0001745114-24-000003 | 20-F | XBRL Viewer

Administrative cost excl. cost for managing plan assets

(1,126)

(203)

(86)

Defined benefit cost recognized in profit or loss

2,632

3,192

3,059

thereof service cost and administrative cost

2,576

3,164

3,031

thereof net interest expense on the net defined benefit liability

Reconciliation of amount recognized in OCI

Actuarial (gain) / loss on changes in financial assumptions

3,644

(12,222)

(2,303)

Actuarial (gain) / loss on changes in demographic assumptions

(10)

(2,432)

Actuarial (gain) / loss arising from experience adjustments

(1,000)

3,546

(773)

Actuarial (gain)/loss on defined benefit obligation

2,634

(8,676)

(5,508)

Return on plan assets excluding interest income

(659)

3,342

(2,504)

Future salary increases at December 31

^[1]

SFr 1,975

SFr (5,334)

SFr (8,012)

[1]	See note 18

Shareholders’ equity - Narrative (Details) - CHF (SFr)	12 Months Ended
Shareholders’ equity - Narrative (Details) - CHF (SFr)	Dec. 31, 2023	Aug. 31, 2022
Equity [abstract]
Number of shares issued (in shares)		3,500,000
Par value per share (in CHF per share)	SFr 0.10	SFr 0.10
Nominal value of treasury shares	SFr 350,000
Transaction costs related to issuance of treasury shares	SFr 631,336

Consolidated Statement of Cash Flows - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of cash flows [abstract]
Net result attributable to shareholders	SFr (61,984)	SFr 117,853	SFr (63,785)
Adjustments for:
Depreciation and amortization	2,420	2,388	2,565
Share-based compensation costs	5,207	5,088	4,085
Change in employee benefits	535	1,147	1,073
Income tax	0	0	2
Financial income	(4,279)	(1,859)	(191)
Financial expenses	5,155	619	556
Changes in working capital:
Change in other current assets	1,424	1,787	(4,445)
Change in trade and other receivables	(933)	25,264	(23,374)
Change in trade and other payables	(812)	(5,339)	1,656
Change in contract liability	(5,713)	(25,190)	(10,651)
Change in accrued expenses	45	(2,434)	2,290
Exchange (loss) gain on working capital positions	(21)	(98)	(144)
Interest paid	(34)	(646)	(583)
Income taxes paid	0	0	0
Other financial expense	(15)	(14)	(8)
Net cash (used in) from operating activities	(59,005)	118,566	(90,953)
Proceeds from investments in short-term time deposits	319,443	199,219	67,876
Investments in short-term time deposits	(277,825)	(299,417)	(88,876)
Acquisition of property, plant and equipment	(575)	(1,177)	(933)
Acquisition of intangible assets	(233)	(240)	(374)
Interest received	3,827	494	70
Net cash from (used in) investing activities	44,637	(101,121)	(22,237)
Proceeds from issuance of new shares, net of transaction costs	0	0	51,493
Investments in treasury shares	0	(631)	0
Proceeds from exercise of stock options, net of transaction costs	31	250	267
Payment of lease liabilities	(1,198)	(1,189)	(1,179)
Net cash (used in) from financing activities	(1,167)	(1,570)	50,581
Exchange (loss) gain on cash positions	(5,102)	258	701
Net (decrease) increase in cash and cash equivalents	(20,637)	16,133	(61,907)
Cash and cash equivalents at January 1	87,946	71,813	133,721
Cash and cash equivalents at December 31	SFr 67,309	SFr 87,946	SFr 71,813

Financial instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Financial instruments


in CHF thousands			Financial assets at amortized costs
2023
Cash and cash equivalents			67,309
Trade receivables			295
Accrued income			1,131
Short-term time deposits			119,580
Balance at December 31			188,315
2022
Cash and cash equivalents			87,946
Trade receivables			521
Accrued income			679
Short-term time deposits			161,198
Balance at December 31			250,344

The above mentioned amounts were neither past due nor impaired at the end of the respective reporting period. Please also see note 25.


in CHF thousands			Financial liabilities at amortized cost
2023
Trade payables			410
Accrued project costs and royalties			1,827
Lease liabilities			3,652
Other non-employee related accrued expenses			704
Balance at December 31			6,593
2022
Trade payables			997
Accrued project costs and royalties			2,167
Lease liabilities			4,850
Other non-employee related accrued expenses			556
Balance at December 31			8,570

The carrying amount of financial assets and financial liabilities not measured at fair value (except for lease liabilities) is a reasonable approximation of fair value.

Personnel expenses - Disclosure of Net Defined Benefit Liability (Asset) (Details) - CHF (SFr)
SFr in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Actuarial assumptions

Discount rate

1.50%

2.25%

0.40%

2.00%

Reconciliation of the amount recognized in the statement of financial position

Defined benefit obligation at December 31

SFr 56,347

SFr 52,529

51,627

50,284

Components of defined benefit cost in profit or loss

4,720

2,245

SFr 6,483

Current service cost (employer)

2,507

3,137

3,097

Past service cost

(94)

Interest expense on defined benefit obligation

1,182

231

114

Administrative cost excl. cost for managing plan assets

(1,126)

(203)

(86)

Defined benefit cost recognized in profit or loss

2,632

3,192

3,059

thereof service cost and administrative cost

2,576

3,164

3,031

thereof net interest expense on the net defined benefit liability

Reconciliation of net defined benefit liability

Defined benefit cost recognized in profit or loss

2,245

6,483

2,632

3,192

1,975

(5,334)

(2,132)

(2,096)

Reconciliation of defined benefit obligation

4,720

2,245

6,483

Actuarial (gain)/loss on defined benefit obligation

2,245

6,483

1,975

(5,334)

Reconciliation of amount recognized in OCI

4,720

2,245

6,483

Actuarial (gain) / loss on changes in financial assumptions

3,644

(12,222)

(2,303)

Actuarial (gain) / loss on changes in demographic assumptions

(10)

(2,432)

Actuarial (gain) / loss arising from experience adjustments

(1,000)

3,546

(773)

Actuarial (gain)/loss on defined benefit obligation

2,634

(8,676)

(5,508)

Return on plan assets excluding interest income

(659)

3,342

(2,504)

Reconciliation of fair value of plan assets

^[1]

1,975

(5,334)

(8,012)

Fair value of plan assets at January 1

(2,245)

(6,483)

2,132

2,096

(4,720)

(2,245)

(6,483)

2,156

2,231

Total plan assets at fair value at December 31

51,627

50,284

thereof entity's own transferable financial instruments

thereof property occupied or other assets used by the entity

SFr 0

Weighted average duration of defined obligation in years at December 31

16 years 2 months 12 days

15 years

Discount rates based on industry benchmark, period

20 years

Accrued sabbatical cost

SFr 343

SFr 307

257

Actuarial assumptions, possible increase (decrease) in longevity for most of the age categories

1 year

Research and development expenses

Non-cash effective pension costs

SFr 390

846

837

Selling, general and administrative expenses

Non-cash effective pension costs

SFr 110

SFr 250

235

Active members

Weighted average duration of defined obligation in years at December 31

16 years 1 month 6 days

14 years 9 months 18 days

Pensioners

Weighted average duration of defined obligation in years at December 31

17 years 3 months 18 days

16 years 3 months 18 days

Actuarial assumption of discount rates

Percentage of reasonably possible decrease in actuarial assumption

(0.25%)

Percentage of reasonably possible increase in actuarial assumption

0.25%

Defined benefit obligation due to reasonably possible decrease in actuarial assumption

SFr 58,683

SFr 54,524

Defined benefit obligation due to reasonably possible increase in actuarial assumption

SFr 54,179

SFr 50,672

Actuarial assumption of interest rate on retirement savings capital

Percentage of reasonably possible decrease in actuarial assumption

(0.25%)

Percentage of reasonably possible increase in actuarial assumption

0.25%

Defined benefit obligation due to reasonably possible decrease in actuarial assumption

SFr 55,437

SFr 51,699

Defined benefit obligation due to reasonably possible increase in actuarial assumption

SFr 57,283

SFr 53,383

Actuarial assumption of expected rates of salary increases

Percentage of reasonably possible decrease in actuarial assumption

(0.25%)

Percentage of reasonably possible increase in actuarial assumption

0.25%

Defined benefit obligation due to reasonably possible decrease in actuarial assumption

SFr 55,974

SFr 52,253

Defined benefit obligation due to reasonably possible increase in actuarial assumption

SFr 56,707

SFr 52,768

Actuarial assumption of life expectancy

Reasonably possible increase in actuarial assumptions, period

1 year

Reasonably possible decrease in actuarial assumptions, period

1 year

Defined benefit obligation due to reasonably possible decrease in actuarial assumption

SFr 57,071

SFr 53,090

Defined benefit obligation due to reasonably possible increase in actuarial assumption

55,619

51,961

Quoted market price

Reconciliation of the amount recognized in the statement of financial position

42,154

40,391

Cash and cash equivalents

7,684

7,896

Equity instruments

21,810

20,754

Debt instruments (e.g. bonds)

9,047

8,200

Real estate funds

1,821

1,793

Others

1,792

1,748

Total plan assets at fair value at December 31

42,154

40,391

Non-quoted market price

Reconciliation of the amount recognized in the statement of financial position

9,473

9,892

Total plan assets at fair value at December 31

Others

9,473

9,892

9,473

9,892

Defined benefit obligation

Reconciliation of the amount recognized in the statement of financial position

Reconciliation of net defined benefit liability

56,347

52,529

54,461

52,529

54,461

2,634

(8,676)

Reconciliation of defined benefit obligation

56,347

52,529

54,461

Interest expenses on defined benefit obligation

52,529

54,461

1,182

231

Current service cost (employer)

2,507

3,137

1,344

1,317

Administrative cost (excl. cost for managing plan assets)

(3,918)

2,032

Past service cost

Actuarial (gain)/loss on defined benefit obligation

2,634

(8,676)

Reconciliation of fair value of plan assets

56,347

52,529

54,461

Fair value of plan assets at January 1

(52,529)

(54,461)

(1,182)

(231)

(1,344)

(1,317)

3,918

(2,032)

Reconciliation of the amount recognized in the statement of financial position

(56,347)

(52,529)

(54,461)

Plan assets

Reconciliation of net defined benefit liability

(51,627)

(50,284)

(47,979)

(50,284)

(47,979)

(2,132)

(2,096)

Reconciliation of defined benefit obligation

(51,627)

(50,284)

(47,979)

Interest expenses on defined benefit obligation

(50,284)

(47,979)

(1,126)

(203)

(1,344)

(1,317)

3,918

(2,032)

Reconciliation of fair value of plan assets

(51,627)

(50,284)

(47,979)

Fair value of plan assets at January 1

50,284

47,979

1,126

203

2,132

2,096

1,344

1,317

Return on plan assets excl. interest income

(3,918)

2,032

659

(3,342)

Subclassifications of assets, liabilities and equities [abstract]

SFr 51,627

SFr 50,284

SFr 47,979

[1]	See note 18

Personnel expenses - Disclosure of Non-Cash Costs for Share-Based Payments by Functions (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of attribution of expenses by nature to their function [line items]
Share-based compensation (non-cash effective)	SFr 5,207	SFr 5,088	SFr 4,085
Research and development expenses
Disclosure of attribution of expenses by nature to their function [line items]
Share-based compensation (non-cash effective)	3,057	3,010	2,208
Selling, general and administrative expenses
Disclosure of attribution of expenses by nature to their function [line items]
Share-based compensation (non-cash effective)	SFr 2,150	SFr 2,078	SFr 1,877

Income Taxes - Deferred Taxes (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes And Deferred Taxes [Abstract]
Net operating losses	SFr 56,285		SFr 58,632
Net operating profit		SFr 124,020
Tax loss carryforwards	SFr 144,483	88,198
Tax loss carryforwards, expiration period	7 years
Net defined benefit liability (asset)	SFr 4,720	SFr 2,245	SFr 6,483
Applicable tax rate	0.00%

Personnel expenses - Disclosure of Detailed Information about Employee Expenses (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Personnel Expenses [Abstract]
Salaries	SFr (27,022)	SFr (27,737)	SFr (25,909)
Share-based compensation (non-cash effective)	(5,207)	(5,088)	(4,085)
Pension costs	(2,632)	(3,192)	(3,059)
Social security costs	(2,201)	(2,399)	(2,535)
Other personnel expenses	(2,954)	(1,473)	(663)
Personnel expenses	SFr (40,016)	SFr (39,889)	SFr (36,251)

Putative Class Action	12 Months Ended
Putative Class Action	Dec. 31, 2023
Disclosure of contingent liabilities [abstract]
Putative Class Action	Putative Class Action On 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 alleged 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 sought 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 Company and named individual defendants moved to dismiss the amended complaint on July 24, 2023. Plaintiffs filed their opposition on September 7, 2023 and the Company and named individual defendants filed their reply brief on October 5, 2023. On February 5, 2024, the court dismissed the amended complaint without prejudice and gave plaintiff the opportunity to amend the complaint by February 26, 2024. On February 23, 2024, plaintiff filed a stipulation of dismissal with prejudice On February 29, 2024 the court ordered the case closed.

Financial income and financial expense - Disclosure of Detailed Information about Financial Income (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Interest income on financial assets held at amortized costs	SFr 4,279	SFr 1,142	SFr 99
Net foreign exchange gain	0	717	92
Finance income	SFr 4,279	SFr 1,859	SFr 191

Revenues, other income and and entity-wide disclosures - Narrative (Details) SFr in Thousands, $ in Millions		12 Months Ended
	Dec. 14, 2021 USD ($)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2020 CHF (SFr)	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Trade receivables		SFr 295	SFr 521
Revenues from research and development collaborations		7,038	189,556	SFr 9,330
Recognized as revenue		5,713	25,191
Other income		0	44	424
Contract liability		4,333	10,046	35,237
Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Recognized as revenue		5,713	8,538
Contract liability		4,333	10,046	18,584
FOPH
Disclosure of disaggregation of revenue from contracts with customers [line items]
Recognized as revenue			7,000
Upfront payment				7,000
Contract liability			0	7,000
Licence and Collaboration Agreement with Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Trade receivables		18,600					$ 20
Licence and Collaboration Agreement with Novartis \| Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from research and development collaborations		7,000	9,800	0
Decrease through recharge of employee related expenses		1,300
Licence and Collaboration Agreement with Novartis \| Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Potential future milestone payments \| $	$ 560
Novartis Option and Equity Rights Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from research and development collaborations			150,000
Upfront payment					SFr 20,000
Novartis Option and Equity Rights Agreement \| Commercial supply of products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from research and development collaborations			13,100
Reservation Agreement with FOPH
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from research and development collaborations		0	7,000	0
Licence and Collaboration Agreement with Amgen, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from research and development collaborations		SFr 0	SFr 9,653	SFr 9,330
Upfront payment \| $						$ 50

Accrued expenses (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Accrued Expenses Explanatory


in CHF thousands	2023	2022
Accrued project costs and royalties	1,827	2,167
Accrued payroll and bonuses	5,012	4,763
Other	708	571
Balance at December 31	7,547	7,501

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Summary of Weighted Average Number of Shares Used in Computation


	2023	2022	2021
Weighted average number of shares used in computing basic earnings per share	32,770,665	32,469,957	31,005,171
Weighted average number of shares used in computing diluted earnings per share	32,770,665	33,265,567	31,005,171

Personnel expenses - Disclosure of Movements in the Number of All Issues RSUs, PSUs and Share Options (Details)	12 Months Ended
	Dec. 31, 2023 shares SFr / shares	Dec. 31, 2022 shares SFr / shares
Personnel Expenses [Abstract]
Number of instruments outstanding, beginning of period (in shares) \| shares	982,906	962,022
Number of instruments granted (in shares) \| shares	1,282,372	340,152
Number of instruments forfeited, performance adjustment (in shares) \| shares	(79,703)	0
Number of instruments forfeited (in shares) \| shares	(63,218)	(63,990)
Number of instruments expired (in shares) \| shares	0	(3,220)
Number of instruments exercised (in shares) \| shares	(309,591)	(252,058)
Number of instruments outstanding, end of period (in shares) \| shares	1,812,766	982,906
Weighted average exercise price of instruments outstanding at beginning of period (in CHF per share)	SFr 2.05	SFr 2.35
Weighted average exercise price of instruments granted (in CHF per share)	0.10	0.10
Weighted average exercise price of instruments forfeited, performance adjustment (in CHF per share)	0.10	0.10
Weighted average exercise price of instruments forfeited (in CHF per share)	0.10	0.10
Weighted average exercise price of instruments expired (in CHF per share)	0	5.40
Weighted average exercise price of instruments exercised (in CHF per share)	0.10	1.00
Weighted average exercise price of instruments outstanding at end of period (in CHF per share)	SFr 1.16	SFr 2.05
Number of share options outstanding at beginning of period (in shares) \| shares	282,105	318,902
Number of share options granted (in shares) \| shares	0	0
Number of share options forfeited, performance adjustment (in shares) \| shares	0	0
Number of share options forfeited (in shares) \| shares	0	0
Number of share options expired (in shares) \| shares	0	(3,220)
Number of share options exercised (in shares) \| shares	0	(33,577)
Number of share options outstanding at end of period (in shares) \| shares	282,105	282,105
Weighted average exercise price of share options outstanding at beginning of period (in CHF per share)	SFr 6.89	SFr 6.87
Weighted average exercise price of share options granted (in CHF per share)	0	0
Weighted average exercise price of share options forfeited, performance adjustment (in CHF per share)	0	0
Weighted average exercise price of share options forfeited (in CHF per share)	0	0
Weighted average exercise price of share options expired (in CHF per share)		5.40
Weighted average exercise price of share options exercised (in CHF per share)		6.85
Weighted average exercise price of share options outstanding at end of period (in CHF per share)	SFr 6.89	SFr 6.89
Number of PSU and RSU outstanding at beginning of period (in shares) \| shares	700,801	643,120
Number of RSU and PSU granted (in shares) \| shares	1,282,372	340,152
Number of PSU and RSU forfeited, performance adjustment (in shares) \| shares	(79,703)	0
Number of PSU and RSU forfeited (in shares) \| shares	(63,218)	(63,990)
Number of PSU and RSU expired (in shares) \| shares		0
Number of PSU and RSU exercised (in shares) \| shares	(309,591)	(218,481)
Number of PSU and RSU outstanding at end of period (in shares) \| shares	1,530,661	700,801
Weighted average exercise price of PSU and RSU outstanding at beginning of period (in CHF per share)	SFr 0.10	SFr 0.10
Weighted average exercise price of PSU and RSU granted (in CHF per share)	0.10	0.10
Weighted average exercise price of PSU and RSU forfeited, performance adjustment (in CHF per share)	0.10	0.10
Weighted average exercise price of PSU and RSU forfeited (in CHF per share)	0.10	0.10
Weighted average exercise price of PSU and RSU expired (in CHF per share)	0	0
Weighted average exercise price of PSU and RSU exercised (in CHF per share)	0.10	0.10
Weighted average exercise price of PSU and RSU outstanding at end of period (in CHF per share)	SFr 0.10	0.10
Weighted average share price, at date of exercise (in CHF per share)		SFr 22.35

Financial risk management - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 bank
Financial Risk Management [Abstract]
Number of different Swiss banks	4

Summary of material accounting policies - Disclosure of Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Applicable estimated useful lives, property, plant and equipment	5 years
Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Applicable estimated useful lives, property, plant and equipment	3 years
IT hardware
Disclosure of detailed information about property, plant and equipment [line items]
Applicable estimated useful lives, property, plant and equipment	2 years

Financial income and financial expense - Disclosure of Detailed Information about Financial Expense (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Net foreign exchange loss	SFr (5,106)	SFr 0	SFr 0
Negative interest on financial assets held at amortized costs	0	(562)	(495)
Interest expense on leases	(34)	(43)	(53)
Other financial expenses	(15)	(14)	(8)
Finance costs	SFr (5,155)	SFr (619)	SFr (556)

Shareholders’ equity - Classes of Share Capital (Details)		1 Months Ended	12 Months Ended
	Apr. 13, 2022 CHF (SFr)	Aug. 31, 2022 CHF (SFr) SFr / shares	Dec. 31, 2023 CHF (SFr) vote SFr / shares shares	Dec. 31, 2022 CHF (SFr) shares	Dec. 31, 2021 CHF (SFr) shares	Apr. 12, 2022 CHF (SFr)	Dec. 31, 2020 CHF (SFr) shares
Disclosure of classes of share capital [line items]
Equity			SFr 176,429,000	SFr 235,166,000	SFr 107,289,000		SFr 107,220,000
Number of shares outstanding (in shares) \| shares			36,354,297	36,044,706	32,292,648		29,146,992
Par value per share (in CHF per share) \| SFr / shares		SFr 0.10	SFr 0.10
Maximum amount of share capital increase authorized	SFr 807,316		SFr 457,316			SFr 457,316
Maximum amount of share capital increase authorized, number of shares (in shares) \| shares			4,573,162
Maximum amount of share capital increase authorized, percent			13.00%
Increase (decrease) in authorized share capital	SFr 350,000	SFr (350,000)
Maximum percentage of total number of shares in a placement			20.00%
Percentage of share capital registered accumulated			15.00%
Proceeds from exercise of options			SFr 31,000	SFr 250,000	SFr 267,000
PSU, RSU and options
Disclosure of classes of share capital [line items]
Proceeds from exercise of options			30,959	251,957	269,552
Common shares
Disclosure of classes of share capital [line items]
Equity			SFr 3,604,471
Number of shares outstanding (in shares) \| shares			36,044,706
Number of votes per share \| vote			1
Conditional share capital
Disclosure of classes of share capital [line items]
Authorized share capital, employee participation			SFr 105,337	136,296
Number of shares authorized, employee participation (in shares) \| shares			1,053,372
Increase (decrease) in authorized share capital, employee participation			SFr (30,959)
Authorized share capital, financing transactions			SFr 226,087
Number of shares authorized, financing transactions (in shares) \| shares			2,260,870
Share capital
Disclosure of classes of share capital [line items]
Equity			SFr 3,635,430	SFr 3,604,000	SFr 3,229,000		SFr 2,915,000
Number of shares outstanding (in shares) \| shares			36,354,297

Leases - Disclosure of Expenses Recognised in Profit or Loss (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Depreciation on right-of-use assets	SFr 1,200	SFr 1,200	SFr 1,200
Interest expense on lease liabilities	34	43	53
Short term leases	0	0	0
Total amount recognized in profit or loss	SFr 1,234	SFr 1,243	SFr 1,253

Income Taxes - Disclosure of Expiry of Tax Loss Carryforwards (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Tax loss carryforwards	SFr (144,483)	SFr (88,198)
2027
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Tax loss carryforwards	(29,566)	(29,566)
2028
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Tax loss carryforwards	(58,632)	(58,632)
2030
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Tax loss carryforwards	SFr (56,285)	SFr 0

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Disclosure of Reconciliation of Changes in Property, Plant and Equipment

The applicable estimated useful lives are as follows:


Laboratory equipment:			5 years
Office equipment:			3 years
IT hardware:			2 years


in CHF thousands	Lab equipment	Office equipment	IT hardware	Right-of-use assets	Leasehold improvements	Total
2023
Cost
At January 1, 2023	9,646	731	1,315	9,616	624	21,932
Additions	397	6	163	—	9	575
Disposals	(303)	(14)	(167)	—	—	(484)
At December 31, 2023	9,740	723	1,311	9,616	633	22,023
Accumulated depreciation
At January 1, 2023	(7,660)	(687)	(1,172)	(4,815)	(364)	(14,697)
Depreciation charge for the year	(711)	(27)	(120)	(1,200)	(70)	(2,128)
Disposals	303	14	167	—	—	484
At December 31, 2023	(8,068)	(700)	(1,125)	(6,015)	(434)	(16,342)
Carrying amount at December 31, 2023	1,672	23	186	3,601	199	5,681


in CHF thousands	Lab equipment	Office equipment	IT hardware	Right-of-use assets	Leasehold improvements	Total
2022
Cost
At January 1, 2022	8,754	711	1,199	9,616	607	20,887
Additions	1,019	20	121	—	17	1,177
Disposals	(127)	—	(5)	—	—	(132)
At December 31, 2022	9,646	731	1,315	9,616	624	21,932
Accumulated depreciation
At January 1, 2022	(7,164)	(653)	(1,012)	(3,615)	(298)	(12,741)
Depreciation charge for the year	(623)	(34)	(165)	(1,200)	(66)	(2,088)
Disposals	127	—	5	—	—	132
At December 31, 2022	(7,660)	(687)	(1,172)	(4,815)	(364)	(14,697)
Carrying amount at December 31, 2022	1,986	44	143	4,802	260	7,235

Revenues, other income and and entity-wide disclosures - Disclosure of Revenue by Major Alliance Partner (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 7,038	SFr 189,556	SFr 9,330
Novartis AG, Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	7,038	172,903	0
FOPH, Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	0	7,000	0
Amgen Inc., USA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 0	SFr 9,653	SFr 9,330

Summary of material accounting policies - Employee Benefits (Details) - employee	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Employee Benefits [Line Items]
Percentage of VSAO contributions in total company's defined benefit plans	90.00%
VSAO
Disclosure Of Detailed Information About Employee Benefits [Line Items]
Defined benefit plan, employer contribution	60.00%
Defined benefit plan, employee contribution	40.00%
Voluntary complementary plan
Disclosure Of Detailed Information About Employee Benefits [Line Items]
Defined benefit plan, employer contribution	70.00%
Defined benefit plan, employee contribution	30.00%
Number of employees that participated	29	33
Number of eligible employees	29	33

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2023

Financial Risk Management [Abstract]

Sensitivity Analysis to Reasonable Possible Change in Exchange Rates and Interest Rates

The following table demonstrates the sensitivity to a reasonably possible change in exchange rates for the Group's main foreign currencies, USD and EUR, with all other variables held constant, of the Group’s result before taxes. There is no direct impact on the Group’s equity.


in % and CHF thousands	Incr./Decr. exchange rate		Effect on result before tax (in TCHF)
USD Positions
2023	+10	%	4,718
	-10	%	(4,718)
2022	+10	%	5,904
	-10	%	(5,904)
2021	+10	%	6,633
	-10	%	(6,633)
EUR Positions
2023	+10	%	479
	-10	%	(479)
2022	+10	%	1,252
	-10	%	(1,252)
2021	+10	%	2,019
	-10	%	(2,019)

The following table demonstrates the sensitivity of the main currencies used in the Group, to reasonably possible changes in interest rates, with all other variables held constant, of the Group’s results before tax. There is no direct impact on the Group’s equity.


in % and CHF thousands	Incr./Decr. interest rate		Effect on result before tax (in TCHF)
CHF Positions
2023	+0.5	%	674
	-0.5	%	(674)
2022	+0.5	%	888
	-0.5	%	(888)
2021	+0.5	%	323
	-0.5	%	(323)
USD Positions
2023	+0.5	%	235
	-0.5	%	(235)
2022	+0.5	%	294
	-0.5	%	(294)
2021	+0.5	%	234
	-0.5	%	(234)
EUR Positions
2023	+0.5	%	25
	-0.5	%	(25)
2022	+0.5	%	63
	-0.5	%	(63)
2021	+0.5	%	102
	-0.5	%	(102)

Disclosure of Maximum Credit Risk Exposure

The maximum credit risk as of the balance sheet date was as follows:


Credit risk
in CHF thousands	2023	2022
Cash and cash equivalents	67,309	87,946
Trade receivables	295	521
Accrued income	1,131	679
Short-term time deposits	119,580	161,198
Total credit risk as at December 31	188,315	250,344

Other current assets

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Other current assets


in CHF thousands	2023	2022
Prepayments	2,486	3,910
Accrued income	1,131	679
Balance at December 31	3,617	4,589

Accrued income relates to interest income accrued on the Group's balances of cash and cash equivalents and short-term time deposits.

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Detailed Information about Trade and Other Payables


in CHF thousands	2023	2022
Trade payables	410	997
Social security	918	1,146


Balance at December 31	1,328	2,143

Trade payables are denominated in the following currencies:


in CHF thousands	2023	2022
CHF	227	790
EUR	161	104
USD	22	103

Balance at December 31	410	997

Additional information on the nature of expenses

12 Months Ended

Dec. 31, 2023

Additional information on the nature of expenses


Research and development expenses
in CHF thousands	2023	2022	2021
Research consumables and external research and development expenses	(15,892)	(17,154)	(26,342)
Personnel expenses (1), see also note 18	(28,376)	(28,101)	(25,647)
Depreciation and amortization	(2,053)	(1,971)	(2,016)
Intellectual property	(853)	(957)	(636)
Facility expenses	(940)	(854)	(758)
Other research and development expenses	(660)	(703)	(259)
Royalties and license fees, see also note 17	(10)	(1,010)	(60)
Total year ended December 31	(48,784)	(50,749)	(55,718)

Selling, general and administrative expenses
in CHF thousands	2023	2022	2021
Personnel expenses (2), see also note 18	(11,640)	(11,788)	(10,604)
Other administrative expenses	(7,283)	(9,965)	(6,242)
Depreciation and amortization	(367)	(416)	(549)
Facility expenses	(72)	(69)	(60)
Total year ended December 31	(19,362)	(22,238)	(17,454)

Total operating expenses	(68,146)	(72,987)	(73,172)

(1) Research and development non-cash effective pension and share-based compensation costs were TCHF 3,447 in 2023, TCHF 3,856 in 2022 and TCHF 3,045 in 2021.

(2) Selling, general and administrative non-cash effective pension and share based compensation costs were TCHF 2,260 in 2023, TCHF 2,329 in 2022 and TCHF 2,113 in 2021.

Summary of material accounting policies

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Summary of material accounting policies

Basis of preparation

These consolidated financial statements have been prepared in accordance with the IFRS® Accounting Standards ("IFRS") as issued by the IASB. The accounting policies set forth below have been consistently applied to all years presented. Unless stated otherwise, all financial statements are presented in thousands of Swiss Francs (“TCHF”).

The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4 “Critical accounting estimates and judgments”.

Based on the Group's cash and short-term time deposits positions at December 31, 2023, the Group deemed there to be no material uncertainties that would cast doubt on the Group's ability to operate on a going concern basis.

The consolidated financial statements as of and for the year ended December 31, 2023 were approved for issuance by the Company's Board of Directors on March 12, 2024.

Due to rounding, the numbers presented in the financial statements might not precisely equal those included in the accompanying notes.

Basis of consolidation

(i) Subsidiaries

Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

(ii) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated.

New or revised IFRS standards and interpretations

The following new or revised standards that became effective during 2023 did not have a material effect on these consolidated financial statements:

•Disclosure of Accounting Policies - Amendments to IAS 1

•Definition of Accounting Estimates / Amendments to IAS 8

Several new or revised standards have been published that are not yet effective and that have not been early adopted. No significant impacts on the Group's consolidated financial statements are expected.

Segment reporting

The Group operates in one segment, focusing on the discovery, development and prospective commercialization of a new class of biopharmaceutical products. The executive management, acting together as the chief operating decision makers, assess the financial performance and allocate resources on an aggregated level, and monitor the Group's operating expenses. Accounting policies applied are the same for both internal and external reporting purposes. The Group derives its research and collaboration revenues from research and development collaborations with third parties.

Foreign currency translation / transactions

The consolidated financial statements are presented in thousands of CHF. The presentation currency of the Group is the functional currency of the Company. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss.

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•assets and liabilities are translated at the closing rate at the date of the respective balance sheet;

•income and expenses for each consolidated statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the

rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rates at the dates of the transactions); and

•all resulting exchange differences are recognized in other comprehensive result.

Property, plant and equipment

Laboratory equipment, Office equipment, IT hardware and Leasehold improvements are stated at historical cost less accumulated depreciation and any impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis over the expected useful lives of the individual assets or asset categories. The applicable estimated useful lives are as follows:


Laboratory equipment:			5 years
Office equipment:			3 years
IT hardware:			2 years

Leasehold improvements and right-of-use assets are depreciated using the straight line method over the shorter of their estimated useful life and the lease term.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down to its recoverable amount, if the asset's carrying amount exceeds its estimated recoverable amount.

Intangible assets

Intangible assets are solely comprised of software. They are stated at historical cost less accumulated amortization and any impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Amortization is calculated on a straight-line basis over the expected useful lives of the individual assets or asset categories. The applicable estimated useful life of intangible assets is determined to be two years.

Leases

At inception of a contract, the Group assesses whether a contract is, or contains a lease. This is the case if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets (threshold of CHF 5,000) and short-term leases. Short-term leases are leases with a lease term of twelve months or less that do not contain a purchase option. For all other leases the Group recognizes a right-of-use asset and a lease liability at the lease commencement date.

The Group does not provide residual value guarantees and does not have any leases not yet commenced to which it is committed. The Group is presenting right-of-use assets in Property, Plant and Equipment, whereas lease liabilities are presented separately within current and non-current liabilities in the consolidated statement of financial position.

Financial assets at amortized costs

Classification

Cash and cash equivalents / short-term deposits / trade and other receivables (except for VAT and withholding taxes) (and when applicable accrued interest income) are all considered held-to-collect items

and are labeled under financial assets measured at amortized costs, with the following definition / accounting policy:

Financial assets measured at amortized cost are assets that meet both of the following conditions: (1) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities longer than 12 months after the balance sheet date which are classified as non-current assets. Interest income on the short-term deposit is accounted for on the statement of comprehensive income as financial income.

Measurement

Initially, financial assets, except for trade receivables, are measured at their fair value plus, in the case of financial assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset; for the Group these are considered to be immaterial. Trade receivables are initially measured at their transaction price.

Subsequent measurement for the financial assets mentioned above which are classified as measured at amortized cost, is based on the effective interest method, reduced by any impairment loss.

For trade receivables, the Group applies a simplified approach which requires expected credit losses to be recognized from initial recognition (measuring the loss allowance at an amount equal to lifetime expected credit losses). This takes into consideration past history, combined with predictive information which accounts for the specific circumstances of the customer (e.g., credit rating etc.), and other relevant factors such as the economic environment.

Other financial assets at amortized costs

Other receivables generally arise from transactions outside the usual operating activities of the Group.

Financial liabilities at amortized costs

Trade payables and non-employee related accrued expense are measured at amortized costs and classified as financial liabilities.

Cash and cash equivalents

Cash includes cash at banks. The Group considers all short-term, highly liquid investments convertible into known amounts of cash with maturities of three months or less from the date of acquisition to be cash equivalents, provided that they are subject to an insignificant risk of changes in value. The cash flow statement is based on cash and cash equivalents.

Share capital / Additional paid-in capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The Group has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future.

Treasury shares

The amount of the consideration paid for the acquisition of treasury shares, which includes directly attributable costs, is recognized as a deduction from equity. When treasury shares are sold subsequently,

the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in additional paid-in capital.

Income taxes

Income taxes include current and deferred taxes. Current income taxes are recognized on taxable profits at applicable tax rates.

Deferred taxes are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled based on tax rates enacted or substantially enacted at the balance sheet date.

Deferred tax assets are recognized if it is probable that sufficient taxable profits will be available against which the deferred tax assets can be utilized. At each balance sheet date, the Group reassesses unrecognized deferred tax assets and the carrying amount of recognized deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Group conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or the entire deferred tax asset to be utilized.

The amount of deferred tax liabilities and deferred tax assets reflects the tax consequences on the balance sheet date of the Group's expectation of recovery or settlement of the carrying amounts of its assets and liabilities. Deferred tax assets and liabilities are not discounted and are classified as non-current assets and liabilities in the statement of financial position. They are offset against each other if they relate to the same taxable entity and tax authority.

Molecular Partners Inc, the Group's U.S. subsidiary, is subject to U.S. federal and Massachusetts and New York state minimal tax.

Employee benefits

Postretirement benefits (pension plans)

The Company provides retirement, death and disability benefits to its Swiss employees in line with local customs and requirements through two separate plans, which are both accounted for as defined benefit plans.

The first plan is the compulsory defined benefit plan which is funded through employer (60%) and employee (40%) contributions to VSAO, a Switzerland based plan. This Company-wide plan has been in place since inception of the Company and all employees of the Company are eligible to its benefits. On retirement, the plan participant will receive his or her accumulated savings, which consist of all contributions paid in by the employer and the employee (net of any withdrawals) and the interest granted on those savings at the discretion of the pension foundation.

At that time, the plan participant has the right to choose between a lump-sum payment and an annuity, or a combination thereof. The annuity is calculated using a fixed conversion rate determined by the pension foundation. The VSAO’s plan assets are pooled and the Company’s share is calculated based on its share of retirement savings. Additional funding requirements may be determined by the pension foundation in case of a severe underfunding. Should the Company withdraw from the plan, the withdrawal may qualify as a partial liquidation under Swiss law.

The second plan is a voluntary complementary defined management benefit scheme established as of January 1, 2014, in which only employees with a certain management level and / or above a certain salary level are eligible to participate. 29 of the 29 eligible employees participated in this plan as of December 31, 2023 (2022: 33 out of 33).

This plan is set up as a collective foundation with Swiss Life, a Switzerland-based insurance company, for which contributions are 30% funded by the employee and 70% funded by the Company. The purpose of this voluntary plan is to allow higher savings opportunity in a tax effective manner and risk benefits for senior management. In addition, plan participants are entitled to a lump sum payment of five times their annual base salary in case of death. This is a fully insured Swiss pension plan that covers all investment and actuarial risks, including invalidity and death.

The VSAO pension plan accounts for over 90% of both the Company’s defined benefit obligation and plan assets. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligations at the balance sheet date less the fair value of plan assets.

The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows. Pension liabilities are determined on an actuarial basis using a number of assumptions, such as the discount rate and expected salary increases applied to determine the defined benefit obligation and an estimate of the fair value of plan assets attributable to the Company. In determining the appropriate discount rate, for example, the Company considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. In determining the fair value of plan assets, the Company adds to the participants’ savings a share of the pension plan’s technical and fluctuation reserves. Additional information is disclosed in note 18.1.

Current and past service costs as well as the net interest on the defined benefit obligation are recognized in profit or loss in the period in which they are incurred, and are presented as part of personnel expenses. Remeasurements of the defined benefit pension plans are recognized in other comprehensive result.

The Group has set up a 401k plan for its U.S. based employees. Under the plan the U.S. entity matches the employee's contribution and provides a true-up in matched contributions at year end. The 401k plan qualifies as a defined contribution plan and the associated expenses, that are deemed immaterial, are presented under operating expenses in the statement of comprehensive income.

The Group has set up a defined contribution plan for its UK based employees. Under the plan the Company and the employee both contribute into the plan. The associated expenses, that are deemed immaterial, are presented under operating expenses in the statement of comprehensive income.

Share-based compensation

The Group operates share-based compensation plans that qualify as equity-settled plans. The fair value of the employee services received in exchange for the grant of equity instruments is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the equity instruments granted, which is determined at grant date. The fair values are determined by management with the assistance of an independent valuation expert. At each reporting date, estimates of the number of equity instruments that are expected to vest are revised. The impact of the revision of the previous estimates, if any, is recognized as part of share-based compensation (non-cash effective) with a corresponding adjustment to equity. When the vested equity instruments are exercised, any proceeds

received net of any directly attributable transaction costs are credited to share capital (nominal value) and additional paid-in capital.

Bonus plan

The Group recognizes an accrual where contractually obliged or where there is a past practice that has created a constructive obligation. Bonuses are based on a formula that takes into consideration the achievement of the Group’s goals.

Revenue recognition

As a guiding principle of IFRS 15, revenues from research and development collaboration agreements are recognized when earned based upon the performance requirements of the respective agreements. For revenue arrangements with separately identifiable components (separate performance obligations), the revenue recognition criteria are applied to each component. The transaction price is determined as the consideration expected to be received from the arrangement and is allocated amongst the separate components based on their relative stand-alone selling prices. The corresponding amount of transaction price allocated to each component is recognized as revenue when (or as) the Group satisfies the performance obligation by transferring the good or service to the customer, which generally is over time for upfront payments or at a point in time for milestone payments and development option payments. Payments received in excess of revenue recognized are recorded as contract liabilities.

Revenues may include fees such as upfront payments received in connection with out-licensing of products and/or access the knowledge without transfer of a license as well as R&D support and services, participation in Joint Steering Committees and other involvement in collaboration agreements. In exchange for these non-refundable upfront fees, the Group does not immediately transfer a good or a service to the customer, rather the upfront fee consists of an advance payment for future services and the right to access the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using an input-based method to measure its progress towards complete satisfaction of the performance obligation. Accordingly, revenue is recognized over time based on the percentage of actual costs incurred to date relative to the Group's estimate of total costs expected to satisfy the performance obligation. Estimated costs are reviewed and updated routinely for contracts in progress to reflect any changes of which the Group becomes aware. The cumulative effect of any change in estimate is recorded in the period when the change in estimate is determined.

Revenues could include fees such as milestone and development option payments received in connection with out-licensing of products and in connection with discovery alliances. Upon meeting the set milestone or upon a development option being exercised, the Group obtains a right to a non-refundable payment and the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations for the Group. Consequently, the related revenues are typically recognized at a point in time, either when the milestone is met or the option is exercised by the customer.

Revenue could also include reservation fees that will be recognized into revenue in case of successful development of a final drug and exercise or lapse of the related reservation right or, alternatively, in case the results from the research will not justify further development of the drug.

Consideration payable to a customer is recorded as a reduction of the arrangement's transaction price, if it relates to the same arrangement, thereby reducing the amount of revenue recognized, unless the payment is for a distinct good or service received from the customer consistent with IFRS 15.

The details of the accounting policy, based on the type of payments received, are set out below. Under IFRS 15, revenue is recognized as or when a customer obtains control of the services. Determining the timing of the transfer of control - at a point in time or over time - requires judgment.


Type of payments received						Timing of revenue recognition
Revenue recognition of upfront payments						Upfront payments received in connection with out-licensing arrangements are typically non-refundable fees for which the Group does not transfer a good or a service to the customer, rather the upfront payments consists of an advance payment for future services and/or an acquisition of the right to the current or future access to the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using an input based method to measure its progress towards complete satisfaction of the performance obligation.

Revenue recognition of milestone payments						Milestone payments received in connection with out-licensing or other arrangements are typically non-refundable fees entitling the Group to a right to payment upon such milestone being met. At that time, the customer has typically acquired the right to use the underlying intellectual property or additional knowledge about drug candidate(s), without any remaining performance obligation of the Group. Considering the uncertainty surrounding the outcome of such development activities, the revenue is consequently recognized at a point in time, when the milestone is reached. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Revenue recognition of payments received for development options exercises						Development option payments received in connection with out-licensing arrangements are typically non-refundable fees entitling the Group to a right to payment upon such option being exercised. At that time, the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations of the Group. Considering the fact that the exercise of any option is outside the control of the Group, revenue for options that provide the right to use is recognized at a point in time at the effective exercise of the option. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Revenue recognition for reservation fees						Reservation fees received are typically non-refundable fees. The timing of revenue recognition depends on whether development of the final drug is successful. If development is successful, revenue will be recognized when the related reservation right is exercised or lapses (as the exercise of any reservation right is outside the control of the Group). Alternatively, revenue will be recognized at the point in time when the results from the research will not justify further development of the drug. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Research and development expenses

Research and development expenses as disclosed in note 16 consist primarily of compensation and other expenses related to:

•research and development personnel;

•preclinical studies and clinical trials of the Group's product candidates, including the costs of manufacturing the product candidates;

•research and services performed under collaboration agreements;

•research and development services outsourced to research institutions; and

•attributable facility expenses, including depreciation of equipment and amortization.

Internal development costs are capitalized as intangible assets only when there is an identifiable asset that can be completed that will generate probable future economic benefits, and when the cost of such an asset can be measured reliably. The Group does not currently have any such internal development costs that qualify for capitalization as intangible assets.

The Group charges all research and development expenses, including internal patent filing and patent maintenance costs, to profit or loss when incurred, as the criteria for recognition as an asset are not currently met.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease liabilities [abstract]

Disclosure of Movement of Lease Liabilities

Set out below are the carrying amounts of the lease liabilities and the movements during the period:


in CHF thousands	2023	2022
as at January 1,	4,850	6,039
Additions / new leases	—	—
Remeasurements	—	—
Recognition of interest on lease liabilities	34	43
Payments	(1,232)	(1,232)
Balance as at December 31,	3,652	4,850

Current	1,208	1,198
Non-current	2,444	3,652
Balance as at December 31,	3,652	4,850

Disclosure of Expenses Recognised in Profit or Loss

The following are the expense amounts recognized in the consolidated statement of comprehensive income.


in CHF thousands	2023	2022	2021
Depreciation on right-of-use assets	1,200	1,200	1,200
Interest expense on lease liabilities	34	43	53
Short term leases	—	—	—
Total amount recognized in profit or loss	1,234	1,243	1,253

Disclosure of Contractual Maturities of Financial Liabilities


Contractual maturities of financial liabilities at December 31, 2023
in CHF thousands
	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	More than 5 years	Total contractual cash-flows	Carrying Amount lease liabilities
Lease liabilities	1,232	1,232	1,232	—	3,696	3,652


Contractual maturities of financial liabilities at December 31, 2022
in CHF thousands
	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	More than 5 years	Total contractual cash-flows	Carrying Amount lease liabilities
Lease liabilities	1,232	1,232	2,464	—	4,928	4,850

Summary of material accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Basis of preparation

The consolidated financial statements as of and for the year ended December 31, 2023 were approved for issuance by the Company's Board of Directors on March 12, 2024.

Due to rounding, the numbers presented in the financial statements might not precisely equal those included in the accompanying notes.

Basis of consolidation

(i) Subsidiaries

(ii) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated.

New or revised IFRS standards and interpretations

The following new or revised standards that became effective during 2023 did not have a material effect on these consolidated financial statements:

•Disclosure of Accounting Policies - Amendments to IAS 1

•Definition of Accounting Estimates / Amendments to IAS 8

Segment reporting

Foreign currency translation / transactions

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•assets and liabilities are translated at the closing rate at the date of the respective balance sheet;

•income and expenses for each consolidated statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the

rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rates at the dates of the transactions); and

•all resulting exchange differences are recognized in other comprehensive result.

Property, plant and equipment


Laboratory equipment:			5 years
Office equipment:			3 years
IT hardware:			2 years

Leasehold improvements and right-of-use assets are depreciated using the straight line method over the shorter of their estimated useful life and the lease term.

Intangible assets

Leases

Financial assets at amortized costs

Classification

and are labeled under financial assets measured at amortized costs, with the following definition / accounting policy:

Measurement

Subsequent measurement for the financial assets mentioned above which are classified as measured at amortized cost, is based on the effective interest method, reduced by any impairment loss.

Other financial assets at amortized costs

Other receivables generally arise from transactions outside the usual operating activities of the Group.

Financial liabilities at amortized costs

Trade payables and non-employee related accrued expense are measured at amortized costs and classified as financial liabilities.

Cash and cash equivalents

Share capital / Additional paid-in capital

Treasury shares

the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in additional paid-in capital.

Income taxes

Income taxes include current and deferred taxes. Current income taxes are recognized on taxable profits at applicable tax rates.

Molecular Partners Inc, the Group's U.S. subsidiary, is subject to U.S. federal and Massachusetts and New York state minimal tax.

Employee benefits

Postretirement benefits (pension plans)

Share-based compensation

received net of any directly attributable transaction costs are credited to share capital (nominal value) and additional paid-in capital.

Bonus plan

Revenue recognition


Type of payments received						Timing of revenue recognition
Revenue recognition of upfront payments						Upfront payments received in connection with out-licensing arrangements are typically non-refundable fees for which the Group does not transfer a good or a service to the customer, rather the upfront payments consists of an advance payment for future services and/or an acquisition of the right to the current or future access to the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using an input based method to measure its progress towards complete satisfaction of the performance obligation.

Revenue recognition of milestone payments						Milestone payments received in connection with out-licensing or other arrangements are typically non-refundable fees entitling the Group to a right to payment upon such milestone being met. At that time, the customer has typically acquired the right to use the underlying intellectual property or additional knowledge about drug candidate(s), without any remaining performance obligation of the Group. Considering the uncertainty surrounding the outcome of such development activities, the revenue is consequently recognized at a point in time, when the milestone is reached. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Revenue recognition of payments received for development options exercises						Development option payments received in connection with out-licensing arrangements are typically non-refundable fees entitling the Group to a right to payment upon such option being exercised. At that time, the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations of the Group. Considering the fact that the exercise of any option is outside the control of the Group, revenue for options that provide the right to use is recognized at a point in time at the effective exercise of the option. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Revenue recognition for reservation fees						Reservation fees received are typically non-refundable fees. The timing of revenue recognition depends on whether development of the final drug is successful. If development is successful, revenue will be recognized when the related reservation right is exercised or lapses (as the exercise of any reservation right is outside the control of the Group). Alternatively, revenue will be recognized at the point in time when the results from the research will not justify further development of the drug. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Research and development expenses

Research and development expenses as disclosed in note 16 consist primarily of compensation and other expenses related to:

•research and development personnel;

•preclinical studies and clinical trials of the Group's product candidates, including the costs of manufacturing the product candidates;

•research and services performed under collaboration agreements;

•research and development services outsourced to research institutions; and

•attributable facility expenses, including depreciation of equipment and amortization.

Shareholders' equity - Shares Issued (Details) - shares	12 Months Ended
Shareholders' equity - Shares Issued (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in number of shares outstanding [abstract]
Shares in issue at start of period	36,044,706	32,292,648	29,146,992
Issued in relation to June 2021 IPO			3,000,000
Issued in relation to creation of treasury shares in August 2022		3,500,000
Issued in relation to vesting of PSU, RSU and options	309,591	252,058	145,656
Shares in issue at end of period	36,354,297	36,044,706	32,292,648

Financial risk management

12 Months Ended

Dec. 31, 2023

Financial Risk Management [Abstract]

Financial risk management

Financial risk factors

The Group is subject to risks common to companies in the biopharmaceutical industry, including, but not limited to, uncertainties regarding the effectiveness and safety of new drugs, new and unproven technologies, development process and outcome of clinical trials, rigorous governmental regulation and uncertainty regarding regulatory approvals, long product development cycles, continuing capital requirements to fund research and development, history of operating losses and uncertainty of future profitability, uncertainty regarding commercial success and acceptance, third party reimbursements, uncertainties regarding patents and legally protected products or technologies, uncertainty regarding third party intellectual property rights, dependence on third parties, dependence on publicly available scientific findings and research data, lack of experience with production facilities, dependence on third party manufacturers and service providers, competition, concentration of operations, product liability, dependence on important employees, environment, health, data protection and safety, lack of experience in marketing and sales, litigation, currency fluctuation risks and other financial risks, volatility of market value, as well as limited liquidity and shares eligible for future sale.

The Group is developing several products currently not generating constant revenue streams which results in volatile cash flow from operating activities. Currently and in the periods presented, the Group’s revenues stem mainly from irregular and difficult to predict income from product out-licensing, milestone payments and fees from R&D collaboration agreements. This will likely remain the same at least until the first product reaches the market on the Group’s own or through a partner. This results in a lack of regular positive operating cash flow, which may expose the Group to financing risks in the medium-term. Furthermore, management has taken actions to manage financial risks, such as foreign exchange risk and liquidity risk.

Molecular Partners conducts research and development activities primarily in Switzerland, the European Union and the United States. As a result, the Group is exposed to a variety of financial risks, such as foreign exchange rate risk, credit risk, liquidity risk, cash-flow and interest rate risk. The Group’s overall financial risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Further details are disclosed under note 25.

Capital management

The Group is not regulated and not subject to specific capital requirements. The amount of equity depends on the Group’s funding needs and statutory capital requirements. The Group monitors capital periodically on an interim and annual basis. From time to time, the Group may take appropriate measures or propose capital increases to its shareholders to ensure the necessary capital remains intact. The Group did not have any short-term or long-term debt outstanding as of December 31, 2023 and 2022.

Financial risk management

Foreign exchange risk

In order to reduce its foreign exchange exposure, Molecular Partners may enter into currency contracts with selected high-quality financial institutions to hedge against foreign currency exchange rate risks. The Group’s primary exposure to financial risk is due to fluctuation of exchange rates between CHF, USD and EUR.

During 2023 and 2022, the Group did not enter into any forward currency transactions. No forward currency transactions were outstanding as of December 31, 2023 and 2022.


in % and CHF thousands	Incr./Decr. exchange rate		Effect on result before tax (in TCHF)
USD Positions
2023	+10	%	4,718
	-10	%	(4,718)
2022	+10	%	5,904
	-10	%	(5,904)
2021	+10	%	6,633
	-10	%	(6,633)
EUR Positions
2023	+10	%	479
	-10	%	(479)
2022	+10	%	1,252
	-10	%	(1,252)
2021	+10	%	2,019
	-10	%	(2,019)

Interest rate risk

Molecular Partners earns interest on cash and cash equivalents, and its profit and loss may be influenced by changes in market interest rates. The Group does invest its cash balances into a variety of current and deposit accounts in four different Swiss banks to optimize interest. In addition, the Group does invest a portion of its cash into risk free money market investments in line with its treasury guidelines.

The Group strives to optimize the net balance of interest paid and interest received by monitoring the interest rates applicable over the major currencies the Group holds as well as the offered holding periods.


in % and CHF thousands	Incr./Decr. interest rate		Effect on result before tax (in TCHF)
CHF Positions
2023	+0.5	%	674
	-0.5	%	(674)
2022	+0.5	%	888
	-0.5	%	(888)
2021	+0.5	%	323
	-0.5	%	(323)
USD Positions
2023	+0.5	%	235
	-0.5	%	(235)
2022	+0.5	%	294
	-0.5	%	(294)
2021	+0.5	%	234
	-0.5	%	(234)
EUR Positions
2023	+0.5	%	25
	-0.5	%	(25)
2022	+0.5	%	63
	-0.5	%	(63)
2021	+0.5	%	102
	-0.5	%	(102)

Credit risk

The maximum credit risk on financial assets corresponds to the carrying amounts of the Group’s cash and cash equivalents, short-term time deposits and receivables. The Group has not entered into any guarantees or similar obligations that would increase the risk over and above the carrying amounts.

The cash and cash equivalents and short-term deposits are considered low risk and were held at Swiss banks with Standard & Poor long-term credit ratings as of December 31, 2023 of AAA (Zürcher Kantonalbank), AA (Luzerner Kantonalbank) and A+ (UBS and Credit Suisse) and therefore any impact resulting from the expected credit loss model is considered immaterial. Analysis performed included assessing the cumulative default rates by credit rating category and applying these rates to the cash and short-term deposit balances at reporting dates. The calculated loss allowance based on the ECL is considered immaterial.

The Group enters into agreements with partners that have appropriate credit history and a commitment to ethical business practices.

The maximum credit risk as of the balance sheet date was as follows:


Credit risk
in CHF thousands	2023	2022
Cash and cash equivalents	67,309	87,946
Trade receivables	295	521
Accrued income	1,131	679
Short-term time deposits	119,580	161,198
Total credit risk as at December 31	188,315	250,344

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s liquidity risk is considered low by management due to the financial assets at the reporting date, giving the Group a secure source of funding for its research and development activities.

Leases - Narrative (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
Leases - Narrative (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Leases [Line Items]
Cash outflow for leases	SFr 1,232	SFr 1,232	SFr 1,232
Lease facilities, Schlieren
Disclosure Of Detailed Information About Leases [Line Items]
Lease, extension term				5 years
Minimum
Disclosure Of Detailed Information About Leases [Line Items]
Lease, term	2 years
Maximum
Disclosure Of Detailed Information About Leases [Line Items]
Lease, term	10 years
Lease, extension or termination option, period	1 year

Revenues, other income and and entity-wide disclosures

12 Months Ended

Dec. 31, 2023

Revenue [abstract]

Revenues, other income and and entity-wide disclosures

Revenue, other income and entity-wide disclosures

The Group assesses and estimates the progress of its projects with alliance partners at each reporting date.

License and Collaboration Agreement with Novartis in the Area of DARPIN-Conjugated Radioligand Therapies, or the Novartis Radioligand Agreement

On December 14, 2021, the Group entered into a License and Collaboration Agreement with Novartis to develop DARPin-conjugated radioligand therapeutic candidates for oncology. Under the agreement, both parties will collaborate on the discovery and optimization of the therapeutic candidates. The Group will be primarily responsible for the generation of DARPins for tumor-specific delivery of radioligands. The Group is eligible to invoice Novartis for its employee-related expenses associated with the research activities. Novartis is responsible for all clinical development and commercialization activities. As of December 31, 2021 the Group recognized a receivable for the upfront fee of USD 20 million (CHF 18.6 million) payable from Novartis in trade and other receivables and a corresponding contract liability in the consolidated statement of financial position. In January 2022, Novartis paid Molecular Partners the upfront fee. The Group will be eligible to receive milestone payments of up to USD 560 million, relating to development, regulatory and commercialization activities, plus tiered royalties based on commercial sale levels from mid-single digit to low double-digit percentages of royalties on net sales of products commercialized by Novartis.

The Group identified one combined performance obligation consisting of the license and the research activities to be provided. Revenue related to the upfront payment of USD 20 million (CHF 18.6 million) is being recognized over time in line with the progress made over the duration of the contractually agreed research plan. Progress towards completion of the research plan is based on the cost-based method and is measured by employee costs on the related research activities as specified in the agreement relative to the total employee costs estimated to be incurred. During 2023, the Group recognized total revenue of CHF 7.0 million of which CHF 5.7 million related to the recognition of the upfront fee and CHF 1.3 million related to the recharge of employee-related expenses (2022 total revenue of CHF 9.8 million, 2021: CHF nil).

In June and December 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. The increase in total estimated future costs is primarily related to the continued development of various DARPin-conjugated radioligand therapeutic candidates.

Future milestone payments and royalties under the agreement will be recognized as revenue at a point in time, when a milestone is achieved or any subsequent sales by Novartis occur.

Novartis Option and Equity Rights Agreement

In October 2020, the Group entered into the Option and Equity Rights Agreement with Novartis, granting Novartis the exclusive option to in-license global rights in relation to MP0420 (ensovibep). Under the terms of the agreement, in 2020, the Group received an upfront, non-refundable fee of CHF 20 million for the technology transfer and manufacturing of MP0420. As of December 31, 2021, the entire CHF 20 million has been utilized for the manufacturing of commercial supply for MP0420.

Ensovibep License Agreement

In January 2022, following positive Phase 2 clinical trial results, Novartis exercised its option for ensovibep, triggering a milestone payment of CHF 150 million to the Group, which was received in 2022. Relatedly, the Group was eligible to invoice Novartis CHF 13.1 million for other items related to ensovibep.

In January 2023 Novartis informed the Group that it has submitted a request to withdraw, with an effective date of January 25, 2023 the Emergency Use Authorization (EUA) application from the U.S. Food and Drug Administration (FDA) for ensovibep. Ensovibep is not presently in clinical development.

On January 5, 2024, Novartis has agreed the termination of the License Agreement for ensovibep, previously under investigation for the treatment of SARS Cov-2, and Novartis has returned the rights to the ensovibep program to the Company. Clinical work on the ensovibep program ended in 2022, and the program remains terminated.

Reservation Agreement with the Swiss Federal Office of Public Health / Bundesamt für Gesundheit, or the FOPH Agreement

On August 11, 2020, the Group announced the reservation by the FOPH of a defined number of initial doses of the Group's anti-COVID-19 candidate, MP0420. Under the terms of the agreement, the Group received a reservation fee of CHF 7.0 million which resulted in a contract liability of CHF 7.0 million. With the exercise of the option by Novartis in January 2022 and the subsequent assignment of the agreement to Novartis, the Group recognized the CHF 7.0 million as revenue in 2022.

License and Collaboration Agreement with Amgen, or the Amgen Collaboration Agreement

In December 2018, the Group entered into a license and collaboration agreement with Amgen for the clinical development and commercialization of MP0310 / AMG 506. Under the agreement the Group received a non-refundable upfront payment of USD 50 million. The Group recognized the related revenue using the cost -based method to measure it progress by reference to actual costs incurred in relation to the Group's best estimate of total expected costs to satisfy the performance obligation.

On April 26, 2022 the Group announced that Amgen, had informed the Group of its decision to return the global rights of MP0310 following a strategic pipeline review. With no remaining performance obligations under the Amgen Collaboration Agreement, the Group recognized the remaining balance of the Amgen contract liability of TCHF 9,653 as revenue in 2022.

During the years ended December 31, 2023, 2022 and 2021, the Group recognized revenues as disclosed in the table below. Revenues in the table below are attributable to individual countries and are based on the location of the Group's alliance partner.


Revenues by country
in CHF thousands, for the years ended December 31	2023	2022	2021
Revenues Switzerland	7,038	179,903	—
Revenues USA	—	9,653	9,330
Total revenues	7,038	189,556	9,330


Analysis of revenue by major alliance partner
in CHF thousands, for the years ended December 31	2023	2022	2021
Novartis AG, Switzerland	7,038	172,903	—
FOPH, Switzerland	—	7,000	—
Amgen Inc., USA	—	9,653	9,330
Total revenues	7,038	189,556	9,330

Other income

In 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 earned during 2022 amounted to TCHF 44 (2021: TCHF 424) and are presented as Other income in the consolidated statement of comprehensive income. No such services were performed during 2023.

Financial risk management - Disclosure of Maximum Credit Risk Exposure (Details) - Credit risk - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	SFr 188,315	SFr 250,344
Cash and cash equivalents
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	67,309	87,946
Trade receivables
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	295	521
Accrued income
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	1,131	679
Short-term time deposits
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	SFr 119,580	SFr 161,198

Related party disclosures - Disclosure of Compensation Costs of Key Management (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions [abstract]
Short-term employee benefits	SFr 2,761	SFr 3,159	SFr 2,423
Post-employment benefits	253	297	203
Share-based compensation	1,914	2,111	1,784
Key management personnel compensation costs	SFr 4,928	SFr 5,567	SFr 4,410

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes And Deferred Taxes [Abstract]

Income Taxes

Current taxes

The Company generated taxable losses in 2023 and 2021 whereas in 2022 the Company generated a taxable profit in Switzerland. In 2023, the Company did not have to pay or accrue any income taxes during the reporting period, as the Company incurred a taxable loss in 2023. Any potential future taxable income will be subject to Swiss federal, cantonal and communal income taxes. The Company’s applicable income tax rate (after tax) for the year 2023 is 19.3% (2022: 19.4%; 2021: 19.4%).

Molecular Partners Inc., which is incorporated in the United States in the State of Delaware, is subject to statutory U.S. federal corporate income taxes and minimal state taxes for Massachusetts and New York.

For the year ended December 31, 2023, current income tax expense of TCHF 0.4 (or in thousands of US Dollars ("TUSD") 0.5) was recognized by the Group's U.S. based subsidiary for estimated U.S. tax obligations of the subsidiary based on intra-Group activity (for the year ended December 31, 2022: tax expense of TCHF 0.3 (TUSD 0.3) and for the year ended December 31, 2021: tax credit of TCHF 2 (TUSD 2)). The tax expense amount comprises of the sum of the minimal taxes payable for federal taxes and for the various states in which Molecular Partners Inc. is liable for taxes. The applicable income tax rates are 21% U.S. federal tax plus 8.00% state tax (Massachusetts) and 6.50% (New York).

Deferred taxes

The Company's net loss before income taxes amounted to TCHF 56,285 in 2023 whereas the prior years generated a net income before income taxes of TCHF 124,020 in 2022 and a net loss before income taxes of TCHF 58,632 in 2021. The cumulative tax losses as of December 31, 2023 of TCHF 144,483 may be used as tax loss carry forwards to offset future taxable income over a period of seven years.

No deferred tax assets have been recognized for these tax loss carry forwards, because as of December 31, 2023, it was not considered 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 for a total of TCHF 4,720, see also note 18.1) due to the tax losses carried forward. Income tax expense has been calculated for the year ending December 31, 2023, based on the effective income tax rate expected for the full financial year, being 0% on December 31, 2023.

Given the facts above, as well as the fact that the Company incurred no significant tax expense in the reporting periods presented, a numerical reconciliation of the effective tax rate is not provided. The primary reconciling item is the effect of unrecognized deferred tax assets for tax losses and deductible temporary differences.

The following table shows the expiry of tax loss carry forwards for the Company, for which no deferred tax asset was recognized:


in CHF thousands	2023	2022




2027	(29,566)	(29,566)
2028	(58,632)	(58,632)
2030	(56,285)	—

Total tax loss carry forwards as at December 31	(144,483)	(88,198)

Events after the balance sheet date	12 Months Ended
Events after the balance sheet date	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Events after the balance sheet date	Events after the balance sheet date On January 5, 2024 the Group announced it entered into a co-development agreement with Orano Med to co-develop 212Pb-based Radio Darpin Therapies (RDT). Under the terms of the co-development agreement, Molecular Partner’s previously disclosed RDT target DLL3 (delta-like ligand 3) will be included in the collaboration with Orano Med. Both companies are developing additional radioligand therapy candidates in partnership with other companies, with Molecular Partners having announced its first collaboration with Novartis in December 2021. Expression of DLL3 is low in healthy tissue but significantly increased in certain tumor types, such as small-cell lung cancer, providing an opportunity for selective tumor-targeting. DLL3 will be exclusively developed by Molecular Partners and Orano Med as a RDT target. Molecular Partners maintains the option to explore DLL3 for targeted therapy outside of the radiotherapy space. Both companies commit to sharing the cost of preclinical and clinical development with additional commitments to supply of their respective materials. Additional agreements are being put in place for future development and commercialization of any potential programs that proceed into the clinical stage of development. On January 5, 2024, Novartis has agreed the termination of the License Agreement for ensovibep, previously under investigation for the treatment of SARS Cov-2, and Novartis has returned the rights to the ensovibep program to the Company. Clinical work on the ensovibep program ended in 2022, and the program remains terminated. No other events occurred between the balance sheet date and the date on which these consolidated financial statements were approved by the Board of Directors that would require adjustment to the consolidated financial statements or disclosure under this heading.

Financial risk management - Sensitivity Analysis to Reasonable Possible Change in Exchange Rates (Details) - Currency risk - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
USD Positions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in exchange rates	10.00%	10.00%	10.00%
Decrease in exchange rates	(10.00%)	(10.00%)	(10.00%)
Effect on result before tax if exchange rates increase	SFr 4,718	SFr 5,904	SFr 6,633
Effect on result before tax if interest rates decrease	SFr (4,718)	SFr (5,904)	SFr (6,633)
EUR Positions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in exchange rates	10.00%	10.00%	10.00%
Decrease in exchange rates	(10.00%)	(10.00%)	(10.00%)
Effect on result before tax if exchange rates increase	SFr 479	SFr 1,252	SFr 2,019
Effect on result before tax if interest rates decrease	SFr (479)	SFr (1,252)	SFr (2,019)

Contract liability - Disclosure of Expected Revenue Recognition Analysis for Contract Liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transaction price allocated to remaining performance obligations [line items]
Contract liability	SFr 4,333	SFr 10,046
Expected revenue recognition in year one after balance sheet date
Disclosure of transaction price allocated to remaining performance obligations [line items]
Contract liability	SFr 4,333	6,409
Expected revenue recognition in year two after balance sheet date
Disclosure of transaction price allocated to remaining performance obligations [line items]
Contract liability		SFr 3,637

Income Taxes - Income Taxes (Details)	12 Months Ended
Income Taxes - Income Taxes (Details)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2021 USD ($)
Molecular Partners Inc.
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items]
Current tax expense (income)	SFr 400	$ 500	SFr 300	$ 300	SFr (2,000)	$ (2,000)

Shareholders' equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [abstract]

Disclosure of issuance of shares


			Ordinary shares
Shares in issue at December 31, 2020			29,146,992
Issued in relation to June 2021 IPO			3,000,000
Issued in relation to vesting of PSU, RSU and options			145,656
Shares in issue at December 31, 2021			32,292,648
Issued in relation to creation of treasury shares in August 2022			3,500,000
Issued in relation to vesting of PSU, RSU and options			252,058
Shares in issue at December 31, 2022			36,044,706
Issued in relation to vesting of PSU, RSU and options			309,591
Shares in issue at December 31, 2023			36,354,297

Cash and cash equivalents and short-term time deposits

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Cash and cash equivalents and short-term time deposits


in CHF thousands	2023	2022
Cash at bank in CHF	57,379	67,611
Cash at bank in EUR	4,948	7,685
Cash at bank in USD	4,829	12,520
Cash at bank in GBP	153	130
Total cash at bank at December 31	67,309	87,946

Short-term time deposits in CHF	77,500	110,000
Short-term time deposits in EUR	—	4,938
Short-term time deposits in USD	42,080	46,260
Total short-term deposits at December 31	119,580	161,198

All short-term time deposits at December 31, 2023 and 2022 were held with Swiss banks. As of December 31, 2023, the deposits denominated in CHF contained six positions with three banks, the deposits denominated in USD contained five positions with two banks. As of December 31, 2022, there were six deposits denominated in CHF with three banks, where the short-term time deposits denominated in USD contained three positions with three banks and the short-term time deposits in EUR contained one position with one bank. Please refer to note 25.

Personnel expenses - Additional Information (Details)	12 Months Ended
Personnel expenses - Additional Information (Details)	Dec. 31, 2023 shares plan tranche	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding (in shares)	282,105	282,105	318,902
Number of PSUs and RSUs outstanding (in shares)	1,530,661	700,801	643,120
ESOP 2009 and ESOP 2014
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	4 years
Cliff vesting percentage	25.00%
Cliff vesting period	1 year
Number of share options outstanding (in shares)	282,105	282,105
Number of share option plans \| plan	2
Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year	1 year
Blocking period	3 years
Number of PSUs and RSUs outstanding (in shares)	182,678	96,001
Performance Share Units (PSU), Employees excluding Management Board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of tranches \| tranche	3
Performance Share Units (PSU), Employees excluding Management Board \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years	3 years
Number of PSUs issued, in percentage of number of PSUs granted	0.00%
Performance Share Units (PSU), Employees excluding Management Board \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of PSUs issued, in percentage of number of PSUs granted	150.00%
Performance Share Units (PSU), Management Board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years	3 years
Cliff vesting period	3 years
Performance Share Units (PSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cliff vesting period	3 years
Number of PSUs and RSUs outstanding (in shares)	1,347,983	604,800

Cash and cash equivalents and short-term time deposits (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Reconciliation of Cash, Cash Equivalents and Short-Term Time Deposits


in CHF thousands	2023	2022
Cash at bank in CHF	57,379	67,611
Cash at bank in EUR	4,948	7,685
Cash at bank in USD	4,829	12,520
Cash at bank in GBP	153	130
Total cash at bank at December 31	67,309	87,946

Short-term time deposits in CHF	77,500	110,000
Short-term time deposits in EUR	—	4,938
Short-term time deposits in USD	42,080	46,260
Total short-term deposits at December 31	119,580	161,198

Revenues, other income and and entity-wide disclosures - Disclosure of Revenue by Country (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 7,038	SFr 189,556	SFr 9,330
Revenues Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	7,038	179,903	0
Revenues USA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	SFr 0	SFr 9,653	SFr 9,330

Trade and other payables - Disclosure of Detailed Information about Trade and Other Payables (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade payables	SFr 410	SFr 997
Social security	918	1,146
Trade and other payables	SFr 1,328	SFr 2,143

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	3240
Auditor Name	KPMG AG
Auditor Location	Zurich, Switzerland

Shareholders’ equity

12 Months Ended

Dec. 31, 2023

Equity [abstract]

Shareholders’ equity

In August 2022, the Company issued 3,500,000 common shares at par value CHF 0.10 per share. The shares were fully subscribed for by Molecular Partners Inc., a fully owned subsidiary of the Company. As of December 31, 2023 and 2022, all 3,500,000 common shares were held as treasury shares of the Company. The purpose of the share issuance was to replenish the Company’s pool of treasury shares that the Company can use in the future to raise funds, including in connection with the Company’s at-the-market sales program for American Depositary Shares established in July 2022.

The total amount presented as Treasury shares reserve in the consolidated statement of financial position, is comprised of CHF 350,000 of the nominal value of the treasury shares and CHF 631,336 of transaction

costs incurred directly related to the issuance. The amount of CHF 350,000 was a non-cash transaction for the Group.

Classes of share capital

Ordinary share capital

On December 31, 2023, the Company’s issued share capital amounted to CHF 3,635,430 divided into 36,354,297 fully paid registered shares with a par value of CHF 0.10 each. Ordinary shares are entitled to one vote per share and rank equally with regard to the Company's residual assets and dividends (if any should be declared in the future).


			Ordinary shares
Shares in issue at December 31, 2020			29,146,992
Issued in relation to June 2021 IPO			3,000,000
Issued in relation to vesting of PSU, RSU and options			145,656
Shares in issue at December 31, 2021			32,292,648
Issued in relation to creation of treasury shares in August 2022			3,500,000
Issued in relation to vesting of PSU, RSU and options			252,058
Shares in issue at December 31, 2022			36,044,706
Issued in relation to vesting of PSU, RSU and options			309,591
Shares in issue at December 31, 2023			36,354,297

The Company’s share capital registered with the Swiss Commercial Register on December 31, 2023 amounted to CHF 3,604,471 divided into 36,044,706 fully paid up registered shares with a par value of CHF 0.10 per share.

The capital increases in 2023 triggered by the option exercises and the vesting of Performance Share Units ("PSU") and Restricted Share Units ("RSU"), from the RSU Plan 2020 and PSU Plans 2020, 2021 and 2022 was registered with the Commercial Register on January 31, 2024.

Authorized share capital

On December 31, 2023, the Company had an authorized share capital in the amount of up to CHF 457,316 which allows for the issuance of up to 4,573,162 fully paid up registered shares with a par value of CHF 0.10 per share, which is valid until April 13, 2024. This authorized capital of up to CHF 457,316 equates to approximately 13% of the existing share capital. As approved by the annual general meeting on April 13, 2022, the authorized share capital was increased by CHF 350,000 from CHF 457,316 to CHF 807,316. In August 2022, the authorized share capital was subsequently reduced by CHF 350,000 from CHF 807,316 to CHF 457,316 due to the creation of treasury shares.

The Board of Directors is authorized to determine the issue price, type of payment, time of the issuance, conditions for the exercise of the preemptive rights and the date from which the shares carry the right to dividends. The Board of Directors can issue new shares by means of an underwriting arrangement by a bank or another third party with a subsequent offer of these shares to the existing shareholders or third parties (if the preemptive rights of the existing shareholders have been denied or not been duly exercised). The Board of Directors is authorized to permit, to restrict or to deny the trade of preemptive rights. The Board of Directors may permit preemptive rights that have been granted but not exercised to expire or it may place these rights respectively the shares as to which preemptive rights have been granted but not exercised, at market conditions or use them for other purposes in the interest of the Group.

The Board of Directors is further authorized to restrict or deny the preemptive rights of shareholders and to allocate them to third parties: (a) for the acquisition of companies, parts of companies or participations, for the acquisition of products, intellectual property or licenses, for investment projects or for the financing or refinancing of such transactions through a placement of shares, (b) for the purpose of broadening the shareholder constituency or in connection with a listing of shares on domestic or foreign stock exchanges, (c) if the issue price of the new shares is determined by reference to the market price, (d) for purposes of granting an over-allotment option (greenshoe) of up to 20% of the total number of shares in a placement or sale of shares to the respective initial purchasers or underwriters, (e) following a shareholder or a group of shareholders acting in concert having accumulated shareholdings in excess of 15% of the share capital registered with the commercial register of the Canton of Zurich, without having submitted to the other shareholders a take-over offer recommended by the Board of Directors, or (f) for the defense of an actual, threatened or potential takeover bid, in relation to which the Board of Directors has not recommended to the shareholders acceptance on the basis that the Board of Directors has not found the takeover bid to be financially fair to the shareholders.

Conditional share capital

As of December 31, 2023 the Company’s share capital was allowed to be increased by an amount not to exceed CHF 105,337 through the issuance of up to 1,053,372 fully paid up shares with a par value of CHF 0.10 per share through the direct or indirect issuance of shares, options or preemptive rights granted to employees, members of the Board of Directors or members of any advisory boards. During 2023, the share capital was increased out of this conditional capital for employee participation (Article 3b of the Articles of Association). As a result, the available conditional capital for employee participation was reduced by CHF 30,959 from CHF 136,296 to CHF 105,337.

In addition, the share capital may be increased by an amount not to exceed CHF 226,087 through the issuance of up to 2,260,870 fully paid up shares with a par value of CHF 0.10 per share through the exercise or mandatory exercise of conversion, exchange, option, warrant or similar rights for the subscription of shares granted to shareholders or third parties alone or in connection with bonds, notes, options, warrants or other securities or contractual obligations by or of the Company. During 2023, this conditional capital for financing transactions and other purposes (Article 3c of the Articles of Association) remained unchanged.

In 2023, 2022 and 2021 the cash proceeds from the exercise of share options and the vesting of Performance Share Units (“PSU”) and Restricted Share Units ("RSU"), amounted to CHF 30,959, CHF 251,957 and CHF 269,552 respectively and all resulted from the issuance of new shares (conditional share capital).

Contract liability - Disclosure of Current and Non-Current Contract Liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Contract Liability [Line Items]
Current	SFr 4,333	SFr 6,409
Non-current	0	3,637
Contract liability	4,333	10,046	SFr 35,237
Novartis
Disclosure Of Detailed Information About Contract Liability [Line Items]
Current	4,333	6,409
Non-current	0	3,637
Contract liability	SFr 4,333	SFr 10,046	SFr 18,584

Other current assets (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Prepayments	SFr 2,486	SFr 3,910
Accrued income	1,131	679
Prepaid expenses and accrued income	SFr 3,617	SFr 4,589

Leases - Disclosure of Movement of Lease Liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Leases [Line Items]
Lease liabilities at beginning of period	SFr 4,850	SFr 6,039
Additions / new leases	0	0
Remeasurements	0	0
Recognition of interest on lease liabilities	34	43	SFr 53
Payments	(1,232)	(1,232)	(1,232)
Lease liabilities at end of period	3,652	4,850	6,039
Current	1,208	1,198
Non-current	2,444	3,652
Lease liabilities	SFr 3,652	SFr 4,850	SFr 6,039

Personnel expenses - Disclosure of Conditions and Inputs Used in the Measurement of the Fair Values at Grant Dates (Details)	12 Months Ended
	Dec. 31, 2023 shares SFr / shares	Dec. 31, 2022 shares SFr / shares
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of RSU and PSU granted (in shares) \| shares	1,282,372	340,152
Weighted average exercise price (in CHF per shares)	SFr 0.10	SFr 0.10
Expected dividend	0	0
Weighted average fair value of rights granted (in CHF per shares)	SFr 5.20	SFr 17.08
Restricted Share Units (RSU)
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of RSU and PSU granted (in shares) \| shares	120,144	33,015
Vesting period	1 year	1 year
Performance Share Units (PSU)
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Number of RSU and PSU granted (in shares) \| shares	1,162,228	307,137
Performance Share Units (PSU), Management Board
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Vesting period	3 years	3 years
Minimum
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Share price (in CHF per share)	SFr 3.86	SFr 6.55
Expected volatility on Common shares	67.08%	64.69%
Risk free interest rate, common shares	(0.24%)	(0.54%)
Expected volatility on NBI	23.36%	25.89%
Risk free interest rate, NBI	5.30%	0.58%
Expected volatility on SPI	13.20%	15.57%
Risk free interest rate, SPI	(0.24%)	(0.54%)
Minimum \| Restricted Share Units (RSU)
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Full contractual life for RSU and PSU	3 years	3 years
Minimum \| Performance Share Units (PSU), Employees excluding Management Board
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Vesting period	3 years	3 years
Maximum
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
Share price (in CHF per share)	SFr 6.16	SFr 18.88
Expected volatility on Common shares	77.51%	76.84%
Risk free interest rate, common shares	1.17%	(0.71%)
Expected volatility on NBI	28.66%	28.16%
Risk free interest rate, NBI	6.04%	4.78%
Expected volatility on SPI	17.27%	17.02%
Risk free interest rate, SPI	1.17%	(0.71%)

Financial income and financial expense

12 Months Ended

Dec. 31, 2023

Financial income and financial expense

Financial income


in CHF thousands	2023	2022	2021
Interest income on financial assets held at amortized costs	4,279	1,142	99
Net foreign exchange gain	—	717	92
Total year ended December 31	4,279	1,859	191

Financial expense


in CHF thousands	2023	2022	2021
Net foreign exchange loss	(5,106)	—	—
Negative interest on financial assets held at amortized costs	—	(562)	(495)
Interest expense on leases	(34)	(43)	(53)
Other financial expenses	(15)	(14)	(8)
Total year ended December 31	(5,155)	(619)	(556)

Consolidated Statement of Changes in Equity - CHF (SFr)

Total

Share capital

Additional paid-in capital

Treasury share reserve

Cumulative losses

Equity at beginning of period at Dec. 31, 2020

SFr 107,220,000

SFr 2,915,000

SFr 299,479,000

SFr (195,174,000)

Net result

(63,785,000)

Exchange differences on translating foreign operations

^[1]

8,012,000

(3,000)

Total comprehensive result, attributable to shareholders

(55,776,000)

Share-based compensation costs

^[1]

4,085,000

Issuance of new shares, net of transaction costs

^[2]

51,493,000

300,000

51,193,000

Exercise of stock options, net of transaction costs

^[2]

267,000

14,000

253,000

Equity at end of period at Dec. 31, 2021

107,289,000

3,229,000

355,010,000

(250,950,000)

Net result

117,853,000

Exchange differences on translating foreign operations

^[1]

5,334,000

(17,000)

Total comprehensive result, attributable to shareholders

123,170,000

Share-based compensation costs

^[1]

5,088,000

Issuance of new shares, net of transaction costs

^[2]

350,000

Issuance of treasury shares incl. transaction costs

^[2]

(981,000)

SFr (981,000)

Exercise of stock options, net of transaction costs

^[2]

250,000

25,000

225,000

Equity at end of period at Dec. 31, 2022

235,166,000

3,604,000

360,323,000

(981,000)

(127,780,000)

Net result

(61,984,000)

Exchange differences on translating foreign operations

^[1]

(1,975,000)

(16,000)

Total comprehensive result, attributable to shareholders

(63,975,000)

Share-based compensation costs

^[1]

5,207,000

Exercise of stock options, net of transaction costs

^[2]

31,000

Equity at end of period at Dec. 31, 2023

SFr 176,429,000

SFr 3,635,430

SFr 365,530,000

SFr (981,000)

SFr (191,755,000)

[1]	See note 18
[2]	See note 12

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.

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

Revenues from research and development collaborations

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
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Trade and other receivables - Disclosure of Detailed Information about Trade and Other Receivables (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables	SFr 295	SFr 521
Value added tax	253	250
Withholding tax	1,339	173
Other receivables	66	75
Trade and other receivables	SFr 1,953	SFr 1,019

Consolidated Statement of Comprehensive Income - CHF (SFr)
SFr in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues and other income

SFr 7,038

SFr 189,556

SFr 9,330

Other income

424

Total revenues and other income

7,038

189,600

9,754

Operating expenses

Research and development expenses

(48,784)

(50,749)

(55,718)

Selling, general and administrative expenses

(19,362)

(22,238)

(17,454)

Total operating expenses

(68,146)

(72,987)

(73,172)

Operating result

(61,108)

116,613

(63,418)

Financial income

4,279

1,859

191

Financial expenses

(5,155)

(619)

(556)

Net finance result

(876)

1,240

(365)

Result before income taxes

(61,984)

117,853

(63,783)

Income taxes

(2)

Net result, attributable to shareholders

(61,984)

117,853

(63,785)

Items that will not be reclassified to profit or loss

Remeasurement of net pension liabilities, net of tax

^[1]

(1,975)

5,334

8,012

Items that are or may be reclassified subsequently to profit or loss

Exchange differences on translating foreign operations

(16)

(17)

(3)

Other comprehensive result, net of tax

(1,991)

5,317

8,009

Total comprehensive result, attributable to shareholders

SFr (63,975)

SFr 123,170

SFr (55,776)

Basic net result per share (in CHF per share)

SFr (1.89)

SFr 3.63

SFr (2.06)

Diluted net result per share (in CHF per share)

SFr (1.89)

SFr 3.54

SFr (2.06)

[1]	See note 18

Summary of material accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Disclosure of Useful Lives of Property, Plant and Equipment

The applicable estimated useful lives are as follows:


Laboratory equipment:			5 years
Office equipment:			3 years
IT hardware:			2 years


in CHF thousands	Lab equipment	Office equipment	IT hardware	Right-of-use assets	Leasehold improvements	Total
2023
Cost
At January 1, 2023	9,646	731	1,315	9,616	624	21,932
Additions	397	6	163	—	9	575
Disposals	(303)	(14)	(167)	—	—	(484)
At December 31, 2023	9,740	723	1,311	9,616	633	22,023
Accumulated depreciation
At January 1, 2023	(7,660)	(687)	(1,172)	(4,815)	(364)	(14,697)
Depreciation charge for the year	(711)	(27)	(120)	(1,200)	(70)	(2,128)
Disposals	303	14	167	—	—	484
At December 31, 2023	(8,068)	(700)	(1,125)	(6,015)	(434)	(16,342)
Carrying amount at December 31, 2023	1,672	23	186	3,601	199	5,681


in CHF thousands	Lab equipment	Office equipment	IT hardware	Right-of-use assets	Leasehold improvements	Total
2022
Cost
At January 1, 2022	8,754	711	1,199	9,616	607	20,887
Additions	1,019	20	121	—	17	1,177
Disposals	(127)	—	(5)	—	—	(132)
At December 31, 2022	9,646	731	1,315	9,616	624	21,932
Accumulated depreciation
At January 1, 2022	(7,164)	(653)	(1,012)	(3,615)	(298)	(12,741)
Depreciation charge for the year	(623)	(34)	(165)	(1,200)	(66)	(2,088)
Disposals	127	—	5	—	—	132
At December 31, 2022	(7,660)	(687)	(1,172)	(4,815)	(364)	(14,697)
Carrying amount at December 31, 2022	1,986	44	143	4,802	260	7,235

Disclosure of Timing of Revenue Recognition by Type of Payments Received


Type of payments received						Timing of revenue recognition
Revenue recognition of upfront payments						Upfront payments received in connection with out-licensing arrangements are typically non-refundable fees for which the Group does not transfer a good or a service to the customer, rather the upfront payments consists of an advance payment for future services and/or an acquisition of the right to the current or future access to the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using an input based method to measure its progress towards complete satisfaction of the performance obligation.

Revenue recognition of milestone payments						Milestone payments received in connection with out-licensing or other arrangements are typically non-refundable fees entitling the Group to a right to payment upon such milestone being met. At that time, the customer has typically acquired the right to use the underlying intellectual property or additional knowledge about drug candidate(s), without any remaining performance obligation of the Group. Considering the uncertainty surrounding the outcome of such development activities, the revenue is consequently recognized at a point in time, when the milestone is reached. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Revenue recognition of payments received for development options exercises						Development option payments received in connection with out-licensing arrangements are typically non-refundable fees entitling the Group to a right to payment upon such option being exercised. At that time, the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations of the Group. Considering the fact that the exercise of any option is outside the control of the Group, revenue for options that provide the right to use is recognized at a point in time at the effective exercise of the option. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Revenue recognition for reservation fees						Reservation fees received are typically non-refundable fees. The timing of revenue recognition depends on whether development of the final drug is successful. If development is successful, revenue will be recognized when the related reservation right is exercised or lapses (as the exercise of any reservation right is outside the control of the Group). Alternatively, revenue will be recognized at the point in time when the results from the research will not justify further development of the drug. At this stage it is highly probable that a reversal of the cumulative revenue will not occur.

Contract liability

12 Months Ended

Dec. 31, 2023

Contract liabilities [abstract]

Contract liability

The Group expects the contract liability to be recognized as revenue as follows:


in CHF thousands			Contract liability
Expected revenue recognition in year one after balance sheet date			4,333




Balance at December 31, 2023			4,333


in CHF thousands			Contract liability
Expected revenue recognition in year one after balance sheet date			6,409
Expected revenue recognition in year two after balance sheet date			3,637



Balance at December 31, 2022			10,046

The table below presents the movement on the contract liability:


	Contract liability at January 1,	Additions	Recognized as revenue	Contract liability at December 31,
in CHF thousands	2023			2023
Novartis	10,046	—	(5,713)	4,333
Balance	10,046	—	(5,713)	4,333


	Contract liability at January 1,	Additions	Recognized as revenue	Contract liability at December 31,
in CHF thousands	2022			2022
Amgen	9,653	—	(9,653)	—
Novartis	18,584	—	(8,538)	10,046
FOPH	7,000	—	(7,000)	—
Balance	35,237	—	(25,191)	10,046


in CHF thousands	Current	Non-current	Contract liability
Novartis	4,333	—	4,333
Balance at December 31, 2023	4,333	—	4,333


in CHF thousands	Current	Non-current	Contract liability
Novartis	6,409	3,637	10,046
Balance at December 31, 2022	6,409	3,637	10,046

Trade and other receivables - Disclosure of Trade Receivables Denominated in Other Currency Explanatory (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Trade And Other Receivables [Line Items]
Trade receivables	SFr 295	SFr 521
CHF
Disclosure Of Trade And Other Receivables [Line Items]
Trade receivables	0	160
EUR
Disclosure Of Trade And Other Receivables [Line Items]
Trade receivables	0	0
USD
Disclosure Of Trade And Other Receivables [Line Items]
Trade receivables	SFr 295	SFr 361

Accounting estimates and judgments	12 Months Ended
Accounting estimates and judgments	Dec. 31, 2023
Accounting Estimates and Judgments [Abstract]
Accounting estimates and judgments	Accounting estimates and judgments The Group’s accounts are prepared on a going concern basis. The preparation of the consolidated financial statements in conformity with IFRS requires that management and the Board of Directors make estimates and assumptions which affect the amounts of the assets and liabilities, contingent liabilities, as well as the income and expenses reported in the consolidated financial statements. These estimates take into consideration historic experience as well as developments in the economic circumstances and are further based on management’s best knowledge of current events and actions that the Group may undertake in the future. These estimates are subject to risks and uncertainties. The actual results can deviate from these estimates.

Additional information on the nature of expenses (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of attribution of expenses by nature to their function [line items]
Personnel expenses	SFr (40,016)	SFr (39,889)	SFr (36,251)
Research and development expenses	(48,784)	(50,749)	(55,718)
Selling, general and administrative expense	(19,362)	(22,238)	(17,454)
Total operating expenses	(68,146)	(72,987)	(73,172)
Research and development expenses
Disclosure of attribution of expenses by nature to their function [line items]
Research consumables and external research and development expenses	(15,892)	(17,154)	(26,342)
Personnel expenses	(28,376)	(28,101)	(25,647)
Depreciation and amortization	(2,053)	(1,971)	(2,016)
Intellectual property	(853)	(957)	(636)
Facility expenses	(940)	(854)	(758)
Other research and development expenses	(660)	(703)	(259)
Royalties and license fees	(10)	(1,010)	(60)
Pension and share-based compensation costs, non-cash portion	3,447	3,856	3,045
Selling, general and administrative expenses
Disclosure of attribution of expenses by nature to their function [line items]
Personnel expenses	(11,640)	(11,788)	(10,604)
Other administrative expenses	(7,283)	(9,965)	(6,242)
Depreciation and amortization	(367)	(416)	(549)
Facility expenses	(72)	(69)	(60)
Pension and share-based compensation costs, non-cash portion	SFr 2,260	SFr 2,329	SFr 2,113

Financial instruments - Disclosure of Financial Assets at Amortized Cost (Details) - Financial assets at amortized costs - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets	SFr 188,315	SFr 250,344
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets	67,309	87,946
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	295	521
Accrued income
Disclosure of detailed information about financial instruments [line items]
Financial assets	1,131	679
Short-term time deposits
Disclosure of detailed information about financial instruments [line items]
Financial assets	SFr 119,580	SFr 161,198

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

Subclassifications of assets, liabilities and equities [abstract]

Trade and other payables

12 Months Ended

Dec. 31, 2023

Trade and other payables


in CHF thousands	2023	2022
Trade payables	410	997
Social security	918	1,146


Balance at December 31	1,328	2,143

Trade payables are denominated in the following currencies:


in CHF thousands	2023	2022
CHF	227	790
EUR	161	104
USD	22	103

Balance at December 31	410	997

Personnel expenses

12 Months Ended

Dec. 31, 2023

Personnel Expenses [Abstract]

Personnel expenses


in CHF thousands	2023	2022	2021
Salaries	(27,022)	(27,737)	(25,909)
Share-based compensation (non-cash effective)	(5,207)	(5,088)	(4,085)
Pension costs	(2,632)	(3,192)	(3,059)
Social security costs	(2,201)	(2,399)	(2,535)
Other personnel expenses	(2,954)	(1,473)	(663)
Total year ended December 31	(40,016)	(39,889)	(36,251)

Full-time equivalents and head count	2023	2022	2021
Average number of full-time equivalents	167.8	167.4	158.3
Full-time equivalents at year end	167.5	175.3	163.2
Headcount at year end	182	191	177

18.1 Pension costs and liabilities


in CHF thousands	2023		2022
Defined benefit pension plans
Actuarial assumptions
Discount rate at January 1	2.25	%	0.40	%
Discount rate at December 31 (1)	1.50	%	2.25	%
Future salary increases at December 31	2.00	%	2.00	%
Mortality tables	BVG2020 GT		BVG2020 GT
Date of last actuarial valuation	31.12.2023		31.12.2022
Reconciliation of the amount recognized in the statement of financial position
Defined benefit obligation at December 31	56,347		52,529
Fair value of plan assets at December 31	51,627		50,284
Net defined benefit liability at December 31 (2)	4,720		2,245
Components of defined benefit cost in profit or loss
Current service cost (employer)	2,507		3,137
Past service cost	43		—
Interest expense on defined benefit obligation	1,182		231
Interest income on plan assets	(1,126)		(203)
Administrative cost excl. cost for managing plan assets	26		27
Defined benefit cost recognized in profit or loss	2,632		3,192
thereof service cost and administrative cost	2,576		3,164
thereof net interest expense on the net defined benefit liability	56		28
Reconciliation of net defined benefit liability
Net defined benefit liability at January 1	2,245		6,483
Defined benefit cost recognized in profit or loss (3)	2,632		3,192
Remeasurement of net pension liabilities	1,975		(5,334)
Contributions by the employer (3)	(2,132)		(2,096)
Net defined benefit liability at December 31 (2)	4,720		2,245


Reconciliation of defined benefit obligation
Defined benefit obligation at January 1	52,529	54,461
Interest expenses on defined benefit obligation	1,182	231
Current service cost (employer)	2,507	3,137
Contributions by plan participants	1,344	1,317
Benefits (paid)/deposited	(3,918)	2,032
Past service cost	43	—
Administrative cost (excl. cost for managing plan assets)	26	27
Actuarial (gain)/loss on defined benefit obligation	2,634	(8,676)
Defined benefit obligation at December 31	56,347	52,529
Reconciliation of amount recognized in OCI
Actuarial (gain) / loss on changes in financial assumptions	3,644	(12,222)
Actuarial (gain) / loss on changes in demographic assumptions	(10)	—
Actuarial (gain) / loss arising from experience adjustments	(1,000)	3,546
Actuarial (gain)/loss on defined benefit obligation	2,634	(8,676)
Return on plan assets excluding interest income	(659)	3,342
Remeasurement of net pension liabilities	1,975	(5,334)
Reconciliation of fair value of plan assets
Fair value of plan assets at January 1	50,284	47,979
Interest income on plan assets	1,126	203
Contributions by the employer	2,132	2,096
Contributions by plan participants	1,344	1,317
Benefits (paid)/deposited	(3,918)	2,032
Return on plan assets excl. interest income	659	(3,342)
Fair value of plan assets at December 31	51,627	50,284
Best estimate of contributions of next year
Contributions by the employer	2,156	2,231
Plan asset classes
Cash and cash equivalents	7,684	7,896
Equity instruments	21,810	20,754
Debt instruments (e.g. bonds)	9,047	8,200
Real estate funds	1,821	1,793
Others	1,792	1,748
Total plan assets at fair value (quoted market price)	42,154	40,391
Others	9,473	9,892
Total plan assets at fair value (non-quoted market price)	9,473	9,892
Total plan assets at fair value at December 31	51,627	50,284
thereof entity's own transferable financial instruments	—	—
thereof property occupied or other assets used by the entity	—	—
Sensitivity (4)
Defined benefit obligation at December 31 with discount rate -0.25%	58,683	54,524
Defined benefit obligation at December 31 with discount rate +0.25%	54,179	50,672
Defined benefit obligation at December 31 with interest rate on retirement savings capital -0.25%	55,437	51,699


Defined benefit obligation at December 31 with interest rate on retirement savings capital +0.25%	57,283	53,383
Defined benefit obligation at December 31 with salary increases -0.25%	55,974	52,253
Defined benefit obligation at December 31 with salary increases +0.25%	56,707	52,768
Defined benefit obligation at December 31 with life expectancy +1 year	57,071	53,090
Defined benefit obligation at December 31 with life expectancy -1 year	55,619	51,961
Maturity profile of defined benefit obligation
Weighted average duration of defined obligation in years at December 31	16.2	15.0
Weighted average duration of defined obligation in years at December 31 for active members	16.1	14.8
Weighted average duration of defined obligation in years at December 31 for pensioners	17.3	16.3

(1) Discount rates are based on industry benchmarks related to benefits with a 20 year duration.

(2) In liabilities for employee benefits, as presented in the consolidated statement of financial position included are also TCHF 343 (2022: TCHF 307; 2021: TCHF 257) for accrued sabbatical cost.

(3) The sum of these two positions represent the non-cash effective pension costs recognized in the profit and loss section of the consolidated statement of comprehensive income of which TCHF 390 are research and development costs (2022: TCHF 846; 2021: TCHF 837) and TCHF 110 are selling, general and administrative costs (2022: TCHF 250; 2021: TCHF 235).

(4) For the most important parameters which influence the pension obligation of the Company a sensitivity analysis was performed. The discount rate and the assumption for salary increases were modified by a certain percentage value. Sensitivity on mortality was calculated by changing the mortality with a constant factor for all age groups. With this procedure the Company could change the longevity for most of the age categories by one year longer or shorter than the baseline value.

The table below presents the amounts that are reflected in the statement of comprehensive income for the periods indicated:


in CHF thousands	2023	2022	2021

Components of defined benefit cost in profit or loss
Current service cost (employer)	2,507	3,137	3,097
Past service cost	43	—	(94)
Interest expense on defined benefit obligation	1,182	231	114
Interest income on plan assets	(1,126)	(203)	(86)
Administrative cost excl. cost for managing plan assets	26	27	27
Defined benefit cost recognized in profit or loss	2,632	3,192	3,059
thereof service cost and administrative cost	2,576	3,164	3,031
thereof net interest expense on the net defined benefit liability	56	28	28

Reconciliation of amount recognized in OCI
Actuarial (gain) / loss on changes in financial assumptions	3,644	(12,222)	(2,303)
Actuarial (gain) / loss on changes in demographic assumptions	(10)	—	(2,432)
Actuarial (gain) / loss arising from experience adjustments	(1,000)	3,546	(773)
Actuarial (gain)/loss on defined benefit obligation	2,634	(8,676)	(5,508)
Return on plan assets excluding interest income	(659)	3,342	(2,504)
Remeasurement of net pension liabilities	1,975	(5,334)	(8,012)

18.2 Share-based compensation

18.2.1 Employee Share Option Plans (“ESOP”)

1. ESOP 2009 established in December 2009

2. ESOP 2014 established in July 2014

An ESOP is an incentive tool that fosters the entrepreneurial spirit and performance by way of financial participation in the Group's long term success. It gives employees, members of the Board of Directors and selected advisors a beneficial opportunity to purchase shares of the Company. Each option entitles its holder to purchase one share of the Company at a pre-defined exercise price. The number of options granted to each participant was determined by the Board of Directors based on a participant’s position and level of responsibility. The options generally vested quarterly over four years, with vesting of 25% after one year. At the end of the 10 year option term, unexercised options expire without value.

As of December 31, 2023 and December 31, 2022, an aggregate of 282,105 options were outstanding under the ESOP 2009 and ESOP 2014. All these options are fully vested at the reporting date.

Since the initial public offering of the Company on the SIX Swiss Exchange on November 5, 2014, no further option grants have been made under any of these two share option plans.

18.2.2 Long Term Incentive (“LTI”) Plans: Restricted Share Units ("RSU'') and Performance Share Units ("PSU")

•LTI plans 2019 established in March 2019

•LTI plans 2020 established in March 2020

•LTI plans 2021 established in March 2021

•LTI plans 2022 established in March 2022

•LTI plans 2023 established in March 2023

Under the LTI plans, members of the Board of Directors are eligible to be granted RSUs, whereas members of the Management Board and other employees are eligible to be granted PSUs.

RSUs are contingent rights to receive a certain number of shares of the Company at the end of a three-year blocking period. The number of RSUs per plan participant is a function of the approved CHF amount per position divided by the fair value of each RSU as at the grant date. In certain circumstances, including a change of control, a full or partial accelerated vesting of the RSUs may occur. RSUs vest over a one-year period from date of grant.

PSUs are contingent rights to receive a variable number of shares of the Company. Since 2021, PSUs granted to employees (except for members of the Management Board) will vest in three tranches of one third each. The first tranche of the PSUs shall vest on the first anniversary of the grant date, the second tranche on the second anniversary of the grant date and the third tranche on the third anniversary of the grant date. For the members of the Management Board PSUs will vest at the end of a three year cliff-vesting period. PSUs granted to all employees under PSU plans prior to 2021 will continue to vest at the end of a three-year cliff-vesting period.

The number of PSUs per plan participant is a function of the approved CHF amount per position divided by the fair value of each PSU as of the grant date. While the PSUs are designed to let the beneficiaries participate in the long-term share price development, the number of shares to be earned in relation to a PSU also depends on the achievement of pre-defined corporate goals for the respective year. Accordingly, the number of shares to be issued based on the PSUs can be between zero and 150% of the number of PSUs granted. Even after the determination of goal achievement, participants may lose their entitlements in full or in part depending on certain conditions relating to their employment. In certain circumstances, including a change of control, a full or partial accelerated vesting of the PSUs may occur.

The LTI plans are issued annually, which allows the Board of Directors to review the terms and determine the targets on an annual basis. Employees generally receive the grants on April 1 of each calendar year, or for new employees on the first day of the calendar quarter after the start of their employment. Members of the Management Board and the Board of Directors receive the annual grants after the approval of the ordinary shareholders’ meeting.

As of December 31, 2023, 1,347,983 PSUs and 182,678 RSUs were outstanding. As of December 31, 2022, 604,800 PSUs and 96,001 RSUs were outstanding.

18.2.3 Conditions attached to and measurement of fair values of equity-settled share-based payment arrangements

The following table provides the conditions as well as the inputs used in the measurement of the values at grant dates:


RSU/PSU, conditions and assumptions	2023	2022
Nature of arrangement	Grant of PSU/RSU	Grant of PSU/RSU
Grant date RSU	April 4, 2023	April 13, 2022
Grant dates PSU	Jan 1 - Oct 1	Jan 1 - Oct 1
Number of RSU granted	120,144	33,015
Number of PSU granted	1,162,228	307,137
Weighted average exercise price (CHF)	0.10	0.10
Share price (CHF)	3.86 - 6.16	6.55 - 18.88
Vesting period for RSU (years)	1.00	1.00
Full contractual life for RSU (years)	3.00	3.00
Vesting period for PSU (years), Management Board	3.00	3.00
Vesting period for PSU (years), employees excluding Management Board	3.00 (pro-rata annual vesting)	3.00 (pro-rata annual vesting)
Full contractual life for PSU (years)	3.00	3.00
Settlement	Common Shares	Common Shares
Expected volatility on Common shares	67.08 - 77.51	64.69 - 76.84
Risk-free interest rate p. a. (%) / CHF LIBOR / Common shares	(0.24) - 1.17	(0.54) - (0.71)
Expected volatility on NBI	23.36 - 28.66	25.89 - 28.16
Risk-free interest rate p. a. (%) / USD LIBOR / NBI	5.30 - 6.04	0.58 - 4.78
Expected volatility on SPI	13.20 - 17.27	15.57 - 17.02
Risk-free interest rate p. a. (%) / CHF LIBOR / SPI	(0.24) - 1.17	(0.54) - (0.71)
Expected dividend (CHF)	—	—
Weighted average fair value of rights granted (CHF)	5.20	17.08
Latest expiry date	Sep 30, 2026	Sep 30, 2025
Valuation model	Monte Carlo	Monte Carlo

Additional comments:

•Expected volatility: Historical share prices of the Company have been used.

•The indices, Nasdaq Biotechnology Index ('NBI") and Swiss performance Index ("SPI") are used as inputs in determining the fair values for the 2022 and 2023 PSU Plans.

The movements in the number of all issued RSUs, PSUs and share options are as follows:


Share option / 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 December 31, 2021	962,022	2.35	318,902	6.87	643,120	0.10
Granted	340,152	0.10	—	—	340,152	0.10
(Performance adjustment) (1)	—	0.10	—	—	—	0.10
(Forfeited) (2)	(63,990)	0.10	—	—	(63,990)	0.10
(Expired)	(3,220)	5.40	(3,220)	5.40	—	—
(Exercised options, vested PSU / RSU) (3)	(252,058)	1.00	(33,577)	6.85	(218,481)	0.10
Balance outstanding at December 31, 2022	982,906	2.05	282,105	6.89	700,801	0.10
Granted	1,282,372	0.10	—	—	1,282,372	0.10
(Performance adjustment) (1)	(79,703)	0.10	—	—	(79,703)	0.10
(Forfeited) (2)	(63,218)	0.10	—	—	(63,218)	0.10
(Expired)	—	—	—			—
(Exercised options, vested PSU / RSU) (3)	(309,591)	0.10	—		(309,591)	0.10
Balance outstanding at December 31, 2023	1,812,766	1.16	282,105	6.89	1,530,661	0.10

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

(2) Forfeited due to service conditions not fulfilled

(3) The weighted average share prices at the dates of exercising options during the year 2022 amounted to CHF 22.35. There were no options exercised in 2023.

The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2023:


Exercise price CHF	Options / PSU/RSU (number)	Remaining life (years)	Thereof exercisable options
Options


6.06	15,450	0.4	15,450
6.94	266,655	0.7	266,655
PSU/RSU
0.10	1,530,661	1.4
Total	1,812,766		282,105

The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2022:


Exercise price CHF	Options / PSU/RSU (number)	Remaining life (years)	Thereof exercisable options
Options


6.06	15,450	1.4	15,450
6.94	266,655	1.7	266,655
PSU/RSU
0.10	700,801	1.1
Total	982,906		282,105

The non-cash costs for share-based payments recognized in the statement of comprehensive income can be attributed to the Group’s two functions as follows:


in CHF thousands	2023	2022	2021
Research and development	3,057	3,010	2,208
Selling, general and administrative	2,150	2,078	1,877
Total year ended December 31	5,207	5,088	4,085

Contract liability (Tables)

12 Months Ended

Dec. 31, 2023

Contract liabilities [abstract]

Disclosure of Expected Revenue Recognition Analysis for Contract Liabilities

The Group expects the contract liability to be recognized as revenue as follows:


in CHF thousands			Contract liability
Expected revenue recognition in year one after balance sheet date			4,333




Balance at December 31, 2023			4,333


in CHF thousands			Contract liability
Expected revenue recognition in year one after balance sheet date			6,409
Expected revenue recognition in year two after balance sheet date			3,637



Balance at December 31, 2022			10,046

Explanation of Changes in Contract Liabilities

The table below presents the movement on the contract liability:


	Contract liability at January 1,	Additions	Recognized as revenue	Contract liability at December 31,
in CHF thousands	2023			2023
Novartis	10,046	—	(5,713)	4,333
Balance	10,046	—	(5,713)	4,333


	Contract liability at January 1,	Additions	Recognized as revenue	Contract liability at December 31,
in CHF thousands	2022			2022
Amgen	9,653	—	(9,653)	—
Novartis	18,584	—	(8,538)	10,046
FOPH	7,000	—	(7,000)	—
Balance	35,237	—	(25,191)	10,046

Disclosure of Current and Non-Current Contract Liabilities


in CHF thousands	Current	Non-current	Contract liability
Novartis	4,333	—	4,333
Balance at December 31, 2023	4,333	—	4,333


in CHF thousands	Current	Non-current	Contract liability
Novartis	6,409	3,637	10,046
Balance at December 31, 2022	6,409	3,637	10,046

Property, plant and equipment - Disclosure of Reconciliation of Changes in Property, Plant and Equipment (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	SFr 7,235
Property, plant and equipment at end of period	5,681	SFr 7,235
Lab equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	1,986
Property, plant and equipment at end of period	1,672	1,986
Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	44
Property, plant and equipment at end of period	23	44
IT hardware
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	143
Property, plant and equipment at end of period	186	143
Right-of-use assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	4,802
Property, plant and equipment at end of period	3,601	4,802
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	260
Property, plant and equipment at end of period	199	260
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	21,932	20,887
Additions	575	1,177
Disposals	(484)	(132)
Property, plant and equipment at end of period	22,023	21,932	SFr 20,887
Cost \| Lab equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	9,646	8,754
Additions	397	1,019
Disposals	(303)	(127)
Property, plant and equipment at end of period	9,740	9,646	8,754
Cost \| Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	731	711
Additions	6	20
Disposals	(14)	0
Property, plant and equipment at end of period	723	731	711
Cost \| IT hardware
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	1,315	1,199
Additions	163	121
Disposals	(167)	(5)
Property, plant and equipment at end of period	1,311	1,315	1,199
Cost \| Right-of-use assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	9,616	9,616
Additions	0		0
Disposals	0	0
Property, plant and equipment at end of period	9,616	9,616	9,616
Cost \| Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	624	607
Additions	9	17
Disposals	0	0
Property, plant and equipment at end of period	633	624	607
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(14,697)	(12,741)
Depreciation charge for the year	(2,128)	(2,088)
Disposals	484	132
Property, plant and equipment at end of period	(16,342)	(14,697)	(12,741)
Accumulated depreciation \| Lab equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(7,660)	(7,164)
Depreciation charge for the year	(711)	(623)
Disposals	303	127
Property, plant and equipment at end of period	(8,068)	(7,660)	(7,164)
Accumulated depreciation \| Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(687)	(653)
Depreciation charge for the year	(27)	(34)
Disposals	14	0
Property, plant and equipment at end of period	(700)	(687)	(653)
Accumulated depreciation \| IT hardware
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(1,172)	(1,012)
Depreciation charge for the year	(120)	(165)
Disposals	167	5
Property, plant and equipment at end of period	(1,125)	(1,172)	(1,012)
Accumulated depreciation \| Right-of-use assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(4,815)	(3,615)
Depreciation charge for the year	(1,200)	(1,200)
Disposals	0	0
Property, plant and equipment at end of period	(6,015)	(4,815)	(3,615)
Accumulated depreciation \| Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(364)	(298)
Depreciation charge for the year	(70)	(66)
Disposals	0	0
Property, plant and equipment at end of period	SFr (434)	SFr (364)	SFr (298)

Trade and other receivables

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Trade and other receivables


in CHF thousands	2023	2022
Trade receivables	295	521
Value added tax	253	250
Withholding tax	1,339	173
Other receivables	66	75
Balance at December 31	1,953	1,019

Trade receivables are denominated in the following currencies:


in CHF thousands	2023	2022
CHF	—	160
EUR	—	—
USD	295	361
Balance at December 31	295	521

Accrued expenses (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Accrued project costs and royalties	SFr 1,827	SFr 2,167
Accrued payroll and bonuses	5,012	4,763
Other	708	571
Accrued expenses	SFr 7,547	SFr 7,501

Summary of material accounting policies - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023
Software
Disclosure of detailed information about intangible assets [line items]
Applicable estimated useful lives, intangible assets	2 years

Cash and cash equivalents and short-term time deposits - Disclosure of Reconciliation of Cash, Cash Equivalents and Short-Term Time Deposits (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Cash and cash equivalents	SFr 67,309	SFr 87,946	SFr 71,813	SFr 133,721
Short-term time deposits	119,580	161,198
CHF
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Cash and cash equivalents	57,379	67,611
Short-term time deposits	77,500	110,000
EUR
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Cash and cash equivalents	4,948	7,685
Short-term time deposits	0	4,938
USD
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Cash and cash equivalents	4,829	12,520
Short-term time deposits	42,080	46,260
GBP
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Cash and cash equivalents	SFr 153	SFr 130

Contract liability - Explanation of Changes in Contract Liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	SFr 10,046	SFr 35,237
Additions	0	0
Recognized as revenue	(5,713)	(25,191)
Contract liability at end of period	4,333	10,046
Amgen
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	0	9,653
Additions		0
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	10,046	18,584
Additions	0	0
Recognized as revenue	(5,713)	(8,538)
Contract liability at end of period	4,333	10,046
FOPH
Disclosure Of Detailed Information About Contract Liability [Line Items]
Contract liability at beginning of period	SFr 0	7,000
Additions		0
Recognized as revenue		(7,000)
Contract liability at end of period		SFr 0

Revenues, other income and and entity-wide disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Revenue [abstract]

Disclosure of Revenue by Country and by Major Alliance Partner


Revenues by country
in CHF thousands, for the years ended December 31	2023	2022	2021
Revenues Switzerland	7,038	179,903	—
Revenues USA	—	9,653	9,330
Total revenues	7,038	189,556	9,330


Analysis of revenue by major alliance partner
in CHF thousands, for the years ended December 31	2023	2022	2021
Novartis AG, Switzerland	7,038	172,903	—
FOPH, Switzerland	—	7,000	—
Amgen Inc., USA	—	9,653	9,330
Total revenues	7,038	189,556	9,330

Summary of material accounting policies - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Disclosure Of Significant Accounting Policies [Abstract]
Number of operating segments	1

Royalties and license fees	12 Months Ended
Royalties and license fees	Dec. 31, 2023
Analysis of income and expense [abstract]
Royalties and license fees	Royalties and license feesThe Group holds a non-exclusive perpetual license from the University of Zurich on patent applications and patents relating to Phage Display technology. The amount payable by the Group is CHF 10,000 per annum.

Personnel expenses - Disclosure of Exercise Prices, Number and Weighted Average Remaining Contractual Life of Outstanding Instruments (Details)	12 Months Ended
	Dec. 31, 2023 shares SFr / shares	Dec. 31, 2022 shares SFr / shares	Dec. 31, 2021 shares
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items]
Number of share options outstanding (in shares)	282,105	282,105	318,902
Number of PSUs and RSUs outstanding (in shares)	1,530,661	700,801	643,120
Weighted average remaining contractual life of outstanding PSUs and RSUs	1 year 4 months 24 days	1 year 1 month 6 days
Number of PSUs and RSUs exercisable (in shares)
Number of instruments outstanding (in shares)	1,812,766	982,906	962,022
Number of instruments exercisable (in shares	282,105	282,105
Exercise price, range one
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items]
Exercise price of outstanding share options (in CHF per share) \| SFr / shares	SFr 6.06	SFr 6.06
Number of share options outstanding (in shares)	15,450	15,450
Weighted average remaining contractual life of outstanding share options	4 months 24 days	1 year 4 months 24 days
Number of share options exercisable (in shares)	15,450	15,450
Exercise price, range two
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items]
Exercise price of outstanding share options (in CHF per share) \| SFr / shares	SFr 6.94	SFr 6.94
Number of share options outstanding (in shares)	266,655	266,655
Weighted average remaining contractual life of outstanding share options	8 months 12 days	1 year 8 months 12 days
Number of share options exercisable (in shares)	266,655	266,655
Exercise price, range three
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items]
Exercise price of outstanding PSUs and RSUs (in CHF per share) \| SFr / shares	SFr 0.1	SFr 0.1

Consolidated Statement of Financial Position - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Property, plant and equipment	SFr 5,681	SFr 7,235
Intangible assets	212	271
Total non-current assets	5,893	7,506
Short-term time deposits	119,580	161,198
Other current assets	3,617	4,589
Trade and other receivables	1,953	1,019
Cash and cash equivalents	67,309	87,946
Total current assets	192,459	254,752
Total assets	198,352	262,258
Shareholders' equity and liabilities
Share capital	3,635	3,604
Additional paid-in capital	365,530	360,323
Treasury share reserve	(981)	(981)
Cumulative losses	(191,755)	(127,780)
Total shareholders' equity	176,429	235,166
Contract liability	0	3,637
Lease liability	2,444	3,652
Employee benefits	5,063	2,552
Total non-current liabilities	7,507	9,841
Trade and other payables	1,328	2,143
Accrued expenses	7,547	7,501
Contract liability	4,333	6,409
Lease liability	1,208	1,198
Total current liabilities	14,416	17,251
Total liabilities	21,923	27,092
Total shareholders' equity and liabilities	SFr 198,352	SFr 262,258

Cover	12 Months Ended
Cover	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40488
Entity Registrant Name	MOLECULAR PARTNERS AG
Entity Incorporation, State or Country Code	V8
Entity Address, Address Line One	Wagistrasse 14
Entity Address, Postal Zip Code	8952
Entity Address, City or Town	Zurich-Schlieren
Entity Address, Country	CH
Title of 12(b) Security	Ordinary shares, CHF 0.10 nominal value per shares
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	36,354,297
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001745114
No Trading Symbol Flag	true
American depositary shares (each representing one ordinary share, CHF 0.10 nominal value per share)
Document Information [Line Items]
Title of 12(b) Security	American depositary shares (each representingone ordinary share, CHF 0.10 nominal value per share)
Trading Symbol	MOLN
Security Exchange Name	NASDAQ
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Wagistrasse 14
Entity Address, Postal Zip Code	8952
Entity Address, City or Town	Zurich-Schlieren
Entity Address, Country	CH
Contact Personnel Name	Patrick Amstutz
City Area Code	41
Local Phone Number	44 755 77 00

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets other than goodwill [abstract]

Disclosure of Reconciliation of Changes in Intangible Assets


in CHF thousands			Software
2023
Cost
At January 1, 2023			2,122
Additions			233
Disposals			(59)
At December 31, 2023			2,296
Accumulated amortization
At January 1, 2023			(1,851)
Amortization charge for the year			(292)
Disposals			59
At December 31, 2023			(2,084)
Carrying amount at December 31, 2023			212


in CHF thousands			Software
2022
Cost
At January 1, 2022			1,904
Additions			240
Disposals			(22)
At December 31, 2022			2,122
Accumulated amortization
At January 1, 2022			(1,574)
Amortization charge for the year			(299)
Disposals			22
At December 31, 2022			(1,851)
Carrying amount at December 31, 2022			271

Personnel expenses - Disclosure of Detailed Information about Employee Head Count (Details) - employee	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Personnel Expenses [Abstract]
Average number of full-time equivalents	167.8	167.4	158.3
Full-time equivalents at year end	167.5	175.3	163.2
Headcount at year end	182	191	177

Financial risk management - Sensitivity Analysis to Reasonable Possible Change in Interest Rates (Details) - Interest rate risk - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CHF Positions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in interest rates	0.50%	0.50%	0.50%
Decrease in interest rates	(0.50%)	(0.50%)	(0.50%)
Effect on result before tax if interest rates increase	SFr 674	SFr 888	SFr 323
Effect on result before tax if interest rates decrease	SFr (674)	SFr (888)	SFr (323)
USD Positions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in interest rates	0.50%	0.50%	0.50%
Decrease in interest rates	(0.50%)	(0.50%)	(0.50%)
Effect on result before tax if interest rates increase	SFr 235	SFr 294	SFr 234
Effect on result before tax if interest rates decrease	SFr (235)	SFr (294)	SFr (234)
EUR Positions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in interest rates	0.50%	0.50%	0.50%
Decrease in interest rates	(0.50%)	(0.50%)	(0.50%)
Effect on result before tax if interest rates increase	SFr 25	SFr 63	SFr 102
Effect on result before tax if interest rates decrease	SFr (25)	SFr (63)	SFr (102)

Intangible assets

12 Months Ended

Dec. 31, 2023

Intangible assets other than goodwill [abstract]

Intangible assets


in CHF thousands			Software
2023
Cost
At January 1, 2023			2,122
Additions			233
Disposals			(59)
At December 31, 2023			2,296
Accumulated amortization
At January 1, 2023			(1,851)
Amortization charge for the year			(292)
Disposals			59
At December 31, 2023			(2,084)
Carrying amount at December 31, 2023			212


in CHF thousands			Software
2022
Cost
At January 1, 2022			1,904
Additions			240
Disposals			(22)
At December 31, 2022			2,122
Accumulated amortization
At January 1, 2022			(1,574)
Amortization charge for the year			(299)
Disposals			22
At December 31, 2022			(1,851)
Carrying amount at December 31, 2022			271

Related party disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Compensation Costs of Key Management

Compensation costs of key management, which includes executive management and the Board of Directors, are as follows:


in CHF thousands	2023	2022	2021
Short-term employee benefits	2,761	3,159	2,423
Post-employment benefits	253	297	203
Share-based compensation	1,914	2,111	1,784
Total year ended December 31	4,928	5,567	4,410

Leases

12 Months Ended

Dec. 31, 2023

Lease liabilities [abstract]

Leases

The Group leases office and laboratory facilities in Schlieren, Switzerland. These leases generally have terms between 2 and 10 years and contain extension or terminations options exercisable by the Group up to one year before the end of the non‑cancellable contract period. These terms are used to maximize operational flexibility in terms of managing contracts. The options to extend are held by the Company and the termination options are held both by the Company and the lessor. As of December 31, 2020, the Group exercised the option to extend the lease on its facilities in Schlieren by five years with a new lease term ending on December 31, 2026. The earliest contractual termination date for both the lessor and the Group on the major real estate lease is December 31, 2025. For information about the right-of-use assets please also see note 6.

Set out below are the carrying amounts of the lease liabilities and the movements during the period:


in CHF thousands	2023	2022
as at January 1,	4,850	6,039
Additions / new leases	—	—
Remeasurements	—	—
Recognition of interest on lease liabilities	34	43
Payments	(1,232)	(1,232)
Balance as at December 31,	3,652	4,850

Current	1,208	1,198
Non-current	2,444	3,652
Balance as at December 31,	3,652	4,850

The following are the expense amounts recognized in the consolidated statement of comprehensive income.


in CHF thousands	2023	2022	2021
Depreciation on right-of-use assets	1,200	1,200	1,200
Interest expense on lease liabilities	34	43	53
Short term leases	—	—	—
Total amount recognized in profit or loss	1,234	1,243	1,253

The total cash outflow for leases for the year ended December 31, 2023 amounted to TCHF 1,232 (year ended December 31, 2022 TCHF 1,232; year ended December 31, 2021 TCHF 1,232).


Contractual maturities of financial liabilities at December 31, 2023
in CHF thousands
	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	More than 5 years	Total contractual cash-flows	Carrying Amount lease liabilities
Lease liabilities	1,232	1,232	1,232	—	3,696	3,652


Contractual maturities of financial liabilities at December 31, 2022
in CHF thousands
	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	More than 5 years	Total contractual cash-flows	Carrying Amount lease liabilities
Lease liabilities	1,232	1,232	2,464	—	4,928	4,850

Royalties and license fees (Details) SFr in Thousands	12 Months Ended
Royalties and license fees (Details) SFr in Thousands	Dec. 31, 2023 CHF (SFr)
University of Zurich
Disclosure Of Detailed Information About Royalties And License Fees [Line Items]
Royalties, minimum amount required to pay in total	SFr 10

General information	12 Months Ended
General information	Dec. 31, 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 biotech company pioneering the design and development of DARPin therapeutics for medical challenges other drug modalities cannot readily address. The Company has programs in various stages of pre-clinical and clinical development, with oncology as its main focus. Molecular Partners leverages the advantages of DARPins to provide unique solutions to patients through its proprietary programs as well as through partnerships with leading pharmaceutical companies. 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. These audited consolidated financial statements as of and for the year ended December 31, 2023 comprise Molecular Partners AG and Molecular Partners Inc. 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.

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Property, plant and equipment


in CHF thousands	Lab equipment	Office equipment	IT hardware	Right-of-use assets	Leasehold improvements	Total
2023
Cost
At January 1, 2023	9,646	731	1,315	9,616	624	21,932
Additions	397	6	163	—	9	575
Disposals	(303)	(14)	(167)	—	—	(484)
At December 31, 2023	9,740	723	1,311	9,616	633	22,023
Accumulated depreciation
At January 1, 2023	(7,660)	(687)	(1,172)	(4,815)	(364)	(14,697)
Depreciation charge for the year	(711)	(27)	(120)	(1,200)	(70)	(2,128)
Disposals	303	14	167	—	—	484
At December 31, 2023	(8,068)	(700)	(1,125)	(6,015)	(434)	(16,342)
Carrying amount at December 31, 2023	1,672	23	186	3,601	199	5,681

The right-of-use assets relate to the facilities the Group is leasing in Schlieren, Switzerland.


in CHF thousands	Lab equipment	Office equipment	IT hardware	Right-of-use assets	Leasehold improvements	Total
2022
Cost
At January 1, 2022	8,754	711	1,199	9,616	607	20,887
Additions	1,019	20	121	—	17	1,177
Disposals	(127)	—	(5)	—	—	(132)
At December 31, 2022	9,646	731	1,315	9,616	624	21,932
Accumulated depreciation
At January 1, 2022	(7,164)	(653)	(1,012)	(3,615)	(298)	(12,741)
Depreciation charge for the year	(623)	(34)	(165)	(1,200)	(66)	(2,088)
Disposals	127	—	5	—	—	132
At December 31, 2022	(7,660)	(687)	(1,172)	(4,815)	(364)	(14,697)
Carrying amount at December 31, 2022	1,986	44	143	4,802	260	7,235

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Earnings per share

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


	2023	2022	2021
Weighted average number of shares used in computing basic earnings per share	32,770,665	32,469,957	31,005,171
Weighted average number of shares used in computing diluted earnings per share	32,770,665	33,265,567	31,005,171

At December 31, 2023 and December 31, 2021, all potential ordinary shares were anti-dilutive (1,526,976 and 835,422). At December 31, 2022, the number of shares that were dilutive, is 795,610.

Cash and cash equivalents and short-term time deposits - Narrative (Details)	Dec. 31, 2023 position bank	Dec. 31, 2022 position bank
CHF
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Number of short-term time deposit positions \| position	6	6
Number of banks where deposits are held \| bank	3	3
USD
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Number of short-term time deposit positions \| position	5	3
Number of banks where deposits are held \| bank	2	3
EUR
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items]
Number of short-term time deposit positions \| position		1
Number of banks where deposits are held \| bank		1

Intangible assets (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
Intangible assets (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of period	SFr 271
Intangible assets at end of period	212	SFr 271
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of period	271
Intangible assets at end of period	212	271
Cost \| Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of period	2,122	1,904
Additions	233	240
Disposals	(59)	(22)
Intangible assets at end of period	2,296	2,122
Accumulated depreciation \| Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of period	(1,851)	(1,574)
Amortization charge for the year	(292)	(299)
Disposals	59	22
Intangible assets at end of period	SFr (2,084)	SFr (1,851)

Additional information on the nature of expenses (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Attribution of Expenses by Nature


Research and development expenses
in CHF thousands	2023	2022	2021
Research consumables and external research and development expenses	(15,892)	(17,154)	(26,342)
Personnel expenses (1), see also note 18	(28,376)	(28,101)	(25,647)
Depreciation and amortization	(2,053)	(1,971)	(2,016)
Intellectual property	(853)	(957)	(636)
Facility expenses	(940)	(854)	(758)
Other research and development expenses	(660)	(703)	(259)
Royalties and license fees, see also note 17	(10)	(1,010)	(60)
Total year ended December 31	(48,784)	(50,749)	(55,718)

Selling, general and administrative expenses
in CHF thousands	2023	2022	2021
Personnel expenses (2), see also note 18	(11,640)	(11,788)	(10,604)
Other administrative expenses	(7,283)	(9,965)	(6,242)
Depreciation and amortization	(367)	(416)	(549)
Facility expenses	(72)	(69)	(60)
Total year ended December 31	(19,362)	(22,238)	(17,454)

Total operating expenses	(68,146)	(72,987)	(73,172)

(1) Research and development non-cash effective pension and share-based compensation costs were TCHF 3,447 in 2023, TCHF 3,856 in 2022 and TCHF 3,045 in 2021.

(2) Selling, general and administrative non-cash effective pension and share based compensation costs were TCHF 2,260 in 2023, TCHF 2,329 in 2022 and TCHF 2,113 in 2021.

Related party disclosures

12 Months Ended

Dec. 31, 2023

Related party disclosures

Compensation costs of key management, which includes executive management and the Board of Directors, are as follows:


in CHF thousands	2023	2022	2021
Short-term employee benefits	2,761	3,159	2,423
Post-employment benefits	253	297	203
Share-based compensation	1,914	2,111	1,784
Total year ended December 31	4,928	5,567	4,410

Accrued expenses

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Accrued expenses


in CHF thousands	2023	2022
Accrued project costs and royalties	1,827	2,167
Accrued payroll and bonuses	5,012	4,763
Other	708	571
Balance at December 31	7,547	7,501

Personnel expenses (Tables)

12 Months Ended

Dec. 31, 2023

Personnel Expenses [Abstract]

Disclosure of Detailed Information about Employee Expenses and Head Count


in CHF thousands	2023	2022	2021
Salaries	(27,022)	(27,737)	(25,909)
Share-based compensation (non-cash effective)	(5,207)	(5,088)	(4,085)
Pension costs	(2,632)	(3,192)	(3,059)
Social security costs	(2,201)	(2,399)	(2,535)
Other personnel expenses	(2,954)	(1,473)	(663)
Total year ended December 31	(40,016)	(39,889)	(36,251)

Full-time equivalents and head count	2023	2022	2021
Average number of full-time equivalents	167.8	167.4	158.3
Full-time equivalents at year end	167.5	175.3	163.2
Headcount at year end	182	191	177

Disclosure of Net Defined Benefit Liability (Asset)


in CHF thousands	2023		2022
Defined benefit pension plans
Actuarial assumptions
Discount rate at January 1	2.25	%	0.40	%
Discount rate at December 31 (1)	1.50	%	2.25	%
Future salary increases at December 31	2.00	%	2.00	%
Mortality tables	BVG2020 GT		BVG2020 GT
Date of last actuarial valuation	31.12.2023		31.12.2022
Reconciliation of the amount recognized in the statement of financial position
Defined benefit obligation at December 31	56,347		52,529
Fair value of plan assets at December 31	51,627		50,284
Net defined benefit liability at December 31 (2)	4,720		2,245
Components of defined benefit cost in profit or loss
Current service cost (employer)	2,507		3,137
Past service cost	43		—
Interest expense on defined benefit obligation	1,182		231
Interest income on plan assets	(1,126)		(203)
Administrative cost excl. cost for managing plan assets	26		27
Defined benefit cost recognized in profit or loss	2,632		3,192
thereof service cost and administrative cost	2,576		3,164
thereof net interest expense on the net defined benefit liability	56		28
Reconciliation of net defined benefit liability
Net defined benefit liability at January 1	2,245		6,483
Defined benefit cost recognized in profit or loss (3)	2,632		3,192
Remeasurement of net pension liabilities	1,975		(5,334)
Contributions by the employer (3)	(2,132)		(2,096)
Net defined benefit liability at December 31 (2)	4,720		2,245


Reconciliation of defined benefit obligation
Defined benefit obligation at January 1	52,529	54,461
Interest expenses on defined benefit obligation	1,182	231
Current service cost (employer)	2,507	3,137
Contributions by plan participants	1,344	1,317
Benefits (paid)/deposited	(3,918)	2,032
Past service cost	43	—
Administrative cost (excl. cost for managing plan assets)	26	27
Actuarial (gain)/loss on defined benefit obligation	2,634	(8,676)
Defined benefit obligation at December 31	56,347	52,529
Reconciliation of amount recognized in OCI
Actuarial (gain) / loss on changes in financial assumptions	3,644	(12,222)
Actuarial (gain) / loss on changes in demographic assumptions	(10)	—
Actuarial (gain) / loss arising from experience adjustments	(1,000)	3,546
Actuarial (gain)/loss on defined benefit obligation	2,634	(8,676)
Return on plan assets excluding interest income	(659)	3,342
Remeasurement of net pension liabilities	1,975	(5,334)
Reconciliation of fair value of plan assets
Fair value of plan assets at January 1	50,284	47,979
Interest income on plan assets	1,126	203
Contributions by the employer	2,132	2,096
Contributions by plan participants	1,344	1,317
Benefits (paid)/deposited	(3,918)	2,032
Return on plan assets excl. interest income	659	(3,342)
Fair value of plan assets at December 31	51,627	50,284
Best estimate of contributions of next year
Contributions by the employer	2,156	2,231
Plan asset classes
Cash and cash equivalents	7,684	7,896
Equity instruments	21,810	20,754
Debt instruments (e.g. bonds)	9,047	8,200
Real estate funds	1,821	1,793
Others	1,792	1,748
Total plan assets at fair value (quoted market price)	42,154	40,391
Others	9,473	9,892
Total plan assets at fair value (non-quoted market price)	9,473	9,892
Total plan assets at fair value at December 31	51,627	50,284
thereof entity's own transferable financial instruments	—	—
thereof property occupied or other assets used by the entity	—	—
Sensitivity (4)
Defined benefit obligation at December 31 with discount rate -0.25%	58,683	54,524
Defined benefit obligation at December 31 with discount rate +0.25%	54,179	50,672
Defined benefit obligation at December 31 with interest rate on retirement savings capital -0.25%	55,437	51,699


Defined benefit obligation at December 31 with interest rate on retirement savings capital +0.25%	57,283	53,383
Defined benefit obligation at December 31 with salary increases -0.25%	55,974	52,253
Defined benefit obligation at December 31 with salary increases +0.25%	56,707	52,768
Defined benefit obligation at December 31 with life expectancy +1 year	57,071	53,090
Defined benefit obligation at December 31 with life expectancy -1 year	55,619	51,961
Maturity profile of defined benefit obligation
Weighted average duration of defined obligation in years at December 31	16.2	15.0
Weighted average duration of defined obligation in years at December 31 for active members	16.1	14.8
Weighted average duration of defined obligation in years at December 31 for pensioners	17.3	16.3

(1) Discount rates are based on industry benchmarks related to benefits with a 20 year duration.

(2) In liabilities for employee benefits, as presented in the consolidated statement of financial position included are also TCHF 343 (2022: TCHF 307; 2021: TCHF 257) for accrued sabbatical cost.

Disclosure of Defined Benefit Plan, Expense Recognized in Profit or Loss and Other Comprehensive Income

The table below presents the amounts that are reflected in the statement of comprehensive income for the periods indicated:


in CHF thousands	2023	2022	2021

Components of defined benefit cost in profit or loss
Current service cost (employer)	2,507	3,137	3,097
Past service cost	43	—	(94)
Interest expense on defined benefit obligation	1,182	231	114
Interest income on plan assets	(1,126)	(203)	(86)
Administrative cost excl. cost for managing plan assets	26	27	27
Defined benefit cost recognized in profit or loss	2,632	3,192	3,059
thereof service cost and administrative cost	2,576	3,164	3,031
thereof net interest expense on the net defined benefit liability	56	28	28

Reconciliation of amount recognized in OCI
Actuarial (gain) / loss on changes in financial assumptions	3,644	(12,222)	(2,303)
Actuarial (gain) / loss on changes in demographic assumptions	(10)	—	(2,432)
Actuarial (gain) / loss arising from experience adjustments	(1,000)	3,546	(773)
Actuarial (gain)/loss on defined benefit obligation	2,634	(8,676)	(5,508)
Return on plan assets excluding interest income	(659)	3,342	(2,504)
Remeasurement of net pension liabilities	1,975	(5,334)	(8,012)

Disclosure of Conditions and Inputs Used in the Measurement of the Fair Values at Grant Dates

The following table provides the conditions as well as the inputs used in the measurement of the values at grant dates:


RSU/PSU, conditions and assumptions	2023	2022
Nature of arrangement	Grant of PSU/RSU	Grant of PSU/RSU
Grant date RSU	April 4, 2023	April 13, 2022
Grant dates PSU	Jan 1 - Oct 1	Jan 1 - Oct 1
Number of RSU granted	120,144	33,015
Number of PSU granted	1,162,228	307,137
Weighted average exercise price (CHF)	0.10	0.10
Share price (CHF)	3.86 - 6.16	6.55 - 18.88
Vesting period for RSU (years)	1.00	1.00
Full contractual life for RSU (years)	3.00	3.00
Vesting period for PSU (years), Management Board	3.00	3.00
Vesting period for PSU (years), employees excluding Management Board	3.00 (pro-rata annual vesting)	3.00 (pro-rata annual vesting)
Full contractual life for PSU (years)	3.00	3.00
Settlement	Common Shares	Common Shares
Expected volatility on Common shares	67.08 - 77.51	64.69 - 76.84
Risk-free interest rate p. a. (%) / CHF LIBOR / Common shares	(0.24) - 1.17	(0.54) - (0.71)
Expected volatility on NBI	23.36 - 28.66	25.89 - 28.16
Risk-free interest rate p. a. (%) / USD LIBOR / NBI	5.30 - 6.04	0.58 - 4.78
Expected volatility on SPI	13.20 - 17.27	15.57 - 17.02
Risk-free interest rate p. a. (%) / CHF LIBOR / SPI	(0.24) - 1.17	(0.54) - (0.71)
Expected dividend (CHF)	—	—
Weighted average fair value of rights granted (CHF)	5.20	17.08
Latest expiry date	Sep 30, 2026	Sep 30, 2025
Valuation model	Monte Carlo	Monte Carlo

Disclosure of Movements in the Number of Share Options

The movements in the number of all issued RSUs, PSUs and share options are as follows:


Share option / 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 December 31, 2021	962,022	2.35	318,902	6.87	643,120	0.10
Granted	340,152	0.10	—	—	340,152	0.10
(Performance adjustment) (1)	—	0.10	—	—	—	0.10
(Forfeited) (2)	(63,990)	0.10	—	—	(63,990)	0.10
(Expired)	(3,220)	5.40	(3,220)	5.40	—	—
(Exercised options, vested PSU / RSU) (3)	(252,058)	1.00	(33,577)	6.85	(218,481)	0.10
Balance outstanding at December 31, 2022	982,906	2.05	282,105	6.89	700,801	0.10
Granted	1,282,372	0.10	—	—	1,282,372	0.10
(Performance adjustment) (1)	(79,703)	0.10	—	—	(79,703)	0.10
(Forfeited) (2)	(63,218)	0.10	—	—	(63,218)	0.10
(Expired)	—	—	—			—
(Exercised options, vested PSU / RSU) (3)	(309,591)	0.10	—		(309,591)	0.10
Balance outstanding at December 31, 2023	1,812,766	1.16	282,105	6.89	1,530,661	0.10

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

(2) Forfeited due to service conditions not fulfilled

(3) The weighted average share prices at the dates of exercising options during the year 2022 amounted to CHF 22.35

Disclosure of Movements in the Number of PSUs and RSUs

The movements in the number of all issued RSUs, PSUs and share options are as follows:


Share option / 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 December 31, 2021	962,022	2.35	318,902	6.87	643,120	0.10
Granted	340,152	0.10	—	—	340,152	0.10
(Performance adjustment) (1)	—	0.10	—	—	—	0.10
(Forfeited) (2)	(63,990)	0.10	—	—	(63,990)	0.10
(Expired)	(3,220)	5.40	(3,220)	5.40	—	—
(Exercised options, vested PSU / RSU) (3)	(252,058)	1.00	(33,577)	6.85	(218,481)	0.10
Balance outstanding at December 31, 2022	982,906	2.05	282,105	6.89	700,801	0.10
Granted	1,282,372	0.10	—	—	1,282,372	0.10
(Performance adjustment) (1)	(79,703)	0.10	—	—	(79,703)	0.10
(Forfeited) (2)	(63,218)	0.10	—	—	(63,218)	0.10
(Expired)	—	—	—			—
(Exercised options, vested PSU / RSU) (3)	(309,591)	0.10	—		(309,591)	0.10
Balance outstanding at December 31, 2023	1,812,766	1.16	282,105	6.89	1,530,661	0.10

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

(2) Forfeited due to service conditions not fulfilled

(3) The weighted average share prices at the dates of exercising options during the year 2022 amounted to CHF 22.35

Disclosure of Exercise Prices, Number and Weighted Average Remaining Contractual Life of Outstanding Instruments

The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2023:


Exercise price CHF	Options / PSU/RSU (number)	Remaining life (years)	Thereof exercisable options
Options


6.06	15,450	0.4	15,450
6.94	266,655	0.7	266,655
PSU/RSU
0.10	1,530,661	1.4
Total	1,812,766		282,105

The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2022:


Exercise price CHF	Options / PSU/RSU (number)	Remaining life (years)	Thereof exercisable options
Options


6.06	15,450	1.4	15,450
6.94	266,655	1.7	266,655
PSU/RSU
0.10	700,801	1.1
Total	982,906		282,105

Disclosure of Non-Cash Costs for Share-Based Payments by Functions

The non-cash costs for share-based payments recognized in the statement of comprehensive income can be attributed to the Group’s two functions as follows:


in CHF thousands	2023	2022	2021
Research and development	3,057	3,010	2,208
Selling, general and administrative	2,150	2,078	1,877
Total year ended December 31	5,207	5,088	4,085

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes And Deferred Taxes [Abstract]

Disclosure of Expiry of Tax Loss Carryforwards

The following table shows the expiry of tax loss carry forwards for the Company, for which no deferred tax asset was recognized:


in CHF thousands	2023	2022




2027	(29,566)	(29,566)
2028	(58,632)	(58,632)
2030	(56,285)	—

Total tax loss carry forwards as at December 31	(144,483)	(88,198)

Capital commitments	12 Months Ended
Capital commitments	Dec. 31, 2023
Capital commitments [abstract]
Capital commitments	Capital commitments As of December 31, 2023 and December 31, 2022, the Group did not have any capital commitments.

Trade and other receivables (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Detailed Information about Trade and Other Receivables


in CHF thousands	2023	2022
Trade receivables	295	521
Value added tax	253	250
Withholding tax	1,339	173
Other receivables	66	75
Balance at December 31	1,953	1,019

Trade receivables are denominated in the following currencies:


in CHF thousands	2023	2022
CHF	—	160
EUR	—	—
USD	295	361
Balance at December 31	295	521

Financial risk management

12 Months Ended

Dec. 31, 2023

Financial Risk Management [Abstract]

Financial risk management

Financial risk factors

Capital management

Financial risk management

Foreign exchange risk

During 2023 and 2022, the Group did not enter into any forward currency transactions. No forward currency transactions were outstanding as of December 31, 2023 and 2022.


in % and CHF thousands	Incr./Decr. exchange rate		Effect on result before tax (in TCHF)
USD Positions
2023	+10	%	4,718
	-10	%	(4,718)
2022	+10	%	5,904
	-10	%	(5,904)
2021	+10	%	6,633
	-10	%	(6,633)
EUR Positions
2023	+10	%	479
	-10	%	(479)
2022	+10	%	1,252
	-10	%	(1,252)
2021	+10	%	2,019
	-10	%	(2,019)

Interest rate risk


in % and CHF thousands	Incr./Decr. interest rate		Effect on result before tax (in TCHF)
CHF Positions
2023	+0.5	%	674
	-0.5	%	(674)
2022	+0.5	%	888
	-0.5	%	(888)
2021	+0.5	%	323
	-0.5	%	(323)
USD Positions
2023	+0.5	%	235
	-0.5	%	(235)
2022	+0.5	%	294
	-0.5	%	(294)
2021	+0.5	%	234
	-0.5	%	(234)
EUR Positions
2023	+0.5	%	25
	-0.5	%	(25)
2022	+0.5	%	63
	-0.5	%	(63)
2021	+0.5	%	102
	-0.5	%	(102)

Credit risk

The Group enters into agreements with partners that have appropriate credit history and a commitment to ethical business practices.

The maximum credit risk as of the balance sheet date was as follows:


Credit risk
in CHF thousands	2023	2022
Cash and cash equivalents	67,309	87,946
Trade receivables	295	521
Accrued income	1,131	679
Short-term time deposits	119,580	161,198
Total credit risk as at December 31	188,315	250,344

Liquidity risk

Financial income and financial expense (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Detailed Information about Financial Income

Financial income


in CHF thousands	2023	2022	2021
Interest income on financial assets held at amortized costs	4,279	1,142	99
Net foreign exchange gain	—	717	92
Total year ended December 31	4,279	1,859	191

Disclosure of Detailed Information about Financial Expense

Financial expense


in CHF thousands	2023	2022	2021
Net foreign exchange loss	(5,106)	—	—
Negative interest on financial assets held at amortized costs	—	(562)	(495)
Interest expense on leases	(34)	(43)	(53)
Other financial expenses	(15)	(14)	(8)
Total year ended December 31	(5,155)	(619)	(556)

Other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Other Current Assets


in CHF thousands	2023	2022
Prepayments	2,486	3,910
Accrued income	1,131	679
Balance at December 31	3,617	4,589

Earnings per share (Details) - shares	12 Months Ended
Earnings per share (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Weighted average number of shares used in computing basic loss per share (in shares)	32,770,665	32,469,957	31,005,171
Weighted average number of shares used in computing diluted loss per share (in shares)	32,770,665	33,265,567	31,005,171
Number of potentially dilutive shares (in shares)	1,526,976	795,610	835,422

Financial instruments - Disclosure of Financial Liabilities at Amortized Cost (Details) - Financial liabilities at amortized cost - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	SFr 6,593	SFr 8,570
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	410	997
Accrued project costs and royalties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,827	2,167
Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	3,652	4,850
Other non-employee related accrued expenses
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	SFr 704	SFr 556

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]