0001745114-22-000011 | 6-K/A | XBRL Viewer

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Cover	6 Months Ended
Cover	Jun. 30, 2022
Entity Information [Line Items]
Document Type	6-K/A
Entity File Number	001-40488
Entity Registrant Name	MOLECULAR PARTNERS AG
Entity Address, Address Line One	Wagistrasse 14
Entity Address, Postal Zip Code	8952
Entity Address, City or Town	Zürich-Schlieren
Entity Address, Country	CH
Amendment Description	This Amendment No. 1 (“Amendment No. 1”) to the Report on Form 6-K originally filed with the U.S. Securities and Exchange on August 25, 2022 (the “Original 6-K”) is being filed solely to provide the Company’s Condensed Consolidated Interim Financial Statements (unaudited) as of and for the six month period ended June 30, 2022 formatted in Inline eXtensible Business Reporting Language (“iXBRL”), in accordance with Rule 405 of Regulation S-T and paragraph C.(6) of the General Instructions to Form 6-K, attached hereto as Exhibit 99.1. Such Condensed Consolidated Interim Financial Statements (unaudited) were previously filed without iXBRL as Exhibit 99.2 to the Original 6-K.Except as described above, this Amendment No. 1 speaks as of the original filing date of the Original 6-K and does not amend, update or restate any information set forth in the Original 6-K or reflect any events that occurred subsequent to the original filing date of the Original 6-K.The information contained in this Amendment No. 1, including Exhibits 99.1 and 101, is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333- 265960).
Document Fiscal Year Focus	2022
Amendment Flag	true
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001745114
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31

Condensed Consolidated Interim Statement of Financial Position - CHF (SFr)	Jun. 30, 2022	Dec. 31, 2021
Assets
Property, plant and equipment	SFr 7,516,000	SFr 8,146,000
Intangible assets	291,000	331,000
Total non-current assets	7,807,000	8,477,000
Short-term time deposits	170,124,000	61,000,000
Other current assets	3,839,000	5,728,000
Trade and other receivables	2,580,000	25,650,000
Cash and cash equivalents	114,943,000	71,813,000
Total current assets	291,486,000	164,191,000
Total assets	299,293,000	172,668,000
Shareholders' equity and liabilities
Share capital	3,250,232	3,229,000
Additional paid-in capital	358,103,000	355,010,000
Cumulative losses	(95,480,000)	(250,950,000)
Total shareholders' equity	265,873,000	107,289,000
Contract liability	5,400,000	6,925,000
Lease liability	4,252,000	4,850,000
Employee benefits	454,000	6,739,000
Total non-current liabilities	10,106,000	18,514,000
Trade and other payables	5,549,000	7,389,000
Accrued expenses	7,558,000	9,975,000
Contract liability	9,014,000	28,312,000
Lease liability	1,193,000	1,189,000
Total current liabilities	23,314,000	46,865,000
Total liabilities	33,420,000	65,379,000
Total shareholders' equity and liabilities	SFr 299,293,000	SFr 172,668,000

Condensed consolidated interim statement of comprehensive income/loss - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues and other income
Revenues from research and development collaborations	SFr 184,526	SFr 4,028
Other income	14	389
Total revenues and other income	184,540	4,417
Operating expenses
Research and development expenses	(27,043)	(31,581)
Selling, general and administrative expenses	(11,237)	(7,629)
Total operating expenses	(38,280)	(39,210)
Operating result	146,260	(34,793)
Financial income	2,835	1,545
Financial expenses	(490)	(319)
Net finance result	2,345	1,226
Result before income taxes	148,605	(33,567)
Income taxes	0	0
Net result, attributable to shareholders	148,605	(33,567)
Items that will not be reclassified to profit or loss
Remeasurement of net pension liabilities, net of tax	6,875	6,527
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations	(10)	3
Other comprehensive result, net of tax	6,865	6,530
Total comprehensive result, attributable to shareholders	SFr 155,470	SFr (27,037)
Basic net result per share (in CHF per share)	SFr 4.59	SFr (1.13)
Diluted net result per share (in CHF per share)	SFr 4.48	SFr (1.13)

Condensed consolidated interim cash flow statement - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of cash flows [abstract]
Net result attributable to shareholders	SFr 148,605	SFr (33,567)
Adjustments for:
Depreciation and amortization	1,205	1,316
Share-based compensation costs	2,870	1,853
Change in employee benefits	590	590
Financial income	(2,835)	(1,545)
Financial expenses	490	319
Changes in working capital:
Change in other current assets	2,075	(14,630)
Change in trade and other receivables	23,590	(5,015)
Change in trade and other payables	(1,858)	4,732
Change in contract liability	(20,822)	(8,175)
Change in accrued expenses	(2,568)	2,028
Exchange gain/(loss) on working capital positions	(17)	(131)
Interest paid	(335)	(307)
Other financial expense	(5)	(4)
Net cash from (used in) operating activities	150,986	(52,536)
Proceeds from investments in short term time deposits	42,006	20,000
Investments in short term time deposits	(151,131)	(27,699)
Acquisition of property, plant and equipment	(426)	(316)
Acquisition of intangible assets	(110)	(184)
Interest received	57	9
Net cash used in investing activities	(109,604)	(8,190)
Proceeds from issuance of new shares, net of transaction costs	0	52,473
Proceeds from exercise of stock options, net of transaction costs	244	128
Payment of lease liabilities	(593)	(589)
Net cash (used in) from financing activities	(349)	52,012
Exchange gain on cash positions	2,096	1,559
Net increase (decrease) in cash and cash equivalents	43,130	(7,155)
Cash and cash equivalents at January 1	71,813	133,721
Cash and cash equivalents at June 30,	SFr 114,943	SFr 126,566

Condensed consolidated interim statement of changes in equity - CHF (SFr)
SFr in Thousands

Total

Share capital

Additional paid-in capital

Cumulative losses

Equity at beginning of period at Dec. 31, 2020

SFr 107,220

SFr 2,915

SFr 299,479

SFr (195,174)

Net result

(33,567)

Remeasurement of net pension liabilities

6,527

Exchange differences on translating foreign operations

Total comprehensive result, attributable to shareholders

(27,037)

Share-based compensation costs

^[1]

1,853

Issuance of new shares, net of transaction costs

52,473

300

52,173

Exercise of stock options, net of transaction costs

128

116

Equity at end of period at Jun. 30, 2021

134,638

3,227

353,621

(222,210)

Equity at beginning of period at Dec. 31, 2021

107,289

3,229

355,010

(250,950)

Net result

148,605

Remeasurement of net pension liabilities

6,875

Exchange differences on translating foreign operations

(10)

Total comprehensive result, attributable to shareholders

155,470

Share-based compensation costs

^[1]

2,870

Exercise of stock options, net of transaction costs

244

223

Equity at end of period at Jun. 30, 2022

SFr 265,873

SFr 3,250

SFr 358,103

SFr (95,480)

[1]	See note 5.6

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

General Information	6 Months Ended
General Information	Jun. 30, 2022
Disclosure Of General Information [Abstract]
General information	General Information Molecular Partners AG ("Company'") and its subsidiary (collectively "Molecular Partners" or, "Group") is a clinical stage biopharmaceutical company focusing on the discovery, development and commercialization of DARPins, a novel class of therapeutic proteins. DARPins combine the specificity and selectivity of monoclonal antibodies with many properties of small molecules, enabling new therapeutic approaches. The Company was founded on November 22, 2004, and is domiciled at Wagistrasse 14, 8952 Schlieren, Canton of Zurich, Switzerland. It is subject to the provisions of the articles of association and to article 620 et seq. of the Swiss Code of Obligations, which describe the legal requirements for limited companies (“Aktiengesellschaften”). Molecular Partners Inc. is a wholly owned subsidiary of Molecular Partners AG. Molecular Partners Inc. was incorporated in the United States in the State of Delaware on October 8, 2018. Molecular Partners Inc. is based in Cambridge, Massachusetts. The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2022 were approved for issuance by the Board of Directors on August 24, 2022.The Company’s shares are listed on the SIX Swiss Exchange (Ticker: MOLN) since November 5, 2014 and on the Nasdaq Global Select Market (Ticker: MOLN) since June 16, 2021.

Basis of Preparation	6 Months Ended
Basis of Preparation	Jun. 30, 2022
Disclosure Of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	Basis of Preparation These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended December 31, 2021. They do not include all the information required for a complete set of consolidated financial statements prepared in accordance with IFRS as issued by the IASB. However, selected explanatory notes are included to explain events and transactions that are significant to gain an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2021. The accounting policies set forth in the notes to those annual consolidated financial statements have been consistently applied to all periods presented, except as per below. The condensed consolidated interim financial statements are presented in thousands of Swiss Francs (TCHF), unless stated otherwise. The Group is monitoring the situation surrounding the COVID-19 pandemic and its potential impact on patients, the team, the partners and the business. During the six month period ended June 30, 2022 and as of the reporting date there were no major disruptions to the Group's operations as a result of the COVID-19 pandemic.. The Group continues to comply with all local and federal instructions as it relates to the safety of our employees, patients and citizens. The business is not subject to any seasonality. Revenues largely depend on the underlying alliance contracts and the achievement of agreed milestones, while expenses are largely affected by the phase of the respective projects, particularly with regard to external research and development expenditures. Due to rounding, the numbers presented in the financial statements might not precisely equal the accompanying notes.

New or Revised IFRS Standards and Interpretations	6 Months Ended
New or Revised IFRS Standards and Interpretations	Jun. 30, 2022
Revised standards [Abstract]
New or revised IFRS standards and interpretations	New or Revised IFRS Standards and InterpretationsA number of new or amended standards became applicable for annual periods beginning on or after January 1, 2022. These standards did not have any significant impact on the Group’s accounting policies and did not require any retrospective adjustments.

Critical Accounting estimates and judgment	6 Months Ended
Critical Accounting estimates and judgment	Jun. 30, 2022
Critical Accounting Estimates and Judgments [Abstract]
Critical accounting estimates and judgments	Critical Accounting estimates and judgmentThe condensed consolidated interim financial statements have been prepared under the historical cost convention. In preparing these condensed consolidated interim financial statements management made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

Revenue

6 Months Ended

Jun. 30, 2022

Revenue [abstract]

Revenue

On January 7, 2022, Novartis informed the Group of its intention to exercise the option under the October 2020 Option and Equity Rights Agreement . This was followed by the signing of a License agreement between the two parties on January 17, 2022. The License Agreement resulted in the Group becoming eligible to receive CHF 150 million for the option exercise payment and in addition the Group was allowed to charge Novartis CHF 13.1 million for items related to the commercial supply of ensovibep and drug substance secured by the Group. Both amounts were recognized as revenue during the first three months of 2022. At the signing of the License Agreement in January 2022, the Group also assigned the Reservation Agreement with the FOPH (from August 2020 and as amended in December 2021) to Novartis. This assignment allowed the Group to also recognize into revenue, the reservation fee of CHF 7 million received from the FOPH in August 2020.

On December 14, 2021, the Group announced entering into a License and Collaboration Agreement with Novartis to develop DARPin-conjugated radioligand therapeutic candidates for oncology. The Group is able to recharge Novartis its employee related expenses associated with the research activities. During the six months ended June 30, 2022 the Group recognized as revenue an amount of TCHF 626 in relation to this recharge. As part of the same agreement, the Group received in January 2022 the upfront fee of USD 20 million (CHF 18.6 million). Revenue related to the upfront payment is recognized over time in line with the progress made over the duration of the contractually agreed three year research plan. Progress towards completion of the research plan is based on the input method and is measured by employee hours worked on the related research activities as specified in the agreement relative to the total estimated hours to be incurred. During the six months ended June 30, 2022, the Group recognized into revenue an amount of TCHF 4,170 related to this upfront payment.

On April 26, 2022 the Group announced that Amgen, its collaboration partner for MP0310 (AMG 506), had informed the Group of their decision to return the global rights of MP0310 following a strategic pipeline review. With no remaining performance obligations under the agreement, the Group, in the second quarter of 2022 recognized the remaining balance of the Amgen contract liability of TCHF 8,849 into revenue for a total amount reported in the first six months of 2022 of TCHF 9,653.

Revenues in the table below are attributable to individual countries and are based on the location of the Group’s collaboration partners.


Revenues by country
in TCHF, for the six months ended June 30	2022	2021

Revenues Switzerland	174,873	—
Revenues USA	9,653	4,028
Total revenues	184,526	4,028


Analysis of revenue by major collaboration partner
in TCHF, for the six months ended June 30	2022	2021

Novartis AG, Switzerland	167,873	—
FOPH, Switzerland	7,000	—
Amgen Inc., USA	9,653	4,028
Total revenues	184,526	4,028

Other income	6 Months Ended
Other income	Jun. 30, 2022
Analysis of income and expense [abstract]
Other income	Other incomeIn the first quarter of 2021 the Group entered into an agreement with Novartis to facilitate manufacturing of MP0420 drug supply at a third party supplier. The related agency services during the six months ended June 30, 2022 amounted to TCHF 14 (six months ended June 30, 2021: TCHF 389) and are presented as other income in the condensed consolidated interim statement of comprehensive income.

Contract liability

6 Months Ended

Jun. 30, 2022

Contract liabilities [abstract]

Contract liability

The table below presents the movement in the Group's contract liabilities during the six months ended June 30, 2022:


in CHF thousands	Contract liability at December 31, 2021	Recognized as revenue	Contract liability at June 30, 2022

Amgen	9,653	(9,653)	—
Novartis	18,584	(4,170)	14,414
FOPH	7,000	(7,000)	—
Total	35,237	(20,823)	14,414


in CHF thousands	Current	Non-current	Contract liability

Novartis	9,014	5,400	14,414

Balance at June 30, 2022	9,014	5,400	14,414

Issuance of equity shares	6 Months Ended
Issuance of equity shares	Jun. 30, 2022
Issuance of Equity Shares [Abstract]
Issuance of equity shares	Issuances of equity securitiesAs of June 30, 2022, as a result of the exercise of employee stock options and the vesting of Performance Share Units ("PSUs" ) the outstanding issued share capital of the Company increased to CHF 3,250,232 divided into 32,502,323 fully paid registered shares.

Dividends	6 Months Ended
Dividends	Jun. 30, 2022
Dividends [Abstract]
Dividends	DividendsThe Group has paid no dividends since its inception and does not anticipate paying dividends in the foreseeable future.

Share-based compensation

6 Months Ended

Jun. 30, 2022

Personnel Expenses [Abstract]

Share-based compensation

As of June 30, 2022, 285,925 options were outstanding (December 31, 2021: 318,902 options) under all active option plans. As of June 30, 2022, and December 31, 2021 all outstanding options were fully vested.

As of June 30, 2022, a total of 680,559 PSUs and 96,001 Restricted Stock Units ("RSUs") were outstanding, of which none were vested (as of December 31, 2021 a total of 547,485 PSUs and 95,635 RSUs were outstanding, of which also none were vested). The changes in the number of share-based awards (options, RSUs and PSUs) outstanding during the six month period ended June 30, 2022, is as follows:


Share options / PSU/ RSU movements	Total numbers	Weighted average exercise price (CHF)	Options (numbers)	Weighted average exercise price (CHF)	PSU / RSU (numbers)	Weighted average exercise price (CHF)

Balance outstanding at January 1, 2022	962,022	2.35	318,902	6.87	643,120	0.10

Granted	321,366	0.10	—	—	321,366	0.10
(Performance adjustment)1	—	0.10	—	—		0.10
(Forfeited)2	(11,228)	0.10	—	—	(11,228)	0.10
(Expired)	—	—	—	—	—	—
(Exercised options), vested PSU / RSU	(209,675)	1.18	(32,977)	6.94	(176,698)	0.10

Balance outstanding at June 30, 2022	1,062,485	1.92	285,925	6.87	776,560	0.10

1Performance adjustments indicate forfeitures due to non-market performance conditions not achieved

2Forfeited due to service conditions not fulfilled

The share-based compensation costs recognized during the six months ended June 30, 2022, amounted to TCHF 2,870 (TCHF 1,853 for the six months ended June 30, 2021).

Financial income and expense

6 Months Ended

Jun. 30, 2022

Analysis of income and expense [abstract]

Financial income and financial expense

Financial income and expenseFinancial income


in CHF thousands, for the six months ended June 30	2022	2021
Interest income on financial assets held at amortized cost	244	17
Net foreign exchange gain	2,591	1,528
Total	2,835	1,545

Financial expense


in CHF thousands, for the six months ended June 30	2022	2021

Negative interest on financial assets held at amortized costs	(462)	(288)
Interest expense on leases	(23)	(27)
Other financial expenses	(5)	(4)
Total	(490)	(319)

Exchange results primarily represent unrealized foreign exchange results on the cash and short-term time deposit balances held in USD, EUR and in GBP, respectively.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Taxes And Deferred Taxes [Abstract]
Income taxes	Income taxesThe Group has in recent years reported operating losses that resulted in a tax loss carry-forward in Switzerland of TCHF 212,218 as of December 31, 2021.In the six months period, the Group generated taxable income primarily as a result of the revenue generated from the exercise of the Option and Equity Rights Agreement by Novartis followed by the signing of a license agreement (note 5.1). Income tax expense has been calculated for the period ended on June 30, 2022, based on the Group's best estimate of the effective income tax rate expected for the full financial year, being 0% on June 30, 2022, given that the taxable income is anticipated to be offset by the utilization of the Company's tax losses.Given its past history of operating losses and no tax profitability in prior periods,the Group did not recognize any deferred tax assets in relation to its tax losses and other tax deductible temporary differences.

Other comprehensive result	6 Months Ended
Other comprehensive result	Jun. 30, 2022
Analysis of income and expense [abstract]
Other comprehensive result	Other comprehensive resultIn order to recognize remeasurements of the net defined benefit obligation in the period in which they arise, the Group utilizes its independent actuaries to update the calculation of the defined benefit obligation and plan assets at each reporting date. The primary component of the remeasurement as of and for the six months period ended June 30, 2022, relates to the increase in the discount rate by 185 basis points relative to December 31, 2021.

Earnings per share

6 Months Ended

Jun. 30, 2022

Earnings per share [abstract]

Earnings per share

Basic net result per share is calculated by dividing the net result attributable to shareholders by the weighted average number of shares issued and outstanding during the interim periods presented, excluding any shares held as own shares. Diluted net result per share additionally takes into account the potential conversion of all dilutive potential ordinary shares.


for the six months ended June 30	2022	2021
Weighted average number of shares used in computing basic earnings per share	32,409,491	29,705,254
Weighted average number of shares used in computing diluted earnings per share	33,176,481	29,705,254

At June 30, 2022, the number of shares that are dilutive is 766,990.

Related parties	6 Months Ended
Related parties	Jun. 30, 2022
Related party transactions [abstract]
Related parties	Related partiesThe Group did not enter into any related party transactions in the interim periods presented.

Putative Class Action	6 Months Ended
Putative Class Action	Jun. 30, 2022
Disclosure of contingent liabilities [abstract]
Putative Class Action	Putative Class ActionOn July 12, 2022, a putative class action complaint was filed in the U.S. District Court for the Southern District of New York against the Company, its directors, and certain of its executive officers. The complaint alleges that the defendants violated federal securities laws by, among other things, making misrepresentations and omissions regarding its product candidates ensovibep and MP0310 or acting as control persons with respect to such conduct. The complaint seeks unspecified compensatory damages, as well as an award of reasonable attorneys’ fees and other costs, on behalf of plaintiff and all other persons and entities which purchased (a) the Company's American Depositary Shares (ADSs )pursuant to certain offering documents issued in connection with the Company's initial public offering of ADSs; and/or (b) our securities between June 16, 2021 and April 26, 2022 inclusive. The matter remains in its early stages. The Company disputes these claims and intends to defend the matter accordingly.

Events after the balance sheet date	6 Months Ended
Events after the balance sheet date	Jun. 30, 2022
Disclosure of non-adjusting events after reporting period [abstract]
Events after the balance sheet date	Events after the balance sheet dateNo events occurred between the balance sheet date and the date on which these condensed consolidated interim financial statements were approved by the Audit and Finance Committee that would require adjustment to these condensed consolidated interim financial statements or disclosure under this section.

Basis of Preparation (Policies)	6 Months Ended
Basis of Preparation (Policies)	Jun. 30, 2022
Disclosure Of Significant Accounting Policies [Abstract]
Basis of preparation	These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended December 31, 2021. They do not include all the information required for a complete set of consolidated financial statements prepared in accordance with IFRS as issued by the IASB. However, selected explanatory notes are included to explain events and transactions that are significant to gain an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2021. The accounting policies set forth in the notes to those annual consolidated financial statements have been consistently applied to all periods presented, except as per below. The condensed consolidated interim financial statements are presented in thousands of Swiss Francs (TCHF), unless stated otherwise. The Group is monitoring the situation surrounding the COVID-19 pandemic and its potential impact on patients, the team, the partners and the business. During the six month period ended June 30, 2022 and as of the reporting date there were no major disruptions to the Group's operations as a result of the COVID-19 pandemic.. The Group continues to comply with all local and federal instructions as it relates to the safety of our employees, patients and citizens. The business is not subject to any seasonality. Revenues largely depend on the underlying alliance contracts and the achievement of agreed milestones, while expenses are largely affected by the phase of the respective projects, particularly with regard to external research and development expenditures. Due to rounding, the numbers presented in the financial statements might not precisely equal the accompanying notes.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue [abstract]

Disclosure of revenue by country and by major collaboration partner


Revenues by country
in TCHF, for the six months ended June 30	2022	2021

Revenues Switzerland	174,873	—
Revenues USA	9,653	4,028
Total revenues	184,526	4,028


Analysis of revenue by major collaboration partner
in TCHF, for the six months ended June 30	2022	2021

Novartis AG, Switzerland	167,873	—
FOPH, Switzerland	7,000	—
Amgen Inc., USA	9,653	4,028
Total revenues	184,526	4,028

Contract liability (Tables)

6 Months Ended

Jun. 30, 2022

Contract liabilities [abstract]

Explanation of Changes in Contract Liabilities

The table below presents the movement in the Group's contract liabilities during the six months ended June 30, 2022:


in CHF thousands	Contract liability at December 31, 2021	Recognized as revenue	Contract liability at June 30, 2022

Amgen	9,653	(9,653)	—
Novartis	18,584	(4,170)	14,414
FOPH	7,000	(7,000)	—
Total	35,237	(20,823)	14,414

Disclosure of Current and Non-Current Contract Liabilities


in CHF thousands	Current	Non-current	Contract liability

Novartis	9,014	5,400	14,414

Balance at June 30, 2022	9,014	5,400	14,414

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2022

Personnel Expenses [Abstract]

Disclosure of movements in the number of share options

The changes in the number of share-based awards (options, RSUs and PSUs) outstanding during the six month period ended June 30, 2022, is as follows:


Share options / PSU/ RSU movements	Total numbers	Weighted average exercise price (CHF)	Options (numbers)	Weighted average exercise price (CHF)	PSU / RSU (numbers)	Weighted average exercise price (CHF)

Balance outstanding at January 1, 2022	962,022	2.35	318,902	6.87	643,120	0.10

Granted	321,366	0.10	—	—	321,366	0.10
(Performance adjustment)1	—	0.10	—	—		0.10
(Forfeited)2	(11,228)	0.10	—	—	(11,228)	0.10
(Expired)	—	—	—	—	—	—
(Exercised options), vested PSU / RSU	(209,675)	1.18	(32,977)	6.94	(176,698)	0.10

Balance outstanding at June 30, 2022	1,062,485	1.92	285,925	6.87	776,560	0.10

1Performance adjustments indicate forfeitures due to non-market performance conditions not achieved

2Forfeited due to service conditions not fulfilled

Financial income and expense (Tables)

6 Months Ended

Jun. 30, 2022

Analysis of income and expense [abstract]

Disclosure of detailed information about financial income

Financial income


in CHF thousands, for the six months ended June 30	2022	2021
Interest income on financial assets held at amortized cost	244	17
Net foreign exchange gain	2,591	1,528
Total	2,835	1,545

Disclosure of detailed information about financial expense

Financial expense


in CHF thousands, for the six months ended June 30	2022	2021

Negative interest on financial assets held at amortized costs	(462)	(288)
Interest expense on leases	(23)	(27)
Other financial expenses	(5)	(4)
Total	(490)	(319)

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings per share [abstract]

Summary of weighted average number of shares used in computation


for the six months ended June 30	2022	2021
Weighted average number of shares used in computing basic earnings per share	32,409,491	29,705,254
Weighted average number of shares used in computing diluted earnings per share	33,176,481	29,705,254

Revenue - Narrative (Details) SFr in Thousands, $ in Millions		2 Months Ended	3 Months Ended	6 Months Ended
	Jan. 17, 2022 CHF (SFr)	Mar. 15, 2022 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2021 CHF (SFr)	Jun. 30, 2022 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues				SFr 184,526	SFr 4,028
Recognized as revenue				(20,823)
License Agreement with Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 150,000
License Agreement with Novartis \| Commercial supply of products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 13,100
Reservation agreement with Swiss Federal Office of Public Health
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		SFr 7,000
Licence and collaboration agreement with Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues				626
Trade receivables			SFr 18,600	18,600		$ 20
Recognized as revenue				(4,170)
Licence and collaboration agreement with Amgen, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues				SFr 9,653	SFr 4,028
Recognized as revenue			SFr (8,849)

Revenue - Revenue by Country (Details) - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 184,526	SFr 4,028
Revenues Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	174,873	0
Revenues USA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 9,653	SFr 4,028

Revenue -Analysis of Revenue by Major Collaboration Partner (Details) - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 184,526	SFr 4,028
Novartis AG, Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	167,873	0
FOPH, Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	7,000	0
Amgen Inc., USA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 9,653	SFr 4,028

Other income (Details) - CHF (SFr) SFr in Thousands	6 Months Ended
Other income (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2022	Jun. 30, 2021
Analysis of income and expense [abstract]
Other income	SFr 14	SFr 389

Contract liability - Explanation of Changes in Contract Liabilities (Details) SFr in Thousands	6 Months Ended
	Jun. 30, 2022 CHF (SFr)
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	SFr 35,237
Recognized as revenue	(20,823)
Contract liability at end of period	14,414
Amgen
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	9,653
Recognized as revenue	(9,653)
Contract liability at end of period	0
Novartis
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	18,584
Contract liability at end of period	14,414
FOPH
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	7,000
Recognized as revenue	(7,000)
Contract liability at end of period	SFr 0

Contract liability - Disclosure of Current and Non-Current Contract Liabilities (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Contract Liability [Line Items]
Current	SFr 9,014	SFr 28,312
Non-current	5,400	6,925
Contract liability	14,414	35,237
Novartis
Disclosure Of Detailed Information About Contract Liability [Line Items]
Current	9,014
Non-current	5,400
Contract liability	SFr 14,414	SFr 18,584

Issuance of equity shares (Details) - CHF (SFr)	Jun. 30, 2022	Dec. 31, 2021
Issuance of Equity Shares [Abstract]
Issued capital	SFr 3,250,232	SFr 3,229,000
Number of shares issued and fully paid (in shares)	32,502,323

Dividends (Details) SFr in Thousands	6 Months Ended
Dividends (Details) SFr in Thousands	Jun. 30, 2022 CHF (SFr)
Dividends [Abstract]
Dividends paid, ordinary shares	SFr 0

Share-based compensation - Narrative (Details) SFr in Thousands	6 Months Ended
	Jun. 30, 2022 CHF (SFr) shares	Jun. 30, 2021 CHF (SFr)	Dec. 31, 2021 shares
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of share options outstanding (in shares)	285,925		318,902
Number of PSUs and RSUs outstanding (in shares)	776,560		643,120
Share-based compensation costs \| SFr	SFr 2,870	SFr 1,853
Performance Share Units (PSU)
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of PSUs and RSUs outstanding (in shares)	680,559		547,485
Restricted Share Units (RSU)
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of PSUs and RSUs outstanding (in shares)	96,001		95,635

Share-based compensation - Disclosure of Movements in the Number of Share Options (Details)	6 Months Ended
	Jun. 30, 2022 shares SFr / shares	Dec. 31, 2021 shares SFr / shares
Personnel Expenses [Abstract]
Number of instruments outstanding (in shares) \| shares	1,062,485	962,022
Weighted average exercise price of instruments outstanding in share-based payment arrangement (in CHF per share)	SFr 1.92	SFr 2.35
Number of share options outstanding (in shares) \| shares	285,925	318,902
Weighted average exercise price of share options outstanding in share-based payment arrangement (in CHF per share)	SFr 6.87	SFr 6.87
Number of PSUs and RSUs outstanding (in shares) \| shares	776,560	643,120
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CHF per share)	SFr 0.10	SFr 0.10
Number of instruments granted (in shares) \| shares	321,366
Weighted average exercise price of instruments granted (in CHF per share)	SFr 0.10
Number of share options granted (in shares) \| shares	0
Weighted average exercise price of share options granted (in CHF per share)	SFr 0
Number of RSU and PSU granted (in shares) \| shares	321,366
Weighted average exercise price (in CHF per shares)	SFr 0.10
Number of instruments forfeited, performance adjustment (in shares) \| shares	0
Weighted average exercise price of instruments forfeited, performance adjustment (in CHF per share)	SFr 0.10
Number of share options forfeited, performance adjustment (in shares) \| shares	0
Weighted average exercise price of share options forfeited, performance adjustment (in CHF per share)	SFr 0
Weighted average exercise price of PSU and RSU forfeited, performance adjustment (in CHF per share)	SFr 0.10
Number of instruments forfeited (in shares) \| shares	(11,228)
Weighted average exercise price of instruments forfeited (in CHF per share)	SFr 0.10
Number of share options forfeited (in shares) \| shares	0
Weighted average exercise price of share options forfeited (in CHF per share)	SFr 0
Number of PSU and RSU forfeited (in shares) \| shares	(11,228)
Weighted average exercise price of PSU and RSU forfeited (in CHF per share)	SFr 0.10
Number of instruments expired (in shares) \| shares	0
Weighted average exercise price of instruments expired (in CHF per share)	SFr 0
Number of share options expired (in shares) \| shares	0
Weighted average exercise price of share options expired (in CHF per share)	SFr 0
Number of PSU and RSU expired (in shares) \| shares	0
Weighted average exercise price of PSU and RSU expired (in CHF per share)	SFr 0
Number of instruments exercised (in shares) \| shares	(209,675)
Weighted average exercise price of instruments exercised (in CHF per share)	SFr 1.18
Number of share options exercised (in shares) \| shares	(32,977)
Weighted average exercise price of share options exercised (in CHF per share)	SFr 6.94
Number of PSU and RSU exercised (in shares) \| shares	(176,698)
Weighted average exercise price of PSU and RSU exercised (in CHF per share)	SFr 0.10

Financial income and expense - Disclosure of Detailed Information about Financial Income (Details) - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Analysis of income and expense [abstract]
Interest income on financial assets held at amortized cost	SFr 244	SFr 17
Net foreign exchange gain	2,591	1,528
Total	SFr 2,835	SFr 1,545

Financial income and expense - Disclosure of Detailed Information about Financial Expense (Details) - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Analysis of income and expense [abstract]
Negative interest on financial assets held at amortized costs	SFr (462)	SFr (288)
Interest expense on leases	(23)	(27)
Other financial expenses	(5)	(4)
Total	SFr (490)	SFr (319)

Income Taxes (Details) - CHF (SFr) SFr in Thousands	6 Months Ended
Income Taxes (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Tax loss carryforwards		SFr 212,218
Average effective tax rate	0.00%

Analysis of income and expense (Details)	Dec. 31, 2021
Analysis of income and expense [abstract]
Increase in discount rate	1.85%

Earnings per share (Details) - shares	6 Months Ended
Earnings per share (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Earnings per share [abstract]
Weighted average number of shares used in computing basic earnings per share (in shares)	32,409,491	29,705,254
Weighted average number of shares used in computing diluted earnings per share (in shares)	33,176,481	29,705,254

Earnings per share - Narrative (Details)	Jun. 30, 2022 shares
Earnings per share [abstract]
Number of potential future dilutive shares (in shares)	766,990