||
Beginning Balance | $ 1,024 | ||
Derivative fair value (losses) | (1,444) | $ (384) | $ (98) |
Ending Balance | 1,024 | ||
TriplePoint Capital LLC | |||
Disclosure Of Information About Credit Exposures Designated As Measured At Fair Value Through Profit Or Loss [Line Items] | |||
Beginning Balance | 1,024 | 557 | 447 |
Derivative fair value (losses) | 1,444 | 467 | 110 |
Ending Balance | $ 2,468 | $ 1,024 | $ 557 |
TriplePoint Success Fee - Sum_2
TriplePoint Success Fee - Summary of Key Assumptions in Valuation of Derivative (Details) - TriplePoint Capital LLC $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure Of Detailed Information About Key Assumptions In Valuation Of Derivative [Line Items] | |
Equity value of the Company | $ 465,307 |
Volatility | 50.00% |
Minimum | |
Disclosure Of Detailed Information About Key Assumptions In Valuation Of Derivative [Line Items] | |
Expected time of the sale or IPO | 25.00% |
Expected time of sale or IPO Period | 9 months |
Maximum | |
Disclosure Of Detailed Information About Key Assumptions In Valuation Of Derivative [Line Items] | |
Expected time of the sale or IPO | 75.00% |
Expected time of sale or IPO Period | 3 years |
TriplePoint Success Fee - Sum_3
TriplePoint Success Fee - Summary of Key Assumptions on Derivative Values Set Out (Details) - TriplePoint Capital LLC $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure Of Detailed Information About Key Assumptions In Valuation Of Derivative [Line Items] | |
Equity value of the Company +10% | $ 1,179 |
Equity value of the Company -10% | 864 |
Expected time of the IPO or sale 3 months earlier | 1,039 |
Expected time of the IPO or sale 3 months later | 1,016 |
Volatility +10% | 1,055 |
Volatility -10% | $ 993 |
Initial Public Offerings - Addi
Initial Public Offerings - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 25, 2021USD ($)$ / sharesshares | Jul. 27, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2021$ / shares | Dec. 31, 2021SFr / shares | Aug. 25, 2021SFr / sharesshares | Jul. 27, 2021SFr / sharesshares |
Disclosure Of Initial Public Offerings [Line Items] | |||||||
Proceeds from issuance of share capital, net of transaction costs | $ 107,643 | ||||||
Ordinary Shares | |||||||
Disclosure Of Initial Public Offerings [Line Items] | |||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Ordinary Shares | Initial Public Offering | |||||||
Disclosure Of Initial Public Offerings [Line Items] | |||||||
Number of shares issued | shares | 13,519,493 | 13,000,000 | 13,519,493 | 13,000,000 | |||
Shares price per share | $ / shares | $ 18 | ||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Gross proceeds from issuance | $ 243,400 | $ 234,000 | |||||
Issuance costs | 22,300 | ||||||
Proceeds from issuance of share capital, net of transaction costs | 211,700 | ||||||
Net proceeds from IPO | $ 211,700 | ||||||
Preferred stock conversion ratio | 1 | 1 | 1 | 1 | |||
Ordinary Shares | Private Placement | |||||||
Disclosure Of Initial Public Offerings [Line Items] | |||||||
Number of shares issued | shares | 1,111,111 | 1,111,111 | |||||
Shares price per share | $ / shares | $ 18 | ||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Gross proceeds from issuance | $ 20,000 | ||||||
Issuance costs | 400 | ||||||
Proceeds from issuance of share capital, net of transaction costs | 19,600 | ||||||
Net proceeds from IPO | $ 19,600 | ||||||
Ordinary Shares | Underwriters | |||||||
Disclosure Of Initial Public Offerings [Line Items] | |||||||
Number of shares issued | shares | 519,493 | 519,493 | |||||
Shares price per share | $ / shares | $ 18 | ||||||
Shares issued, par value | (per share) | $ 0.05 | SFr 0.05 | |||||
Issuance costs | $ 900 | ||||||
Proceeds from issuance of share capital, net of transaction costs | $ 8,500 | ||||||
Number of additional shares issued | shares | 519,493 | 519,493 | |||||
Net proceeds from IPO | $ 9,400 |
Share Capital Issuance - Additi
Share Capital Issuance - Additional Information (Details) $ / shares in Units, $ in Millions | Jun. 30, 2021 | Sep. 23, 2020USD ($)$ / sharesshares | Jun. 25, 2020USD ($)$ / sharesshares |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Share split ratio | 0.05 | ||
Preferred F Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of shares issued | shares | 3,652,460 | 5,664,480 | |
Shares issued, par value | $ / shares | $ 11.89 | $ 11.53 | |
Gross proceeds from issuance | $ 43.4 | $ 65.3 | |
Transaction costs | 0.4 | 0.7 | |
Net proceeds from issuance | $ 43 | $ 64.6 |
Related Parties - Additional In
Related Parties - Additional Information (Details) $ / shares in Units, $ in Millions | Mar. 25, 2021USD ($)$ / shares | Mar. 25, 2021SFr / shares | Nov. 29, 2018USD ($) | Sep. 30, 2018shares$ / shares | Sep. 30, 2018sharesSFr / shares | Dec. 31, 2021 | Dec. 31, 2020shares |
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||
Description of nature of related party relationship | Related parties comprise the Company’s executive officers and directors, including their affiliates, and any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control, with the Company. | ||||||
CEO | |||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||
Number of share options granted | shares | 127,000 | 127,000 | |||||
Strike price | (per share) | $ 3.33 | SFr 3.15 | $ 4.22 | SFr 4 | |||
Fair value of these options | $ | $ 0.1 | ||||||
CEO | Minimum | |||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||
Net proceeds from IPO | $ | $ 1,000 | ||||||
Key Management Personnel Of Entity | |||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||
Number of instruments granted in share-based payment arrangement | shares | 65,920 |
Related Parties - Summary of Co
Related Parties - Summary of Compensation for Key Management and Non-executive Directors (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |||
Salaries and other short-term employee benefits | $ 2,761 | $ 1,155 | $ 756 |
Pension costs | 117 | 70 | 32 |
Share-based compensation expense | 6,906 | 1,065 | 441 |
Other compensation | 44 | 146 | 24 |
Total | $ 9,828 | $ 2,436 | $ 1,253 |
Related Parties - Summary of Re
Related Parties - Summary of Related Parties Participated in Sale of Series F Preferred Shares (Details) - Preference Shares | Dec. 31, 2021shares |
Alychlo NV | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Number of shares issued | 233,580 |
Generation IM Sustainable Fund III, L.P | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Number of shares issued | 389,300 |
Related Parties, Shareholder | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Number of shares issued | 622,880 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Contingent Liabilities In Business Combination [Abstract] | ||
Future lease payments under short-term leases not recognized | $ 300,000 | $ 400,000 |
Contingent assets | 0 | 0 |
Contingent liabilities | $ 0 | $ 0 |
Financial Instruments and Ris_3
Financial Instruments and Risks - Schedule of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Instruments [Line Items] | ||
Total financial assets | $ 272,345 | $ 104,692 |
Total financial liabilities | 35,768 | 18,635 |
Financial Assets at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial assets | 272,345 | 104,692 |
Financial Liabilities at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial liabilities | 35,768 | 17,611 |
Cash and Cash Equivalents | Financial Assets at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial assets | 192,962 | 74,625 |
Term Deposits | Financial Assets at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial assets | 72,357 | 22,720 |
Accounts Receivable | Financial Assets at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial assets | 5,621 | 6,363 |
Other Financial Non-current Assets | Financial Assets at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial assets | 1,405 | 984 |
Accounts Payable | Financial Liabilities at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial liabilities | 6,737 | 1,281 |
Accrued Expenses | Financial Liabilities at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial liabilities | 15,972 | 9,081 |
Borrowings | Financial Liabilities at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial liabilities | 3,330 | |
Lease Liabilities | Financial Liabilities at Amortized Cost | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial liabilities | $ 13,059 | 3,919 |
Derivative | Financial Liabilities at Fair Value through Statement of Loss | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total financial liabilities | $ 1,024 |
Financial Instruments and Ris_4
Financial Instruments and Risks - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Financial Instruments [Line Items] | ||||
Non-current portion of borrowings | $ 457,000 | |||
Outstanding borrowings | $ 0 | 3,330,000 | $ 3,838,000 | |
Transfers between Level 1 and Level 2, assets | 0 | |||
Transfers between Level 1 and Level 2, liabilities | 0 | |||
Transfers between Level 2 and Level 1, assets | 0 | |||
Transfers between Level 2 and Level 1, liabilities | 0 | |||
Transfers into Level 3, assets | 0 | |||
Transfers out of Level 3, assets | 0 | |||
Transfers into Level 3, liabilities | 0 | |||
Transfers out of Level 3, liabilities | 0 | |||
Cash and cash equivalents | $ 192,962,000 | 74,625,000 | $ 18,069,000 | $ 53,907,000 |
Interest Rate Risk | Minimum | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Interest rate | 0.00% | |||
Interest Rate Risk | Maximum | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Interest rate | 1.175% | |||
Cash And Cash Equivalents, Term Deposits and Short-term Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Maximum exposure to credit risk | $ 115,000 | 45,700 | ||
Gross Carrying Amount | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Current portion of borrowings | 0 | 2,900,000 | ||
Non-current portion of borrowings | 0 | 500,000 | ||
Fair Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Outstanding borrowings | $ 0 | $ 3,300,000 |
Financial Instruments and Ris_5
Financial Instruments and Risks - Summary of Maturity Profile of Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | $ 3,423 | |
Lease liabilities | $ 14,560 | 4,153 |
Accounts payable | 6,737 | 1,281 |
Accrued expenses | 15,972 | 1,281 |
Other financial non-current liabilities | 1,024 | |
Total contractual liabilities | 37,269 | 11,162 |
COVID CHF 1M | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 1,137 | |
COVID CHF 500K | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 568 | |
COVID EUR 1.4M | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 1,718 | |
Year 2022 | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 2,926 | |
Lease liabilities | 2,018 | 1,134 |
Accounts payable | 6,737 | 1,281 |
Accrued expenses | 15,972 | 1,281 |
Total contractual liabilities | 24,727 | 6,622 |
Year 2022 | COVID CHF 1M | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 1,137 | |
Year 2022 | COVID CHF 500K | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 71 | |
Year 2022 | COVID EUR 1.4M | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 1,718 | |
Between 1 and 5 Years | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 497 | |
Lease liabilities | 8,467 | 3,005 |
Other financial non-current liabilities | 1,024 | |
Total contractual liabilities | 8,467 | 4,526 |
Between 1 and 5 Years | COVID CHF 500K | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 497 | |
Within 1 Year | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Lease liabilities | 4,075 | 14 |
Total contractual liabilities | 4,075 | 14 |
Net Carrying Amount | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 3,330 | |
Lease liabilities | 13,059 | 3,919 |
Accounts payable | 6,737 | 1,281 |
Accrued expenses | 15,972 | 9,081 |
Other financial non-current liabilities | 1,024 | |
Total contractual liabilities | $ 35,768 | 18,635 |
Net Carrying Amount | COVID CHF 1M | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 1,132 | |
Net Carrying Amount | COVID CHF 500K | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | 507 | |
Net Carrying Amount | COVID EUR 1.4M | ||
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | ||
Total loans | $ 1,691 |
Financial Instruments and Ris_6
Financial Instruments and Risks - Summary of Maturity Profile of Financial Liabilities (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
COVID CHF 1M | |
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | |
COVID loan | $ 1,000 |
COVID CHF 500K | |
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | |
COVID loan | 500 |
COVID EUR 1.4M | |
Disclosure Of Maturity Analysis For Financial Liabilities On Contractual Discounted Cashflows [Line Items] | |
COVID loan | $ 1,400 |
Financial Instruments and Ris_7
Financial Instruments and Risks - Summary of Significant Exchange Rates (Detail) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2021$ / SFr | Dec. 31, 2021$ / SFr$ / € | Dec. 31, 2021$ / SFr$ / £ | Dec. 31, 2021$ / SFr$ / R$ | Dec. 31, 2020$ / SFr | Dec. 31, 2020$ / SFr$ / € | Dec. 31, 2020$ / SFr$ / £ | Dec. 31, 2020$ / SFr$ / R$ | Dec. 31, 2019$ / SFr | Dec. 31, 2019$ / € | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / R$ | Dec. 31, 2021$ / € | Dec. 31, 2021$ / £ | Dec. 31, 2021$ / R$ | Dec. 31, 2020$ / € | Dec. 31, 2020$ / £ | Dec. 31, 2020$ / R$ | |
Foreign Exchange Rates [Abstract] | ||||||||||||||||||
Spot rate | 0.91210 | 0.91210 | 0.91210 | 0.91210 | 0.88030 | 0.88030 | 0.88030 | 0.88030 | 0.88290 | 0.74190 | 5.57130 | 0.81490 | 0.73260 | 5.19400 | ||||
Average rate | 0.91437 | 0.84579 | 0.72707 | 5.39288 | 0.94703 | 0.88423 | 0.78132 | 5.06281 | 0.99467 | 0.89154 | 0.78588 | 3.92513 |
Financial Instruments and Ris_8
Financial Instruments and Risks - Sensitivity of Loss Before Tax To Changes in Foreign Exchange Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | $ 64 | $ (2,710) | $ (354) |
Top of Range | Functional Currency | USD/CHF | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | 19,499 | 1,453 | 741 |
Top of Range | Functional Currency | EUR/CHF | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | 648 | 836 | 410 |
Top of Range | Functional Currency | GBP/CHF | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | (18) | 351 | 328 |
Top of Range | Functional Currency | USD/EUR | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | 726 | 155 | 322 |
Minimum | Functional Currency | USD/CHF | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | (19,499) | (1,453) | (741) |
Minimum | Functional Currency | EUR/CHF | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | (648) | (836) | (410) |
Minimum | Functional Currency | GBP/CHF | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | 18 | (351) | (328) |
Minimum | Functional Currency | USD/EUR | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange gains (losses), net | $ (726) | $ (155) | $ (322) |
Financial Instruments and Ris_9
Financial Instruments and Risks - Sensitivity of Loss Before Tax To Changes in Foreign Exchange Rates (Parenthetical) (Detail) - Functional Currency | 12 Months Ended |
Dec. 31, 2021 | |
USD/CHF | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
EUR/CHF | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
GBP/CHF | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
USD/EUR | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
Financial Instruments and Ri_10
Financial Instruments and Risks - Sensitivity of Equity To Changes in Foreign Exchange Rates (Detail) - Presentation Currency - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Top of Range | USD/CHF | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | $ 54 | $ 11,279 |
Top of Range | USD/EUR | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | (89) | 467 |
Top of Range | USD/GBP | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | (27) | 211 |
Top of Range | USD/BRL | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | 77 | 64 |
Minimum | USD/CHF | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | (54) | (11,279) |
Minimum | USD/EUR | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | 89 | (467) |
Minimum | USD/GBP | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | 27 | (211) |
Minimum | USD/BRL | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Increase / (decrease) of equity in exchange rate | $ (77) | $ (64) |
Financial Instruments and Ri_11
Financial Instruments and Risks - Sensitivity of Equity To Changes in Foreign Exchange Rates (Parenthetical) (Detail) - Presentation Currency | 12 Months Ended |
Dec. 31, 2021 | |
USD/CHF | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
USD/EUR | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
USD/GBP | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
USD/BRL | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |
Percentage of foreign exchange rates | 10.00% |
Capital Management - Additional
Capital Management - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Commitments [Abstract] | ||||
Cash and cash equivalents | $ 192,962 | $ 74,625 | $ 18,069 | $ 53,907 |
Outstanding debt | $ 0 | $ 3,330 | $ 3,838 |