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Financial instruments per category
 12 Months Ended
Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]  
Financial instruments per category Financial instruments per category
The following tables present the Group’s financial instruments per category

Amounts in thousands USDAs of December 31, 2022As of December 31, 2021
Current asset instruments at amortized cost
Trade receivables$52,743$42,061
Other receivables2,3544,094
Total current asset instruments at amortized cost55,09746,155
Non-current asset instruments at amortized cost
Other long-term receivables571422
Total non-current asset instruments at amortized cost571422
Total financial assets$55,668$46,577
Financial liabilities: Interest-bearing loans and borrowings
Amounts in thousands USDInterest RateMaturityAs of December 31, 2022
Current interest-bearing loans and borrowings
Lease Liabilities (Note 14)
2.5%-11%
2023$2,113 
Non-current interest-bearing loans and borrowings
Lease Liabilities (Note 14)
2.5%-11%
2023-2032$7,322 
Total interest-bearing loans and borrowings$9,435 

Amounts in thousands USDInterest RateMaturityAs of December 31, 2021
Current interest-bearing loans and borrowings
Lease Liabilities (Note 14)
6.25%-11%
2022$2,952 
Non-current interest-bearing loans and borrowings
Lease Liabilities (Note 14)
6.25%-11%
2022-2031$5,427 
Total interest-bearing loans and borrowings$8,379 


Loan from shareholder and other interest-bearing loan

The loan from shareholder and the other interest-bearing loan were converted to equity on May 25, 2020. These loans had been previously payable on demand as repayment timing was not specified in the loan agreement. Accrued interest was capitalized annually on the last calendar day of each year. The conversion was made without any premium or penalty.

Loan Facility

During the year ended December 31, 2019 the Group entered into a loan facility in the amount of $110 million with Bridgepoint Credit and DNB AB (Publ) as part of the financing of the Olink Acquisition (Facilities). During the year ended December 31, 2020 we amended our debt structure under the existing loan facility with Bridgepoint Credit and DNB AB (Publ), increasing the total commitment under the facilities to $137.6 million . The effective date of the amended agreement was December 23, 2020.

A total of $63.5 million had been drawn down under the term Facility B, adjusted for transaction costs of $1.8 million. The loans were raised in USD and EUR to match revenue streams in USD and EUR. The remaining undrawn credit under the facilities was $74.1 million. Under the terms of the Facilities, the Group pledged the assets, including patents and other intellectual property, of its subsidiary, Olink Proteomics Inc.

On March 30, 2021, we repaid $65.6 million of outstanding loan facilities plus accrued interest of $1.9 million using the net proceeds from the offering and had no outstanding loan balances. As of December 31, 2022, we had $75.1 million in cash at bank and no outstanding loan balances or related pledged assets.
Other financial liabilities
Amounts in thousands USDAs of December 31, 2022As of December 31, 2021
Other financial liabilities at amortized cost
Advance invoiced customers$1,694 $5,447 
Accounts payable6,885 8,668 
Total other current financial liabilities$8,579 $14,115 
Fair values
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards.

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


Management assessed that the fair values of cash at bank, accounts receivables, other receivables, accounts payable, and advance payments from customers approximate their carrying amounts largely due to the short-term maturities of these instruments.
Changes in Liabilities attributable to financing activities
The following tables show changes in liabilities attributable to financing activities for the Group respectively:

Amounts in thousands USDCurrent Interest bearing liabilities (excluding current lease liabilities)Current lease liabilitiesNon-current Interest bearing liabilities (excluding Non-current lease liabilities)Non- current lease liabilitiesTotal liabilities from financing activities
Liabilities as of January 1, 2020$42,720 $1,414 $53,228 $3,050 $100,412 
Cash flows— (1,490)7,930 — 6,440 
Non cash-flow:
New leases— 637 — 474 1,111 
Foreign exchange adjustments— 153 143 196 492 
Other(42,720)1,432 374 (1,430)(42,344)
Liabilities as of December 31, 2020$— $2,146 $61,675 $2,290 $66,111 
Cash flows— (2,845)(63,315)— (66,160)
Non cash-flow:
New leases— 1,379 — 5,320 6,699 
Foreign exchange adjustments— (133)(58)222 31 
Other— 2,405 1,698 (2,405)1,698 
Liabilities as of December 31, 2021$— $2,952 $— $5,427 $8,379 
Cash flows— (2,908)— — (2,908)
Non cash-flow:
New leases— 438 — 2,386 2,824 
Foreign exchange adjustments— (78)— (272)(350)
Other— 1,709 — (219)1,490 
Liabilities as of December 31, 2022$— $2,113 $— $7,322 $9,435