0001745114-23-000009 | 6-K | XBRL Viewer

Contract liability - Explanation of Changes in Contract Liabilities (Details) SFr in Thousands	6 Months Ended
	Jun. 30, 2023 CHF (SFr)
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	SFr 10,046
Recognized as revenue	(2,787)
Contract liability at end of period	7,259
Novartis
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	10,046
Recognized as revenue	(2,787)
Contract liability at end of period	SFr 7,259

Share-based compensation

6 Months Ended

Jun. 30, 2023

Personnel Expenses [Abstract]

Share-based compensation

As of June 30, 2023, 282,105 options were outstanding (December 31, 2022: 282,105 options) under all active option plans. As of June 30, 2023, and December 31, 2022 all outstanding options were fully vested.

As of June 30, 2023, a total of 1,322,337 PSUs and 182,678 Restricted Stock Units ("RSUs") were outstanding, of which none were vested (as of December 31, 2022 a total of 604,800 PSUs and 96,001 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, 2023, 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, 2023	982,906	2.05	282,105	6.89	700,801	0.10

Granted	1,194,856	0.10	—	—	1,194,856	0.10
(Performance adjustment)1	(74,169)	0.10	—	—	(74,169)	0.10
(Forfeited)2	(30,375)	0.10	—	—	(30,375)	0.10
(Expired)	—	—	—	—	—	—
(Exercised options), vested PSU / RSU	(286,098)	0.10	—	—	(286,098)	0.10

Balance outstanding at June 30, 2023	1,787,120	1.17	282,105	6.89	1,505,015	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, 2023, amounted to TCHF 3,060 (TCHF 2,870 for the six months ended June 30, 2022). For the three months ended June 30, 2023 the share-based compensation costs amounted to TCHF 1,312 (TCHF 1,522 for the three months ended June 30, 2022).

Basis of Preparation	6 Months Ended
Basis of Preparation	Jun. 30, 2023
Disclosure Of Significant Accounting Policies [Abstract]
Basis of Preparation	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, 2022. 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, 2022. 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 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.

Other comprehensive result (Details)	6 Months Ended
Other comprehensive result (Details)	Jun. 30, 2023
Analysis of income and expense [abstract]
Increase (decrease) in discount rate	(0.40%)

Contract liability - Disclosure of Current and Non-Current Contract Liabilities (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Contract Liability [Line Items]
Current	SFr 5,838	SFr 6,409
Non-current	1,421	3,637
Contract liability	7,259	10,046
Novartis
Disclosure Of Detailed Information About Contract Liability [Line Items]
Current	5,838
Non-current	1,421
Contract liability	SFr 7,259	SFr 10,046

Financial income and expense - Disclosure of Detailed Information about Financial Income (Details) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Interest income on financial assets held at amortized cost	SFr 1,088	SFr 156	SFr 1,955	SFr 244
Net foreign exchange gain	0	1,856	0	2,591
Total	SFr 1,088	SFr 2,012	SFr 1,955	SFr 2,835

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2023
Income Taxes And Deferred Taxes [Abstract]
Income taxes	Income taxesThe Group has in recent years reported operating losses, with the exception of the year ended December 31, 2022, that resulted in a tax loss carry-forward in Switzerland of TCHF 88,198 as of December 31, 2022. No deferred tax assets have been recognized for these tax losses carry forwards, because it is not probable that such loss carry forwards can be utilized in the foreseeable future. In addition, no deferred tax positions were recognized on other deductible temporary differences (e.g. pension liabilities under IAS 19) due to the significant tax losses carry forwards.

Basis of Preparation (Policies)	6 Months Ended
Basis of Preparation (Policies)	Jun. 30, 2023
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, 2022. 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, 2022. 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 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.

Contract liability

6 Months Ended

Jun. 30, 2023

Contract liabilities [abstract]

Contract liability

The table below presents the movement in the Group's contract liabilities during the six months ended June 30, 2023:


in CHF thousands	Contract liability at December 31, 2022	Recognized as revenue	Contract liability at June 30, 2023

Novartis	10,046	(2,787)	7,259
Total	10,046	(2,787)	7,259


in CHF thousands	Current	Non-current	Contract liability

Novartis	5,838	1,421	7,259
Balance at June 30, 2023	5,838	1,421	7,259

Revenue

6 Months Ended

Jun. 30, 2023

Revenue [abstract]

Revenue

In January 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 invoice CHF 150 million for the option exercise payment and in addition the Group was allowed to invoice Novartis CHF 13.1 million for other items related to ensovibep. Both amounts were recognized as revenue during the first six months of 2022. At the signing of the License Agreement in January 2022, the Group also assigned the Reservation Agreement with the Federal Office of Public Health ("FOPH") to Novartis. This assignment allowed the Group in the first six months of 2022, to also recognize as revenue, the reservation fee of CHF 7 million received from the FOPH.

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, 2023, the Group recognized as revenue an amount of TCHF 678 in relation to this recharge (six months ended June 30, 2022: TCHF 626). During the three months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 292 in relation to this recharge (three months ended June 30, 2022: TCHF 387).

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 research plan.

In June 2023, the Group increased its estimate of the total future costs required to satisfy the performance obligation under this Novartis collaboration. This change in estimate affects the allocation of revenue over time and has no impact on the total amount recognized or to be recognized into revenue under the agreement with Novartis. This increase in the total estimated future costs resulted in a lower amount of recognized revenue for the six months period ended June 30, 2023, as compared to the comparable prior year period. The increase in total estimated future costs is primarily related to the continued development of various DARPin-conjugated radioligand therapeutic candidates.

During the six months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 2,787 (six months ended June 30, 2022: TCHF 4,170) related to the upfront payment received in January 2022. During the three months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 123 (three months ended June 30, 2022: TCHF 2,513) in relation to the same upfront payment.

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	2023	2022

Revenues Switzerland	3,465	174,873
Revenues USA	—	9,653
Total revenues	3,465	184,526


Analysis of revenue by major alliance partner
in TCHF, for the six months ended June 30	2023	2022

Novartis AG, Switzerland	3,465	167,873
FOPH, Switzerland	—	7,000
Amgen Inc., USA	—	9,653
Total revenues	3,465	184,526


Revenues by country
in TCHF, for the three months ended June 30	2023	2022

Revenues Switzerland	415	2,900
Revenues USA	—	8,849
Total revenues	415	11,749


Analysis of revenue by major alliance partner
in TCHF, for the three months ended June 30	2023	2022

Novartis AG, Switzerland	415	2,900

Amgen Inc., USA	—	8,849
Total revenues	415	11,749

Revenue - Revenue by Country (Details) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 415	SFr 11,749	SFr 3,465	SFr 184,526
Revenues Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	415	2,900	3,465	174,873
Revenues USA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 0	SFr 8,849	SFr 0	SFr 9,653

New or Revised IFRS Standards and Interpretations	6 Months Ended
New or Revised IFRS Standards and Interpretations	Jun. 30, 2023
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, 2023. These standards did not have any significant impact on the Group’s accounting policies and did not require any retrospective adjustments.

General Information	6 Months Ended
General Information	Jun. 30, 2023
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 pioneering designed ankyrin repeat proteins (DARPin) candidates to treat serious diseases, with a current focus on oncology and virology. 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 three and six months ended June 30, 2023 were approved for issuance by the Board of Directors on August 24, 2023.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.

Other comprehensive result	6 Months Ended
Other comprehensive result	Jun. 30, 2023
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 month period ended June 30, 2023, relates to a decrease in the discount rate by 40 basis points relative to December 31, 2022.

Earnings per share (Details) - shares	3 Months Ended		6 Months Ended
Earnings per share (Details) - shares	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per share [abstract]
Weighted average number of shares used in computing basic earnings per share (in shares)	32,830,804	32,502,323	32,694,617	32,409,491
Weighted average number of shares used in computing diluted earnings per share (in shares)	32,830,804	32,502,323	32,694,617	33,176,481

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue [abstract]

Disclosure of revenue by country and by major collaboration partner

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	2023	2022

Revenues Switzerland	3,465	174,873
Revenues USA	—	9,653
Total revenues	3,465	184,526


Analysis of revenue by major alliance partner
in TCHF, for the six months ended June 30	2023	2022

Novartis AG, Switzerland	3,465	167,873
FOPH, Switzerland	—	7,000
Amgen Inc., USA	—	9,653
Total revenues	3,465	184,526


Revenues by country
in TCHF, for the three months ended June 30	2023	2022

Revenues Switzerland	415	2,900
Revenues USA	—	8,849
Total revenues	415	11,749


Analysis of revenue by major alliance partner
in TCHF, for the three months ended June 30	2023	2022

Novartis AG, Switzerland	415	2,900

Amgen Inc., USA	—	8,849
Total revenues	415	11,749

Issuances of equity securities	6 Months Ended
Issuances of equity securities	Jun. 30, 2023
Issuance of Equity Shares [Abstract]
Issuances of equity securities	Issuances of equity securitiesAs of June 30, 2023, as a result of the vesting of Performance Share Units ("PSUs" ) the outstanding issued share capital of the Company increased to CHF 3,633,080 divided into 36,330,804 fully paid registered shares (inclusive of 3,500,000 treasury shares).

Condensed consolidated interim cash flow statement - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of cash flows [abstract]
Net result attributable to shareholders	SFr (30,765)	SFr 148,605
Adjustments for:
Depreciation and amortization	1,214	1,205
Share-based compensation costs	3,060	2,870
Change in employee benefits	317	590
Financial income	(1,955)	(2,835)
Financial expenses	1,749	490
Changes in working capital:
Change in other current assets	888	2,075
Change in trade and other receivables	(469)	23,590
Change in trade and other payables	591	(1,858)
Change in contract liability	(2,788)	(20,822)
Change in accrued expenses	(1,610)	(2,568)
Exchange gain/(loss) on working capital positions	(30)	(17)
Interest paid	(18)	(335)
Other financial expense	(9)	(5)
Net cash (used in) from operating activities	(29,825)	150,986
Proceeds from investments in short term time deposits	161,723	42,006
Investments in short term time deposits	(155,478)	(151,131)
Acquisition of property, plant and equipment	(185)	(426)
Acquisition of intangible assets	(157)	(110)
Interest received	1,502	57
Net cash from (used in) investing activities	7,405	(109,604)
Proceeds from exercise of stock options, net of transaction costs	27	244
Payment of lease liabilities	(598)	(593)
Net cash used in financing activities	(571)	(349)
Exchange (loss) gain on cash positions	(1,712)	2,096
Net (decrease) increase in cash and cash equivalents	(24,703)	43,130
Cash and cash equivalents at January 1	87,946	71,813
Cash and cash equivalents at June 30,	SFr 63,243	SFr 114,943

Earnings per share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings per share - Narrative (Details) - shares	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per share [abstract]
Number of dilutive shares (in shares)	0	0	0	766,990

Contract liability (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023:


in CHF thousands	Contract liability at December 31, 2022	Recognized as revenue	Contract liability at June 30, 2023

Novartis	10,046	(2,787)	7,259
Total	10,046	(2,787)	7,259

Disclosure of Current and Non-Current Contract Liabilities


in CHF thousands	Current	Non-current	Contract liability

Novartis	5,838	1,421	7,259
Balance at June 30, 2023	5,838	1,421	7,259

Financial income and expense - Disclosure of Detailed Information about Financial Expense (Details) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Net foreign exchange loss	SFr (1,177)	SFr 0	SFr (1,722)	SFr 0
Negative interest on financial assets held at amortized costs	0	(227)	0	(462)
Interest expense on leases	(9)	(11)	(18)	(23)
Other financial expenses	(6)	(3)	(9)	(5)
Total	SFr (1,192)	SFr (241)	SFr (1,749)	SFr (490)

Income taxes (Details) SFr in Thousands	Dec. 31, 2022 CHF (SFr)
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Tax loss carryforwards	SFr 88,198

Revenue -Analysis of Revenue by Major Collaboration Partner (Details) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 415	SFr 11,749	SFr 3,465	SFr 184,526
Novartis AG, Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	415	2,900	3,465	167,873
FOPH, Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues			0	7,000
Amgen Inc., USA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 0	SFr 8,849	SFr 0	SFr 9,653

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings per share [abstract]

Summary of weighted average number of shares used in computation


for the six months ended June 30	2023	2022
Weighted average number of shares used in computing basic earnings per share	32,694,617	32,409,491
Weighted average number of shares used in computing diluted earnings per share	32,694,617	33,176,481


for the three months ended June 30	2023	2022
Weighted average number of shares used in computing basic earnings per share	32,830,804	32,502,323
Weighted average number of shares used in computing diluted earnings per share	32,830,804	32,502,323

Dividends (Details) SFr in Thousands	6 Months Ended
Dividends (Details) SFr in Thousands	Jun. 30, 2023 CHF (SFr)
Dividends [Abstract]
Dividends paid, ordinary shares	SFr 0

Condensed Consolidated Interim Statement of Financial Position - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Assets
Property, plant and equipment	SFr 6,357,000	SFr 7,235,000
Intangible assets	277,000	271,000
Total non-current assets	6,634,000	7,506,000
Short-term time deposits	154,952,000	161,198,000
Other current assets	4,154,000	4,589,000
Trade and other receivables	1,510,000	1,019,000
Cash and cash equivalents	63,243,000	87,946,000
Total current assets	223,859,000	254,752,000
Total assets	230,493,000	262,258,000
Shareholders' equity and liabilities
Share capital	3,633,080	3,604,000
Additional paid-in capital	363,381,000	360,323,000
Treasury share reserve	(981,000)	(981,000)
Cumulative losses	(160,056,000)	(127,780,000)
Total shareholders' equity	205,977,000	235,166,000
Contract liability	1,421,000	3,637,000
Lease liability	3,049,000	3,652,000
Employee benefits	4,376,000	2,552,000
Total non-current liabilities	8,846,000	9,841,000
Trade and other payables	2,739,000	2,143,000
Accrued expenses	5,890,000	7,501,000
Contract liability	5,838,000	6,409,000
Lease liability	1,203,000	1,198,000
Total current liabilities	15,670,000	17,251,000
Total liabilities	24,516,000	27,092,000
Total shareholders' equity and liabilities	SFr 230,493,000	SFr 262,258,000

Dividends	6 Months Ended
Dividends	Jun. 30, 2023
Dividends [Abstract]
Dividends	DividendsThe Group has paid no dividends since its inception and does not anticipate paying dividends in the foreseeable future.

Putative Class Action	6 Months Ended
Putative Class Action	Jun. 30, 2023
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. On May 23, 2023, an amended complaint was filed. The amended complaint alleges that the defendants violated federal securities laws by, among other things, making misrepresentations and omissions regarding its product candidate MP0310 and an associated licensing agreement. The amended complaint seeks unspecified compensatory damages, as well as an award of reasonable attorneys’ fees and other costs, on behalf of persons and/or entities which purchased the Company's American Depositary Shares (ADSs) pursuant to certain offering documents issued in connection with the Company's initial public offering of ADSs. The matter remains in its early stages. The Company moved to dismiss the amended complaint on July 24; Plaintiffs’ opposition is due September 7; and the Company’s reply brief is due October 5, 2023. The Company disputes these claims and intends to defend itself accordingly. The Company expresses no assurances as to the ultimate outcome of this matter.

Revenue - Narrative (Details) SFr in Thousands, $ in Millions		3 Months Ended		6 Months Ended
	Jan. 17, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		SFr 415	SFr 11,749	SFr 3,465	SFr 184,526
Recognized as revenue				(2,787)
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					7,000
Licence and collaboration agreement with Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		292	387	678	626
Trade receivables		18,600		18,600		$ 20
Recognized as revenue		(123)	(2,513)	(2,787)	(4,170)
Licence and collaboration agreement with Amgen, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		SFr 0	SFr 8,849	SFr 0	SFr 9,653

Financial income and expense

6 Months Ended

Jun. 30, 2023

Analysis of income and expense [abstract]

Financial income and expense

Financial income and expenseFinancial income


in CHF thousands, for the six months ended June 30	2023	2022
Interest income on financial assets held at amortized cost	1,955	244
Net foreign exchange gain	—	2,591
Total	1,955	2,835


in CHF thousands, for the three months ended June 30	2023	2022
Interest income on financial assets held at amortized cost	1,088	156
Net foreign exchange gain	—	1,856
Total	1,088	2,012

Financial expense


in CHF thousands, for the six months ended June 30	2023	2022
Net foreign exchange loss	(1,722)	—
Negative interest on financial assets held at amortized costs	—	(462)
Interest expense on leases	(18)	(23)
Other financial expenses	(9)	(5)
Total	(1,749)	(490)


in CHF thousands, for the three months ended June 30	2023	2022
Net foreign exchange loss	(1,177)	—
Negative interest on financial assets held at amortized costs	—	(227)
Interest expense on leases	(9)	(11)
Other financial expenses	(6)	(3)
Total	(1,192)	(241)

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.

Share-based compensation - Disclosure of Movements in the Number of Share Options (Details)	6 Months Ended
	Jun. 30, 2023 shares SFr / shares
Personnel Expenses [Abstract]
Number of instruments outstanding, beginning of period (in shares) \| shares	982,906
Weighted average exercise price of instruments outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 2.05
Number of share options outstanding at beginning of period (in shares) \| shares	282,105
Weighted average exercise price of share options outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 6.89
Number of PSU and RSU outstanding at beginning of period (in shares) \| shares	700,801
Weighted average exercise price of PSU and RSU outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments granted (in shares) \| shares	1,194,856
Weighted average exercise price of instruments granted (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of RSU and PSU granted (in shares) \| shares	1,194,856
Weighted average exercise price (in CHF per shares) \| SFr / shares	SFr 0.10
Number of instruments forfeited, performance adjustment (in shares) \| shares	(74,169)
Weighted average exercise price of instruments forfeited, performance adjustment (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of PSU and RSU forfeited, performance adjustment (in shares) \| shares	(74,169)
Weighted average exercise price of PSU and RSU forfeited, performance adjustment (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments forfeited (in shares) \| shares	(30,375)
Weighted average exercise price of instruments forfeited (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of PSU and RSU forfeited (in shares) \| shares	(30,375)
Weighted average exercise price of PSU and RSU forfeited (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments expired (in shares) \| shares	0
Weighted average exercise price of instruments expired (in CHF per share) \| SFr / shares	SFr 0
Number of share options expired (in shares) \| shares	0
Weighted average exercise price of share options expired (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of instruments exercised (in shares) \| shares	(286,098)
Weighted average exercise price of instruments exercised (in CHF per share) \| SFr / shares	SFr 0.10
Number of share options exercised (in shares) \| shares	0
Weighted average exercise price of share options exercised (in CHF per share) \| SFr / shares	SFr 0
Number of PSU and RSU exercised (in shares) \| shares	(286,098)
Weighted average exercise price of PSU and RSU exercised (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments outstanding, end of period (in shares) \| shares	1,787,120
Weighted average exercise price of instruments outstanding at end of period (in CHF per share) \| SFr / shares	SFr 1.17
Number of share options outstanding at end of period (in shares) \| shares	282,105
Weighted average exercise price of share options outstanding at end of period (in CHF per share) \| SFr / shares	SFr 6.89
Number of PSU and RSU outstanding at end of period (in shares) \| shares	1,505,015
Weighted average exercise price of PSU and RSU outstanding at end of period (in CHF per share) \| SFr / shares	SFr 0.10

Critical accounting estimates and judgment	6 Months Ended
Critical accounting estimates and judgment	Jun. 30, 2023
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.

Events after the balance sheet date	6 Months Ended
Events after the balance sheet date	Jun. 30, 2023
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 for issuance by the Board of Directors that would require adjustment to these condensed consolidated interim financial statements or disclosure under this section.

Share-based compensation - Narrative (Details) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 CHF (SFr) shares	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr) shares	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2022 shares
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of share options outstanding (in shares)	282,105		282,105		282,105
Number of PSUs and RSUs outstanding (in shares)	1,505,015		1,505,015		700,801
Share-based compensation costs \| SFr	SFr 1,312	SFr 1,522	SFr 3,060	SFr 2,870
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)	1,322,337		1,322,337		604,800
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)	182,678		182,678		96,001

Related parties	6 Months Ended
Related parties	Jun. 30, 2023
Related party transactions [abstract]
Related parties	Related partiesThe Group did not enter into any related party transactions in the interim periods presented.

Financial income and expense (Tables)

6 Months Ended

Jun. 30, 2023

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	2023	2022
Interest income on financial assets held at amortized cost	1,955	244
Net foreign exchange gain	—	2,591
Total	1,955	2,835


in CHF thousands, for the three months ended June 30	2023	2022
Interest income on financial assets held at amortized cost	1,088	156
Net foreign exchange gain	—	1,856
Total	1,088	2,012

Disclosure of detailed information about financial expense

Financial expense


in CHF thousands, for the six months ended June 30	2023	2022
Net foreign exchange loss	(1,722)	—
Negative interest on financial assets held at amortized costs	—	(462)
Interest expense on leases	(18)	(23)
Other financial expenses	(9)	(5)
Total	(1,749)	(490)


in CHF thousands, for the three months ended June 30	2023	2022
Net foreign exchange loss	(1,177)	—
Negative interest on financial assets held at amortized costs	—	(227)
Interest expense on leases	(9)	(11)
Other financial expenses	(6)	(3)
Total	(1,192)	(241)

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

Total

Share capital

Additional paid-in capital

Treasury share reserve

Cumulative losses

Equity at beginning of period at Dec. 31, 2021

SFr 107,289

SFr 3,229

SFr 355,010

SFr (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

265,873

3,250

358,103

(95,480)

Equity at beginning of period at Dec. 31, 2022

235,166

3,604

360,323

SFr (981)

(127,780)

Net result

(30,765)

Remeasurement of net pension liabilities

(1,507)

Exchange differences on translating foreign operations

(4)

Total comprehensive result, attributable to shareholders

(32,276)

Share-based compensation costs

^[1]

3,060

Exercise of stock options, net of transaction costs

(2)

Equity at end of period at Jun. 30, 2023

SFr 205,977

SFr 3,633

SFr 363,381

SFr (981)

SFr (160,056)

[1]	See note 5.5

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
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-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2022-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 24
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
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-Subparagraph e
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-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2022-03-24
-Paragraph 113
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2022-en-r&anchor=para_113_b&doctype=Standard
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023, 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, 2023	982,906	2.05	282,105	6.89	700,801	0.10

Granted	1,194,856	0.10	—	—	1,194,856	0.10
(Performance adjustment)1	(74,169)	0.10	—	—	(74,169)	0.10
(Forfeited)2	(30,375)	0.10	—	—	(30,375)	0.10
(Expired)	—	—	—	—	—	—
(Exercised options), vested PSU / RSU	(286,098)	0.10	—	—	(286,098)	0.10

Balance outstanding at June 30, 2023	1,787,120	1.17	282,105	6.89	1,505,015	0.10

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

2Forfeited due to service conditions not fulfilled

Cover	6 Months Ended
Cover	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
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 Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001745114
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--12-31

Condensed consolidated interim statement of comprehensive income/loss - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues and other income
Revenues from research and development collaborations	SFr 415	SFr 11,749	SFr 3,465	SFr 184,526
Other income	0	9	0	14
Total revenues and other income	415	11,758	3,465	184,540
Operating expenses
Research and development expenses	(11,632)	(12,571)	(24,327)	(27,043)
Selling, general and administrative expenses	(4,666)	(5,480)	(10,109)	(11,237)
Total operating expenses	(16,298)	(18,051)	(34,436)	(38,280)
Operating result	(15,883)	(6,293)	(30,971)	146,260
Financial income	1,088	2,012	1,955	2,835
Financial expenses	(1,192)	(241)	(1,749)	(490)
Net finance result	(104)	1,771	206	2,345
Result before income taxes	(15,987)	(4,522)	(30,765)	148,605
Income taxes	0	0	0	0
Net result, attributable to shareholders	(15,987)	(4,522)	(30,765)	148,605
Items that will not be reclassified to profit or loss
Remeasurement of net pension liabilities, net of tax	(1,536)	4,367	(1,507)	6,875
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations	(1)	(8)	(4)	(10)
Other comprehensive result, net of tax	(1,537)	4,359	(1,511)	6,865
Total comprehensive result, attributable to shareholders	SFr (17,524)	SFr (163)	SFr (32,276)	SFr 155,470
Basic net result per share (in CHF per share)	SFr (0.49)	SFr (0.14)	SFr (0.94)	SFr 4.59
Diluted net result per share (in CHF per share)	SFr (0.49)	SFr (0.14)	SFr (0.94)	SFr 4.48

Issuances of equity securities (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Issued capital	SFr 3,633,080	SFr 3,604,000
Number of shares issued and fully paid (in shares)	36,330,804
Treasury share reserve
Number of shares outstanding (in shares)	3,500,000

Earnings per share

6 Months Ended

Jun. 30, 2023

Earnings per share [abstract]

Earnings per share

Earnings per shareBasic 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 treasury 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	2023	2022
Weighted average number of shares used in computing basic earnings per share	32,694,617	32,409,491
Weighted average number of shares used in computing diluted earnings per share	32,694,617	33,176,481

At June 30, 2023, there were no dilutive shares for the six month period (June 30, 2022: 766,990).


for the three months ended June 30	2023	2022
Weighted average number of shares used in computing basic earnings per share	32,830,804	32,502,323
Weighted average number of shares used in computing diluted earnings per share	32,830,804	32,502,323

There were no dilutive shares for the three month periods ended June 30, 2023 and June 30, 2022.

Share-based compensation - Disclosure of Movements in the Number of Share Options (Details)	6 Months Ended
	Jun. 30, 2023 shares SFr / shares
Personnel Expenses [Abstract]
Number of instruments outstanding, beginning of period (in shares) \| shares	982,906
Weighted average exercise price of instruments outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 2.05
Number of share options outstanding at beginning of period (in shares) \| shares	282,105
Weighted average exercise price of share options outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 6.89
Number of PSU and RSU outstanding at beginning of period (in shares) \| shares	700,801
Weighted average exercise price of PSU and RSU outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments granted (in shares) \| shares	1,194,856
Weighted average exercise price of instruments granted (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of RSU and PSU granted (in shares) \| shares	1,194,856
Weighted average exercise price (in CHF per shares) \| SFr / shares	SFr 0.10
Number of instruments forfeited, performance adjustment (in shares) \| shares	(74,169)
Weighted average exercise price of instruments forfeited, performance adjustment (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of PSU and RSU forfeited, performance adjustment (in shares) \| shares	(74,169)
Weighted average exercise price of PSU and RSU forfeited, performance adjustment (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments forfeited (in shares) \| shares	(30,375)
Weighted average exercise price of instruments forfeited (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of PSU and RSU forfeited (in shares) \| shares	(30,375)
Weighted average exercise price of PSU and RSU forfeited (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments expired (in shares) \| shares	0
Weighted average exercise price of instruments expired (in CHF per share) \| SFr / shares	SFr 0
Number of share options expired (in shares) \| shares	0
Weighted average exercise price of share options expired (in CHF per share) \| SFr / shares	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 / shares	SFr 0
Number of instruments exercised (in shares) \| shares	(286,098)
Weighted average exercise price of instruments exercised (in CHF per share) \| SFr / shares	SFr 0.10
Number of share options exercised (in shares) \| shares	0
Weighted average exercise price of share options exercised (in CHF per share) \| SFr / shares	SFr 0
Number of PSU and RSU exercised (in shares) \| shares	(286,098)
Weighted average exercise price of PSU and RSU exercised (in CHF per share) \| SFr / shares	SFr 0.10
Number of instruments outstanding, end of period (in shares) \| shares	1,787,120
Weighted average exercise price of instruments outstanding at end of period (in CHF per share) \| SFr / shares	SFr 1.17
Number of share options outstanding at end of period (in shares) \| shares	282,105
Weighted average exercise price of share options outstanding at end of period (in CHF per share) \| SFr / shares	SFr 6.89
Number of PSU and RSU outstanding at end of period (in shares) \| shares	1,505,015
Weighted average exercise price of PSU and RSU outstanding at end of period (in CHF per share) \| SFr / shares	SFr 0.10