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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)