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"f19928": {
"value": "1. General Information & Basis of Preparation
\n1.0 Corporate Information
\nGeneral
\nONWARD Medical B.V. was a Dutch private company with limited liability (besloten
\nvennootschap met beperkte aansprakelijkheid), incorporated on 20 November 2015. On
\n21 October 2021 (the First Trading Date) the Company completed a corporate conversion,
\nconverting into a public limited company under Dutch law (naamloze vennootschap). The
\nlegal name changed to Onward Medical N.V. (\u201cONWARD\u201d). The registered office is located
\nat Schimmelt 2, Eindhoven, the Netherlands. ONWARD Medical N.V. is registered in the
\nCommercial Register of the Chamber of Commerce under number 64598748.
\nONWARD and its subsidiaries (the \u201cGroup\u201d) are developing both an Implantable Neuro-
\nstimulation System (INS) and a non-invasive system for electrical stimulation of specific
\nareas of the spinal cord.
\nThe financial statements for the year ended 31 December 2022 have been prepared by
\nthe board of directors and were authorized for issue on 27 March 2023. The financial
\nstatements will be submitted for adoption to the General Meeting on
8 May 20
23.
\n
\n
\n23
\n1.1 Group Information
\nInformation about subsidiaries
\nThe consolidated financial statements of the Group include:
\n\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\n\u2022
ONWARD Medical Inc, United States of America (holding 100%)
\n1.2 Basis of Preparation
\nThe Consolidated financial statements of the Group have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and IFRIC interpretations as
\nadopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code.
\nThe Consolidated financial statements have been prepared on a historical cost basis.
\nIncome and expenses are accounted for on an accrual basis. The Consolidated financial
\nstatements provide comparative information in respect of the previous period.
Certain
\nprior year amounts have been reclassified for consistency with the current year
\npresentation. Refer to section 1.8 below.
\nThe Consolidated financial statements are presented in euros and all values are rounded
\nto the nearest thousand (EUR 000), except when otherwise indicated, and for the
\nnumber of shares and the per share amount. Due to rounding, amounts may not add up
\nto totals provided.
\n1.3 Basis of Consolidation
\nThe Consolidated financial statements comprise the financial statements of the Group
\nand its subsidiaries as at 31 December 2022. Control is achieved when the Group is
\nexposed, or has rights, to variable returns from its involvement with the investee and has
\nthe ability to affect those returns through its power over the investee. Specifically, the
\nGroup controls an investee if and only if the Group has:
\n\u2022
Power over the investee (i.e. existing rights that give it the current ability to direct the
\nrelevant activities of the investee)
\n\u2022
Exposure, or rights, to variable returns from its involvement with the investee, and
\n\u2022
The ability to use its power over the investee to affect its returns
\nThe Group re-assesses whether or not it controls an investee if facts and circumstances
\nindicate that there are changes to one or more of the three elements of control.
\nConsolidation of a subsidiary begins when the Group obtains control over the subsidiary
\nand ceases when the Group loses control of the subsidiary. Assets, liabilities, income
\nand expenses of a subsidiary acquired or disposed of during the year are included in the
\nstatement of comprehensive income from the date the Group gains control until the date
\nthe Group ceases to control the subsidiary.
\nProfit or loss and each component of other comprehensive income (OCI) are attributed to
\nthe equity holders of the parent of the Group. When necessary, adjustments are made to
\nthe financial statements of subsidiaries to bring their accounting policies into line with the
\nGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses
\nand cash flows relating to transactions between members of the Group are eliminated in
\nfull on consolidation.
\n
\n
\n23
\n1.4 Going Concern
\nIn determining the appropriate basis for preparing the financial statements for the year
\nended 31 December 2022, Management considered the cash flow forecasts over a time
\nhorizon of one year after the date of these financial statements. The 2023 cash flow
\nforecasts, include significant expenses and cash outflows in relation to -among others- the
\nongoing clinical trials, the continuation of research and development projects and FDA
\nsubmission and approval for the ARC
\nEX
\nindication. As at 31 December 2022 the Company
\nhad cash and cash equivalents of EUR 42M and fixed term deposits with a maturity of less
\nthan 12 months of EUR 20M. The Company believes that this cash position will be sufficient
\nto meet the Company\u2019s capital requirements and fund its operations for at least 12 months
\nas from the date of this Annual Report.
\nInherent uncertainties in these forecasts may have an impact on the Company\u2019s cash
\nposition. To continue development and reach commercialization as planned, the Company
\nwill need to attract additional funding in future. The Company\u2019s long-term success and
\nexistence is contingent on achieving FDA approval and CE mark of its products.
\nIn view of the above, and notwithstanding a loss brought forward of EUR 108M as of
\n31 December 2022 the application of the valuation rules in the assumption of a \u201cgoing
\nconcern\u201d is justified. As a result, the consolidated financial statements have been prepared
\non a going concern basis.
\n1.5 Summary of Other Significant Accounting Policies
\na) Business Combinations
\nBusiness combinations are accounted for using the acquisition method. The cost of an
\nacquisition is measured as the aggregate of the consideration transferred, measured at
\nacquisition date fair value and the amount of any non-controlling interest in the acquiree.
\nFor each business combination, the Group elects whether to measure the non-controlling
\ninterest in the acquiree at fair value or at the proportionate share of the acquirer\u2019s
\nidentifiable net assets. Acquisition-related costs are expensed as incurred and included in
\nadministrative expenses.
\nWhen the Group acquires a business, it assesses the financial assets and liabilities
\nassumed for appropriate classification and designation in accordance with the contractual
\nterms, economic circumstances and pertinent conditions as at the acquisition date. This
\nincludes the separation of embedded derivatives in host contracts by the acquiree.
\nIf the business combination is achieved in stages, any previously held equity interest is re-
\nmeasured at its acquisition date fair value and any resulting gain or loss is recognized in
\nprofit or loss. It is then considered in the determination of goodwill.
\nAny contingent consideration to be transferred by the acquirer will be recognized at fair
\nvalue at the acquisition date. Contingent consideration classified as an asset or liability
\nthat is a financial instrument and within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognized in the statement of profit
\nor loss in accordance with IFRS 9. Other contingent consideration that is not within the
\nscope of IFRS 9 is measured at fair value at each reporting date with changes in fair value
\nrecognized in profit and loss.
\nb) Current Versus Non-Current Classification
\nThe Group presents assets and liabilities in the statement of financial position based on
\ncurrent/non-current classification. An asset is current when it is:
\n\u2022
Expected to be realized or intended to be sold or consumed in normal operating cycle
\n\u2022
Held primarily for the purpose of trading
\n\u2022
Expected to be realized within twelve months after the reporting period, or
\n\u2022
Cash or cash equivalent unless restricted from being exchanged or used to settle a
\nliability for at least twelve months after the reporting period
\nAll other assets are classified as non-current.
\n\n
\n23
\nA liability is current when:
\n\u2022
It is expected to be settled in normal operating cycle
\n\u2022
It is held primarily for the purpose of trading
\n\u2022
It is due to be settled within twelve months after the reporting period, or
\n\u2022
There is no unconditional right to defer the settlement of the liability for at least twelve
\nmonths after the reporting period
\nThe Group classifies all other liabilities as non-current.
\nDeferred tax assets and liabilities are classified as non-current assets and liabilities.
\nc) Foreign Currencies
\nThe Group\u2019s consolidated financial statements are presented in euros, which is also the
\nparent company\u2019s functional currency. For each entity, the Group determines the functional
\ncurrency and items included in the financial statements of each entity are measured using
\nthat functional currency.
\nTransactions & Balances
\nTransactions in foreign currencies are initially recorded by the Group entities at their respective
\nfunctional currency spot rates at the date the transaction first qualifies for recognition.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary items are recognized in profit
\nor loss with the exception of monetary items that are designated as part of the hedge of the
\nGroup\u2019s net investment of a foreign operation. These are recognized in other comprehensive
\nincome until the net investment is disposed of, at which time, the cumulative amount is
\nreclassified to profit or loss. Tax charges and credits attributable to exchange differences
\non those monetary items are also recorded in other comprehensive income.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency
\nare translated using the exchange rates as at the dates of the initial transactions. Non-
\nmonetary items measured at fair value in a foreign currency are translated using the
\nexchange rates at the date when the fair value is determined. The gain or loss arising
\non translation of non-monetary items measured at fair value is treated in line with the
\nrecognition of gain or loss on change in fair value of the item (i.e., translation differences on
\nitems whose fair value gain or loss is recognized in other comprehensive income or profit or
\nloss are also recognized in other comprehensive income or profit or loss, respectively).
\nAny goodwill arising on the acquisition of a foreign operation and any fair value adjustments
\nto the carrying amounts of assets and liabilities arising on the acquisition are treated as
\nassets and liabilities of the foreign operation and translated at the spot rate of exchange at
\nthe reporting date.
\nGroup Companies
\nOn consolidation, the assets and liabilities of foreign operations are translated into euros
\nat the rate of exchange prevailing at the reporting date and their income statements are
\ntranslated at the monthly average exchange rates.
\nThe exchange differences arising on translation for consolidation are recognized in
\nother comprehensive income. On disposal of a foreign operation, the component of other
\ncomprehensive income relating to that particular foreign operation is recognized in
\nprofit or loss.
\n\n
\n23
\n1.6 Significant Accounting Judgments, Estimates & Assumptions
\nThe preparation of the Group\u2019s consolidated financial statements requires management
\nto make judgments, estimates and assumptions that affect the reported amounts of
\nrevenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
\nend of the reporting period. However, uncertainty about these assumptions and estimates
\ncould result in outcomes that require a material adjustment to the carrying amount of the
\nasset or liability affected in future periods.
\nThe Group based its assumptions and estimates on parameters available when
\nthe consolidated financial statements were prepared. Existing circumstances and
\nassumptions about future developments, however, may change due to market changes or
\ncircumstances arising beyond the control of the Group. Such changes are reflected in the
\nassumptions when they occur.
\nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
\naccounting estimates are recognized in the period in which the estimate is revised if the
\nrevision affects only that period, or in the period of revision and the future periods if the
\nrevision affects both current and future periods.
\nThe key assumptions concerning the future and other key sources of estimation
\nuncertainty at the reporting date, that are most relevant to the carrying amounts of assets
\nand liabilities within the next financial year, are included in each of the respective notes as
\nreferenced below:
\nResearch & Development
\nShare-Based Payments
\nImpairment of Intangible Assets
\nPost-Employment Benefits
\nTaxes
\n(Note 2.2)
\n(Note 2.9)
\n(Note 3.0)
\n(Note 5.0)
\n(Note 2.10)
\n1.7 New Accounting Standards & Developments
\n1.7.1 New and Amended Standards and Interpretations
\nSeveral amendments applied for the first time in 2022:
\n\u2022
Amendments to IFRS 3: Reference to the Conceptual Framework, effective
\n1 January 2022
\n\u2022
Amendments to IAS 16: Property, Plant and Equipment Proceeds before intended use,
\neffective 1 January 2022
\n\u2022
Amendments to IAS 37: Onerous Contracts \u2013 Costs of Fulfilling a Contract, effective
\n1 January 2022
\n\u2022
Annual Improvement Project IFRS 1 First-time Adoption of International Financial
\nReporting Standards \u2013 Subsidiary as a first-time adopter, effective 1 January 2022
\n\u2022
Annual Improvement Project IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities, effective 1 January 2022
\n\u2022
Annual Improvement Project IAS 41 Agriculture \u2013 Taxation in fair value measurements,
\neffective 1 January 2022
\nNone of these had a material impact on the consolidated financial statements of the
\nGroup in 2022.
\n1.7.2 Standards Issued But Not Yet Effective
\nThe new and amended standards and interpretations that are issued, but not yet effective,
\nup to the date of issuance of the Group\u2019s financial statements are listed below. The Group
\nhas not early adopted any standards, interpretations or amendments that have been
\nissued but are not yet effective. The Group intends to adopt these new and amended
\nstandards and interpretations, if applicable, when they become effective.
\n\n
\n23
\n\u2022
Classification of Liabilities as Current or Non-current - Amendments to IAS 1, effective 1
\nJanuary 2024
\n\u2022
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement
\n2, effective 1 January 2023
\n\u2022
Definition of Accounting Estimates - Amendments to IAS 8, effective 1 January 2023
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
\nAmendments to IAS 12, effective 1 January 2023
\nThe nature and impact of each of the new standards, amendments and/or interpretations
\nexpected to apply to the Group are described below:
\nAmendments to IAS 1: Classification of Liabilities as Current or Non-current
\nIn January 2020 and October 2022, the Board issued amendments to IAS 1 Presentation
\nof Financial Statements to specify the requirements for classifying liabilities as current or
\nnon-current. The amendments clarify:
\n\u2022
What is meant by a right to defer settlement
\n\u2022
That a right to defer must exist at the end of the reporting period
\n\u2022
That classification is unaffected by the likelihood that an entity will exercise its
\ndeferral right
\n\u2022
That only if an embedded derivative in a convertible liability is itself an equity
\ninstrument would the terms of a liability not impact its classification.
\n\u2022
That disclosure should be provided when a liability arising from a loan agreement is
\nclassified as non-current and the entity\u2019s right to defer settlement is contingent on
\ncompliance with future covenants within twelve months. This disclosure must include
\ninformation about the covenants and the related liabilities.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2024 and must be applied prospectively. The Group is currently assessing the impact the
\namendments will have on current practice and whether the existing loan agreement may
\nrequire renegotiation.
\nDisclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement
\n2 Making Materiality Judgments, in which it provides guidance and examples to help
\nentities apply materiality Judgments to accounting policy disclosures. The amendments
\naim to help entities provide accounting policy disclosures that are more useful by
\nreplacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies
\nwith a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance
\non how entities apply the concept of materiality in making decisions about accounting
\npolicy disclosures.
\nThe amendments to IAS 1 are applicable for annual periods beginning on or after 1 January
\n2023 with earlier application permitted. Since the amendments to the Practice Statement
\n2 provide non-mandatory guidance on the application of the definition of material to
\naccounting policy information, an effective date for these amendments is not necessary.
\nThe Group is currently assessing the impact of the amendments to determine the impact
\nthey will have on the Group\u2019s accounting policy disclosures.
\nDefinition of Accounting Estimates - Amendments to IAS 8
\nIn February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition
\nof \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in
\naccounting estimates and changes in accounting policies and the correction of errors.
\nAlso, they clarify how entities use measurement techniques and inputs to develop
\naccounting estimates.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2023 and apply to changes in accounting policies and changes in accounting estimates
\nthat occur on or after the start of the effective period. Earlier application is permitted as
\nlong as this fact is disclosed.
\nThe Group is currently assessing the amendments to determine the impact it will have.
\n\n
\n
23
\nAmendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a
\nSingle Transaction
\nIn May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial
\nrecognition exception under IAS 12, so that it no longer applies to transactions that give
\nrise to equal taxable and deductible temporary differences. The amendments clarify
\nthat where payments that settle a liability are deductible for tax purposes, it is a matter
\nof judgment (having considered the applicable tax law) whether such deductions are
\nattributable for tax purposes to the liability recognized in the financial statements (and
\ninterest expense) or to the related asset component (and interest expense). This judgment
\nis important in determining whether any temporary differences exist on initial recognition
\nof the asset and liability. Under the amendments, the initial recognition exception does
\nnot apply to transactions that, on initial recognition, give rise to equal taxable and
\ndeductible temporary differences. It only applies if the recognition of a lease asset and
\nlease liability (or decommissioning liability and decommissioning asset component)
\ngive rise to taxable and deductible temporary differences that are not equal. An entity
\nshould apply the amendments to transactions that occur on or after the beginning of the
\nearliest comparative period presented. Effective for annual periods beginning on or after
\n1 January 2023.
\nThe Group is currently assessing the amendments to determine the impact it will have.
\n1.8 Changes in Accounting Policies & Disclosures
\n1.8.1 Change in Disclosure in the Consolidated Statement of Profit & Loss 2021
\nThe Group has reassessed the presentation of line items in the consolidated statement
\nof profit and loss and decided to present the Science expenses as a component of
\nResearch & Development expenses as opposed to a separate cost category on the face
\nof the Statement of Profit and Loss. Science expenses consist primarily of the costs of
\nsponsored research activities that are undertaken by universities with which ONWARD
\ncollaborates. Since its inception, ONWARD has had a close working relationship with two
\nof the founders, Gr\u00e9goire Courtine, Professor at EPFL and Jocelyne Bloch, Neurosurgeon
\nat CHUV, Professor at Universit\u00e9 de Lausanne. The activities between the Company and
\nEPFL are formalized in research agreements which govern the activities sponsored by the
\nCompany. In addition to these scientific research expenses also the consultancy expenses
\nand related shared-based payment expenses for Gr\u00e9goire Courtine and Jocelyne Bloch are
\nincluded. Science expenses therefore directly relate to and support our ongoing Research
\n& Development efforts. This presentation is also in line with companies within the industry
\nand will therefore enhance comparability.
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\nScience expenses
\nResearch & Development expenses
\n2,686
\n7,932
\n\u2013
\n10,618
\n(2,686)
\n2,686
\nThe following note was restated:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.3 Research & Development expenses*
\nStaff costs
\nOutsourced cost
\n5,218
\n2,715
\n7,773
\n2,846
\n2,555
\n131
\n7,932
10,618
2,686
\nAnd the following note has been removed:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.2 Science expenses
\nStaff costs
\nOutsourced cost
\n2,555
\n131
\n\u2013
\n\u2013
\n(2,555)
\n(131)
\n2,686
\u2013
(2,686)
\n* Note 2.2 in 2022
\n\n
\n2
23
\n2.Results of the Year
\n2.0 Segment Reporting
\nBased on the organizational structure, as well as the nature of financial information
\navailable and reviewed by the Company\u2019s chief operating decision makers to assess
\nperformance and make decisions about resource allocations, the Company has concluded
\nthat its total operations represent one reportable segment and that the consolidated
\ndisclosures address the requirements.
\n2022
2021
\nNon-current assets
\nNetherlands
\nSwitzerland
\nUnited States of America
\n61
\n2,194
\n10,162
\n197
\n2,177
\n10,035
\nNon-current assets
12,417
12,409
\n2.1 Revenues & Other Income
\nAccounting Policy:
Government subsidies are recognized where there is reasonable
\nassurance that the subsidy will be received, and all attached conditions will be complied
\nwith. When the subsidy relates to an expense item, it is recognized as income on a
\nsystematic basis over the periods that the related costs, for which it is intended to
\ncompensate, are expensed. Any outstanding receivables related to these subsidies are
\nrecorded as grants receivable. The government subsidies are presented on a gross basis
\nexcept for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
\nbasis with the expensed amount for personnel expenses.
\n2022
2021
\nGovernment subsidies (EU)
\nOther income
\n2,044
\n104
\n1,399
\n\u2013
\nTotal revenues and other income
2,148
1,399
\nGovernment subsidies have been received for the research and development of several
\ndevelopment projects. There are no unfulfilled conditions or contingencies attached to
\nthese subsidies.
\nRecognized
\nGrants
Total Grant*
2022
2021
\nCONFIRM
\nBESTABLE
\nSWISS LOCAL (one -offs)
\nPREP2GO
\nDARPA
\nZonMW
\nEISMEA \u2013 Reverse Paralysis
\nEISMEA - NEMO BMI
\nEurostars Impulse
\n416
\n100
\n\u2013
\n348
\n3,172
\n250
\n1,228
\n1,020
\n500
\n(12)
\n\u2013
\n85
\n104
\n1,412
\n83
\n273
\n85
\n14
\n139
\n16
\n41
\n139
\n981
\n83
\n\u2013
\n\u2013
\n\u2013
\nTotal**
2,044
1,399
\n* Please refer to the terms and conditions of the subsidies included below.
\n** Except for the Swiss local grant received by ONWARD Medical SA (In Switzerland), all other grants were received by ONWARD Medical
\nN.V. (In the Netherlands).
\n\n
\n23
\nTerms & Conditions
\nCONFIRM
\nThis Eurostars funding agreement with the Swiss Innovation Agency Innosuisse for a
\ntotal amount of EUR 416k started in May 2019 and ended in October 2021, with follow
\nup reporting resulting in the additional 25.75% granting of the allocated amount. The
\nremainder of the grant was receivable in 2022 after submission of the final report. Due
\nto lesser expenses declared, the final amount was decreased. In this project, ONWARD
\ncollaborated with Inomed A.G., Universit\u00e4tsklinikum Heidelberg and EPFL to develop
\nan intra-operative neuromonitoring system and algorithms facilitating the surgical
\nimplantation of ARC
\nIM
\n.
\nBESTABLE
\nThis Eurobench funding agreement with PKF ATTEST INNCOME S.L. and the Spanish
\nNational Research Council CSIC for a total amount of EUR 100k started in September
\n2019 and ended in December 2021. An amount equal to 85% of the grant is paid during
\nthe grant period in tranches in 2019, 2020 and 2021. The remaining 15% of the total
\ngrant amount is payable after evaluation of the final report. In this project, ONWARD
\nis collaborating with the Technical University of Delft and the University Rehabilitation
\nInstitute to develop a benchmarking system for assessment of balance performance.
\nPREP2GO
\nThis Eurostars funding agreement with the Netherlands enterprise agency RVO for a
\ntotal amount of EUR 348k started in April 2020 and ends in September 2022. An amount
\nequal to 90% of the grant is paid during the grant period in tranches in 2020, 2021 and
\n2022. The remaining 10% of the grant is payable after evaluation of the final report. In this
\nproject, ONWARD is collaborating with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair
\nMedisch Centrum Utrecht and EPFL to automatize the simulation framework that was
\ndeveloped in the RESTORE project, to facilitate the pre-operative planning for ARC
\nTherapy for clinicians.
\nDARPA
\nThe DARPA grant is a five-year project that started in October 2020. The award has been
\ndivided into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a
\ntotal amount of EUR 3.172M (or USD 3.402M). The grant amounts are being charged on a
\nmonthly basis over the period based on actual costs incurred. In this project, ONWARD is
\ncollaborating with a large consortium of academic partners, companies, and consultants
\nto develop a new clinical intervention to modulate blood pressure and spinal cord perfusion
\nand oxygenation in the hours following SCI. This correspond to a roadmap development of
\nARC
\nIM
\nto be used in the hours following SCI.
\nZonMW
\nThis Dutch funding agreement is with the Netherlands Organisation for Health Research
\nand development for a total amount of EUR 250k that started in January 2021 and ends in
\nJanuary 2024. An amount equal to 80% of the grant is being paid during the grant period
\nin three equal tranches in 2021, 2022 and 2023. The remaining 20% of the grant will be
\npaid after submission of the final report. In this project, ONWARD is collaborating with
\nthe University of Bordeaux, CHUV and EPFL to develop a research interface for ARC
\nIM
\nand
\nevaluating its use to alleviate locomotor deficits in Parkinson disease.
\nEISMEA \u2013 Reverse Upper- & Lower-Limb Paralysis
\nThe European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
\nto support the development of an innovative Brain-Spine Interface technology for restoring
\nmobility and upper limb function. The EUR 3.6M grant was awarded to ONWARD and its
\nresearch partners EPFL; CEA-Clinatec and Sint Maartenskliniek. Under the terms of the
\naward, ONWARD receives EUR 1.2M. The project started 1 May 2022 and has an end date
\nof 30 April 2025, a duration of 36 months. ONWARD has received 75% as prefinancing, an
\nadditional 15% is receivable 90 days after the first periodic reporting and the final payment
\n90 days after receiving the second periodic reporting.
\n\n
\n
23
\nEISMEA \u2013 NEMO BMI
\nThe European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
\nto support the development of Motor Brain-Machine Interfaces (BMIs). BMIs translate
\nbrain neural signals into commands to external effectors. The NEMO BMI project will
\nconduct the exploration of assistance-free and easy to use portable neuroprosthetics
\nincluding wireless neuronal activity recorder, a real-time neuronal activity decoder
\nbased on integrated technologies, and a spinal cord stimulator. The EUR 3.8M grant
\nwas awarded to ONWARD and its research partners Ecole Polytechnique Federale de
\nLausanne (EPFL), Commissariat a l Energie Atomique et aux energies alternatives (CEA)
\nand Institute of Information and Communication Technologies (IICT). Under the terms of
\nthe award, ONWARD receives EUR 1M. The project started 1 October 2022 and has an
\nend date of 30 September 2025, a duration of 36 months. ONWARD has received 75% as
\nprefinancing, an additional 15% (up to 90% of the total grant) is receivable 90 days after
\nthe first periodic reporting and the final payment is receivable 90 days after receiving the
\nsecond periodic reporting.
\nEurostars \u2013 Impulse
\nThe Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\nEUR 500k that started 1 December 2022 and ends 30 November 2025, a duration of 36
\nmonths. The Impulse project focuses on closed-loop control of blood pressure for people
\nwith spinal cord injury.
\n2.2 Research & Development Expenses
\nAccounting Policy:
Research costs are expensed as incurred. Development expenditures on
\nan individual project are recognized as an intangible asset when the Group can demonstrate:
\n\u2022
The technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale
\n\u2022
Its intention to complete and its ability to use or sell the asset
\n\u2022
How the asset will generate future economic benefits
\n\u2022
The availability of resources to complete the asset
\n\u2022
The ability to measure reliably the expenditure during development
\n\u2022
The ability to use the intangible asset generated
\nSignificant Estimate:
The Group has evaluated the nature of the project research and
\ndevelopment costs and concluded that all expenses incurred were related to research
\nand pre-development of future products. Therefore, all costs have been expensed and are
\nrecognized in the statement of profit and loss.
\n2022
2021
\nStaff costs
\nOutsourced cost
\n8,385
\n4,753
\n7,773
\n2,846
\n13,138
10,618
\nThe Company\u2019s research and development expenses consist primarily of the cost of
\nexternal suppliers and third-party contractors involved in the design and development
\nof the ARC
\nEX
\nand ARC
\nIM
\nsystems as well as the employee related expenses for research
\nand development, including salaries and benefits. The increase in 2022 is driven by
\nadvancements made on our ARC
\nEX
\nand ARC
\nIM
\nplatforms.
\n\n
\n2
23
\n2.3 Clinical & Regulatory Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n3,204
\n2,543
\n2,905
\n1,871
\n5,747
4,775
\nThe Company\u2019s clinical and regulatory expenses consist of the employee related expenses
\nincluding salaries and benefits for employees working on clinical trials. Clinical expenses in
\n2022 primarily relate to the completion of the Up-LIFT pivotal and LIFT Home clinical trials.
\n2.4 Marketing & Market Access Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n949
\n1,002
\n916
\n600
\n1,951
1,516
\nThe Company\u2019s marketing and market access expenses include the investigating
\nactivities on the future therapy reimbursement performed by third party consultants
\nand attendance of key events to create awareness within the SCI community of our ARC
\ntherapies and technology.
\n2.5 Patent fees & Related Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n400
\n1,149
\n329
\n1,032
\n1,549
1,361
\nThe Company\u2019s patents fees and related expenses include the cost for patent prosecution
\napplications, consulting fees for new innovative ideas as well as annuity maintenance fees
\nand license fees for existing ideas as well as related employee expenses, including salary
\nand benefits in the area of business development.
\n2.6 Quality Assurance Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n1,045
\n183
\n960
\n33
\n1,228
993
\nQuality assurance expenses consist primarily of quality control, quality assurance and
\nregulatory expenses. These expenses include employee expenses, including salary benefits
\nfor personnel, consulting, testing and travel expenses.
\n\n
\n
23
\n2.7 General & Administrative Expenses
\n2022
2021
\nStaff costs
\nOther operating expenses
\nDepreciation and amortization expense
\n4,299
\n5,529
\n735
\n5,968
\n4,370
\n329
\n10,563
10,667
\nThe Company\u2019s general and administrative expenses consist of employee expenses,
\nincluding salary and benefits for personnel and contractors in executive, finance,
\naccounting, tax, and human resources, as well as operating expenses relating to audit,
\nlegal and supply chain.
\n2.8 Employee Benefit Expenses
\nAccounting Policy:
\nShort-Term Employee Benefits
\nShort-term employee benefits include salaries and social security contributions, social
\ntaxes, paid vacation and bonuses. They are recognized as expenses for the period in which
\nemployees perform the corresponding services. Outstanding payments at the end of the
\nperiod are shown as other current liabilities.
\nPost-Employment Benefits
\nGroup companies operate various pension schemes. The schemes are funded through
\npayments to insurance companies or trustee-administered funds, determined by periodic
\nactuarial calculations. The Group has both defined benefit and defined contribution plans.
\nDefined Contribution Plan
\nA defined contribution plan is a pension plan under which the Group pays fixed
\ncontributions into a separate entity. The Group has no legal or constructive obligations
\nto pay further contributions if the fund does not hold sufficient assets to pay all benefits
\nto employees relating to employee services in the current and prior periods. For defined
\ncontribution plans, the Group pays contributions to publicly or privately administered
\npension insurance plans on a mandatory, contractual or voluntary basis. The Group has no
\nfurther payment obligations once the contributions have been paid. The contributions are
\nrecognized as personnel expenses in the consolidated income statement when due.
\nAll related expenses are recognized in the consolidated statement of profit and loss.
\nContributions payable or prepaid contributions as at year-end are recognized under
\naccruals and deferred income, and prepayments and accrued income, respectively.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
\n\n
\n1
23
25
\nSignificant Estimate:
The cost of the defined benefit pension plan and the present value
\nof the pension obligation are determined using actuarial valuations. An actuarial valuation
\ninvolves making various assumptions that may differ from actual developments in the
\nfuture. These include the determination of the discount rate, future salary increases,
\nmortality rates and future pension increases. Due to the complexities involved in the
\nvaluation and its long-term nature, a defined benefit obligation is sensitive to changes in
\nthese assumptions. All assumptions are reviewed at each reporting date.
\n2022
2021
\nWages and salaries
\nSocial security costs
\nPension costs \u2013 defined benefit plan
\nPension costs \u2013 other
\nShare based benefit expenses
\nOther labour costs
\n11,653
\n1,275
\n604
\n82
\n1,691
\n2,977
\n7,203
\n908
\n445
\n101
\n8,564
\n1,629
\n18,282
18,850
\nAs at 31 December 2022, the ONWARD Group employed 96.1 full-time equivalents,
\nincluding white-collar employees and contractors. The following table presents a
\nbreakdown of the Company\u2019s full-time equivalents as at 31 December 2022 and 2021:
\n2022
2021
\nResearch & Development
\nClinical & Regulatory
\nMarketing & Market Access
\nPatent fees & Related
\nQuality Assurance
\nGeneral & Administrative
\n48.8
\n18.9
\n3.8
\n1.0
\n7.8
\n15.8
\n41.8
\n15.7
\n2.0
\n1.0
\n4.8
\n11.6
\n96.1
76.9
\nAs of 31 December 2022, the Company had 16.3 full-time equivalents located in the
\nNetherlands (2021: 35.5), 68.3 full-time equivalents located in Switzerland (2021: 32.9) and
\n11.5 (2021: 8.5) full-time equivalents located in the United States.
\n2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
\n\n
\n
23
\nSignificant Estimate:
The Group measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instruments at the date at which
\nthey are granted. Estimating fair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model, which is dependent on the terms
\nand conditions of the grant.
\nEmployee Investment Plan (EIP)
\nUnder the Employee Investment Plan, eligible employees had the opportunity to subscribe
\nfor, indirectly via Stichting G-Therapeutics Participaties (\u201cSTAK\u201d), an equity stake in
\nONWARD Medical N.V..Eligible employees were granted depository receipts (DR) via the
\nSTAK by means of a deed of issuance. In article 3.2. of the Deed of issuance of the DRs it
\nwas determined that a trade sale of the Company or an IPO, of not less than EUR 50M at
\na price per share to the public not less than EUR 5,- per share, would trigger accelerated
\nvesting of the DR\u2019s. The IPO on 21 October 2021 raised EUR 80M at a share price of EUR
\n12.75. Taking into account the reversed stock split that was contemplated just prior to the
\nIPO the share price would have been EUR 5.10 per share on the outstanding shares prior
\nto the reversed stock split. As both conditions of the IPO event were met, all DR\u2019s were
\ndeemed fully vested at 21 October 2021. The vesting resulted in a share-based payment
\nexpense of EUR 8.5M and a corresponding increase in equity.
\nLong-Term Incentive Plan (LTIP)
\nFollowing the IPO, and the vesting of the EIP, the Board has agreed upon a new LTIP plan
\nto align the Employee\u2019s interest with the interests of the Shareholders and to allow the
\nemployee to participate in the long-term growth of the Company. The LTIP is an omnibus
\nplan with the flexibility to issue different type of equity incentives.
\nONWARD awarded options over its ordinary shares to participants (referred to as the
\n\u201cAward\u201d or \u201cGrant\u2019) on the Grant Dates as specified in the table below. Each option
\nrepresents the right to receive one ordinary share of ONWARD against payment of the
\nexercise price. The options expire 10 years after the Grant Date and become exercisable
\non vesting. The Grant is subject to continued provision of services to the Company under
\na graded vesting schedule, with 25% of the Grant vesting on the first anniversary of the
\nGrant Date, and the remaining 75% of the Grant vesting in equal, monthly tranches over
\nthe 3 years following the first anniversary of the Grant Date (i.e.2.083% per month). The
\nnumber of Options that will vest and become unconditional is only subject to a continued
\nservice condition. All options granted have the same conditions. Options do not settle
\nautomatically and are exercised at the option of the participant.
\nFinancial
\nYear
\nGrant
\nDate
\nType of
\nSecurity
\nNumber
\nof Options
\nGranted
\nExercise
\nPrice
\nExpiration
\nDate
\nFair
\nValue
\n2021
15/12/2021
Stock
\nOptions
\n612,000
EUR 9.70
15/12/2031
EUR 4.89
\n2022
1/4/2022
Stock
\nOptions
\n169,800
EUR 7.64
1/4/2032
EUR4.18
\n2022
26/9/2022
Stock
\nOptions
\n166,350
EUR 5.70
26/9/2032
EUR 3.19
\nThis fair value per option has been applied to the granted awarded for the recognition of
\nthe share-based payment expense recognized:
\n2022
2021
\nShare-based payment expense
1,691
69
\n1,691
69
\n\n
\n23
\nThe table below summarizes the number and weighted average exercise prices (WAEP) of,
\nand movements in, share options during the year:
\n2022
\nNumber
\n2022
\nWAEP
\n2021
\nNumber
\n2021
\nWAEP
\nOutstanding at 1 January
\nGranted during the year
\nForfeited during the year
\nExercised during the year
\n612,000
\n336,150
\n(75,025)
\n\u2013
\nEUR 9.70
\nEUR 6.68
\nEUR 9.40
\n\u2013
\n\u2013
\n612,000
\n\u2013
\n\u2013
\n\u2013
\nEUR 9.70
\n\u2013
\n\u2013
\nOutstanding at 31 December
873,125
EUR 7.41
612,000
EUR 9.70
\n2022
\nNumber
\n2022
\nWAEP
\nExercisable at 31 December
143,089
EUR 9.70
\nThe weighted average remaining contractual life for the share options outstanding at 31
\nDecember 2022 was 9.2 years (2021: 10 years).
\nThe weighted average fair value of options granted during the year was EUR 3.69 (2020:
\nEUR 4.89).
\nThe range of exercise prices for options outstanding at the end of the year was EUR 5.70 to
\nEUR 9.70 (2021: EUR 9.70).
\nThe fair value of the awarded options was determined by applying a Binomial Option
\nPricing Model that allows for exercising of the option before the end of the option\u2019s life.
\nAs the Options cannot be exercised between the Grant Date and the vesting date, the Hull-
\nWhite binomial formula, commonly used to value American options, was used. With the
\nHull-White model the impact of a certain time-based event \u2013 such as a vesting period, or
\nan early exercise \u2013 can be taken into account.
\nDue to the different vesting dates for the different tranches in the option we have
\ncalculated the unique option values per tranche according to each vesting date. The total
\noption value per employee is then derived using a weighted average overall calculated
\noption value for each vesting date.
\nThe following parameters were used in the option model for the calculation of the fair value
\nof the options as per each grant date:
\n2022\u201309
2022\u201304
2021\u201312
\nFair value on date of measurement (EUR)
3.19
4.18
4.89
\nShare price (EUR)
\nExercise price (EUR)
\nExpected volatility
\nTerm of the option
\nExpected dividend
\nRisk-free interest rate
\nTime to expiration
\n5.70
\n5.70
\n59.30%
\n4
\na
\n-
\n2.1%
\n10
\n7.64
\n7.64
\n59.20%
\n4
\na
\n\u2013
\n0.55%
\n10
\n9.20
\n9.70
\n58.90%
\n4
\na
\n\u2013
\n-0.30%
\n10
\na: Vesting period is 1 \u2013 4 years and depends on the vesting date of the specific tranche.
\n\n
\n
23
\n2.10 Income Tax
\nAccounting Policy:
\nCurrent Income Tax
\nCurrent income tax assets and liabilities for the current period are measured at the
\namount expected to be recovered from or paid to the taxation authorities. The tax rates
\nand tax laws used to compute the amount are those that are enacted or substantively
\nenacted, at the reporting date in the countries where the Group operates and generates
\ntaxable income.
\nCurrent income tax relating to items recognized directly in equity is recognized in equity
\nand not in the statement of profit or loss. Management periodically evaluates positions
\ntaken in the tax returns with respect to situations in which applicable tax regulations are
\nsubject to interpretation and establishes provisions where appropriate.
\nDeferred Tax
\nDeferred tax is provided using the liability method on temporary differences between
\nthe tax basis of assets and liabilities and their carrying amounts for financial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognised for all taxable temporary differences, except:
\n\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset
\nor liability in a transaction that is not a business combination and, at the time of the
\ntransaction, affects neither the accounting profit nor taxable profit or loss
\n\u2022
In respect of taxable temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint arrangements, when the timing of the
\nreversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future
\nDeferred tax assets are recognized for all deductible temporary differences, the carry
\nforward of unused tax credits and any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable profit will be available against
\nwhich the deductible temporary differences and the carry forward of unused tax credits
\nand unused tax losses can be utilized, except:
\n\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit
\nnor taxable profit or loss.
\n\u2022
In respect of deductible temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint ventures, deferred tax assets are
\nrecognized only to the extent that it is probable that the temporary differences will
\nreverse in the foreseeable future and taxable profit will be available against which the
\ntemporary differences can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that sufficient taxable profit will be
\navailable to allow all or part of the deferred tax asset to be utilized. Unrecognized
\ndeferred tax assets are reassessed at each reporting date and are recognized to the
\nextent that it has become probable that future taxable profits will allow the deferred tax
\nasset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply
\nin the year when the asset is realized or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the reporting date.
\n\n
\n
23
\nSignificant Estimate:
The Group has losses before tax which arose in the Netherlands
\nthat are available to offset against future profits of the Dutch entity in which the loss
\narose. However, these losses may not be used to offset taxable income elsewhere in the
\nGroup. The Group evaluated and judged that at this moment it is not sufficiently likely that
\nfuture profits will be generated in the Dutch entity that can offset a deferred tax asset.
\nAll Switzerland operations have a cost-plus agreement. The taxable amounts are
\nsettled. There are no NOL
\u2019s. Last fiscal year settled is 2020. Due to expected profits based
\non the cost-plus the Swiss deferred tax assets relating to temporary differences have
\nbeen recognized.
\nAll NOL
\u2019s in the US entity prior to the business combination are not carried forward due
\nto ownership change. Losses since the transaction can be carried forward for 20 years.
\nThese losses have not been recognized in the balance sheet to date.
\nAll NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after
\n2018 can be carried forward indefinitely limited to 80% of taxable income. On the
\nacquisition of ONWARD Medical Inc. (formerly knows as NRT Technologies) a deferred tax
\nliability was recognised for the intangible asset (In-process R&D) identified in the PPA. At
\nthe time of the PPA there was no certainty regarding the future potential of the technology
\nacquired and based on the limited available NOL
\u2019s no deferred tax asset was recognised.
\nIAS 12 requires that a deferred tax asset should recognised for the carry forward of unused
\ntax losses when there are suitable reversing taxable temporary differences regardless
\nof an entity\u2019s expectations of future tax losses. In 2022 the Company reassessed the
\nrecoverability of the assessed losses. This resulted in the recognition of a deferred tax
\nasset of EUR 987k in the US entity that offsets the deferred tax liability as allowed under
\nIAS 12, with no impact on previously reported results.
\n2022
2021
\nCurrent income tax
\nDeferred income tax
\n(185)
\n951
\n(69)
\n\u2013
\nTotal corporate income tax in profit and loss
766
(69)
\nCurrent Income Tax charge at tax rate of 25.8% (2021:25%)
\nTax rate differences in foreign jurisdictions
\nNon-deductible expenses
\nNon-recognized deferred tax asset on temporary differences
\nNet operating losses not recognised
\nRecognition of prior year deferred tax adjustments
\n8,653
\n139
\n(433)
\n(111)
\n(8,458)
\n976
\n8,561
\n54
\n(3,293)
\n(67)
\n(5,324)
\n\u2013
\n766
(69)
\nThe effective tax rate was 2.3% in 2022 (2021: -0.2%), which is lower than the statutory
\nincome tax rate of 25.8% (2021:25%) in the Netherlands. The difference is primarily due to
\nthe net operating losses and temporary differences for which no deferred tax asset can be
\nrecognized. The uncertainty is based on insufficient evidence of future sources of income
\nto support the realization of a deferred tax asset due to the Company being loss-making
\nwith limited tax planning opportunities. In addition, there are non-deductible share-
\nbased payments in 2022 and the prior year adjustment recorded in 2022 based on the
\nreassessment of the recoverability of losses in the US.
\nThe difference between 2021 and 2022 relates to one-off items in 2021 related to the IPO, the
\nprior year adjustment in 2022 and the difference in the amounts of non-recognised losses.
\n\n
\n`
23
\nRecognized deferred tax assets and liabilities
\n2022
Assets
Liabilities
Net
\nIntangible assets, including Goodwill
\nRight of use assets
\nLease liability
\nPost-employment benefits
\nLosses available for offset against future
\ntaxable income
\nSet-off of deferred tax
\n\u2013
\n\u2013
\n240
\n157
\n987
\n(1,221)
\n(1,656)
\n(235)
\n\u2013
\n\u2013
\n1,221
\n(1,656)
\n(235)
\n240
\n157
\n987
\n\u2013
\nNet deferred tax liability
163
(670)
(507)
\n2021
Assets
Liabilities
Net
\nIntangible assets, including Goodwill
\u2013
(1,991)
(1,991)
\nNet deferred tax liability
\u2013
(1,991)
(1,991)
\n2022
2021
\nOpening balance at January 1
\nRecognized in profit & loss
\nRemeasurement (gain)/loss on actuarial gains and losses in OCI
\nForeign currency translation difference
\nAddition
\nReclassification
\n(1,991)
\n951
\n(59)
\n26
\n\u2013
\n566
\n(1,343)
\n\u2013
\n\u2013
\n(78)
\n(570)
\n\u2013
\nNet deferred tax liability at December 31
(507)
(1,991)
\nOf estimated amount of tax losses carried forward and available as at 31 December 2022,
\na deferred tax asset of EUR 987k has been recognized to offset the reversal of temporary
\ndifferences in the US. For the remaining unused operating losses in the Netherlands of
\nEUR 91M (2021: EUR 63M) and in the US of EUR 11M (2021: EUR 11M) no deferred tax is
\nrecognized. These losses can be carried forward indefinitely subject to local tax rules
\nexcept for approximately EUR 3.2M of losses in the US which can be carried forward for 20
\nyears (ultimately by 2037).
\nThe Company offsets tax assets and liabilities if it has a legally enforceable right to set off
\ncurrent tax assets and current tax liabilities and the deferred tax assets and deferred tax
\nliabilities relate to income taxes levied by the same tax authority.
\nThe deferred tax liability initially arose on the acquisition of NeuroRecovery Technolgies,
\nInc (\u2018NRT\u2019) (subsequently renamed to ONWARD Medical Inc.). In the current year the
\ndeferred tax impact on the acquired intangibles was reclassified. This reclassification has
\nno impact on the result for the period or equity.
\n3. Non-Current Asset & Working Capital
\n3.0 Intangible Assets
\n2022
2021
\nGoodwill
\nIn-Process R&D
\nLicense fees
\n1,902
\n5,873
\n2,383
\n1,702
\n6,109
\n2,218
\nNet book value at December 31
10,158
10,029
\nGoodwill
\nAccounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
\n\n
\n
23
\nstill results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
\nvalues of the disposed operation and the portion of the cash-generating unit retained.
\n2022
2021
\nCost
\nAccumulated amortization
\n1,702
\n\u2013
\n1,607
\n\u2013
\nNet book value at January 1
1,702
1,607
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n\u2013
\n200
\n\u2013
\n\u2013
\n\u2013
\n95
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated amortization
\n200
\n1,902
\n\u2013
\n95
\n1,702
\n\u2013
\nNet book value at December 31
1,902
1,702
\nIn-Process R&D
\nAccounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n6,261
\n(152)
\n5,370
\n(152)
\nNet book value at January 1
6,109
5,218
\nForeign currency translation difference
\nAdditions
\nReclassification (refer to note 2.10)
\nAmortization for the year
\nImpairments
\n334
\n\u2013
\n(570)
\n\u2013
\n\u2013
\n321
\n570
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n(236)
\n6,025
\n(152)
\n891
\n6,261
\n(152)
\nNet book value at December 31
5,873
6,109
\n\n
\n
23
\nLicense Fees
\nAccounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n2,218
\u2013
\n\u2013
\nNet book value at January 1
2,218
\u2013
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n31
\n134
\n\u2013
\n\u2013
\n2,233
\n(15)
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n165
\n2,383
\n\u2013
\n2,218
\n2,218
\n\u2013
\nNet book value at December 31
2,383
2,218
\nImpairment Assessment
\nThe In-process R&D was acquired through the acquisition of GTX Medical SA (now
\nONWARD Medical SA) and the business combination with NRT Inc.(now ONWARD Medical
\nInc.). The value of the In-process R&D is contingent on the success of the FDA approval
\nof the NRT product. In terms of the NRT acquisition agreement ONWARD also received,
\nand assumed responsibility for, the exclusive license agreements with the Regents of the
\nUniversity of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
\nterms of these agreements, the occurrence of the IPO triggered the change in ownership
\nclauses and resulted in additional payments to be made. These payments, as well as the
\nannual license fee payments, are recognized as a separate class of intangible assets.
\nAs per the accounting policies above goodwill, in-process R&D and license fees are
\ntested for impairment annually. ONWARD performed its annual impairment test at
\nyear end (consistent with the prior year) based on the most recent budgets and
\nforecast calculations.
\nSignificant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
\n\n
\n23
\nThe cash flow projections were determined using management\u2019s internal forecasts that
\ncover an initial period from 2023 to 2029, after which a terminal value was calculated.
\nUsing projected cash flows covering a period of more than five years is not considered
\nunusual for pre-commercial life-science companies. Due to long development timelines
\nand regulatory approval requirements, it is not untypical for Companies in the industry to
\nuse a period that extends beyond five years. The values assigned to the key assumptions
\nrepresent management\u2019s assessment of future expectations. ONWARD performed a
\nsensitivity analysis and noted that a reasonable change in either the discount rate (to 20%)
\nor terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal growth
\nrate (to 0%), would not cause the carrying amount to exceed its recoverable amount. Also,
\nshould the expected revenues towards the end of 2023 move out to 2024, this would still
\nnot cause the carrying amount to exceed its recoverable amount.
\n2022
2021
\nDiscount rate
\nTerminal value growth rate
\n14.3%
\n1.70%
\n9.22%
\n1.70%
\n3.1 Property, Plant & Equipment
\nAccounting Policy:
Property, plant and equipment is stated at cost, net of accumulated
\ndepreciation and accumulated impairment losses, if any. Such cost includes the cost of
\nreplacing part of the property, plant and equipment and borrowing costs for long-term
\nconstruction projects if the recognition criteria are met. When significant parts of property,
\nplant and equipment are required to be replaced at intervals, the Group recognizes such
\nparts as individual assets with specific useful lives and depreciates them accordingly.
\nLikewise, when a major inspection is performed, its cost is recognized in the carrying
\namount of the plant and equipment as a replacement if the recognition criteria are
\nsatisfied. All other repair and maintenance costs are recognized in profit or loss
\nas incurred.
\nProperty, plant and equipment transferred from customers is initially measured at the fair
\nvalue at the date on which control is obtained.
\nDepreciation is calculated on a straight-line basis over the estimated useful lives of the
\nassets as follows:
\n\u2022
Office equipment
3 years
\n\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term
\nAn item of property, plant and equipment and any significant part initially recognized is
\nderecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising from de-recognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is
\nincluded in the income statement when the asset is derecognized.
\nThe residual values, useful lives and methods of depreciation of property, plant and
\nequipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
\nCost
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt January 1, 2021
\nAdditions
\n711
\n91
\n\u2013
\n\u2013
\n711
\n91
\nAt December 31, 2021
802
\u2013
802
\nAdditions
\nDisposals
\n121
\n\u2013
\n265
386
\n\u2013
\nAt December 31, 2022
923
265
1,188
\n\n
\n
23
\nDepreciation
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt January 1, 2021
\nDepreciation for the year
\n(463)
\n(149)
\n\u2013
\n\u2013
\n(463)
\n(149)
\nAt December 31, 2021
(612)
\u2013
(612)
\nDepreciation for the year
(135)
(26)
(161)
\nAt December 31, 2022
(747)
(26)
(773)
\nNet Book Value
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt December 31, 2021
190
\u2013
190
\nAt December 31, 2022
176
239
415
\n3.2 Right of Use Assets & Lease Liabilities
\nAccounting Policy:
The Group assesses at contract inception whether a contract is, or
\ncontains, a lease. That is, if the contract conveys the right to control the use of an identified
\nasset for a period of time in exchange for consideration.
\nGroup as a Lessee
\nThe Group applies a single recognition and measurement approach for all leases, except
\nfor short-term leases and leases of low-value assets. The Group recognizes lease liabilities
\nto make lease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\nRight-of-Use Assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the
\ndate the underlying asset is available for use). Right-of-use assets are measured at cost,
\nless any accumulated depreciation and accumulated impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
\nmeasurement amount of lease liabilities recognised, initial direct costs incurred, and lease
\npayments made at or before the commencement date less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease
\nterm and the estimated useful lives of the assets.
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or
\nthe cost reflects the exercise of a purchase option, depreciation is calculated using the
\nestimated useful life of the asset.
\nLease Liabilities
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured
\nat the present value of lease payments to be made over the lease term. The lease
\npayments include fixed payments (including in-substance fixed payments) less any lease
\nincentives receivable, variable lease payments that depend on an index or a rate, and
\namounts expected to be paid under residual value guarantees. The lease payments also
\ninclude the exercise price of a purchase option reasonably certain to be exercised by the
\nGroup and payments of penalties for terminating the lease, if the lease term reflects the
\nGroup exercising the option to terminate.
\nVariable lease payments that do not depend on an index or a rate are recognized as
\nexpenses (unless they are incurred to produce inventories) in the period in which the event
\nor condition that triggers the payment occurs.
\nIn calculating the present value of lease payments, the Group uses its incremental
\nborrowing rate at the lease commencement date because the interest rate implicit in
\nthe lease is not readily determinable. After the commencement date, the amount of
\nlease liabilities is increased to reflect the accretion of interest and reduced for the lease
\n\n
\n23
\npayments made. In addition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease payments (e.g., changes
\nto future payments resulting from a change in an index or rate used to determine such
\nlease payments) or a change in the assessment of an option to purchase the underlying
\nasset. The Group\u2019s lease liabilities are included in Lease liabilities.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases
\nof office space (i.e., those leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases of office equipment that are considered
\nto be low value. Lease payments on short-term leases and leases of low-value assets are
\nrecognized as expense on a straight-line basis over the lease term.
\nRight-of-Use Assets
\nThe Group entered into a 5-year lease for offices in Lausanne, Switzerland in November
\n2021. This lease is classified as a right of use asset. The initial office lease in Eindhoven
\nended in December 2022 and was classified as a right of use asset up to October 2022,
\nwhen the Group entered into a short-term office lease starting November 2022. Since
\nNovember the initial Eindhoven lease was treated as an onerous contract from 1 November
\n2022 to the end of the lease contract 31 December 2022.
\nKey movements relating to right-of-use assets are presented below:
\n2022
2021
\nNet book value at January 1
2,190
149
\nAdditions
\nDepreciation for the year
\nOnerous lease contract
\n90
\n(575)
\n(24)
\n2,220
\n(179)
\nNet book value at December 31
1,681
2,190
\nThe office building is leased for office space. The lease includes an extension option
\nexercisable up to one year before the end of the non-cancellable lease term. The option
\nto renew the lease is for an additional period of the same duration after the end of the
\ncontract term and are at the option of the Group as lessee. The Group has elected not to
\nexercise the option and no new lease agreement has been entered into as replacement yet.
\n\n
\n6
23
\nLease Liabilities
\nThe maturity of the lease liability in relation to the office building is as follows:
\n2022
2021
\nBalance as at January 1
2,214
198
\nLess than one year
\nOne to five years
\nMore than five years
\n427
\n1,294
\n\u2013
\n473
\n1,741
\n\u2013
\nTotal lease liability
1,721
2,214
\n2022
2021
\nBalance as at January 1
2,214
198
\nAdditions
\nOnerous lease contract
\nInterest accretion
\nRepayments
\n90
\n(26)
\n84
\n(641)
\n2,220
\n\u2013
\n21
\n(225)
\nTotal lease liability
1,721
2,214
\nThe incremental borrowing rate applied is 4% for the Lausanne office and was 6% for the
\nEindhoven office (High Tech Campus) that ended on 31 October 2022.
\nOn 1 November 2022 the Group entered into a short-term office lease for 12 months for
\nwhich the Group has elected not to recognise a right of use asset and lease liability.
\nAmount recognised in
relation to this short-term lease amounted to EUR 8.8k.
\nFor the maturity analysis of the undiscounted cash flows, refer to note 4.3
\n3.3 Indirect Tax Receivables
\nThe tax receivables consist of refundable VAT and are collectable within 12 months. The
\nincrease in the receivable is a direct result of an increase in activities and costs for which
\nVAT can be claimed.
\n3.4 Other Current Assets
\n2022
2021
\nAdvance payments
\nGrants and other receivable
\nRental Guarantee
\n905
\n266
\n285
\n1,347
\n902
\n297
\n1,456
2,546
\nThe Group has pledged EUR 285k (2021: EUR 297k) of its cash at banks to fulfil collateral
\nrequirements relating to the Lausanne office rental agreement. Advance payments mostly
\nrelate to D&O insurance prepaid for which the premium improved in 2022. In 2021 grants
\nand other receivables included amounts receivable from the DARPA grant which was
\nreceived in 2022.
\n3.5 Cash and Cash Equivalents and Fixed Term Deposits
\nAccounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.
\n2022
2021
\nCash at bank
\nShort-term deposits
\n21,760
\n20,000
\n89,443
\n\u2013
\nCash and cash equivalents
41,760
89,443
\nFixed term deposits
20,000
\u2013
\n20,000
\u2013
\nCash and cash equivalents and fixed term deposits
61,760
89,443
\n\n
\n
23
\nCash at banks earns interest at floating rates based on daily bank deposit rates. Short-
\nterm deposits are made for varying periods of between one day and three months,
\ndepending on the immediate cash requirements of the Group, and earn interest at the
\nrespective short-term deposit rates.
\nFixed term deposits represent deposits made for varying periods exceeding three months
\nbut less than 12 months from inception.
\nAt December 31, 2022, the Group had no bank overdrafts. All cash is freely at the disposal
\nof the company.
\n3.6 Trade Payables
\nTrade payables and accrued expenses are non-interest bearing and are normally settled
\non 30-90 day terms. The increase is a direct result of an increase in activities and costs
\nand the timing of settlement.
\n3.7 Other Payables
\nThe other payables can be broken down as follows:
\n2022
2021
\nWage tax and social security
\nGrants received in advance
\nBonus
\nInvoices to be received
\nOther
\n466
\n1,328
\n1,856
\n732
\n1,284
\n126
\n\u2013
\n1,770
\n466*
\n1,672*
\n5,666
4,034
\n* 2021: An amount of EUR 306k has been reclassified from Other to Invoices to be received for better comparison.
\nThe increase in Other Payables is due to Grant amounts received in advance. Other
\nincludes an amount of EUR 801k relating to grants to be paid to subcontractors (2021: EUR
\n0) and accrued expenses that decreased due to timing factors.
\n4. Financing, Financial Risk Management & Financial Instruments
\n4.0 Issued Capital & Reserves
\nShare Capital & Share Premium
\nAccounting Policy:
Ordinary shares are classified as share capital. Equity instruments are
\nrecorded at the proceeds received, net of direct issue costs.
\nThe share premium represents the amount by which the fair value of the consideration
\nreceived exceeds the nominal value of shares issued. Incremental costs directly
\nattributable to the issue of new shares or options are shown in equity as a deduction, net of
\ntax, from the proceeds.
\nThe authorized share capital (\u201cmaatschappelijk kapitaal\u201d) amounts to EUR 12,225,000
\ndivided into 50,937,500 Ordinary Shares and 50,937,500 Preferred Shares with a nominal
\nvalue of EUR 0.12 each.
\nAt 31 December 2022, 30,184,388 Ordinary Shares were issued (31 December 2021:
\n30,184,388 shares). All of the issued Ordinary Shares are fully paid-up and represent
\ncapital in the Company. No Shareholders have any voting rights different from any
\nother Shareholder.
\n\n
\n
23
\nOther Reserves
\nCurrency
\nTranslation
\nDifferences
\nStock
\nCompensation
\nReserve
\nConversion
\nOption
\nPreference
\nShares
\nTotal
\nOther
\nReserves
\nBalance at January 1, 2021
(532)
3,671
14,794
17,933
\nConversion of preference share on IPO
\nShare based payment expense: EIP
\nShare based payments: EIP accelerated vesting
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n249
\n\u2013
\n8,494
\n(12,165)
\n69
\n\u2013
\n(14,794)
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n(14,794)
\n8,494
\n(12,165)
\n69
\n249
\nBalance at December 31, 2021
(283)
69
\u2013
(214)
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n602
\n1,691
\n\u2013
\n\u2013
\n\u2013
\n1,691
\n602
\nBalance at December 31, 2022
319
1,760
\u2013
2,079
\nCurrency Translation Reserve
\nExchange gains and losses arising from the translation of the functional currency of
\nforeign operations to the reporting currency of the parent are accounted for in this legal
\nreserve. In the case of the sale of a participating interest, the associated accumulated
\ntranslation differences are transferred to the profit and loss account and presented therein
\nas part of the result on the sale.
\nThe foreign currency translation reserve relates to the investment in United States.
\nStock Compensation Reserve
\nThe stock compensation reserve is used to recognize the value of equity-settled share-
\nbased payments provided to employees, including key management personnel, as part of
\ntheir remuneration.
\n4.1 Earnings Per Share (EPS)
\nAccounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
\nto ordinary equity holders of the parent by the weighted average number of ordinary
\nshares outstanding during the year.
\nDiluted EPS is calculated by dividing the profit attributable to ordinary equity holders
\nof the parent (after adjusting for interest on the convertible preference shares) by the
\nweighted average number of ordinary shares outstanding during the year plus the
\nweighted average number of ordinary shares that would be issued on conversion of all the
\ndilutive potential ordinary shares into ordinary shares.
\nThe objective of determining diluted EPS is to reflect the maximum possible dilutive
\neffect arising from potential ordinary shares outstanding during the period. The Group is
\ncurrently loss making and there are currently no anti-dilutive potential ordinary shares to
\nbe considered. Therefore, diluted EPS is disregarded for 2022. The share options granted
\nunder the LTIP (refer to Note 2.9) could have a potential dilutive effect in the future, but had
\nno impact in 2022.
\nThere have been no other transactions involving ordinary shares or potential
\nordinary shares between the reporting date and the date of authorization of these
\nfinancial statements.
\nThe following tables reflect the income and share data used in the EPS calculation:
\nProfit (Loss) Attributable to Ordinary Shareholders
\n2022
2021
\nProfit (loss) for the year, attributable to equity holders of the parent
(32,772)
(34,314)
\nWeighted-Average Number of Ordinary Shares
\n2022
\nThousands
\n2021
\nThousands
\nWeighted average number of ordinary shares for basic EPS
30,184
9,485
\n\n
\n23
\n4.2 Financial Liabilities
\nAccounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
\n\n
\n
23
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
\nthe assets and settle the liabilities simultaneously. No offsetting is currently applied.
\n2022
2021
\nBalance as at 31 December
12,565
11,451
\nInnovation
\nLoan
\nConvertible
\nPreference
\nA Shares
\nConvertible
\nLoan
\nBalance as per January 1, 2021
10,410
31,407
\u2013
\nLoan amount received / preference shares issued
\nInterest / cumulative dividend accrued during the year
\nConversion to ordinary shares - IPO
\n\u2013
\n1,041
\n\u2013
\n\u2013
\n3,266
\n(34,673)
\n30,000
\n1,122
\n(31,122)
\nBalance as per December 31, 2021
11,451
\u2013
\u2013
\nLoan amount received
\nInterest accrued during the year
\n\u2013
\n1,205
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\nBalance as per December 31, 2022
12,656
\u2013
\u2013
\nInnovation Loan
\nOn 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of
\nEUR 10M payable according a set payment scheme.
\nThe loan carries interest at 10%.
\nThe current redemption plan for the loan is as presented below:
\nDate
% of Loan Amount
\n1 January 2026
\n1 April 2026
\n1 July 2026
\n1 October 2026
\n1 January 2027
\n1 April 2027
\n1 July 2027
\n15.0
\n15.0
\n17.5
\n17.5
\n17.5
\n17.5
\nAll due interest
\nCertain Intellectual Property (patents registered), have been pledged to the RVO NL in
\ncase of default of repayment of the loan. These patents have not been capitalized as at 31
\nDecember 2022.
\nConvertible Preference A Shares
\nThe convertible preference A shares carried a dividend of 6% per annum. The dividend
\nrights were cumulative. The preference shares ranked ahead of the ordinary shares in the
\nevent of a liquidation. The preference A shares could be converted into Ordinary Shares of
\nthe company under different scenarios, where the rights and number of Ordinary Shares
\nreceived differs. In the event of an IPO, conversion is mandatory at a fixed conversion rate
\nof 1:1, subject to adjustments for any changes in the share capitalization of the Company.
\nAs part of the corporate conversion (in 2021), all preference A shares were converted
\nto Ordinary shares at a ratio of 1:1 based on the numbers of preference A shares. The
\nmandatory conversion upon IPO was considered the maturity event for this instrument.
\n\n
\n
23
\nThe carrying value of the financial liability was derecognised and recognised as equity
\n(share premium reserve) The equity component of the conversion option (previously
\nrecognized in other reserves) was reclassified to share premium on conversion before the
\nreversed stock split was affected on all ordinary shares and the nominal value increased to
\nEUR 0,12 per share.
\nConvertible Loan
\nOn 20 April 2021 the Company entered into a Convertible Loan Agreement of EUR 30M,
\nreceived in 2 instalments. The annual interest rate was 8%. The convertible loan was
\nrepayable within 36 months from date of signing the agreement. The repayment date was
\ntherefore 2024. The conversion option was considered an embedded derivative which is
\nbifurcated and treated as a financial instrument at fair value through profit and loss. After
\nthe corporate conversion (in 2021) but immediately before the IPO the full loan amount,
\nincluding contractual interest accrued converted into ordinary shares.
\n4.3 Financial Risk Management Objectives & Policies
\nThe Group\u2019s principal financial liabilities comprise of loans and borrowings and trade and
\nother payables. The main purpose of these financial liabilities is to finance the Group\u2019s
\noperations and to provide guarantees to support its operations.
\nThe Group is responsible for implementing and evaluating policies which govern the funding,
\ninvestments and any use of derivative financial instruments. The Group is exposed to
\nvarious risks. The Group monitors risk exposure on an ongoing basis, as summarized below:
\nCapital Management
\nCapital includes issued capital, convertible preference shares, share premium and all other
\nequity reserves attributable to the equity holders of the parent. The primary objective
\nof the Group\u2019s capital management is to continue as a going concern while maximising
\nshareholder value. The Group manages its capital structure and will consider adjustments
\nin light of changes in economic conditions. To maintain or adjust the capital structure, the
\nGroup may issue new shares.
\nLiquidity Risk
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash
\nflows. The Group\u2019s objective is to maintain a balance between continuity of funding
\nand flexibility through the use of subsidies and grants, and sufficient progress towards
\nregulatory approval, which is related to future financing rounds.
\nCash is invested in low-risk investments such as short-term bank deposits or savings
\naccounts. The Group mainly makes use of liquid investment in current accounts (in Euro) or
\nshort-term deposit accounts. The ability of the Group to maintain adequate cash reserves
\nto support its activities in the medium term is highly dependent on the Group\u2019s ability to
\nraise additional funds.
\nThe following table details the undiscounted remaining contractual maturity for the
\nGroup\u2019s financial liabilities with agreed repayment periods, including both interest and
\nprincipal cash flows:
\nAs of 31 December 2022:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables
\n\u2013
\n512
\n1,909
\n\u2013
\n1,452
\n\u2013
\n19,298
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n19,298
\n1,964
\n1,909
\nTotal
2,421
1,452
19,298
\u2013
23,171
\nAs of 31 December 2021:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables*
\n\u2013
\n490
\n952
\n\u2013
\n1,470
\n\u2013
\n6,500
\n408
\n\u2013
\n12,798
\n\u2013
\n\u2013
\n19,298
\n2,368
\n952
\nTotal
1,442
1,470
6,908
12,798
22,618
\n* This line has been restated from prior year to only include trade payables.
\n\n
\n
22
23
\nMarket Risk
\nMarket risk is the risk that the fair value of future cash flows of a financial instrument
\nwill fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
\nchanges in foreign currency exchange rates and interest rates. The Group is not
\nexposed to any equity price risk or commodity price risk as it does not invest in these
\nclasses of investments.
\nCredit Risk
\nBecause of the absence of sales to third parties and therefore trade receivables, credit
\nrisk arises mainly from cash and cash equivalents and deposits with banks and financial
\ninstitutions. The Group only works with international reputable commercial banks and
\nfinancial institutions when investing surplus funds. Short \u2013 and fixed term deposits are
\nsubject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
\nUBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
\nnumber of banks and financial institutions is to minimise concentration risk and therefore
\nmitigate financial loss through a counterparty\u2019s potential failure to make payments.
\nCurrency Risk
\nCurrency risk is the risk that reported financial performance, or the fair value or future
\ncash flows of a financial instrument, will fluctuate because of changes in foreign exchange
\nrates. The Group is exposed to currency risk for the activities mainly in the US as the
\naccounting is performed in US dollars whereas the functional currency of the Group is
\nthe euro. The risk is currently managed by replenishing the US bank account at regular
\nintervals to account for both the positive and negative changes.
\n4.4 Fair Value & Fair Value Hierarchy of the Financial Statements
\nAccounting Policy:
All assets and liabilities for which fair value is measured or disclosed
\nin the financial statements are categorized within the fair value hierarchy, described as
\nfollows, based on the lowest level input that is significant to the fair value measurement
\nas a whole:
\n\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
\nor liabilities
\n\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is directly or indirectly observable
\n\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is unobservable.
\nThe carrying amounts and fair values of the Group\u2019s financial instruments are as follows,
\nincluding its fair value hierarchy:
\n2022
\nCarrying
\nAmount
\nEstimated
\nFair Value
\nFinancial liabilities
\nInnovation credit loan (Level 2)
12,656
13,689
\nTotal financial liabilities
12,656
13,689
\n2021
\nCarrying
\nAmount
\nEstimated
\nFair Value
\nFinancial liabilities
\nInnovation credit loan (Level 2)
11,451
13,218
\nTotal financial liabilities
11,451
13,218
\nManagement has assessed that the fair values of cash and cash equivalents, accounts
\npayable, taxes and social securities and other payables approximate to their carrying
\namounts largely due to the short-term maturities of these instruments.
\nThe fair values of the financial assets and liabilities are included at the amount at which
\nthe instrument could be exchanged in a current transaction between willing parties, other
\nthan in a forced or liquidation sale. The following methods and assumptions were used to
\nestimate the fair values:
\n\n
\n
23
\nThe fair value of Innovation credit loan and due interest have been calculated by
\ndiscounting the expected future cash flows using rates currently available for instruments
\nwith similar terms, credit risk and remaining maturities.
\nDuring the period, there were no transfers of fair value measurements between Level 1 and
\nLevel 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities.
\n4.5 Financial Expense
\nAccounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)
\n5. Other Disclosures
\n5.0 Post-Employment Benefits: Defined Benefit Obligation
\nAccounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
\n\n
\n
23
\n2022
2021
\nPlan assets
\nObligation
\n3,879
\n(5,001)
\n1,756
\n(3,144)
\nNet liability
1,121
1,388
\nA defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
\ndefined benefit plans specify an amount of pension benefit that an employee will receive
\nupon retirement, typically dependent on one or more factors such as age, years of service
\nand compensation. The benefits paid to employees in Switzerland qualify as a defined
\nbenefit plan.
\nThe pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
\nPension Fund provides benefits for retirement, disability and surviving dependents that
\nmeet or exceed the minimum benefits required under the Federal Law on Occupational
\nRetirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
\ncharge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
\nis split equally between the employer and the employees. Contributions, which vary by
\nthe age of the employees, range from 6-13% of the covered salary and are credited to the
\nemployees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
\ncapital investments and pursues an investment strategy with a prescribed investment
\npolicy. The Group assumes an average retirement age of 62 (female) and 63 (male),
\nrespectively. Upon retiring (including early and partial retirement), insured persons are
\nentitled to a lifelong retirement pension if employees do not choose to withdraw the entire
\nbalance, or portion thereof, of their individual retirement savings accounts in the form of a
\ncapital payment.
\nThe Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
\nfrom the Group and is governed by a foundation board. In addition, there is a pension fund
\ncommission comprised of two employee and two employer representatives. The duties of
\nthe foundation board, as well as the pension fund commission, are laid out in the BVG and
\nthe specific pension fund rules. They are required by law to act in the best interest of the
\nparticipants and are responsible for setting certain policies (e.g. investment, contribution
\nand indexation policies) for the Pension Fund. At least four times a year, the foundation
\nboard, as well as the pension fund commission, meet to analyze consequences and decide
\non adjustments in the investment strategy.
\nPursuant to the BVG, additional employer and employee contributions may be imposed
\nwhenever a significant funding deficit arises in accordance with the BVG. In addition to
\ninvestment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk
\nand interest rate risk.
\nIn addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
\nmanagement also provides retirement benefits and risk insurance for death and disability
\nfor components of remuneration in excess of the maximum insurable amount of salary
\nunder the plan described above.
\nMovement of Net Defined-Benefit Liability
\n2022
2021
\nBalance as at January 1
1,388
399
\nService costs
\nAdmin costs
\nPast service costs
\n562
\n43
\n\u2013
\n167
\n14
\n264
\nEmployee benefit expenses
\nNet interest costs / (income)
\n605
\n3
\n445
\n(1)
\nIncluded in statement of profit and loss
608
444
\nActuarial gains / (losses)
\n\u2013 Financial assumptions
\n\u2013 Demographic assumptions
\n\u2013 Experience adjustment
\n\u2013 Return on assets excluding interest income
\n(1,956)
\n\u2013
\n1,286
\n184
\n(94)
\n\u2013
\n727
\n81
\nExchange rate differences
\n(486)
\n65
\n714
\n30
\nIncluded in statement of comprehensive income
(421)
744
\nContributions by employer
(454)
(199)
\nBalance as at December 31
1,121
1,388
\n\n
\n
23
\nThe principal assumptions used in determining post-employment (pension) benefit
\nobligations for the plan are shown below:
\n2022
2021
\nDiscount rate
\nSalary increase
\nInterest credit rate
\nMortality base table
\nLongevity improvement
\n2,30%
\n2,50%
\n1,00%
\nBVG2020
\nCMI2018; 1,25%
\n0,30%
\n2,50%
\n0,60%
\nBVG2020
\nCMI2018; 1,25%
\nA quantitative sensitivity analysis for significant assumptions as at 31 December is
\nshown below:
\n2022
2021
\nDiscount rate
\n+ 25bps
\n- 25bps
\nSalary increase
\n+ 25bps
\n- 25bps
\nInterest credit rate
\n+ 25bps
\n- 25bps
\nMortality base table
\nLife expectancy + 1 year
\nLife expectancy - 1 year
\n(190)
\n203
\n84
\n(80)
\n76
\n(73)
\n27
\n(26)
\n(147)
\n159
\n102
\n(62)
\n30
\n(29)
\n35
\n(33)
\nThe sensitivity analyses have been determined based on a method that extrapolates
\nthe impact on the defined benefit obligation as a result of reasonable changes in key
\nassumptions occurring at the end of the reporting period. The sensitivity analyses are
\nbased on a change in a significant assumption, keeping all other assumptions constant.
\nThe sensitivity analyses may not be representative of an actual change in the defined
\nbenefit obligation as it is unlikely that changes in assumptions would occur in isolation
\nfrom one another.
\nThe following are the expected payments or contributions to the defined benefit plan in
\nfuture years:
\n2022
2021
\nWithin the next 12 months
\nBetween 2 and 5 years
\nBeyond 5 years
\n281
\n1,426
\n2,540
\n123
\n640
\n1,428
\nTotal expected payments
4,247
2,191
\nThe average duration of the defined benefit plan obligation at the end of the reporting
\nperiod is 16 years (2021: 19 years).
\nPlan Assets Allocation
\nThe asset allocation in the Swiss pension plan at December 31 was as follows:
\n2022
2021
\nBonds
\nEquities
\nLoans
\nMortgages
\nReal Estate
\nCash, derivatives and funds
\n2,309
\n\u2013
\n134
\n504
\n872
\n60
\n1,004
\n168
\n52
\n207
\n300
\n25
\n3,879
1,756
\nPlan assets in 2022 do not include property occupied by or financial instruments issued
\nby ONWARD.
\n\n
\n
23
\n5.1 Commitments & Contingencies
\nLegal Claim Contingencies
\nAs at December 31, 2022, the Group had no legal claim contingencies.
\nGuarantees
\nThe Group has provided a guarantee to Wincasa for EUR 273k and EUR 8k to SPACES as
\ncollateral for the lease of the office spaces.
\nRoyalties
\nThe Group has entered into three license agreements with EPFL that will pay out royalties
\nin case the Company is able to generate revenues in the future for products directly linked
\nto these licenses. The royalty scheme with EPFL is based on net sales. To date no royalties
\nhave been paid as there is no product generating revenue.
\nOn 27 September 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
\nentered into a license agreement with the Regents of the University of California acting
\nthrough Technology Development Group UCLA campus granting an exclusive license on
\ncertain patents in certain fields of neuromodulation and spinal cord stimulation and a
\nnon-exclusive license on certain other patent rights. Various revenue milestone payments
\nare due under the exclusive license and fixed royalty payments are due under the non-
\nexclusive license. The agreement contains various milestone and diligence obligations
\nranging from USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory
\napproval and/or first commercial sale. To date none of the milestones triggering the
\nobligations have occurred.
\nOn 8 October 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
\ninto a license agreement with the California Institute of Technology (\u201cCaltech\u201d), the latter
\non behalf of various intellectual property owners, including UCLA, University of Louisville,
\nDEI and USC, granting an exclusive license on certain technology in certain fields of
\nepidural and transcutaneous neuromodulation and a non-exclusive license of certain
\nother intellectual property. Various revenue milestone payments, diligence obligations and
\nfixed royalty payments are due under the license. These payments range from USD 20k
\nto USD 75k payable upon FDA approval, CE Mark and/or first commercial sale. To date no
\npayments are due as none of the requirements have been met.
\n5.2 Related Party Transactions
\nNote 1.2 provides the information about the Group\u2019s structure including the details of
\nthe subsidiaries. Transactions between the Company and its subsidiaries have been
\neliminated on consolidation and are not disclosed in the notes.
\nThe Group considers the board and the management team to be key management as
\ndefined in IAS 24 \u2018Related parties\u2019. Full details of the remuneration of the board (CEO and
\nnon-executives) are included in the Remuneration report.
\n2022
\nSalary,
\nBonuses
\n& Other
\n(Short-Term
\nEmployee
\nBenefits)
\nPension
\nPremiums
\n(Post-
\nEmployment
\nEenefits)
\nShare-
\nBased
\nPayment
Total
\nManagement team, excluding CEO
\nCEO
\nNon-executive directors
\n2,574
\n917
\n364
\n105
\n44
\n\u2013
\n596
\n469
\n256
\n3,275
\n1,430
\n621
\n3,855
149
1,321
5,326
\n\n
\n23
\n2021
\nSalary,
\nBonuses
\n& Other
\n(Short-Term
\nEmployee
\nBenefits)
\nPension
\nPremiums
\n(Post-
\nEmployment
\nEenefits)
\nShare-
\nBased
\nPayment
Total
\nManagement team, excluding CEO
\nCEO
\nNon-executive directors
\n2,073
\n1,163
\n436
\n78
\n28
\n\u2013
\n2,164
\n2,140
\n1,180
\n4,315
\n3,331
\n1,616
\n3,672
106
5,484
9,261
\n5.3 Events After the Reporting Period
\nAfter 31 December 2022 the Group granted 968,250 stock options to the Management
\nteam, including the CEO and CSO with an exercise price of EUR 6.12. The conditions of the
\nexisting plan as explained in Note 2.9 applies to this grant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19929": {
"value": "1.General Information & Basis of Preparation
\n1.0 Corporate Information
\nGeneral
\nONWARD Medical B.V. was a Dutch private company with limited liability (besloten
\nvennootschap met beperkte aansprakelijkheid), incorporated on 20 November 2015. On
\n21 October 2021 (the First Trading Date) the Company completed a corporate conversion,
\nconverting into a public limited company under Dutch law (naamloze vennootschap). The
\nlegal name changed to Onward Medical N.V. (\u201cONWARD\u201d). The registered office is located
\nat Schimmelt 2, Eindhoven, the Netherlands. ONWARD Medical N.V. is registered in the
\nCommercial Register of the Chamber of Commerce under number 64598748.
\nONWARD and its subsidiaries (the \u201cGroup\u201d) are developing both an Implantable Neuro-
\nstimulation System (INS) and a non-invasive system for electrical stimulation of specific
\nareas of the spinal cord.
\nThe financial statements for the year ended 31 December 2022 have been prepared by
\nthe board of directors and were authorized for issue on 27 March 2023. The financial
\nstatements will be submitted for adoption to the General Meeting on
8 May 20
23.
1.1 Group Information
\nInformation about subsidiaries
\nThe consolidated financial statements of the Group include:
\n\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\n\u2022
ONWARD Medical Inc, United States of America (holding 100%)
\n1.2 Basis of Preparation
\nThe Consolidated financial statements of the Group have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and IFRIC interpretations as
\nadopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code.
\nThe Consolidated financial statements have been prepared on a historical cost basis.
\nIncome and expenses are accounted for on an accrual basis. The Consolidated financial
\nstatements provide comparative information in respect of the previous period.
Certain
\nprior year amounts have been reclassified for consistency with the current year
\npresentation. Refer to section 1.8 below.
\nThe Consolidated financial statements are presented in euros and all values are rounded
\nto the nearest thousand (EUR 000), except when otherwise indicated, and for the
\nnumber of shares and the per share amount. Due to rounding, amounts may not add up
to totals provided.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19939": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19941": {
"value": "Onward Medical N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19943": {
"value": "Schimmelt 2, Eindhoven, the Netherlands.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19944": {
"value": "Schimmelt 2, Eindhoven, the Netherlands.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19945": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19946": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19949": {
"value": "ONWARD and its subsidiaries (the \u201cGroup\u201d) are developing both an Implantable Neuro- stimulation System (INS) and a non-invasive system for electrical stimulation of specific \nareas of the spinal cord.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19955": {
"value": "The financial statements for the year ended 31 December 2022 have been prepared by the board of directors and were authorized for issue on 27 March 2023. The financial
\nstatements will be submitted for adoption to the General Meeting on
8 May 20
23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19956": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20032": {
"value": "1.1 Group Information
\nInformation about subsidiaries
\nThe consolidated financial statements of the Group include:
\n\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\n\u2022
ONWARD Medical Inc, United States of America (holding 100%)
5.2 Related Party Transactions
\nNote 1.2 provides the information about the Group\u2019s structure including the details of
\nthe subsidiaries. Transactions between the Company and its subsidiaries have been
\neliminated on consolidation and are not disclosed in the notes.
\nThe Group considers the board and the management team to be key management as
\ndefined in IAS 24 \u2018Related parties\u2019. Full details of the remuneration of the board (CEO and
\nnon-executives) are included in the Remuneration report.
\n2022
\nSalary,
\nBonuses
\n& Other
\n(Short-Term
\nEmployee
\nBenefits)
\nPension
\nPremiums
\n(Post-
\nEmployment
\nEenefits)
\nShare-
\nBased
\nPayment
Total
\nManagement team, excluding CEO
\nCEO
\nNon-executive directors
\n2,574
\n917
\n364
\n105
\n44
\n\u2013
\n596
\n469
\n256
\n3,275
\n1,430
\n621
\n3,855
149
1,321
5,326
2021
\nSalary,
\nBonuses
\n& Other
\n(Short-Term
\nEmployee
\nBenefits)
\nPension
\nPremiums
\n(Post-
\nEmployment
\nEenefits)
\nShare-
\nBased
\nPayment
Total
\nManagement team, excluding CEO
\nCEO
\nNon-executive directors
\n2,073
\n1,163
\n436
\n78
\n28
\n\u2013
\n2,164
\n2,140
\n1,180
\n4,315
\n3,331
\n1,616
\n3,672
106
5,484
9,261
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20035": {
"value": "Information about subsidiaries The consolidated financial statements of the Group include:
\n\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\n\u2022
ONWARD Medical Inc, United States of America (holding 100%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20036": {
"value": "Information about subsidiaries The consolidated financial statements of the Group include:
\n\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\n\u2022
ONWARD Medical Inc, United States of America (holding 100%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20047": {
"value": "1.2 Basis of Preparation The Consolidated financial statements of the Group have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and IFRIC interpretations as
\nadopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code.
\nThe Consolidated financial statements have been prepared on a historical cost basis.
\nIncome and expenses are accounted for on an accrual basis. The Consolidated financial
\nstatements provide comparative information in respect of the previous period.
Certain
\nprior year amounts have been reclassified for consistency with the current year
\npresentation. Refer to section 1.8 below.
\nThe Consolidated financial statements are presented in euros and all values are rounded
\nto the nearest thousand (EUR 000), except when otherwise indicated, and for the
\nnumber of shares and the per share amount. Due to rounding, amounts may not add up
to totals provided. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20048": {
"value": "1.2 Basis of Preparation The Consolidated financial statements of the Group have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and IFRIC interpretations as
\nadopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20068": {
"value": "1.3 Basis of Consolidation The Consolidated financial statements comprise the financial statements of the Group
\nand its subsidiaries as at 31 December 2022. Control is achieved when the Group is
\nexposed, or has rights, to variable returns from its involvement with the investee and has
\nthe ability to affect those returns through its power over the investee. Specifically, the
\nGroup controls an investee if and only if the Group has:
\n\u2022
Power over the investee (i.e. existing rights that give it the current ability to direct the
\nrelevant activities of the investee)
\n\u2022
Exposure, or rights, to variable returns from its involvement with the investee, and
\n\u2022
The ability to use its power over the investee to affect its returns
\nThe Group re-assesses whether or not it controls an investee if facts and circumstances
\nindicate that there are changes to one or more of the three elements of control.
\nConsolidation of a subsidiary begins when the Group obtains control over the subsidiary
\nand ceases when the Group loses control of the subsidiary. Assets, liabilities, income
\nand expenses of a subsidiary acquired or disposed of during the year are included in the
\nstatement of comprehensive income from the date the Group gains control until the date
\nthe Group ceases to control the subsidiary.
\nProfit or loss and each component of other comprehensive income (OCI) are attributed to
\nthe equity holders of the parent of the Group. When necessary, adjustments are made to
\nthe financial statements of subsidiaries to bring their accounting policies into line with the
\nGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses
\nand cash flows relating to transactions between members of the Group are eliminated in
\nfull on consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20165": {
"value": "1.4 Going Concern In determining the appropriate basis for preparing the financial statements for the year
\nended 31 December 2022, Management considered the cash flow forecasts over a time
\nhorizon of one year after the date of these financial statements. The 2023 cash flow
\nforecasts, include significant expenses and cash outflows in relation to -among others- the
\nongoing clinical trials, the continuation of research and development projects and FDA
\nsubmission and approval for the ARC
\nEX
\nindication. As at 31 December 2022 the Company
\nhad cash and cash equivalents of EUR 42M and fixed term deposits with a maturity of less
\nthan 12 months of EUR 20M. The Company believes that this cash position will be sufficient
\nto meet the Company\u2019s capital requirements and fund its operations for at least 12 months
\nas from the date of this Annual Report.
\nInherent uncertainties in these forecasts may have an impact on the Company\u2019s cash
\nposition. To continue development and reach commercialization as planned, the Company
\nwill need to attract additional funding in future. The Company\u2019s long-term success and
\nexistence is contingent on achieving FDA approval and CE mark of its products.
\nIn view of the above, and notwithstanding a loss brought forward of EUR 108M as of
\n31 December 2022 the application of the valuation rules in the assumption of a \u201cgoing
\nconcern\u201d is justified. As a result, the consolidated financial statements have been prepared
\non a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20189": {
"value": "1.5 Summary of Other Significant Accounting Policies a) Business Combinations
\nBusiness combinations are accounted for using the acquisition method. The cost of an
\nacquisition is measured as the aggregate of the consideration transferred, measured at
\nacquisition date fair value and the amount of any non-controlling interest in the acquiree.
\nFor each business combination, the Group elects whether to measure the non-controlling
\ninterest in the acquiree at fair value or at the proportionate share of the acquirer\u2019s
\nidentifiable net assets. Acquisition-related costs are expensed as incurred and included in
\nadministrative expenses.
\nWhen the Group acquires a business, it assesses the financial assets and liabilities
\nassumed for appropriate classification and designation in accordance with the contractual
\nterms, economic circumstances and pertinent conditions as at the acquisition date. This
\nincludes the separation of embedded derivatives in host contracts by the acquiree.
\nIf the business combination is achieved in stages, any previously held equity interest is re-
\nmeasured at its acquisition date fair value and any resulting gain or loss is recognized in
\nprofit or loss. It is then considered in the determination of goodwill.
\nAny contingent consideration to be transferred by the acquirer will be recognized at fair
\nvalue at the acquisition date. Contingent consideration classified as an asset or liability
\nthat is a financial instrument and within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognized in the statement of profit
\nor loss in accordance with IFRS 9. Other contingent consideration that is not within the
\nscope of IFRS 9 is measured at fair value at each reporting date with changes in fair value
\nrecognized in profit and loss.
\nb) Current Versus Non-Current Classification
\nThe Group presents assets and liabilities in the statement of financial position based on
\ncurrent/non-current classification. An asset is current when it is:
\n\u2022
Expected to be realized or intended to be sold or consumed in normal operating cycle
\n\u2022
Held primarily for the purpose of trading
\n\u2022
Expected to be realized within twelve months after the reporting period, or
\n\u2022
Cash or cash equivalent unless restricted from being exchanged or used to settle a
\nliability for at least twelve months after the reporting period
\nAll other assets are classified as non-current.
\n\n
\n23
\nA liability is current when:
\n\u2022
It is expected to be settled in normal operating cycle
\n\u2022
It is held primarily for the purpose of trading
\n\u2022
It is due to be settled within twelve months after the reporting period, or
\n\u2022
There is no unconditional right to defer the settlement of the liability for at least twelve
\nmonths after the reporting period
\nThe Group classifies all other liabilities as non-current.
\nDeferred tax assets and liabilities are classified as non-current assets and liabilities.
\nc) Foreign Currencies
\nThe Group\u2019s consolidated financial statements are presented in euros, which is also the
\nparent company\u2019s functional currency. For each entity, the Group determines the functional
\ncurrency and items included in the financial statements of each entity are measured using
\nthat functional currency.
\nTransactions & Balances
\nTransactions in foreign currencies are initially recorded by the Group entities at their respective
\nfunctional currency spot rates at the date the transaction first qualifies for recognition.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary items are recognized in profit
\nor loss with the exception of monetary items that are designated as part of the hedge of the
\nGroup\u2019s net investment of a foreign operation. These are recognized in other comprehensive
\nincome until the net investment is disposed of, at which time, the cumulative amount is
\nreclassified to profit or loss. Tax charges and credits attributable to exchange differences
\non those monetary items are also recorded in other comprehensive income.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency
\nare translated using the exchange rates as at the dates of the initial transactions. Non-
\nmonetary items measured at fair value in a foreign currency are translated using the
\nexchange rates at the date when the fair value is determined. The gain or loss arising
\non translation of non-monetary items measured at fair value is treated in line with the
\nrecognition of gain or loss on change in fair value of the item (i.e., translation differences on
\nitems whose fair value gain or loss is recognized in other comprehensive income or profit or
\nloss are also recognized in other comprehensive income or profit or loss, respectively).
\nAny goodwill arising on the acquisition of a foreign operation and any fair value adjustments
\nto the carrying amounts of assets and liabilities arising on the acquisition are treated as
\nassets and liabilities of the foreign operation and translated at the spot rate of exchange at
\nthe reporting date.
\nGroup Companies
\nOn consolidation, the assets and liabilities of foreign operations are translated into euros
\nat the rate of exchange prevailing at the reporting date and their income statements are
\ntranslated at the monthly average exchange rates.
\nThe exchange differences arising on translation for consolidation are recognized in
\nother comprehensive income. On disposal of a foreign operation, the component of other
\ncomprehensive income relating to that particular foreign operation is recognized in
\nprofit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20190": {
"value": "1.5 Summary of Other Significant Accounting Policiesa) Business Combinations Business combinations are accounted for using the acquisition method. The cost of an
\nacquisition is measured as the aggregate of the consideration transferred, measured at
\nacquisition date fair value and the amount of any non-controlling interest in the acquiree.
\nFor each business combination, the Group elects whether to measure the non-controlling
\ninterest in the acquiree at fair value or at the proportionate share of the acquirer\u2019s
\nidentifiable net assets. Acquisition-related costs are expensed as incurred and included in
\nadministrative expenses.
\nWhen the Group acquires a business, it assesses the financial assets and liabilities
\nassumed for appropriate classification and designation in accordance with the contractual
\nterms, economic circumstances and pertinent conditions as at the acquisition date. This
\nincludes the separation of embedded derivatives in host contracts by the acquiree.
\nIf the business combination is achieved in stages, any previously held equity interest is re-
\nmeasured at its acquisition date fair value and any resulting gain or loss is recognized in
\nprofit or loss. It is then considered in the determination of goodwill.
\nAny contingent consideration to be transferred by the acquirer will be recognized at fair
\nvalue at the acquisition date. Contingent consideration classified as an asset or liability
\nthat is a financial instrument and within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognized in the statement of profit
\nor loss in accordance with IFRS 9. Other contingent consideration that is not within the
\nscope of IFRS 9 is measured at fair value at each reporting date with changes in fair value
\nrecognized in profit and loss.
\nb) Current Versus Non-Current Classification
\nThe Group presents assets and liabilities in the statement of financial position based on
\ncurrent/non-current classification. An asset is current when it is:
\n\u2022
Expected to be realized or intended to be sold or consumed in normal operating cycle
\n\u2022
Held primarily for the purpose of trading
\n\u2022
Expected to be realized within twelve months after the reporting period, or
\n\u2022
Cash or cash equivalent unless restricted from being exchanged or used to settle a
\nliability for at least twelve months after the reporting period
\nAll other assets are classified as non-current.
A liability is current when:
\n\u2022
It is expected to be settled in normal operating cycle
\n\u2022
It is held primarily for the purpose of trading
\n\u2022
It is due to be settled within twelve months after the reporting period, or
\n\u2022
There is no unconditional right to defer the settlement of the liability for at least twelve
\nmonths after the reporting period
\nThe Group classifies all other liabilities as non-current.
\nDeferred tax assets and liabilities are classified as non-current assets and liabilities.
\nc) Foreign Currencies
\nThe Group\u2019s consolidated financial statements are presented in euros, which is also the
\nparent company\u2019s functional currency. For each entity, the Group determines the functional
\ncurrency and items included in the financial statements of each entity are measured using
\nthat functional currency.
\nTransactions & Balances
\nTransactions in foreign currencies are initially recorded by the Group entities at their respective
\nfunctional currency spot rates at the date the transaction first qualifies for recognition.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary items are recognized in profit
\nor loss with the exception of monetary items that are designated as part of the hedge of the
\nGroup\u2019s net investment of a foreign operation. These are recognized in other comprehensive
\nincome until the net investment is disposed of, at which time, the cumulative amount is
\nreclassified to profit or loss. Tax charges and credits attributable to exchange differences
\non those monetary items are also recorded in other comprehensive income.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency
\nare translated using the exchange rates as at the dates of the initial transactions. Non-
\nmonetary items measured at fair value in a foreign currency are translated using the
\nexchange rates at the date when the fair value is determined. The gain or loss arising
\non translation of non-monetary items measured at fair value is treated in line with the
\nrecognition of gain or loss on change in fair value of the item (i.e., translation differences on
\nitems whose fair value gain or loss is recognized in other comprehensive income or profit or
\nloss are also recognized in other comprehensive income or profit or loss, respectively).
\nAny goodwill arising on the acquisition of a foreign operation and any fair value adjustments
\nto the carrying amounts of assets and liabilities arising on the acquisition are treated as
\nassets and liabilities of the foreign operation and translated at the spot rate of exchange at
\nthe reporting date.
\nGroup Companies
\nOn consolidation, the assets and liabilities of foreign operations are translated into euros
\nat the rate of exchange prevailing at the reporting date and their income statements are
\ntranslated at the monthly average exchange rates.
\nThe exchange differences arising on translation for consolidation are recognized in
\nother comprehensive income. On disposal of a foreign operation, the component of other
\ncomprehensive income relating to that particular foreign operation is recognized in
profit or loss. 2.1 Revenues & Other Income
\nAccounting Policy:
Government subsidies are recognized where there is reasonable
\nassurance that the subsidy will be received, and all attached conditions will be complied
\nwith. When the subsidy relates to an expense item, it is recognized as income on a
\nsystematic basis over the periods that the related costs, for which it is intended to
\ncompensate, are expensed. Any outstanding receivables related to these subsidies are
\nrecorded as grants receivable. The government subsidies are presented on a gross basis
\nexcept for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
\nbasis with the expensed amount for personnel expenses.
2.2 Research & Development Expenses
\nAccounting Policy:
Research costs are expensed as incurred. Development expenditures on
\nan individual project are recognized as an intangible asset when the Group can demonstrate:
\n\u2022
The technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale
\n\u2022
Its intention to complete and its ability to use or sell the asset
\n\u2022
How the asset will generate future economic benefits
\n\u2022
The availability of resources to complete the asset
\n\u2022
The ability to measure reliably the expenditure during development
\n\u2022
The ability to use the intangible asset generated
2.8 Employee Benefit Expenses
\nAccounting Policy:
\nShort-Term Employee Benefits
\nShort-term employee benefits include salaries and social security contributions, social
\ntaxes, paid vacation and bonuses. They are recognized as expenses for the period in which
\nemployees perform the corresponding services. Outstanding payments at the end of the
\nperiod are shown as other current liabilities.
\nPost-Employment Benefits
\nGroup companies operate various pension schemes. The schemes are funded through
\npayments to insurance companies or trustee-administered funds, determined by periodic
\nactuarial calculations. The Group has both defined benefit and defined contribution plans.
\nDefined Contribution Plan
\nA defined contribution plan is a pension plan under which the Group pays fixed
\ncontributions into a separate entity. The Group has no legal or constructive obligations
\nto pay further contributions if the fund does not hold sufficient assets to pay all benefits
\nto employees relating to employee services in the current and prior periods. For defined
\ncontribution plans, the Group pays contributions to publicly or privately administered
\npension insurance plans on a mandatory, contractual or voluntary basis. The Group has no
\nfurther payment obligations once the contributions have been paid. The contributions are
\nrecognized as personnel expenses in the consolidated income statement when due.
\nAll related expenses are recognized in the consolidated statement of profit and loss.
\nContributions payable or prepaid contributions as at year-end are recognized under
\naccruals and deferred income, and prepayments and accrued income, respectively.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
2.10 Income Tax Accounting Policy:
\nCurrent Income Tax
\nCurrent income tax assets and liabilities for the current period are measured at the
\namount expected to be recovered from or paid to the taxation authorities. The tax rates
\nand tax laws used to compute the amount are those that are enacted or substantively
\nenacted, at the reporting date in the countries where the Group operates and generates
\ntaxable income.
\nCurrent income tax relating to items recognized directly in equity is recognized in equity
\nand not in the statement of profit or loss. Management periodically evaluates positions
\ntaken in the tax returns with respect to situations in which applicable tax regulations are
\nsubject to interpretation and establishes provisions where appropriate.
\nDeferred Tax
\nDeferred tax is provided using the liability method on temporary differences between
\nthe tax basis of assets and liabilities and their carrying amounts for financial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognised for all taxable temporary differences, except:
\n\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset
\nor liability in a transaction that is not a business combination and, at the time of the
\ntransaction, affects neither the accounting profit nor taxable profit or loss
\n\u2022
In respect of taxable temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint arrangements, when the timing of the
\nreversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future
\nDeferred tax assets are recognized for all deductible temporary differences, the carry
\nforward of unused tax credits and any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable profit will be available against
\nwhich the deductible temporary differences and the carry forward of unused tax credits
\nand unused tax losses can be utilized, except:
\n\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit
\nnor taxable profit or loss.
\n\u2022
In respect of deductible temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint ventures, deferred tax assets are
\nrecognized only to the extent that it is probable that the temporary differences will
\nreverse in the foreseeable future and taxable profit will be available against which the
\ntemporary differences can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that sufficient taxable profit will be
\navailable to allow all or part of the deferred tax asset to be utilized. Unrecognized
\ndeferred tax assets are reassessed at each reporting date and are recognized to the
\nextent that it has become probable that future taxable profits will allow the deferred tax
\nasset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply
\nin the year when the asset is realized or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date. Goodwill Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
still results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
values of the disposed operation and the portion of the cash-generating unit retained. In-Process R&D Accounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
License Fees Accounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
3.1 Property, Plant & Equipment Accounting Policy:
Property, plant and equipment is stated at cost, net of accumulated
\ndepreciation and accumulated impairment losses, if any. Such cost includes the cost of
\nreplacing part of the property, plant and equipment and borrowing costs for long-term
\nconstruction projects if the recognition criteria are met. When significant parts of property,
\nplant and equipment are required to be replaced at intervals, the Group recognizes such
\nparts as individual assets with specific useful lives and depreciates them accordingly.
\nLikewise, when a major inspection is performed, its cost is recognized in the carrying
\namount of the plant and equipment as a replacement if the recognition criteria are
\nsatisfied. All other repair and maintenance costs are recognized in profit or loss
\nas incurred.
\nProperty, plant and equipment transferred from customers is initially measured at the fair
\nvalue at the date on which control is obtained.
\nDepreciation is calculated on a straight-line basis over the estimated useful lives of the
\nassets as follows:
\n\u2022
Office equipment
3 years
\n\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term
\nAn item of property, plant and equipment and any significant part initially recognized is
\nderecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising from de-recognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is
\nincluded in the income statement when the asset is derecognized.
\nThe residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. 3.2 Right of Use Assets & Lease Liabilities Accounting Policy:
The Group assesses at contract inception whether a contract is, or
\ncontains, a lease. That is, if the contract conveys the right to control the use of an identified
\nasset for a period of time in exchange for consideration.
\nGroup as a Lessee
\nThe Group applies a single recognition and measurement approach for all leases, except
\nfor short-term leases and leases of low-value assets. The Group recognizes lease liabilities
\nto make lease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\nRight-of-Use Assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the
\ndate the underlying asset is available for use). Right-of-use assets are measured at cost,
\nless any accumulated depreciation and accumulated impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
\nmeasurement amount of lease liabilities recognised, initial direct costs incurred, and lease
\npayments made at or before the commencement date less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease
\nterm and the estimated useful lives of the assets.
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or
\nthe cost reflects the exercise of a purchase option, depreciation is calculated using the
\nestimated useful life of the asset.
\nLease Liabilities
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured
\nat the present value of lease payments to be made over the lease term. The lease
\npayments include fixed payments (including in-substance fixed payments) less any lease
\nincentives receivable, variable lease payments that depend on an index or a rate, and
\namounts expected to be paid under residual value guarantees. The lease payments also
\ninclude the exercise price of a purchase option reasonably certain to be exercised by the
\nGroup and payments of penalties for terminating the lease, if the lease term reflects the
\nGroup exercising the option to terminate.
\nVariable lease payments that do not depend on an index or a rate are recognized as
\nexpenses (unless they are incurred to produce inventories) in the period in which the event
\nor condition that triggers the payment occurs.
\nIn calculating the present value of lease payments, the Group uses its incremental
\nborrowing rate at the lease commencement date because the interest rate implicit in
\nthe lease is not readily determinable. After the commencement date, the amount of
\nlease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease payments (e.g., changes
\nto future payments resulting from a change in an index or rate used to determine such
\nlease payments) or a change in the assessment of an option to purchase the underlying
\nasset. The Group\u2019s lease liabilities are included in Lease liabilities.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases
\nof office space (i.e., those leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases of office equipment that are considered
\nto be low value. Lease payments on short-term leases and leases of low-value assets are
\nrecognized as expense on a straight-line basis over the lease term.
3.5 Cash and Cash Equivalents and Fixed Term Deposits Accounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.
4.0 Issued Capital & Reserves Share Capital & Share Premium
\nAccounting Policy:
Ordinary shares are classified as share capital. Equity instruments are
\nrecorded at the proceeds received, net of direct issue costs.
\nThe share premium represents the amount by which the fair value of the consideration
\nreceived exceeds the nominal value of shares issued. Incremental costs directly
\nattributable to the issue of new shares or options are shown in equity as a deduction, net of
\ntax, from the proceeds.
4.1 Earnings Per Share (EPS) Accounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
\nto ordinary equity holders of the parent by the weighted average number of ordinary
\nshares outstanding during the year.
\nDiluted EPS is calculated by dividing the profit attributable to ordinary equity holders
\nof the parent (after adjusting for interest on the convertible preference shares) by the
\nweighted average number of ordinary shares outstanding during the year plus the
\nweighted average number of ordinary shares that would be issued on conversion of all the
\ndilutive potential ordinary shares into ordinary shares.
4.2 Financial Liabilities Accounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
\nthe assets and settle the liabilities simultaneously. No offsetting is currently applied.
4.4 Fair Value & Fair Value Hierarchy of the Financial Statements Accounting Policy:
All assets and liabilities for which fair value is measured or disclosed
\nin the financial statements are categorized within the fair value hierarchy, described as
\nfollows, based on the lowest level input that is significant to the fair value measurement
\nas a whole:
\n\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
\nor liabilities
\n\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is directly or indirectly observable
\n\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is unobservable.
4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds. 5.0 Post-Employment Benefits: Defined Benefit Obligation Accounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20193": {
"value": "a) Business Combinations Business combinations are accounted for using the acquisition method. The cost of an
\nacquisition is measured as the aggregate of the consideration transferred, measured at
\nacquisition date fair value and the amount of any non-controlling interest in the acquiree.
\nFor each business combination, the Group elects whether to measure the non-controlling
\ninterest in the acquiree at fair value or at the proportionate share of the acquirer\u2019s
\nidentifiable net assets. Acquisition-related costs are expensed as incurred and included in
\nadministrative expenses.
\nWhen the Group acquires a business, it assesses the financial assets and liabilities
\nassumed for appropriate classification and designation in accordance with the contractual
\nterms, economic circumstances and pertinent conditions as at the acquisition date. This
\nincludes the separation of embedded derivatives in host contracts by the acquiree.
\nIf the business combination is achieved in stages, any previously held equity interest is re-
\nmeasured at its acquisition date fair value and any resulting gain or loss is recognized in
\nprofit or loss. It is then considered in the determination of goodwill.
\nAny contingent consideration to be transferred by the acquirer will be recognized at fair
\nvalue at the acquisition date. Contingent consideration classified as an asset or liability
\nthat is a financial instrument and within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognized in the statement of profit
\nor loss in accordance with IFRS 9. Other contingent consideration that is not within the
\nscope of IFRS 9 is measured at fair value at each reporting date with changes in fair value
\nrecognized in profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20195": {
"value": "a) Business CombinationsBusiness combinations are accounted for using the acquisition method. The cost of an
\nacquisition is measured as the aggregate of the consideration transferred, measured at
\nacquisition date fair value and the amount of any non-controlling interest in the acquiree.
\nFor each business combination, the Group elects whether to measure the non-controlling
\ninterest in the acquiree at fair value or at the proportionate share of the acquirer\u2019s
\nidentifiable net assets. Acquisition-related costs are expensed as incurred and included in
\nadministrative expenses.
\nWhen the Group acquires a business, it assesses the financial assets and liabilities
\nassumed for appropriate classification and designation in accordance with the contractual
\nterms, economic circumstances and pertinent conditions as at the acquisition date. This
\nincludes the separation of embedded derivatives in host contracts by the acquiree.
\nIf the business combination is achieved in stages, any previously held equity interest is re-
\nmeasured at its acquisition date fair value and any resulting gain or loss is recognized in
\nprofit or loss. It is then considered in the determination of goodwill.
\nAny contingent consideration to be transferred by the acquirer will be recognized at fair
\nvalue at the acquisition date. Contingent consideration classified as an asset or liability
\nthat is a financial instrument and within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognized in the statement of profit
\nor loss in accordance with IFRS 9. Other contingent consideration that is not within the
\nscope of IFRS 9 is measured at fair value at each reporting date with changes in fair value
\nrecognized in profit and loss.
Goodwill Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
still results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
values of the disposed operation and the portion of the cash-generating unit retained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20318": {
"value": "c) Foreign Currencies The Group\u2019s consolidated financial statements are presented in euros, which is also the
\nparent company\u2019s functional currency. For each entity, the Group determines the functional
\ncurrency and items included in the financial statements of each entity are measured using
\nthat functional currency.
\nTransactions & Balances
\nTransactions in foreign currencies are initially recorded by the Group entities at their respective
\nfunctional currency spot rates at the date the transaction first qualifies for recognition.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary items are recognized in profit
\nor loss with the exception of monetary items that are designated as part of the hedge of the
\nGroup\u2019s net investment of a foreign operation. These are recognized in other comprehensive
\nincome until the net investment is disposed of, at which time, the cumulative amount is
\nreclassified to profit or loss. Tax charges and credits attributable to exchange differences
\non those monetary items are also recorded in other comprehensive income.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency
\nare translated using the exchange rates as at the dates of the initial transactions. Non-
\nmonetary items measured at fair value in a foreign currency are translated using the
\nexchange rates at the date when the fair value is determined. The gain or loss arising
\non translation of non-monetary items measured at fair value is treated in line with the
\nrecognition of gain or loss on change in fair value of the item (i.e., translation differences on
\nitems whose fair value gain or loss is recognized in other comprehensive income or profit or
\nloss are also recognized in other comprehensive income or profit or loss, respectively).
\nAny goodwill arising on the acquisition of a foreign operation and any fair value adjustments
\nto the carrying amounts of assets and liabilities arising on the acquisition are treated as
\nassets and liabilities of the foreign operation and translated at the spot rate of exchange at
\nthe reporting date.
\nGroup Companies
\nOn consolidation, the assets and liabilities of foreign operations are translated into euros
\nat the rate of exchange prevailing at the reporting date and their income statements are
\ntranslated at the monthly average exchange rates.
\nThe exchange differences arising on translation for consolidation are recognized in
\nother comprehensive income. On disposal of a foreign operation, the component of other
\ncomprehensive income relating to that particular foreign operation is recognized in
profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20319": {
"value": "c) Foreign Currencies The Group\u2019s consolidated financial statements are presented in euros, which is also the
\nparent company\u2019s functional currency. For each entity, the Group determines the functional
\ncurrency and items included in the financial statements of each entity are measured using
\nthat functional currency.
\nTransactions & Balances
\nTransactions in foreign currencies are initially recorded by the Group entities at their respective
\nfunctional currency spot rates at the date the transaction first qualifies for recognition.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary items are recognized in profit
\nor loss with the exception of monetary items that are designated as part of the hedge of the
\nGroup\u2019s net investment of a foreign operation. These are recognized in other comprehensive
\nincome until the net investment is disposed of, at which time, the cumulative amount is
\nreclassified to profit or loss. Tax charges and credits attributable to exchange differences
\non those monetary items are also recorded in other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a foreign currency
\nare translated using the exchange rates as at the dates of the initial transactions. Non-
\nmonetary items measured at fair value in a foreign currency are translated using the
\nexchange rates at the date when the fair value is determined. The gain or loss arising
\non translation of non-monetary items measured at fair value is treated in line with the
\nrecognition of gain or loss on change in fair value of the item (i.e., translation differences on
\nitems whose fair value gain or loss is recognized in other comprehensive income or profit or
\nloss are also recognized in other comprehensive income or profit or loss, respectively).
\nAny goodwill arising on the acquisition of a foreign operation and any fair value adjustments
\nto the carrying amounts of assets and liabilities arising on the acquisition are treated as
\nassets and liabilities of the foreign operation and translated at the spot rate of exchange at
\nthe reporting date.
\nGroup Companies
\nOn consolidation, the assets and liabilities of foreign operations are translated into euros
\nat the rate of exchange prevailing at the reporting date and their income statements are
\ntranslated at the monthly average exchange rates.
\nThe exchange differences arising on translation for consolidation are recognized in
\nother comprehensive income. On disposal of a foreign operation, the component of other
\ncomprehensive income relating to that particular foreign operation is recognized in
profit or loss. Other Reserves Currency
\nTranslation
\nDifferences
\nStock
\nCompensation
\nReserve
\nConversion
\nOption
\nPreference
\nShares
\nTotal
\nOther
\nReserves
\nBalance at January 1, 2021
(532)
3,671
14,794
17,933
\nConversion of preference share on IPO
\nShare based payment expense: EIP
\nShare based payments: EIP accelerated vesting
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n249
\n\u2013
\n8,494
\n(12,165)
\n69
\n\u2013
\n(14,794)
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n(14,794)
\n8,494
\n(12,165)
\n69
\n249
\nBalance at December 31, 2021
(283)
69
\u2013
(214)
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n602
\n1,691
\n\u2013
\n\u2013
\n\u2013
\n1,691
\n602
\nBalance at December 31, 2022
319
1,760
\u2013
2,079
\nCurrency Translation Reserve
\nExchange gains and losses arising from the translation of the functional currency of
\nforeign operations to the reporting currency of the parent are accounted for in this legal
\nreserve. In the case of the sale of a participating interest, the associated accumulated
\ntranslation differences are transferred to the profit and loss account and presented therein
\nas part of the result on the sale.
\nThe foreign currency translation reserve relates to the investment in United States.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20320": {
"value": "c) Foreign CurrenciesThe Group\u2019s consolidated financial statements are presented in euros, which is also the
\nparent company\u2019s functional currency. For each entity, the Group determines the functional
\ncurrency and items included in the financial statements of each entity are measured using
\nthat functional currency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20432": {
"value": "1.6 Significant Accounting Judgments, Estimates & Assumptions \nThe preparation of the Group\u2019s consolidated financial statements requires management \nto make judgments, estimates and assumptions that affect the reported amounts of \nrevenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the \nend of the reporting period. However, uncertainty about these assumptions and estimates \ncould result in outcomes that require a material adjustment to the carrying amount of the \nasset or liability affected in future periods. \nThe Group based its assumptions and estimates on parameters available when \nthe consolidated financial statements were prepared. Existing circumstances and \nassumptions about future developments, however, may change due to market changes or \ncircumstances arising beyond the control of the Group. Such changes are reflected in the \nassumptions when they occur. \nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to \naccounting estimates are recognized in the period in which the estimate is revised if the \nrevision affects only that period, or in the period of revision and the future periods if the \nrevision affects both current and future periods. \nThe key assumptions concerning the future and other key sources of estimation \nuncertainty at the reporting date, that are most relevant to the carrying amounts of assets \nand liabilities within the next financial year, are included in each of the respective notes as \nreferenced below: \nResearch & Development \nShare-Based Payments \nImpairment of Intangible Assets \nPost-Employment Benefits \nTaxes \n(Note 2.2) \n(Note 2.9) \n(Note 3.0) \n(Note 5.0) \n(Note 2.10) 2.2 Research & Development Expenses Significant Estimate: The Group has evaluated the nature of the project research and \ndevelopment costs and concluded that all expenses incurred were related to research \nand pre-development of future products. Therefore, all costs have been expensed and are \nrecognized in the statement of profit and loss. 2.8 Employee Benefit Expenses Significant Estimate:The cost of the defined benefit pension plan and the present value \nof the pension obligation are determined using actuarial valuations. An actuarial valuation \ninvolves making various assumptions that may differ from actual developments in the \nfuture. These include the determination of the discount rate, future salary increases, \nmortality rates and future pension increases. Due to the complexities involved in the \nvaluation and its long-term nature, a defined benefit obligation is sensitive to changes in \nthese assumptions. All assumptions are reviewed at each reporting date. 2.9 Share-Based Payments Significant Estimate: The Group measures the cost of equity-settled transactions with \nemployees by reference to the fair value of the equity instruments at the date at which \nthey are granted. Estimating fair value for share-based payment transactions requires \ndetermination of the most appropriate valuation model, which is dependent on the terms \nand conditions of the grant. 2.10 Income Tax Significant Estimate: The Group has losses before tax which arose in the Netherlands \nthat are available to offset against future profits of the Dutch entity in which the loss \narose. However, these losses may not be used to offset taxable income elsewhere in the \nGroup. The Group evaluated and judged that at this moment it is not sufficiently likely that \nfuture profits will be generated in the Dutch entity that can offset a deferred tax asset. \nAll Switzerland operations have a cost-plus agreement. The taxable amounts are \nsettled. There are no NOL \u2019s. Last fiscal year settled is 2020. Due to expected profits based \non the cost-plus the Swiss deferred tax assets relating to temporary differences have \nbeen recognized. \nAll NOL \u2019s in the US entity prior to the business combination are not carried forward due \nto ownership change. Losses since the transaction can be carried forward for 20 years. \nThese losses have not been recognized in the balance sheet to date. \nAll NOL \u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL \u2019s after \n2018 can be carried forward indefinitely limited to 80% of taxable income. On the \nacquisition of ONWARD Medical Inc. (formerly knows as NRT Technologies) a deferred tax \nliability was recognised for the intangible asset (In-process R&D) identified in the PPA. At \nthe time of the PPA there was no certainty regarding the future potential of the technology \nacquired and based on the limited available NOL \u2019s no deferred tax asset was recognised. \nIAS 12 requires that a deferred tax asset should recognised for the carry forward of unused \ntax losses when there are suitable reversing taxable temporary differences regardless \nof an entity\u2019s expectations of future tax losses. In 2022 the Company reassessed the \nrecoverability of the assessed losses. This resulted in the recognition of a deferred tax \nasset of EUR 987k in the US entity that offsets the deferred tax liability as allowed under \nIAS 12, with no impact on previously reported results. 3.0 Intangible Assets Significant Estimates: \nKey assumptions used in the impairment test was the growth rate, and the rate for \ndiscounting the projected cash flows. \n\u2022 Cash flows are based on the expectation of receiving FDA approval. Revenue is \nexpected only towards the end of 2023, starting with rehabilitation first. Home use \nfollowing in later years. Operating costs increases to support sales and marketing \nefforts as well as to maintain ongoing development and clinical research. Based on \nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028. \n\u2022 Growth rate estimate: rate is based on published industry research. \n\u2022 Discount rate: Discount rates represent the current market assessment of the \nrisks specific to ONWARD. The discount rate calculation is based on the specific \ncircumstances of the Group and is derived from its weighted average cost of capital \n(WACC). The WACC takes into account both debt and equity. The cost of equity is \nderived from the expected return on investment by the Group\u2019s investors. The cost of \ndebt is based on the interest-bearing borrowings the Group is obliged to service. 5.0 Post-Employment Benefits: Defined Benefit Obligation The principal assumptions used in determining post-employment (pension) benefit \nobligations for the plan are shown below: \n2022 2021 \nDiscount rate \nSalary increase \nInterest credit rate \nMortality base table \nLongevity improvement \n2,30% \n2,50% \n1,00% \nBVG2020 \nCMI2018; 1,25% \n0,30% \n2,50% \n0,60% \nBVG2020 \nCMI2018; 1,25% \nA quantitative sensitivity analysis for significant assumptions as at 31 December is \nshown below: \n2022 2021 \nDiscount rate \n+ 25bps \n- 25bps \nSalary increase \n+ 25bps \n- 25bps \nInterest credit rate \n+ 25bps \n- 25bps \nMortality base table \nLife expectancy + 1 year \nLife expectancy - 1 year \n(190) \n203 \n84 \n(80) \n76 \n(73) \n27 \n(26) \n(147) \n159 \n102 \n(62) \n30 \n(29) \n35 \n(33) \nThe sensitivity analyses have been determined based on a method that extrapolates \nthe impact on the defined benefit obligation as a result of reasonable changes in key \nassumptions occurring at the end of the reporting period. The sensitivity analyses are \nbased on a change in a significant assumption, keeping all other assumptions constant. \nThe sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation \nfrom one another. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20433": {
"value": "1.6 Significant Accounting Judgments, Estimates & Assumptions
\nThe preparation of the Group\u2019s consolidated financial statements requires management
\nto make judgments, estimates and assumptions that affect the reported amounts of
\nrevenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
\nend of the reporting period. However, uncertainty about these assumptions and estimates
\ncould result in outcomes that require a material adjustment to the carrying amount of the
\nasset or liability affected in future periods.
\nThe Group based its assumptions and estimates on parameters available when
\nthe consolidated financial statements were prepared. Existing circumstances and
\nassumptions about future developments, however, may change due to market changes or
\ncircumstances arising beyond the control of the Group. Such changes are reflected in the
\nassumptions when they occur.
\nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
\naccounting estimates are recognized in the period in which the estimate is revised if the
\nrevision affects only that period, or in the period of revision and the future periods if the
\nrevision affects both current and future periods.
\nThe key assumptions concerning the future and other key sources of estimation
\nuncertainty at the reporting date, that are most relevant to the carrying amounts of assets
\nand liabilities within the next financial year, are included in each of the respective notes as
\nreferenced below:
\nResearch & Development
\nShare-Based Payments
\nImpairment of Intangible Assets
\nPost-Employment Benefits
\nTaxes
\n(Note 2.2)
\n(Note 2.9)
\n(Note 3.0)
\n(Note 5.0)
\n(Note 2.10)
2.2 Research & Development Expenses Significant Estimate:
The Group has evaluated the nature of the project research and
\ndevelopment costs and concluded that all expenses incurred were related to research
\nand pre-development of future products. Therefore, all costs have been expensed and are
\nrecognized in the statement of profit and loss.
2.8 Employee Benefit Expenses Significant Estimate:
The cost of the defined benefit pension plan and the present value
\nof the pension obligation are determined using actuarial valuations. An actuarial valuation
\ninvolves making various assumptions that may differ from actual developments in the
\nfuture. These include the determination of the discount rate, future salary increases,
\nmortality rates and future pension increases. Due to the complexities involved in the
\nvaluation and its long-term nature, a defined benefit obligation is sensitive to changes in
\nthese assumptions. All assumptions are reviewed at each reporting date.
2.9 Share-Based Payments Significant Estimate:
The Group measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instruments at the date at which
\nthey are granted. Estimating fair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model, which is dependent on the terms
\nand conditions of the grant.
2.10 Income Tax Significant Estimate:
The Group has losses before tax which arose in the Netherlands
\nthat are available to offset against future profits of the Dutch entity in which the loss
\narose. However, these losses may not be used to offset taxable income elsewhere in the
\nGroup. The Group evaluated and judged that at this moment it is not sufficiently likely that
\nfuture profits will be generated in the Dutch entity that can offset a deferred tax asset.
\nAll Switzerland operations have a cost-plus agreement. The taxable amounts are
\nsettled. There are no NOL
\u2019s. Last fiscal year settled is 2020. Due to expected profits based
\non the cost-plus the Swiss deferred tax assets relating to temporary differences have
\nbeen recognized.
\nAll NOL
\u2019s in the US entity prior to the business combination are not carried forward due
\nto ownership change. Losses since the transaction can be carried forward for 20 years.
\nThese losses have not been recognized in the balance sheet to date.
\nAll NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after
\n2018 can be carried forward indefinitely limited to 80% of taxable income. On the
\nacquisition of ONWARD Medical Inc. (formerly knows as NRT Technologies) a deferred tax
\nliability was recognised for the intangible asset (In-process R&D) identified in the PPA. At
\nthe time of the PPA there was no certainty regarding the future potential of the technology
\nacquired and based on the limited available NOL
\u2019s no deferred tax asset was recognised.
\nIAS 12 requires that a deferred tax asset should recognised for the carry forward of unused
\ntax losses when there are suitable reversing taxable temporary differences regardless
\nof an entity\u2019s expectations of future tax losses. In 2022 the Company reassessed the
\nrecoverability of the assessed losses. This resulted in the recognition of a deferred tax
\nasset of EUR 987k in the US entity that offsets the deferred tax liability as allowed under
\nIAS 12, with no impact on previously reported results.
3.0 Intangible Assets Significant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
5.0 Post-Employment Benefits: Defined Benefit Obligation The principal assumptions used in determining post-employment (pension) benefit
\nobligations for the plan are shown below:
\n2022
2021
\nDiscount rate
\nSalary increase
\nInterest credit rate
\nMortality base table
\nLongevity improvement
\n2,30%
\n2,50%
\n1,00%
\nBVG2020
\nCMI2018; 1,25%
\n0,30%
\n2,50%
\n0,60%
\nBVG2020
\nCMI2018; 1,25%
\nA quantitative sensitivity analysis for significant assumptions as at 31 December is
\nshown below:
\n2022
2021
\nDiscount rate
\n+ 25bps
\n- 25bps
\nSalary increase
\n+ 25bps
\n- 25bps
\nInterest credit rate
\n+ 25bps
\n- 25bps
\nMortality base table
\nLife expectancy + 1 year
\nLife expectancy - 1 year
\n(190)
\n203
\n84
\n(80)
\n76
\n(73)
\n27
\n(26)
\n(147)
\n159
\n102
\n(62)
\n30
\n(29)
\n35
\n(33)
\nThe sensitivity analyses have been determined based on a method that extrapolates
\nthe impact on the defined benefit obligation as a result of reasonable changes in key
\nassumptions occurring at the end of the reporting period. The sensitivity analyses are
\nbased on a change in a significant assumption, keeping all other assumptions constant.
\nThe sensitivity analyses may not be representative of an actual change in the defined
benefit obligation as it is unlikely that changes in assumptions would occur in isolation
\nfrom one another.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20434": {
"value": "1.6 Significant Accounting Judgments, Estimates & Assumptions
\nThe preparation of the Group\u2019s consolidated financial statements requires management
\nto make judgments, estimates and assumptions that affect the reported amounts of
\nrevenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
\nend of the reporting period. However, uncertainty about these assumptions and estimates
\ncould result in outcomes that require a material adjustment to the carrying amount of the
\nasset or liability affected in future periods.
\nThe Group based its assumptions and estimates on parameters available when
\nthe consolidated financial statements were prepared. Existing circumstances and
\nassumptions about future developments, however, may change due to market changes or
\ncircumstances arising beyond the control of the Group. Such changes are reflected in the
\nassumptions when they occur.
\nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
\naccounting estimates are recognized in the period in which the estimate is revised if the
\nrevision affects only that period, or in the period of revision and the future periods if the
\nrevision affects both current and future periods.
\nThe key assumptions concerning the future and other key sources of estimation
\nuncertainty at the reporting date, that are most relevant to the carrying amounts of assets
\nand liabilities within the next financial year, are included in each of the respective notes as
\nreferenced below:
\nResearch & Development
\nShare-Based Payments
\nImpairment of Intangible Assets
\nPost-Employment Benefits
\nTaxes
\n(Note 2.2)
\n(Note 2.9)
\n(Note 3.0)
\n(Note 5.0)
\n(Note 2.10)
2.2 Research & Development Expenses Significant Estimate:
The Group has evaluated the nature of the project research and
\ndevelopment costs and concluded that all expenses incurred were related to research
\nand pre-development of future products. Therefore, all costs have been expensed and are
\nrecognized in the statement of profit and loss.
2.8 Employee Benefit Expenses Significant Estimate:
The cost of the defined benefit pension plan and the present value
\nof the pension obligation are determined using actuarial valuations. An actuarial valuation
\ninvolves making various assumptions that may differ from actual developments in the
\nfuture. These include the determination of the discount rate, future salary increases,
\nmortality rates and future pension increases. Due to the complexities involved in the
\nvaluation and its long-term nature, a defined benefit obligation is sensitive to changes in
\nthese assumptions. All assumptions are reviewed at each reporting date.
2.9 Share-Based Payments Significant Estimate:
The Group measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instruments at the date at which
\nthey are granted. Estimating fair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model, which is dependent on the terms
\nand conditions of the grant.
2.10 Income Tax Significant Estimate:
The Group has losses before tax which arose in the Netherlands
\nthat are available to offset against future profits of the Dutch entity in which the loss
\narose. However, these losses may not be used to offset taxable income elsewhere in the
\nGroup. The Group evaluated and judged that at this moment it is not sufficiently likely that
\nfuture profits will be generated in the Dutch entity that can offset a deferred tax asset.
\nAll Switzerland operations have a cost-plus agreement. The taxable amounts are
\nsettled. There are no NOL
\u2019s. Last fiscal year settled is 2020. Due to expected profits based
\non the cost-plus the Swiss deferred tax assets relating to temporary differences have
\nbeen recognized.
\nAll NOL
\u2019s in the US entity prior to the business combination are not carried forward due
\nto ownership change. Losses since the transaction can be carried forward for 20 years.
\nThese losses have not been recognized in the balance sheet to date.
\nAll NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after
\n2018 can be carried forward indefinitely limited to 80% of taxable income. On the
\nacquisition of ONWARD Medical Inc. (formerly knows as NRT Technologies) a deferred tax
\nliability was recognised for the intangible asset (In-process R&D) identified in the PPA. At
\nthe time of the PPA there was no certainty regarding the future potential of the technology
\nacquired and based on the limited available NOL
\u2019s no deferred tax asset was recognised.
\nIAS 12 requires that a deferred tax asset should recognised for the carry forward of unused
\ntax losses when there are suitable reversing taxable temporary differences regardless
\nof an entity\u2019s expectations of future tax losses. In 2022 the Company reassessed the
\nrecoverability of the assessed losses. This resulted in the recognition of a deferred tax
\nasset of EUR 987k in the US entity that offsets the deferred tax liability as allowed under
\nIAS 12, with no impact on previously reported results.
3.0 Intangible Assets Significant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
The principal assumptions used in determining post-employment (pension) benefit
\nobligations for the plan are shown below:
\n2022
2021
\nDiscount rate
\nSalary increase
\nInterest credit rate
\nMortality base table
\nLongevity improvement
\n2,30%
\n2,50%
\n1,00%
\nBVG2020
\nCMI2018; 1,25%
\n0,30%
\n2,50%
\n0,60%
\nBVG2020
\nCMI2018; 1,25%
\nA quantitative sensitivity analysis for significant assumptions as at 31 December is
\nshown below:
\n2022
2021
\nDiscount rate
\n+ 25bps
\n- 25bps
\nSalary increase
\n+ 25bps
\n- 25bps
\nInterest credit rate
\n+ 25bps
\n- 25bps
\nMortality base table
\nLife expectancy + 1 year
\nLife expectancy - 1 year
\n(190)
\n203
\n84
\n(80)
\n76
\n(73)
\n27
\n(26)
\n(147)
\n159
\n102
\n(62)
\n30
\n(29)
\n35
\n(33)
\nThe sensitivity analyses have been determined based on a method that extrapolates
\nthe impact on the defined benefit obligation as a result of reasonable changes in key
\nassumptions occurring at the end of the reporting period. The sensitivity analyses are
\nbased on a change in a significant assumption, keeping all other assumptions constant.
\nThe sensitivity analyses may not be representative of an actual change in the defined
benefit obligation as it is unlikely that changes in assumptions would occur in isolation
\nfrom one another.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20466": {
"value": "1.7 New Accounting Standards & Developments 1.7.1 New and Amended Standards and Interpretations
\nSeveral amendments applied for the first time in 2022:
\n\u2022
Amendments to IFRS 3: Reference to the Conceptual Framework, effective
\n1 January 2022
\n\u2022
Amendments to IAS 16: Property, Plant and Equipment Proceeds before intended use,
\neffective 1 January 2022
\n\u2022
Amendments to IAS 37: Onerous Contracts \u2013 Costs of Fulfilling a Contract, effective
\n1 January 2022
\n\u2022
Annual Improvement Project IFRS 1 First-time Adoption of International Financial
\nReporting Standards \u2013 Subsidiary as a first-time adopter, effective 1 January 2022
\n\u2022
Annual Improvement Project IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities, effective 1 January 2022
\n\u2022
Annual Improvement Project IAS 41 Agriculture \u2013 Taxation in fair value measurements,
\neffective 1 January 2022
\nNone of these had a material impact on the consolidated financial statements of the
\nGroup in 2022.
\n1.7.2 Standards Issued But Not Yet Effective
\nThe new and amended standards and interpretations that are issued, but not yet effective,
\nup to the date of issuance of the Group\u2019s financial statements are listed below. The Group
\nhas not early adopted any standards, interpretations or amendments that have been
\nissued but are not yet effective. The Group intends to adopt these new and amended
\nstandards and interpretations, if applicable, when they become effective.
\n\n
\n23
\n\u2022
Classification of Liabilities as Current or Non-current - Amendments to IAS 1, effective 1
\nJanuary 2024
\n\u2022
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement
\n2, effective 1 January 2023
\n\u2022
Definition of Accounting Estimates - Amendments to IAS 8, effective 1 January 2023
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
\nAmendments to IAS 12, effective 1 January 2023
\nThe nature and impact of each of the new standards, amendments and/or interpretations
\nexpected to apply to the Group are described below:
\nAmendments to IAS 1: Classification of Liabilities as Current or Non-current
\nIn January 2020 and October 2022, the Board issued amendments to IAS 1 Presentation
\nof Financial Statements to specify the requirements for classifying liabilities as current or
\nnon-current. The amendments clarify:
\n\u2022
What is meant by a right to defer settlement
\n\u2022
That a right to defer must exist at the end of the reporting period
\n\u2022
That classification is unaffected by the likelihood that an entity will exercise its
\ndeferral right
\n\u2022
That only if an embedded derivative in a convertible liability is itself an equity
\ninstrument would the terms of a liability not impact its classification.
\n\u2022
That disclosure should be provided when a liability arising from a loan agreement is
\nclassified as non-current and the entity\u2019s right to defer settlement is contingent on
\ncompliance with future covenants within twelve months. This disclosure must include
\ninformation about the covenants and the related liabilities.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2024 and must be applied prospectively. The Group is currently assessing the impact the
\namendments will have on current practice and whether the existing loan agreement may
\nrequire renegotiation.
\nDisclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement
\n2 Making Materiality Judgments, in which it provides guidance and examples to help
\nentities apply materiality Judgments to accounting policy disclosures. The amendments
\naim to help entities provide accounting policy disclosures that are more useful by
\nreplacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies
\nwith a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance
\non how entities apply the concept of materiality in making decisions about accounting
\npolicy disclosures.
\nThe amendments to IAS 1 are applicable for annual periods beginning on or after 1 January
\n2023 with earlier application permitted. Since the amendments to the Practice Statement
\n2 provide non-mandatory guidance on the application of the definition of material to
\naccounting policy information, an effective date for these amendments is not necessary.
\nThe Group is currently assessing the impact of the amendments to determine the impact
\nthey will have on the Group\u2019s accounting policy disclosures.
\nDefinition of Accounting Estimates - Amendments to IAS 8
\nIn February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition
\nof \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in
\naccounting estimates and changes in accounting policies and the correction of errors.
\nAlso, they clarify how entities use measurement techniques and inputs to develop
\naccounting estimates.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2023 and apply to changes in accounting policies and changes in accounting estimates
\nthat occur on or after the start of the effective period. Earlier application is permitted as
\nlong as this fact is disclosed.
\nThe Group is currently assessing the amendments to determine the impact it will have.
\n\n
\n
23
\nAmendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a
\nSingle Transaction
\nIn May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial
\nrecognition exception under IAS 12, so that it no longer applies to transactions that give
\nrise to equal taxable and deductible temporary differences. The amendments clarify
\nthat where payments that settle a liability are deductible for tax purposes, it is a matter
\nof judgment (having considered the applicable tax law) whether such deductions are
\nattributable for tax purposes to the liability recognized in the financial statements (and
\ninterest expense) or to the related asset component (and interest expense). This judgment
\nis important in determining whether any temporary differences exist on initial recognition
\nof the asset and liability. Under the amendments, the initial recognition exception does
\nnot apply to transactions that, on initial recognition, give rise to equal taxable and
\ndeductible temporary differences. It only applies if the recognition of a lease asset and
\nlease liability (or decommissioning liability and decommissioning asset component)
\ngive rise to taxable and deductible temporary differences that are not equal. An entity
\nshould apply the amendments to transactions that occur on or after the beginning of the
\nearliest comparative period presented. Effective for annual periods beginning on or after
\n1 January 2023.
\nThe Group is currently assessing the amendments to determine the impact it will have.
\n1.8 Changes in Accounting Policies & Disclosures
\n1.8.1 Change in Disclosure in the Consolidated Statement of Profit & Loss 2021
\nThe Group has reassessed the presentation of line items in the consolidated statement
\nof profit and loss and decided to present the Science expenses as a component of
\nResearch & Development expenses as opposed to a separate cost category on the face
\nof the Statement of Profit and Loss. Science expenses consist primarily of the costs of
\nsponsored research activities that are undertaken by universities with which ONWARD
\ncollaborates. Since its inception, ONWARD has had a close working relationship with two
\nof the founders, Gr\u00e9goire Courtine, Professor at EPFL and Jocelyne Bloch, Neurosurgeon
\nat CHUV, Professor at Universit\u00e9 de Lausanne. The activities between the Company and
\nEPFL are formalized in research agreements which govern the activities sponsored by the
\nCompany. In addition to these scientific research expenses also the consultancy expenses
\nand related shared-based payment expenses for Gr\u00e9goire Courtine and Jocelyne Bloch are
\nincluded. Science expenses therefore directly relate to and support our ongoing Research
\n& Development efforts. This presentation is also in line with companies within the industry
\nand will therefore enhance comparability.
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\nScience expenses
\nResearch & Development expenses
\n2,686
\n7,932
\n\u2013
\n10,618
\n(2,686)
\n2,686
\nThe following note was restated:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.3 Research & Development expenses*
\nStaff costs
\nOutsourced cost
\n5,218
\n2,715
\n7,773
\n2,846
\n2,555
\n131
\n7,932
10,618
2,686
\nAnd the following note has been removed:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.2 Science expenses
\nStaff costs
\nOutsourced cost
\n2,555
\n131
\n\u2013
\n\u2013
\n(2,555)
\n(131)
\n2,686
\u2013
(2,686)
\n* Note 2.2 in 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20467": {
"value": "1.7 New Accounting Standards & Developments 1.7.1 New and Amended Standards and Interpretations
\nSeveral amendments applied for the first time in 2022:
\n\u2022
Amendments to IFRS 3: Reference to the Conceptual Framework, effective
\n1 January 2022
\n\u2022
Amendments to IAS 16: Property, Plant and Equipment Proceeds before intended use,
\neffective 1 January 2022
\n\u2022
Amendments to IAS 37: Onerous Contracts \u2013 Costs of Fulfilling a Contract, effective
\n1 January 2022
\n\u2022
Annual Improvement Project IFRS 1 First-time Adoption of International Financial
\nReporting Standards \u2013 Subsidiary as a first-time adopter, effective 1 January 2022
\n\u2022
Annual Improvement Project IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities, effective 1 January 2022
\n\u2022
Annual Improvement Project IAS 41 Agriculture \u2013 Taxation in fair value measurements,
\neffective 1 January 2022
\nNone of these had a material impact on the consolidated financial statements of the
\nGroup in 2022.
\n1.7.2 Standards Issued But Not Yet Effective
\nThe new and amended standards and interpretations that are issued, but not yet effective,
\nup to the date of issuance of the Group\u2019s financial statements are listed below. The Group
\nhas not early adopted any standards, interpretations or amendments that have been
\nissued but are not yet effective. The Group intends to adopt these new and amended
\nstandards and interpretations, if applicable, when they become effective.
\n\n
\n23
\n\u2022
Classification of Liabilities as Current or Non-current - Amendments to IAS 1, effective 1
\nJanuary 2024
\n\u2022
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement
\n2, effective 1 January 2023
\n\u2022
Definition of Accounting Estimates - Amendments to IAS 8, effective 1 January 2023
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
\nAmendments to IAS 12, effective 1 January 2023
\nThe nature and impact of each of the new standards, amendments and/or interpretations
\nexpected to apply to the Group are described below:
\nAmendments to IAS 1: Classification of Liabilities as Current or Non-current
\nIn January 2020 and October 2022, the Board issued amendments to IAS 1 Presentation
\nof Financial Statements to specify the requirements for classifying liabilities as current or
\nnon-current. The amendments clarify:
\n\u2022
What is meant by a right to defer settlement
\n\u2022
That a right to defer must exist at the end of the reporting period
\n\u2022
That classification is unaffected by the likelihood that an entity will exercise its
\ndeferral right
\n\u2022
That only if an embedded derivative in a convertible liability is itself an equity
\ninstrument would the terms of a liability not impact its classification.
\n\u2022
That disclosure should be provided when a liability arising from a loan agreement is
\nclassified as non-current and the entity\u2019s right to defer settlement is contingent on
\ncompliance with future covenants within twelve months. This disclosure must include
\ninformation about the covenants and the related liabilities.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2024 and must be applied prospectively. The Group is currently assessing the impact the
\namendments will have on current practice and whether the existing loan agreement may
\nrequire renegotiation.
\nDisclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement
\n2 Making Materiality Judgments, in which it provides guidance and examples to help
\nentities apply materiality Judgments to accounting policy disclosures. The amendments
\naim to help entities provide accounting policy disclosures that are more useful by
\nreplacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies
\nwith a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance
\non how entities apply the concept of materiality in making decisions about accounting
\npolicy disclosures.
\nThe amendments to IAS 1 are applicable for annual periods beginning on or after 1 January
\n2023 with earlier application permitted. Since the amendments to the Practice Statement
\n2 provide non-mandatory guidance on the application of the definition of material to
\naccounting policy information, an effective date for these amendments is not necessary.
\nThe Group is currently assessing the impact of the amendments to determine the impact
\nthey will have on the Group\u2019s accounting policy disclosures.
\nDefinition of Accounting Estimates - Amendments to IAS 8
\nIn February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition
\nof \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in
\naccounting estimates and changes in accounting policies and the correction of errors.
\nAlso, they clarify how entities use measurement techniques and inputs to develop
\naccounting estimates.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2023 and apply to changes in accounting policies and changes in accounting estimates
\nthat occur on or after the start of the effective period. Earlier application is permitted as
\nlong as this fact is disclosed.
\nThe Group is currently assessing the amendments to determine the impact it will have.
\n\n
\n
23
\nAmendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a
\nSingle Transaction
\nIn May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial
\nrecognition exception under IAS 12, so that it no longer applies to transactions that give
\nrise to equal taxable and deductible temporary differences. The amendments clarify
\nthat where payments that settle a liability are deductible for tax purposes, it is a matter
\nof judgment (having considered the applicable tax law) whether such deductions are
\nattributable for tax purposes to the liability recognized in the financial statements (and
\ninterest expense) or to the related asset component (and interest expense). This judgment
\nis important in determining whether any temporary differences exist on initial recognition
\nof the asset and liability. Under the amendments, the initial recognition exception does
\nnot apply to transactions that, on initial recognition, give rise to equal taxable and
\ndeductible temporary differences. It only applies if the recognition of a lease asset and
\nlease liability (or decommissioning liability and decommissioning asset component)
\ngive rise to taxable and deductible temporary differences that are not equal. An entity
\nshould apply the amendments to transactions that occur on or after the beginning of the
\nearliest comparative period presented. Effective for annual periods beginning on or after
\n1 January 2023.
\nThe Group is currently assessing the amendments to determine the impact it will have.
\n1.8 Changes in Accounting Policies & Disclosures
\n1.8.1 Change in Disclosure in the Consolidated Statement of Profit & Loss 2021
\nThe Group has reassessed the presentation of line items in the consolidated statement
\nof profit and loss and decided to present the Science expenses as a component of
\nResearch & Development expenses as opposed to a separate cost category on the face
\nof the Statement of Profit and Loss. Science expenses consist primarily of the costs of
\nsponsored research activities that are undertaken by universities with which ONWARD
\ncollaborates. Since its inception, ONWARD has had a close working relationship with two
\nof the founders, Gr\u00e9goire Courtine, Professor at EPFL and Jocelyne Bloch, Neurosurgeon
\nat CHUV, Professor at Universit\u00e9 de Lausanne. The activities between the Company and
\nEPFL are formalized in research agreements which govern the activities sponsored by the
\nCompany. In addition to these scientific research expenses also the consultancy expenses
\nand related shared-based payment expenses for Gr\u00e9goire Courtine and Jocelyne Bloch are
\nincluded. Science expenses therefore directly relate to and support our ongoing Research
\n& Development efforts. This presentation is also in line with companies within the industry
\nand will therefore enhance comparability.
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\nScience expenses
\nResearch & Development expenses
\n2,686
\n7,932
\n\u2013
\n10,618
\n(2,686)
\n2,686
\nThe following note was restated:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.3 Research & Development expenses*
\nStaff costs
\nOutsourced cost
\n5,218
\n2,715
\n7,773
\n2,846
\n2,555
\n131
\n7,932
10,618
2,686
\nAnd the following note has been removed:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.2 Science expenses
\nStaff costs
\nOutsourced cost
\n2,555
\n131
\n\u2013
\n\u2013
\n(2,555)
\n(131)
\n2,686
\u2013
(2,686)
\n* Note 2.2 in 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20492": {
"value": "1.7.2 Standards Issued But Not Yet Effective
\nThe new and amended standards and interpretations that are issued, but not yet effective,
\nup to the date of issuance of the Group\u2019s financial statements are listed below. The Group
\nhas not early adopted any standards, interpretations or amendments that have been
\nissued but are not yet effective. The Group intends to adopt these new and amended
\nstandards and interpretations, if applicable, when they become effective.
\u2022
Classification of Liabilities as Current or Non-current - Amendments to IAS 1, effective 1
\nJanuary 2024
\n\u2022
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement
\n2, effective 1 January 2023
\n\u2022
Definition of Accounting Estimates - Amendments to IAS 8, effective 1 January 2023
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
\nAmendments to IAS 12, effective 1 January 2023
\nThe nature and impact of each of the new standards, amendments and/or interpretations
\nexpected to apply to the Group are described below:
\nAmendments to IAS 1: Classification of Liabilities as Current or Non-current
\nIn January 2020 and October 2022, the Board issued amendments to IAS 1 Presentation
\nof Financial Statements to specify the requirements for classifying liabilities as current or
\nnon-current. The amendments clarify:
\n\u2022
What is meant by a right to defer settlement
\n\u2022
That a right to defer must exist at the end of the reporting period
\n\u2022
That classification is unaffected by the likelihood that an entity will exercise its
\ndeferral right
\n\u2022
That only if an embedded derivative in a convertible liability is itself an equity
\ninstrument would the terms of a liability not impact its classification.
\n\u2022
That disclosure should be provided when a liability arising from a loan agreement is
\nclassified as non-current and the entity\u2019s right to defer settlement is contingent on
\ncompliance with future covenants within twelve months. This disclosure must include
\ninformation about the covenants and the related liabilities.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2024 and must be applied prospectively. The Group is currently assessing the impact the
\namendments will have on current practice and whether the existing loan agreement may
\nrequire renegotiation.
\nDisclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement
\n2 Making Materiality Judgments, in which it provides guidance and examples to help
\nentities apply materiality Judgments to accounting policy disclosures. The amendments
\naim to help entities provide accounting policy disclosures that are more useful by
\nreplacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies
\nwith a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance
\non how entities apply the concept of materiality in making decisions about accounting
\npolicy disclosures.
\nThe amendments to IAS 1 are applicable for annual periods beginning on or after 1 January
\n2023 with earlier application permitted. Since the amendments to the Practice Statement
\n2 provide non-mandatory guidance on the application of the definition of material to
\naccounting policy information, an effective date for these amendments is not necessary.
\nThe Group is currently assessing the impact of the amendments to determine the impact
\nthey will have on the Group\u2019s accounting policy disclosures.
\nDefinition of Accounting Estimates - Amendments to IAS 8
\nIn February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition
\nof \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in
\naccounting estimates and changes in accounting policies and the correction of errors.
\nAlso, they clarify how entities use measurement techniques and inputs to develop
\naccounting estimates.
\nThe amendments are effective for annual reporting periods beginning on or after 1 January
\n2023 and apply to changes in accounting policies and changes in accounting estimates
\nthat occur on or after the start of the effective period. Earlier application is permitted as
\nlong as this fact is disclosed.
\nThe Group is currently assessing the amendments to determine the impact it will have.
Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a
\nSingle Transaction
\nIn May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial
\nrecognition exception under IAS 12, so that it no longer applies to transactions that give
\nrise to equal taxable and deductible temporary differences. The amendments clarify
\nthat where payments that settle a liability are deductible for tax purposes, it is a matter
\nof judgment (having considered the applicable tax law) whether such deductions are
\nattributable for tax purposes to the liability recognized in the financial statements (and
\ninterest expense) or to the related asset component (and interest expense). This judgment
\nis important in determining whether any temporary differences exist on initial recognition
\nof the asset and liability. Under the amendments, the initial recognition exception does
\nnot apply to transactions that, on initial recognition, give rise to equal taxable and
\ndeductible temporary differences. It only applies if the recognition of a lease asset and
\nlease liability (or decommissioning liability and decommissioning asset component)
\ngive rise to taxable and deductible temporary differences that are not equal. An entity
\nshould apply the amendments to transactions that occur on or after the beginning of the
\nearliest comparative period presented. Effective for annual periods beginning on or after
\n1 January 2023.
\nThe Group is currently assessing the amendments to determine the impact it will have.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20726": {
"value": "1.8 Changes in Accounting Policies & Disclosures
\n1.8.1 Change in Disclosure in the Consolidated Statement of Profit & Loss 2021
\nThe Group has reassessed the presentation of line items in the consolidated statement
\nof profit and loss and decided to present the Science expenses as a component of
\nResearch & Development expenses as opposed to a separate cost category on the face
\nof the Statement of Profit and Loss. Science expenses consist primarily of the costs of
\nsponsored research activities that are undertaken by universities with which ONWARD
\ncollaborates. Since its inception, ONWARD has had a close working relationship with two
\nof the founders, Gr\u00e9goire Courtine, Professor at EPFL and Jocelyne Bloch, Neurosurgeon
\nat CHUV, Professor at Universit\u00e9 de Lausanne. The activities between the Company and
\nEPFL are formalized in research agreements which govern the activities sponsored by the
\nCompany. In addition to these scientific research expenses also the consultancy expenses
\nand related shared-based payment expenses for Gr\u00e9goire Courtine and Jocelyne Bloch are
\nincluded. Science expenses therefore directly relate to and support our ongoing Research
\n& Development efforts. This presentation is also in line with companies within the industry
\nand will therefore enhance comparability.
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\nScience expenses
\nResearch & Development expenses
\n2,686
\n7,932
\n\u2013
\n10,618
\n(2,686)
\n2,686
\nThe following note was restated:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.3 Research & Development expenses*
\nStaff costs
\nOutsourced cost
\n5,218
\n2,715
\n7,773
\n2,846
\n2,555
\n131
\n7,932
10,618
2,686
\nAnd the following note has been removed:
\nReported:
\n2021
\nRestated:
\n2021
\nChange
\n2.2 Science expenses
\nStaff costs
\nOutsourced cost
\n2,555
\n131
\n\u2013
\n\u2013
\n(2,555)
\n(131)
\n2,686
\u2013
(2,686)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20864": {
"value": "2.0 Segment Reporting Based on the organizational structure, as well as the nature of financial information
\navailable and reviewed by the Company\u2019s chief operating decision makers to assess
\nperformance and make decisions about resource allocations, the Company has concluded
\nthat its total operations represent one reportable segment and that the consolidated
\ndisclosures address the requirements.
\n2022
2021
\nNon-current assets
\nNetherlands
\nSwitzerland
\nUnited States of America
\n61
\n2,194
\n10,162
\n197
\n2,177
\n10,035
\nNon-current assets
12,417
12,409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20887": {
"value": "2.1 Revenues & Other Income
\nAccounting Policy:
Government subsidies are recognized where there is reasonable
\nassurance that the subsidy will be received, and all attached conditions will be complied
\nwith. When the subsidy relates to an expense item, it is recognized as income on a
\nsystematic basis over the periods that the related costs, for which it is intended to
\ncompensate, are expensed. Any outstanding receivables related to these subsidies are
\nrecorded as grants receivable. The government subsidies are presented on a gross basis
\nexcept for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
\nbasis with the expensed amount for personnel expenses.
\n2022
2021
\nGovernment subsidies (EU)
\nOther income
\n2,044
\n104
\n1,399
\n\u2013
\nTotal revenues and other income
2,148
1,399
\nGovernment subsidies have been received for the research and development of several
\ndevelopment projects. There are no unfulfilled conditions or contingencies attached to
\nthese subsidies.
\nRecognized
\nGrants
Total Grant*
2022
2021
\nCONFIRM
\nBESTABLE
\nSWISS LOCAL (one -offs)
\nPREP2GO
\nDARPA
\nZonMW
\nEISMEA \u2013 Reverse Paralysis
\nEISMEA - NEMO BMI
\nEurostars Impulse
\n416
\n100
\n\u2013
\n348
\n3,172
\n250
\n1,228
\n1,020
\n500
\n(12)
\n\u2013
\n85
\n104
\n1,412
\n83
\n273
\n85
\n14
\n139
\n16
\n41
\n139
\n981
\n83
\n\u2013
\n\u2013
\n\u2013
\nTotal**
2,044
1,399
\n* Please refer to the terms and conditions of the subsidies included below.
\n** Except for the Swiss local grant received by ONWARD Medical SA (In Switzerland), all other grants were received by ONWARD Medical
\nN.V. (In the Netherlands).
Terms & Conditions
\nCONFIRM
\nThis Eurostars funding agreement with the Swiss Innovation Agency Innosuisse for a
\ntotal amount of EUR 416k started in May 2019 and ended in October 2021, with follow
\nup reporting resulting in the additional 25.75% granting of the allocated amount. The
\nremainder of the grant was receivable in 2022 after submission of the final report. Due
\nto lesser expenses declared, the final amount was decreased. In this project, ONWARD
\ncollaborated with Inomed A.G., Universit\u00e4tsklinikum Heidelberg and EPFL to develop
\nan intra-operative neuromonitoring system and algorithms facilitating the surgical
\nimplantation of ARC
\nIM
\n.
\nBESTABLE
\nThis Eurobench funding agreement with PKF ATTEST INNCOME S.L. and the Spanish
\nNational Research Council CSIC for a total amount of EUR 100k started in September
\n2019 and ended in December 2021. An amount equal to 85% of the grant is paid during
\nthe grant period in tranches in 2019, 2020 and 2021. The remaining 15% of the total
\ngrant amount is payable after evaluation of the final report. In this project, ONWARD
\nis collaborating with the Technical University of Delft and the University Rehabilitation
\nInstitute to develop a benchmarking system for assessment of balance performance.
\nPREP2GO
\nThis Eurostars funding agreement with the Netherlands enterprise agency RVO for a
\ntotal amount of EUR 348k started in April 2020 and ends in September 2022. An amount
\nequal to 90% of the grant is paid during the grant period in tranches in 2020, 2021 and
\n2022. The remaining 10% of the grant is payable after evaluation of the final report. In this
\nproject, ONWARD is collaborating with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair
\nMedisch Centrum Utrecht and EPFL to automatize the simulation framework that was
\ndeveloped in the RESTORE project, to facilitate the pre-operative planning for ARC
\nTherapy for clinicians.
\nDARPA
\nThe DARPA grant is a five-year project that started in October 2020. The award has been
\ndivided into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a
\ntotal amount of EUR 3.172M (or USD 3.402M). The grant amounts are being charged on a
\nmonthly basis over the period based on actual costs incurred. In this project, ONWARD is
\ncollaborating with a large consortium of academic partners, companies, and consultants
\nto develop a new clinical intervention to modulate blood pressure and spinal cord perfusion
\nand oxygenation in the hours following SCI. This correspond to a roadmap development of
\nARC
\nIM
\nto be used in the hours following SCI.
\nZonMW
\nThis Dutch funding agreement is with the Netherlands Organisation for Health Research
\nand development for a total amount of EUR 250k that started in January 2021 and ends in
\nJanuary 2024. An amount equal to 80% of the grant is being paid during the grant period
\nin three equal tranches in 2021, 2022 and 2023. The remaining 20% of the grant will be
\npaid after submission of the final report. In this project, ONWARD is collaborating with
\nthe University of Bordeaux, CHUV and EPFL to develop a research interface for ARC
\nIM
\nand
\nevaluating its use to alleviate locomotor deficits in Parkinson disease.
\nEISMEA \u2013 Reverse Upper- & Lower-Limb Paralysis
\nThe European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
\nto support the development of an innovative Brain-Spine Interface technology for restoring
\nmobility and upper limb function. The EUR 3.6M grant was awarded to ONWARD and its
\nresearch partners EPFL; CEA-Clinatec and Sint Maartenskliniek. Under the terms of the
\naward, ONWARD receives EUR 1.2M. The project started 1 May 2022 and has an end date
\nof 30 April 2025, a duration of 36 months. ONWARD has received 75% as prefinancing, an
\nadditional 15% is receivable 90 days after the first periodic reporting and the final payment
\n90 days after receiving the second periodic reporting.
EISMEA \u2013 NEMO BMI
\nThe European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
\nto support the development of Motor Brain-Machine Interfaces (BMIs). BMIs translate
\nbrain neural signals into commands to external effectors. The NEMO BMI project will
\nconduct the exploration of assistance-free and easy to use portable neuroprosthetics
\nincluding wireless neuronal activity recorder, a real-time neuronal activity decoder
\nbased on integrated technologies, and a spinal cord stimulator. The EUR 3.8M grant
\nwas awarded to ONWARD and its research partners Ecole Polytechnique Federale de
\nLausanne (EPFL), Commissariat a l Energie Atomique et aux energies alternatives (CEA)
\nand Institute of Information and Communication Technologies (IICT). Under the terms of
\nthe award, ONWARD receives EUR 1M. The project started 1 October 2022 and has an
\nend date of 30 September 2025, a duration of 36 months. ONWARD has received 75% as
\nprefinancing, an additional 15% (up to 90% of the total grant) is receivable 90 days after
\nthe first periodic reporting and the final payment is receivable 90 days after receiving the
\nsecond periodic reporting.
\nEurostars \u2013 Impulse
\nThe Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\nEUR 500k that started 1 December 2022 and ends 30 November 2025, a duration of 36
\nmonths. The Impulse project focuses on closed-loop control of blood pressure for people
\nwith spinal cord injury.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20888": {
"value": "2.1 Revenues & Other Income
\nAccounting Policy:
Government subsidies are recognized where there is reasonable
\nassurance that the subsidy will be received, and all attached conditions will be complied
\nwith. When the subsidy relates to an expense item, it is recognized as income on a
\nsystematic basis over the periods that the related costs, for which it is intended to
\ncompensate, are expensed. Any outstanding receivables related to these subsidies are
\nrecorded as grants receivable. The government subsidies are presented on a gross basis
\nexcept for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
\nbasis with the expensed amount for personnel expenses.
\n2022
2021
\nGovernment subsidies (EU)
\nOther income
\n2,044
\n104
\n1,399
\n\u2013
\nTotal revenues and other income
2,148
1,399
\nGovernment subsidies have been received for the research and development of several
\ndevelopment projects. There are no unfulfilled conditions or contingencies attached to
\nthese subsidies.
\nRecognized
\nGrants
Total Grant*
2022
2021
\nCONFIRM
\nBESTABLE
\nSWISS LOCAL (one -offs)
\nPREP2GO
\nDARPA
\nZonMW
\nEISMEA \u2013 Reverse Paralysis
\nEISMEA - NEMO BMI
\nEurostars Impulse
\n416
\n100
\n\u2013
\n348
\n3,172
\n250
\n1,228
\n1,020
\n500
\n(12)
\n\u2013
\n85
\n104
\n1,412
\n83
\n273
\n85
\n14
\n139
\n16
\n41
\n139
\n981
\n83
\n\u2013
\n\u2013
\n\u2013
\nTotal**
2,044
1,399
\n* Please refer to the terms and conditions of the subsidies included below.
\n** Except for the Swiss local grant received by ONWARD Medical SA (In Switzerland), all other grants were received by ONWARD Medical
\nN.V. (In the Netherlands).
Terms & Conditions
\nCONFIRM
\nThis Eurostars funding agreement with the Swiss Innovation Agency Innosuisse for a
\ntotal amount of EUR 416k started in May 2019 and ended in October 2021, with follow
\nup reporting resulting in the additional 25.75% granting of the allocated amount. The
\nremainder of the grant was receivable in 2022 after submission of the final report. Due
\nto lesser expenses declared, the final amount was decreased. In this project, ONWARD
\ncollaborated with Inomed A.G., Universit\u00e4tsklinikum Heidelberg and EPFL to develop
\nan intra-operative neuromonitoring system and algorithms facilitating the surgical
\nimplantation of ARC
\nIM
\n.
\nBESTABLE
\nThis Eurobench funding agreement with PKF ATTEST INNCOME S.L. and the Spanish
\nNational Research Council CSIC for a total amount of EUR 100k started in September
\n2019 and ended in December 2021. An amount equal to 85% of the grant is paid during
\nthe grant period in tranches in 2019, 2020 and 2021. The remaining 15% of the total
\ngrant amount is payable after evaluation of the final report. In this project, ONWARD
\nis collaborating with the Technical University of Delft and the University Rehabilitation
\nInstitute to develop a benchmarking system for assessment of balance performance.
\nPREP2GO
\nThis Eurostars funding agreement with the Netherlands enterprise agency RVO for a
\ntotal amount of EUR 348k started in April 2020 and ends in September 2022. An amount
\nequal to 90% of the grant is paid during the grant period in tranches in 2020, 2021 and
\n2022. The remaining 10% of the grant is payable after evaluation of the final report. In this
\nproject, ONWARD is collaborating with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair
\nMedisch Centrum Utrecht and EPFL to automatize the simulation framework that was
\ndeveloped in the RESTORE project, to facilitate the pre-operative planning for ARC
\nTherapy for clinicians.
\nDARPA
\nThe DARPA grant is a five-year project that started in October 2020. The award has been
\ndivided into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a
\ntotal amount of EUR 3.172M (or USD 3.402M). The grant amounts are being charged on a
\nmonthly basis over the period based on actual costs incurred. In this project, ONWARD is
\ncollaborating with a large consortium of academic partners, companies, and consultants
\nto develop a new clinical intervention to modulate blood pressure and spinal cord perfusion
\nand oxygenation in the hours following SCI. This correspond to a roadmap development of
\nARC
\nIM
\nto be used in the hours following SCI.
\nZonMW
\nThis Dutch funding agreement is with the Netherlands Organisation for Health Research
\nand development for a total amount of EUR 250k that started in January 2021 and ends in
\nJanuary 2024. An amount equal to 80% of the grant is being paid during the grant period
\nin three equal tranches in 2021, 2022 and 2023. The remaining 20% of the grant will be
\npaid after submission of the final report. In this project, ONWARD is collaborating with
\nthe University of Bordeaux, CHUV and EPFL to develop a research interface for ARC
\nIM
\nand
\nevaluating its use to alleviate locomotor deficits in Parkinson disease.
\nEISMEA \u2013 Reverse Upper- & Lower-Limb Paralysis
\nThe European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
\nto support the development of an innovative Brain-Spine Interface technology for restoring
\nmobility and upper limb function. The EUR 3.6M grant was awarded to ONWARD and its
\nresearch partners EPFL; CEA-Clinatec and Sint Maartenskliniek. Under the terms of the
\naward, ONWARD receives EUR 1.2M. The project started 1 May 2022 and has an end date
\nof 30 April 2025, a duration of 36 months. ONWARD has received 75% as prefinancing, an
\nadditional 15% is receivable 90 days after the first periodic reporting and the final payment
\n90 days after receiving the second periodic reporting.
EISMEA \u2013 NEMO BMI
\nThe European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
\nto support the development of Motor Brain-Machine Interfaces (BMIs). BMIs translate
\nbrain neural signals into commands to external effectors. The NEMO BMI project will
\nconduct the exploration of assistance-free and easy to use portable neuroprosthetics
\nincluding wireless neuronal activity recorder, a real-time neuronal activity decoder
\nbased on integrated technologies, and a spinal cord stimulator. The EUR 3.8M grant
\nwas awarded to ONWARD and its research partners Ecole Polytechnique Federale de
\nLausanne (EPFL), Commissariat a l Energie Atomique et aux energies alternatives (CEA)
\nand Institute of Information and Communication Technologies (IICT). Under the terms of
\nthe award, ONWARD receives EUR 1M. The project started 1 October 2022 and has an
\nend date of 30 September 2025, a duration of 36 months. ONWARD has received 75% as
\nprefinancing, an additional 15% (up to 90% of the total grant) is receivable 90 days after
\nthe first periodic reporting and the final payment is receivable 90 days after receiving the
\nsecond periodic reporting.
\nEurostars \u2013 Impulse
\nThe Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\nEUR 500k that started 1 December 2022 and ends 30 November 2025, a duration of 36
\nmonths. The Impulse project focuses on closed-loop control of blood pressure for people
\nwith spinal cord injury.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20890": {
"value": "2.1 Revenues & Other Income
\nAccounting Policy:
Government subsidies are recognized where there is reasonable
\nassurance that the subsidy will be received, and all attached conditions will be complied
\nwith. When the subsidy relates to an expense item, it is recognized as income on a
\nsystematic basis over the periods that the related costs, for which it is intended to
\ncompensate, are expensed. Any outstanding receivables related to these subsidies are
\nrecorded as grants receivable. The government subsidies are presented on a gross basis
\nexcept for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
\nbasis with the expensed amount for personnel expenses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20891": {
"value": "2.1 Revenues & Other Income
\nAccounting Policy:
Government subsidies are recognized where there is reasonable
\nassurance that the subsidy will be received, and all attached conditions will be complied
\nwith. When the subsidy relates to an expense item, it is recognized as income on a
\nsystematic basis over the periods that the related costs, for which it is intended to
\ncompensate, are expensed. Any outstanding receivables related to these subsidies are
\nrecorded as grants receivable. The government subsidies are presented on a gross basis
\nexcept for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
\nbasis with the expensed amount for personnel expenses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21182": {
"value": "2.2 Research & Development Expenses
\nAccounting Policy:
Research costs are expensed as incurred. Development expenditures on
\nan individual project are recognized as an intangible asset when the Group can demonstrate:
\n\u2022
The technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale
\n\u2022
Its intention to complete and its ability to use or sell the asset
\n\u2022
How the asset will generate future economic benefits
\n\u2022
The availability of resources to complete the asset
\n\u2022
The ability to measure reliably the expenditure during development
\n\u2022
The ability to use the intangible asset generated
\nSignificant Estimate:
The Group has evaluated the nature of the project research and
\ndevelopment costs and concluded that all expenses incurred were related to research
\nand pre-development of future products. Therefore, all costs have been expensed and are
\nrecognized in the statement of profit and loss.
\n2022
2021
\nStaff costs
\nOutsourced cost
\n8,385
\n4,753
\n7,773
\n2,846
\n13,138
10,618
\nThe Company\u2019s research and development expenses consist primarily of the cost of
\nexternal suppliers and third-party contractors involved in the design and development
\nof the ARC
\nEX
\nand ARC
\nIM
\nsystems as well as the employee related expenses for research
\nand development, including salaries and benefits. The increase in 2022 is driven by
\nadvancements made on our ARC
\nEX
\nand ARC
\nIM
\nplatforms.
2.3 Clinical & Regulatory Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n3,204
\n2,543
\n2,905
\n1,871
\n5,747
4,775
\nThe Company\u2019s clinical and regulatory expenses consist of the employee related expenses
\nincluding salaries and benefits for employees working on clinical trials. Clinical expenses in
\n2022 primarily relate to the completion of the Up-LIFT pivotal and LIFT Home clinical trials.
2.5 Patent fees & Related Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n400
\n1,149
\n329
\n1,032
\n1,549
1,361
\nThe Company\u2019s patents fees and related expenses include the cost for patent prosecution
\napplications, consulting fees for new innovative ideas as well as annuity maintenance fees
\nand license fees for existing ideas as well as related employee expenses, including salary
\nand benefits in the area of business development.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21183": {
"value": "2.2 Research & Development Expenses
\nAccounting Policy:
Research costs are expensed as incurred. Development expenditures on
\nan individual project are recognized as an intangible asset when the Group can demonstrate:
\n\u2022
The technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale
\n\u2022
Its intention to complete and its ability to use or sell the asset
\n\u2022
How the asset will generate future economic benefits
\n\u2022
The availability of resources to complete the asset
\n\u2022
The ability to measure reliably the expenditure during development
\n\u2022
The ability to use the intangible asset generated
\nSignificant Estimate:
The Group has evaluated the nature of the project research and
\ndevelopment costs and concluded that all expenses incurred were related to research
\nand pre-development of future products. Therefore, all costs have been expensed and are
\nrecognized in the statement of profit and loss.
\n2022
2021
\nStaff costs
\nOutsourced cost
\n8,385
\n4,753
\n7,773
\n2,846
\n13,138
10,618
\nThe Company\u2019s research and development expenses consist primarily of the cost of
\nexternal suppliers and third-party contractors involved in the design and development
\nof the ARC
\nEX
\nand ARC
\nIM
\nsystems as well as the employee related expenses for research
\nand development, including salaries and benefits. The increase in 2022 is driven by
\nadvancements made on our ARC
\nEX
\nand ARC
\nIM
\nplatforms.
2.3 Clinical & Regulatory Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n3,204
\n2,543
\n2,905
\n1,871
\n5,747
4,775
\nThe Company\u2019s clinical and regulatory expenses consist of the employee related expenses
\nincluding salaries and benefits for employees working on clinical trials. Clinical expenses in
\n2022 primarily relate to the completion of the Up-LIFT pivotal and LIFT Home clinical trials.
\n2.4 Marketing & Market Access Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n949
\n1,002
\n916
\n600
\n1,951
1,516
\nThe Company\u2019s marketing and market access expenses include the investigating
\nactivities on the future therapy reimbursement performed by third party consultants
\nand attendance of key events to create awareness within the SCI community of our ARC
\ntherapies and technology.
\n2.5 Patent fees & Related Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n400
\n1,149
\n329
\n1,032
\n1,549
1,361
\nThe Company\u2019s patents fees and related expenses include the cost for patent prosecution
\napplications, consulting fees for new innovative ideas as well as annuity maintenance fees
\nand license fees for existing ideas as well as related employee expenses, including salary
\nand benefits in the area of business development.
\n2.6 Quality Assurance Expenses
\n2022
2021
\nStaff costs
\nOutsourced cost
\n1,045
\n183
\n960
\n33
\n1,228
993
\nQuality assurance expenses consist primarily of quality control, quality assurance and
\nregulatory expenses. These expenses include employee expenses, including salary benefits
\nfor personnel, consulting, testing and travel expenses.
2.7 General & Administrative Expenses
\n2022
2021
\nStaff costs
\nOther operating expenses
\nDepreciation and amortization expense
\n4,299
\n5,529
\n735
\n5,968
\n4,370
\n329
\n10,563
10,667
\nThe Company\u2019s general and administrative expenses consist of employee expenses,
\nincluding salary and benefits for personnel and contractors in executive, finance,
\naccounting, tax, and human resources, as well as operating expenses relating to audit,
\nlegal and supply chain.
\n2.8 Employee Benefit Expenses
\nAccounting Policy:
\nShort-Term Employee Benefits
\nShort-term employee benefits include salaries and social security contributions, social
\ntaxes, paid vacation and bonuses. They are recognized as expenses for the period in which
\nemployees perform the corresponding services. Outstanding payments at the end of the
\nperiod are shown as other current liabilities.
\nPost-Employment Benefits
\nGroup companies operate various pension schemes. The schemes are funded through
\npayments to insurance companies or trustee-administered funds, determined by periodic
\nactuarial calculations. The Group has both defined benefit and defined contribution plans.
\nDefined Contribution Plan
\nA defined contribution plan is a pension plan under which the Group pays fixed
\ncontributions into a separate entity. The Group has no legal or constructive obligations
\nto pay further contributions if the fund does not hold sufficient assets to pay all benefits
\nto employees relating to employee services in the current and prior periods. For defined
\ncontribution plans, the Group pays contributions to publicly or privately administered
\npension insurance plans on a mandatory, contractual or voluntary basis. The Group has no
\nfurther payment obligations once the contributions have been paid. The contributions are
\nrecognized as personnel expenses in the consolidated income statement when due.
\nAll related expenses are recognized in the consolidated statement of profit and loss.
\nContributions payable or prepaid contributions as at year-end are recognized under
\naccruals and deferred income, and prepayments and accrued income, respectively.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
Significant Estimate:
The cost of the defined benefit pension plan and the present value
\nof the pension obligation are determined using actuarial valuations. An actuarial valuation
\ninvolves making various assumptions that may differ from actual developments in the
\nfuture. These include the determination of the discount rate, future salary increases,
\nmortality rates and future pension increases. Due to the complexities involved in the
\nvaluation and its long-term nature, a defined benefit obligation is sensitive to changes in
\nthese assumptions. All assumptions are reviewed at each reporting date.
\n2022
2021
\nWages and salaries
\nSocial security costs
\nPension costs \u2013 defined benefit plan
\nPension costs \u2013 other
\nShare based benefit expenses
\nOther labour costs
\n11,653
\n1,275
\n604
\n82
\n1,691
\n2,977
\n7,203
\n908
\n445
\n101
\n8,564
\n1,629
\n18,282
18,850
\nAs at 31 December 2022, the ONWARD Group employed 96.1 full-time equivalents,
\nincluding white-collar employees and contractors. The following table presents a
\nbreakdown of the Company\u2019s full-time equivalents as at 31 December 2022 and 2021:
\n2022
2021
\nResearch & Development
\nClinical & Regulatory
\nMarketing & Market Access
\nPatent fees & Related
\nQuality Assurance
\nGeneral & Administrative
\n48.8
\n18.9
\n3.8
\n1.0
\n7.8
\n15.8
\n41.8
\n15.7
\n2.0
\n1.0
\n4.8
\n11.6
\n96.1
76.9
\nAs of 31 December 2022, the Company had 16.3 full-time equivalents located in the
\nNetherlands (2021: 35.5), 68.3 full-time equivalents located in Switzerland (2021: 32.9) and
\n11.5 (2021: 8.5) full-time equivalents located in the United States.
\n2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
Significant Estimate:
The Group measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instruments at the date at which
\nthey are granted. Estimating fair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model, which is dependent on the terms
\nand conditions of the grant.
\nEmployee Investment Plan (EIP)
\nUnder the Employee Investment Plan, eligible employees had the opportunity to subscribe
\nfor, indirectly via Stichting G-Therapeutics Participaties (\u201cSTAK\u201d), an equity stake in
\nONWARD Medical N.V..Eligible employees were granted depository receipts (DR) via the
\nSTAK by means of a deed of issuance. In article 3.2. of the Deed of issuance of the DRs it
\nwas determined that a trade sale of the Company or an IPO, of not less than EUR 50M at
\na price per share to the public not less than EUR 5,- per share, would trigger accelerated
\nvesting of the DR\u2019s. The IPO on 21 October 2021 raised EUR 80M at a share price of EUR
\n12.75. Taking into account the reversed stock split that was contemplated just prior to the
\nIPO the share price would have been EUR 5.10 per share on the outstanding shares prior
\nto the reversed stock split. As both conditions of the IPO event were met, all DR\u2019s were
\ndeemed fully vested at 21 October 2021. The vesting resulted in a share-based payment
\nexpense of EUR 8.5M and a corresponding increase in equity.
\nLong-Term Incentive Plan (LTIP)
\nFollowing the IPO, and the vesting of the EIP, the Board has agreed upon a new LTIP plan
\nto align the Employee\u2019s interest with the interests of the Shareholders and to allow the
\nemployee to participate in the long-term growth of the Company. The LTIP is an omnibus
\nplan with the flexibility to issue different type of equity incentives.
\nONWARD awarded options over its ordinary shares to participants (referred to as the
\n\u201cAward\u201d or \u201cGrant\u2019) on the Grant Dates as specified in the table below. Each option
\nrepresents the right to receive one ordinary share of ONWARD against payment of the
\nexercise price. The options expire 10 years after the Grant Date and become exercisable
\non vesting. The Grant is subject to continued provision of services to the Company under
\na graded vesting schedule, with 25% of the Grant vesting on the first anniversary of the
\nGrant Date, and the remaining 75% of the Grant vesting in equal, monthly tranches over
\nthe 3 years following the first anniversary of the Grant Date (i.e.2.083% per month). The
\nnumber of Options that will vest and become unconditional is only subject to a continued
\nservice condition. All options granted have the same conditions. Options do not settle
\nautomatically and are exercised at the option of the participant.
\nFinancial
\nYear
\nGrant
\nDate
\nType of
\nSecurity
\nNumber
\nof Options
\nGranted
\nExercise
\nPrice
\nExpiration
\nDate
\nFair
\nValue
\n2021
15/12/2021
Stock
\nOptions
\n612,000
EUR 9.70
15/12/2031
EUR 4.89
\n2022
1/4/2022
Stock
\nOptions
\n169,800
EUR 7.64
1/4/2032
EUR4.18
\n2022
26/9/2022
Stock
\nOptions
\n166,350
EUR 5.70
26/9/2032
EUR 3.19
\nThis fair value per option has been applied to the granted awarded for the recognition of
\nthe share-based payment expense recognized:
\n2022
2021
\nShare-based payment expense
1,691
69
\n1,691
69
The table below summarizes the number and weighted average exercise prices (WAEP) of,
\nand movements in, share options during the year:
\n2022
\nNumber
\n2022
\nWAEP
\n2021
\nNumber
\n2021
\nWAEP
\nOutstanding at 1 January
\nGranted during the year
\nForfeited during the year
\nExercised during the year
\n612,000
\n336,150
\n(75,025)
\n\u2013
\nEUR 9.70
\nEUR 6.68
\nEUR 9.40
\n\u2013
\n\u2013
\n612,000
\n\u2013
\n\u2013
\n\u2013
\nEUR 9.70
\n\u2013
\n\u2013
\nOutstanding at 31 December
873,125
EUR 7.41
612,000
EUR 9.70
\n2022
\nNumber
\n2022
\nWAEP
\nExercisable at 31 December
143,089
EUR 9.70
\nThe weighted average remaining contractual life for the share options outstanding at 31
\nDecember 2022 was 9.2 years (2021: 10 years).
\nThe weighted average fair value of options granted during the year was EUR 3.69 (2020:
\nEUR 4.89).
\nThe range of exercise prices for options outstanding at the end of the year was EUR 5.70 to
\nEUR 9.70 (2021: EUR 9.70).
\nThe fair value of the awarded options was determined by applying a Binomial Option
\nPricing Model that allows for exercising of the option before the end of the option\u2019s life.
\nAs the Options cannot be exercised between the Grant Date and the vesting date, the Hull-
\nWhite binomial formula, commonly used to value American options, was used. With the
\nHull-White model the impact of a certain time-based event \u2013 such as a vesting period, or
\nan early exercise \u2013 can be taken into account.
\nDue to the different vesting dates for the different tranches in the option we have
\ncalculated the unique option values per tranche according to each vesting date. The total
\noption value per employee is then derived using a weighted average overall calculated
\noption value for each vesting date.
\nThe following parameters were used in the option model for the calculation of the fair value
\nof the options as per each grant date:
\n2022\u201309
2022\u201304
2021\u201312
\nFair value on date of measurement (EUR)
3.19
4.18
4.89
\nShare price (EUR)
\nExercise price (EUR)
\nExpected volatility
\nTerm of the option
\nExpected dividend
\nRisk-free interest rate
\nTime to expiration
\n5.70
\n5.70
\n59.30%
\n4
\na
\n-
\n2.1%
\n10
\n7.64
\n7.64
\n59.20%
\n4
\na
\n\u2013
\n0.55%
\n10
\n9.20
\n9.70
\n58.90%
\n4
\na
\n\u2013
\n-0.30%
\n10
\na: Vesting period is 1 \u2013 4 years and depends on the vesting date of the specific tranche.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21185": {
"value": "2.2 Research & Development Expenses
\nAccounting Policy:
Research costs are expensed as incurred. Development expenditures on
\nan individual project are recognized as an intangible asset when the Group can demonstrate:
\n\u2022
The technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale
\n\u2022
Its intention to complete and its ability to use or sell the asset
\n\u2022
How the asset will generate future economic benefits
\n\u2022
The availability of resources to complete the asset
\n\u2022
The ability to measure reliably the expenditure during development
\n\u2022
The ability to use the intangible asset generated
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21186": {
"value": "2.2 Research & Development Expenses
\nAccounting Policy:
Research costs are expensed as incurred. Development expenditures on
\nan individual project are recognized as an intangible asset when the Group can demonstrate:
\n\u2022
The technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale
\n\u2022
Its intention to complete and its ability to use or sell the asset
\n\u2022
How the asset will generate future economic benefits
\n\u2022
The availability of resources to complete the asset
\n\u2022
The ability to measure reliably the expenditure during development
\n\u2022
The ability to use the intangible asset generated
2.8 Employee Benefit Expenses
\nAccounting Policy:
\nShort-Term Employee Benefits
\nShort-term employee benefits include salaries and social security contributions, social
\ntaxes, paid vacation and bonuses. They are recognized as expenses for the period in which
\nemployees perform the corresponding services. Outstanding payments at the end of the
\nperiod are shown as other current liabilities.
\nPost-Employment Benefits
\nGroup companies operate various pension schemes. The schemes are funded through
\npayments to insurance companies or trustee-administered funds, determined by periodic
\nactuarial calculations. The Group has both defined benefit and defined contribution plans.
\nDefined Contribution Plan
\nA defined contribution plan is a pension plan under which the Group pays fixed
\ncontributions into a separate entity. The Group has no legal or constructive obligations
\nto pay further contributions if the fund does not hold sufficient assets to pay all benefits
\nto employees relating to employee services in the current and prior periods. For defined
\ncontribution plans, the Group pays contributions to publicly or privately administered
\npension insurance plans on a mandatory, contractual or voluntary basis. The Group has no
\nfurther payment obligations once the contributions have been paid. The contributions are
\nrecognized as personnel expenses in the consolidated income statement when due.
\nAll related expenses are recognized in the consolidated statement of profit and loss.
\nContributions payable or prepaid contributions as at year-end are recognized under
\naccruals and deferred income, and prepayments and accrued income, respectively.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21435": {
"value": "2.7 General & Administrative Expenses
\n2022
2021
\nStaff costs
\nOther operating expenses
\nDepreciation and amortization expense
\n4,299
\n5,529
\n735
\n5,968
\n4,370
\n329
\n10,563
10,667
\nThe Company\u2019s general and administrative expenses consist of employee expenses,
\nincluding salary and benefits for personnel and contractors in executive, finance,
\naccounting, tax, and human resources, as well as operating expenses relating to audit,
\nlegal and supply chain.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21455": {
"value": "2.8 Employee Benefit Expenses
\nAccounting Policy:
\nShort-Term Employee Benefits
\nShort-term employee benefits include salaries and social security contributions, social
\ntaxes, paid vacation and bonuses. They are recognized as expenses for the period in which
\nemployees perform the corresponding services. Outstanding payments at the end of the
\nperiod are shown as other current liabilities.
\nPost-Employment Benefits
\nGroup companies operate various pension schemes. The schemes are funded through
\npayments to insurance companies or trustee-administered funds, determined by periodic
\nactuarial calculations. The Group has both defined benefit and defined contribution plans.
\nDefined Contribution Plan
\nA defined contribution plan is a pension plan under which the Group pays fixed
\ncontributions into a separate entity. The Group has no legal or constructive obligations
\nto pay further contributions if the fund does not hold sufficient assets to pay all benefits
\nto employees relating to employee services in the current and prior periods. For defined
\ncontribution plans, the Group pays contributions to publicly or privately administered
\npension insurance plans on a mandatory, contractual or voluntary basis. The Group has no
\nfurther payment obligations once the contributions have been paid. The contributions are
\nrecognized as personnel expenses in the consolidated income statement when due.
\nAll related expenses are recognized in the consolidated statement of profit and loss.
\nContributions payable or prepaid contributions as at year-end are recognized under
\naccruals and deferred income, and prepayments and accrued income, respectively.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
Significant Estimate:
The cost of the defined benefit pension plan and the present value
\nof the pension obligation are determined using actuarial valuations. An actuarial valuation
\ninvolves making various assumptions that may differ from actual developments in the
\nfuture. These include the determination of the discount rate, future salary increases,
\nmortality rates and future pension increases. Due to the complexities involved in the
\nvaluation and its long-term nature, a defined benefit obligation is sensitive to changes in
\nthese assumptions. All assumptions are reviewed at each reporting date.
\n2022
2021
\nWages and salaries
\nSocial security costs
\nPension costs \u2013 defined benefit plan
\nPension costs \u2013 other
\nShare based benefit expenses
\nOther labour costs
\n11,653
\n1,275
\n604
\n82
\n1,691
\n2,977
\n7,203
\n908
\n445
\n101
\n8,564
\n1,629
\n18,282
18,850
\nAs at 31 December 2022, the ONWARD Group employed 96.1 full-time equivalents,
\nincluding white-collar employees and contractors. The following table presents a
\nbreakdown of the Company\u2019s full-time equivalents as at 31 December 2022 and 2021:
\n2022
2021
\nResearch & Development
\nClinical & Regulatory
\nMarketing & Market Access
\nPatent fees & Related
\nQuality Assurance
\nGeneral & Administrative
\n48.8
\n18.9
\n3.8
\n1.0
\n7.8
\n15.8
\n41.8
\n15.7
\n2.0
\n1.0
\n4.8
\n11.6
\n96.1
76.9
\nAs of 31 December 2022, the Company had 16.3 full-time equivalents located in the
\nNetherlands (2021: 35.5), 68.3 full-time equivalents located in Switzerland (2021: 32.9) and
\n11.5 (2021: 8.5) full-time equivalents located in the United States.
2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
5.0 Post-Employment Benefits: Defined Benefit Obligation Accounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
profit and loss. 2022
2021
\nPlan assets
\nObligation
\n3,879
\n(5,001)
\n1,756
\n(3,144)
\nNet liability
1,121
1,388
\nA defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
\ndefined benefit plans specify an amount of pension benefit that an employee will receive
\nupon retirement, typically dependent on one or more factors such as age, years of service
\nand compensation. The benefits paid to employees in Switzerland qualify as a defined
\nbenefit plan.
\nThe pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
\nPension Fund provides benefits for retirement, disability and surviving dependents that
\nmeet or exceed the minimum benefits required under the Federal Law on Occupational
\nRetirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
\ncharge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
\nis split equally between the employer and the employees. Contributions, which vary by
\nthe age of the employees, range from 6-13% of the covered salary and are credited to the
\nemployees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
\ncapital investments and pursues an investment strategy with a prescribed investment
\npolicy. The Group assumes an average retirement age of 62 (female) and 63 (male),
\nrespectively. Upon retiring (including early and partial retirement), insured persons are
\nentitled to a lifelong retirement pension if employees do not choose to withdraw the entire
\nbalance, or portion thereof, of their individual retirement savings accounts in the form of a
\ncapital payment.
\nThe Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
\nfrom the Group and is governed by a foundation board. In addition, there is a pension fund
\ncommission comprised of two employee and two employer representatives. The duties of
\nthe foundation board, as well as the pension fund commission, are laid out in the BVG and
\nthe specific pension fund rules. They are required by law to act in the best interest of the
\nparticipants and are responsible for setting certain policies (e.g. investment, contribution
\nand indexation policies) for the Pension Fund. At least four times a year, the foundation
\nboard, as well as the pension fund commission, meet to analyze consequences and decide
\non adjustments in the investment strategy.
\nPursuant to the BVG, additional employer and employee contributions may be imposed
\nwhenever a significant funding deficit arises in accordance with the BVG. In addition to
\ninvestment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk
\nand interest rate risk.
\nIn addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
\nmanagement also provides retirement benefits and risk insurance for death and disability
\nfor components of remuneration in excess of the maximum insurable amount of salary
\nunder the plan described above.
\nMovement of Net Defined-Benefit Liability
\n2022
2021
\nBalance as at January 1
1,388
399
\nService costs
\nAdmin costs
\nPast service costs
\n562
\n43
\n\u2013
\n167
\n14
\n264
\nEmployee benefit expenses
\nNet interest costs / (income)
\n605
\n3
\n445
\n(1)
\nIncluded in statement of profit and loss
608
444
\nActuarial gains / (losses)
\n\u2013 Financial assumptions
\n\u2013 Demographic assumptions
\n\u2013 Experience adjustment
\n\u2013 Return on assets excluding interest income
\n(1,956)
\n\u2013
\n1,286
\n184
\n(94)
\n\u2013
\n727
\n81
\nExchange rate differences
\n(486)
\n65
\n714
\n30
\nIncluded in statement of comprehensive income
(421)
744
\nContributions by employer
(454)
(199)
\nBalance as at December 31
1,121
1,388
The principal assumptions used in determining post-employment (pension) benefit
\nobligations for the plan are shown below:
\n2022
2021
\nDiscount rate
\nSalary increase
\nInterest credit rate
\nMortality base table
\nLongevity improvement
\n2,30%
\n2,50%
\n1,00%
\nBVG2020
\nCMI2018; 1,25%
\n0,30%
\n2,50%
\n0,60%
\nBVG2020
\nCMI2018; 1,25%
\nA quantitative sensitivity analysis for significant assumptions as at 31 December is
\nshown below:
\n2022
2021
\nDiscount rate
\n+ 25bps
\n- 25bps
\nSalary increase
\n+ 25bps
\n- 25bps
\nInterest credit rate
\n+ 25bps
\n- 25bps
\nMortality base table
\nLife expectancy + 1 year
\nLife expectancy - 1 year
\n(190)
\n203
\n84
\n(80)
\n76
\n(73)
\n27
\n(26)
\n(147)
\n159
\n102
\n(62)
\n30
\n(29)
\n35
\n(33)
\nThe sensitivity analyses have been determined based on a method that extrapolates
\nthe impact on the defined benefit obligation as a result of reasonable changes in key
\nassumptions occurring at the end of the reporting period. The sensitivity analyses are
\nbased on a change in a significant assumption, keeping all other assumptions constant.
\nThe sensitivity analyses may not be representative of an actual change in the defined
\nbenefit obligation as it is unlikely that changes in assumptions would occur in isolation
\nfrom one another.
\nThe following are the expected payments or contributions to the defined benefit plan in
\nfuture years:
\n2022
2021
\nWithin the next 12 months
\nBetween 2 and 5 years
\nBeyond 5 years
\n281
\n1,426
\n2,540
\n123
\n640
\n1,428
\nTotal expected payments
4,247
2,191
\nThe average duration of the defined benefit plan obligation at the end of the reporting
\nperiod is 16 years (2021: 19 years).
\nPlan Assets Allocation
\nThe asset allocation in the Swiss pension plan at December 31 was as follows:
\n2022
2021
\nBonds
\nEquities
\nLoans
\nMortgages
\nReal Estate
\nCash, derivatives and funds
\n2,309
\n\u2013
\n134
\n504
\n872
\n60
\n1,004
\n168
\n52
\n207
\n300
\n25
\n3,879
1,756
\nPlan assets in 2022 do not include property occupied by or financial instruments issued
by ONWARD. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21457": {
"value": "2.8 Employee Benefit Expenses
\nAccounting Policy:
\nShort-Term Employee Benefits
\nShort-term employee benefits include salaries and social security contributions, social
\ntaxes, paid vacation and bonuses. They are recognized as expenses for the period in which
\nemployees perform the corresponding services. Outstanding payments at the end of the
\nperiod are shown as other current liabilities.
\nPost-Employment Benefits
\nGroup companies operate various pension schemes. The schemes are funded through
\npayments to insurance companies or trustee-administered funds, determined by periodic
\nactuarial calculations. The Group has both defined benefit and defined contribution plans.
\nDefined Contribution Plan
\nA defined contribution plan is a pension plan under which the Group pays fixed
\ncontributions into a separate entity. The Group has no legal or constructive obligations
\nto pay further contributions if the fund does not hold sufficient assets to pay all benefits
\nto employees relating to employee services in the current and prior periods. For defined
\ncontribution plans, the Group pays contributions to publicly or privately administered
\npension insurance plans on a mandatory, contractual or voluntary basis. The Group has no
\nfurther payment obligations once the contributions have been paid. The contributions are
\nrecognized as personnel expenses in the consolidated income statement when due.
\nAll related expenses are recognized in the consolidated statement of profit and loss.
\nContributions payable or prepaid contributions as at year-end are recognized under
\naccruals and deferred income, and prepayments and accrued income, respectively.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
5.0 Post-Employment Benefits: Defined Benefit Obligation Accounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21462": {
"value": "2.8 Employee Benefit ExpensesAs at 31 December 2022, the ONWARD Group employed 96.1 full-time equivalents,
\nincluding white-collar employees and contractors. The following table presents a
\nbreakdown of the Company\u2019s full-time equivalents as at 31 December 2022 and 2021:
\n2022
2021
\nResearch & Development
\nClinical & Regulatory
\nMarketing & Market Access
\nPatent fees & Related
\nQuality Assurance
\nGeneral & Administrative
\n48.8
\n18.9
\n3.8
\n1.0
\n7.8
\n15.8
\n41.8
\n15.7
\n2.0
\n1.0
\n4.8
\n11.6
\n96.1
76.9
\nAs of 31 December 2022, the Company had 16.3 full-time equivalents located in the
\nNetherlands (2021: 35.5), 68.3 full-time equivalents located in Switzerland (2021: 32.9) and
\n11.5 (2021: 8.5) full-time equivalents located in the United States.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21636": {
"value": "2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
Significant Estimate:
The Group measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instruments at the date at which
\nthey are granted. Estimating fair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model, which is dependent on the terms
\nand conditions of the grant.
\nEmployee Investment Plan (EIP)
\nUnder the Employee Investment Plan, eligible employees had the opportunity to subscribe
\nfor, indirectly via Stichting G-Therapeutics Participaties (\u201cSTAK\u201d), an equity stake in
\nONWARD Medical N.V..Eligible employees were granted depository receipts (DR) via the
\nSTAK by means of a deed of issuance. In article 3.2. of the Deed of issuance of the DRs it
\nwas determined that a trade sale of the Company or an IPO, of not less than EUR 50M at
\na price per share to the public not less than EUR 5,- per share, would trigger accelerated
\nvesting of the DR\u2019s. The IPO on 21 October 2021 raised EUR 80M at a share price of EUR
\n12.75. Taking into account the reversed stock split that was contemplated just prior to the
\nIPO the share price would have been EUR 5.10 per share on the outstanding shares prior
\nto the reversed stock split. As both conditions of the IPO event were met, all DR\u2019s were
\ndeemed fully vested at 21 October 2021. The vesting resulted in a share-based payment
\nexpense of EUR 8.5M and a corresponding increase in equity.
\nLong-Term Incentive Plan (LTIP)
\nFollowing the IPO, and the vesting of the EIP, the Board has agreed upon a new LTIP plan
\nto align the Employee\u2019s interest with the interests of the Shareholders and to allow the
\nemployee to participate in the long-term growth of the Company. The LTIP is an omnibus
\nplan with the flexibility to issue different type of equity incentives.
\nONWARD awarded options over its ordinary shares to participants (referred to as the
\n\u201cAward\u201d or \u201cGrant\u2019) on the Grant Dates as specified in the table below. Each option
\nrepresents the right to receive one ordinary share of ONWARD against payment of the
\nexercise price. The options expire 10 years after the Grant Date and become exercisable
\non vesting. The Grant is subject to continued provision of services to the Company under
\na graded vesting schedule, with 25% of the Grant vesting on the first anniversary of the
\nGrant Date, and the remaining 75% of the Grant vesting in equal, monthly tranches over
\nthe 3 years following the first anniversary of the Grant Date (i.e.2.083% per month). The
\nnumber of Options that will vest and become unconditional is only subject to a continued
\nservice condition. All options granted have the same conditions. Options do not settle
\nautomatically and are exercised at the option of the participant.
\nFinancial
\nYear
\nGrant
\nDate
\nType of
\nSecurity
\nNumber
\nof Options
\nGranted
\nExercise
\nPrice
\nExpiration
\nDate
\nFair
\nValue
\n2021
15/12/2021
Stock
\nOptions
\n612,000
EUR 9.70
15/12/2031
EUR 4.89
\n2022
1/4/2022
Stock
\nOptions
\n169,800
EUR 7.64
1/4/2032
EUR4.18
\n2022
26/9/2022
Stock
\nOptions
\n166,350
EUR 5.70
26/9/2032
EUR 3.19
\nThis fair value per option has been applied to the granted awarded for the recognition of
\nthe share-based payment expense recognized:
\n2022
2021
\nShare-based payment expense
1,691
69
\n1,691
69
The table below summarizes the number and weighted average exercise prices (WAEP) of,
\nand movements in, share options during the year:
\n2022
\nNumber
\n2022
\nWAEP
\n2021
\nNumber
\n2021
\nWAEP
\nOutstanding at 1 January
\nGranted during the year
\nForfeited during the year
\nExercised during the year
\n612,000
\n336,150
\n(75,025)
\n\u2013
\nEUR 9.70
\nEUR 6.68
\nEUR 9.40
\n\u2013
\n\u2013
\n612,000
\n\u2013
\n\u2013
\n\u2013
\nEUR 9.70
\n\u2013
\n\u2013
\nOutstanding at 31 December
873,125
EUR 7.41
612,000
EUR 9.70
\n2022
\nNumber
\n2022
\nWAEP
\nExercisable at 31 December
143,089
EUR 9.70
\nThe weighted average remaining contractual life for the share options outstanding at 31
\nDecember 2022 was 9.2 years (2021: 10 years).
\nThe weighted average fair value of options granted during the year was EUR 3.69 (2020:
\nEUR 4.89).
\nThe range of exercise prices for options outstanding at the end of the year was EUR 5.70 to
\nEUR 9.70 (2021: EUR 9.70).
\nThe fair value of the awarded options was determined by applying a Binomial Option
\nPricing Model that allows for exercising of the option before the end of the option\u2019s life.
\nAs the Options cannot be exercised between the Grant Date and the vesting date, the Hull-
\nWhite binomial formula, commonly used to value American options, was used. With the
\nHull-White model the impact of a certain time-based event \u2013 such as a vesting period, or
\nan early exercise \u2013 can be taken into account.
\nDue to the different vesting dates for the different tranches in the option we have
\ncalculated the unique option values per tranche according to each vesting date. The total
\noption value per employee is then derived using a weighted average overall calculated
\noption value for each vesting date.
\nThe following parameters were used in the option model for the calculation of the fair value
\nof the options as per each grant date:
\n2022\u201309
2022\u201304
2021\u201312
\nFair value on date of measurement (EUR)
3.19
4.18
4.89
\nShare price (EUR)
\nExercise price (EUR)
\nExpected volatility
\nTerm of the option
\nExpected dividend
\nRisk-free interest rate
\nTime to expiration
\n5.70
\n5.70
\n59.30%
\n4
\na
\n-
\n2.1%
\n10
\n7.64
\n7.64
\n59.20%
\n4
\na
\n\u2013
\n0.55%
\n10
\n9.20
\n9.70
\n58.90%
\n4
\na
\n\u2013
\n-0.30%
\n10
\na: Vesting period is 1 \u2013 4 years and depends on the vesting date of the specific tranche.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21639": {
"value": "2.9 Share-Based Payments
\nAccounting Policy:
Employees (including senior executives) of the Group receive
\nremuneration in the form of share-based payments, whereby employees render services
\nas consideration for equity instruments (equity-settled transactions).
\nEquity-Settled Transactions
\nThe cost of equity-settled transactions is determined by the fair value at the date when
\nthe grant is made using an appropriate valuation model.
\nThat cost is recognized, together with a corresponding increase in other reserves in
\nequity, over the period in which the performance and/or service conditions are fulfilled
\nin employee benefits expense. The cumulative expense recognized for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. The statement of profit or loss expense or credit for
\na period represents the movement in cumulative expense recognized as at the beginning
\nand end of that period and is recognized in operating expenses.
\nNo expense is recognized for awards that do not ultimately vest, except for equity-settled
\ntransactions for which vesting is conditional upon a market or non-vesting condition.
\nThese are treated as vesting irrespective of whether or not the market or non-vesting
\ncondition is satisfied, provided that all other performance and/or service conditions
\nare satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognized
\nis the expense had the terms not been modified, if the original terms of the award are met.
\nAn additional expense is recognized for any modification that increases the total fair value
\nof the share-based payment transaction or is otherwise beneficial to the employee as
\nmeasured at the date of modification.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22064": {
"value": "2.10 Income Tax Accounting Policy:
\nCurrent Income Tax
\nCurrent income tax assets and liabilities for the current period are measured at the
\namount expected to be recovered from or paid to the taxation authorities. The tax rates
\nand tax laws used to compute the amount are those that are enacted or substantively
\nenacted, at the reporting date in the countries where the Group operates and generates
\ntaxable income.
\nCurrent income tax relating to items recognized directly in equity is recognized in equity
\nand not in the statement of profit or loss. Management periodically evaluates positions
\ntaken in the tax returns with respect to situations in which applicable tax regulations are
\nsubject to interpretation and establishes provisions where appropriate.
\nDeferred Tax
\nDeferred tax is provided using the liability method on temporary differences between
\nthe tax basis of assets and liabilities and their carrying amounts for financial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognised for all taxable temporary differences, except:
\n\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset
\nor liability in a transaction that is not a business combination and, at the time of the
\ntransaction, affects neither the accounting profit nor taxable profit or loss
\n\u2022
In respect of taxable temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint arrangements, when the timing of the
\nreversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future
\nDeferred tax assets are recognized for all deductible temporary differences, the carry
\nforward of unused tax credits and any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable profit will be available against
\nwhich the deductible temporary differences and the carry forward of unused tax credits
\nand unused tax losses can be utilized, except:
\n\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit
\nnor taxable profit or loss.
\n\u2022
In respect of deductible temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint ventures, deferred tax assets are
\nrecognized only to the extent that it is probable that the temporary differences will
\nreverse in the foreseeable future and taxable profit will be available against which the
\ntemporary differences can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that sufficient taxable profit will be
\navailable to allow all or part of the deferred tax asset to be utilized. Unrecognized
\ndeferred tax assets are reassessed at each reporting date and are recognized to the
\nextent that it has become probable that future taxable profits will allow the deferred tax
\nasset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply
\nin the year when the asset is realized or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the reporting date.
\n\n
\n
23
\nSignificant Estimate:
The Group has losses before tax which arose in the Netherlands
\nthat are available to offset against future profits of the Dutch entity in which the loss
\narose. However, these losses may not be used to offset taxable income elsewhere in the
\nGroup. The Group evaluated and judged that at this moment it is not sufficiently likely that
\nfuture profits will be generated in the Dutch entity that can offset a deferred tax asset.
\nAll Switzerland operations have a cost-plus agreement. The taxable amounts are
\nsettled. There are no NOL
\u2019s. Last fiscal year settled is 2020. Due to expected profits based
\non the cost-plus the Swiss deferred tax assets relating to temporary differences have
\nbeen recognized.
\nAll NOL
\u2019s in the US entity prior to the business combination are not carried forward due
\nto ownership change. Losses since the transaction can be carried forward for 20 years.
\nThese losses have not been recognized in the balance sheet to date.
\nAll NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after
\n2018 can be carried forward indefinitely limited to 80% of taxable income. On the
\nacquisition of ONWARD Medical Inc. (formerly knows as NRT Technologies) a deferred tax
\nliability was recognised for the intangible asset (In-process R&D) identified in the PPA. At
\nthe time of the PPA there was no certainty regarding the future potential of the technology
\nacquired and based on the limited available NOL
\u2019s no deferred tax asset was recognised.
\nIAS 12 requires that a deferred tax asset should recognised for the carry forward of unused
\ntax losses when there are suitable reversing taxable temporary differences regardless
\nof an entity\u2019s expectations of future tax losses. In 2022 the Company reassessed the
\nrecoverability of the assessed losses. This resulted in the recognition of a deferred tax
\nasset of EUR 987k in the US entity that offsets the deferred tax liability as allowed under
\nIAS 12, with no impact on previously reported results.
\n2022
2021
\nCurrent income tax
\nDeferred income tax
\n(185)
\n951
\n(69)
\n\u2013
\nTotal corporate income tax in profit and loss
766
(69)
\nCurrent Income Tax charge at tax rate of 25.8% (2021:25%)
\nTax rate differences in foreign jurisdictions
\nNon-deductible expenses
\nNon-recognized deferred tax asset on temporary differences
\nNet operating losses not recognised
\nRecognition of prior year deferred tax adjustments
\n8,653
\n139
\n(433)
\n(111)
\n(8,458)
\n976
\n8,561
\n54
\n(3,293)
\n(67)
\n(5,324)
\n\u2013
\n766
(69)
\nThe effective tax rate was 2.3% in 2022 (2021: -0.2%), which is lower than the statutory
\nincome tax rate of 25.8% (2021:25%) in the Netherlands. The difference is primarily due to
\nthe net operating losses and temporary differences for which no deferred tax asset can be
\nrecognized. The uncertainty is based on insufficient evidence of future sources of income
\nto support the realization of a deferred tax asset due to the Company being loss-making
\nwith limited tax planning opportunities. In addition, there are non-deductible share-
\nbased payments in 2022 and the prior year adjustment recorded in 2022 based on the
\nreassessment of the recoverability of losses in the US.
\nThe difference between 2021 and 2022 relates to one-off items in 2021 related to the IPO, the
\nprior year adjustment in 2022 and the difference in the amounts of non-recognised losses.
\n\n
\n`
23
\nRecognized deferred tax assets and liabilities
\n2022
Assets
Liabilities
Net
\nIntangible assets, including Goodwill
\nRight of use assets
\nLease liability
\nPost-employment benefits
\nLosses available for offset against future
\ntaxable income
\nSet-off of deferred tax
\n\u2013
\n\u2013
\n240
\n157
\n987
\n(1,221)
\n(1,656)
\n(235)
\n\u2013
\n\u2013
\n1,221
\n(1,656)
\n(235)
\n240
\n157
\n987
\n\u2013
\nNet deferred tax liability
163
(670)
(507)
\n2021
Assets
Liabilities
Net
\nIntangible assets, including Goodwill
\u2013
(1,991)
(1,991)
\nNet deferred tax liability
\u2013
(1,991)
(1,991)
\n2022
2021
\nOpening balance at January 1
\nRecognized in profit & loss
\nRemeasurement (gain)/loss on actuarial gains and losses in OCI
\nForeign currency translation difference
\nAddition
\nReclassification
\n(1,991)
\n951
\n(59)
\n26
\n\u2013
\n566
\n(1,343)
\n\u2013
\n\u2013
\n(78)
\n(570)
\n\u2013
\nNet deferred tax liability at December 31
(507)
(1,991)
\nOf estimated amount of tax losses carried forward and available as at 31 December 2022,
\na deferred tax asset of EUR 987k has been recognized to offset the reversal of temporary
\ndifferences in the US. For the remaining unused operating losses in the Netherlands of
\nEUR 91M (2021: EUR 63M) and in the US of EUR 11M (2021: EUR 11M) no deferred tax is
\nrecognized. These losses can be carried forward indefinitely subject to local tax rules
\nexcept for approximately EUR 3.2M of losses in the US which can be carried forward for 20
\nyears (ultimately by 2037).
\nThe Company offsets tax assets and liabilities if it has a legally enforceable right to set off
\ncurrent tax assets and current tax liabilities and the deferred tax assets and deferred tax
\nliabilities relate to income taxes levied by the same tax authority.
\nThe deferred tax liability initially arose on the acquisition of NeuroRecovery Technolgies,
\nInc (\u2018NRT\u2019) (subsequently renamed to ONWARD Medical Inc.). In the current year the
\ndeferred tax impact on the acquired intangibles was reclassified. This reclassification has
\nno impact on the result for the period or equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22065": {
"value": "2.10 Income Tax Accounting Policy:
\nCurrent Income Tax
\nCurrent income tax assets and liabilities for the current period are measured at the
\namount expected to be recovered from or paid to the taxation authorities. The tax rates
\nand tax laws used to compute the amount are those that are enacted or substantively
\nenacted, at the reporting date in the countries where the Group operates and generates
\ntaxable income.
\nCurrent income tax relating to items recognized directly in equity is recognized in equity
\nand not in the statement of profit or loss. Management periodically evaluates positions
\ntaken in the tax returns with respect to situations in which applicable tax regulations are
\nsubject to interpretation and establishes provisions where appropriate.
\nDeferred Tax
\nDeferred tax is provided using the liability method on temporary differences between
\nthe tax basis of assets and liabilities and their carrying amounts for financial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognised for all taxable temporary differences, except:
\n\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset
\nor liability in a transaction that is not a business combination and, at the time of the
\ntransaction, affects neither the accounting profit nor taxable profit or loss
\n\u2022
In respect of taxable temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint arrangements, when the timing of the
\nreversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future
\nDeferred tax assets are recognized for all deductible temporary differences, the carry
\nforward of unused tax credits and any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable profit will be available against
\nwhich the deductible temporary differences and the carry forward of unused tax credits
\nand unused tax losses can be utilized, except:
\n\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit
\nnor taxable profit or loss.
\n\u2022
In respect of deductible temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint ventures, deferred tax assets are
\nrecognized only to the extent that it is probable that the temporary differences will
\nreverse in the foreseeable future and taxable profit will be available against which the
\ntemporary differences can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that sufficient taxable profit will be
\navailable to allow all or part of the deferred tax asset to be utilized. Unrecognized
\ndeferred tax assets are reassessed at each reporting date and are recognized to the
\nextent that it has become probable that future taxable profits will allow the deferred tax
\nasset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply
\nin the year when the asset is realized or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22070": {
"value": "2.10 Income Tax Accounting Policy: Deferred Tax
\nDeferred tax is provided using the liability method on temporary differences between
\nthe tax basis of assets and liabilities and their carrying amounts for financial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognised for all taxable temporary differences, except:
\n\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset
\nor liability in a transaction that is not a business combination and, at the time of the
\ntransaction, affects neither the accounting profit nor taxable profit or loss
\n\u2022
In respect of taxable temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint arrangements, when the timing of the
\nreversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future
Deferred tax assets are recognized for all deductible temporary differences, the carry
\nforward of unused tax credits and any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable profit will be available against
\nwhich the deductible temporary differences and the carry forward of unused tax credits
\nand unused tax losses can be utilized, except:
\n\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit
\nnor taxable profit or loss.
\n\u2022
In respect of deductible temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint ventures, deferred tax assets are
\nrecognized only to the extent that it is probable that the temporary differences will
\nreverse in the foreseeable future and taxable profit will be available against which the
\ntemporary differences can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that sufficient taxable profit will be
\navailable to allow all or part of the deferred tax asset to be utilized. Unrecognized
\ndeferred tax assets are reassessed at each reporting date and are recognized to the
\nextent that it has become probable that future taxable profits will allow the deferred tax
\nasset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply
\nin the year when the asset is realized or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22071": {
"value": "2.10 Income TaxAccounting Policy: Deferred Tax
\nDeferred tax is provided using the liability method on temporary differences between
\nthe tax basis of assets and liabilities and their carrying amounts for financial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognised for all taxable temporary differences, except:
\n\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset
\nor liability in a transaction that is not a business combination and, at the time of the
\ntransaction, affects neither the accounting profit nor taxable profit or loss
\n\u2022
In respect of taxable temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint arrangements, when the timing of the
\nreversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future
\nDeferred tax assets are recognized for all deductible temporary differences, the carry
\nforward of unused tax credits and any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable profit will be available against
\nwhich the deductible temporary differences and the carry forward of unused tax credits
\nand unused tax losses can be utilized, except:
\n\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit
\nnor taxable profit or loss.
\n\u2022
In respect of deductible temporary differences associated with investments in
\nsubsidiaries, associates and interests in joint ventures, deferred tax assets are
\nrecognized only to the extent that it is probable that the temporary differences will
\nreverse in the foreseeable future and taxable profit will be available against which the
\ntemporary differences can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that sufficient taxable profit will be
\navailable to allow all or part of the deferred tax asset to be utilized. Unrecognized
\ndeferred tax assets are reassessed at each reporting date and are recognized to the
\nextent that it has become probable that future taxable profits will allow the deferred tax
\nasset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply
\nin the year when the asset is realized or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date. Significant Estimate:
The Group has losses before tax which arose in the Netherlands
\nthat are available to offset against future profits of the Dutch entity in which the loss
\narose. However, these losses may not be used to offset taxable income elsewhere in the
\nGroup. The Group evaluated and judged that at this moment it is not sufficiently likely that
\nfuture profits will be generated in the Dutch entity that can offset a deferred tax asset.
\nAll Switzerland operations have a cost-plus agreement. The taxable amounts are
\nsettled. There are no NOL
\u2019s. Last fiscal year settled is 2020. Due to expected profits based
\non the cost-plus the Swiss deferred tax assets relating to temporary differences have
\nbeen recognized.
\nAll NOL
\u2019s in the US entity prior to the business combination are not carried forward due
\nto ownership change. Losses since the transaction can be carried forward for 20 years.
\nThese losses have not been recognized in the balance sheet to date.
\nAll NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after
\n2018 can be carried forward indefinitely limited to 80% of taxable income. On the
\nacquisition of ONWARD Medical Inc. (formerly knows as NRT Technologies) a deferred tax
\nliability was recognised for the intangible asset (In-process R&D) identified in the PPA. At
\nthe time of the PPA there was no certainty regarding the future potential of the technology
\nacquired and based on the limited available NOL
\u2019s no deferred tax asset was recognised.
\nIAS 12 requires that a deferred tax asset should recognised for the carry forward of unused
\ntax losses when there are suitable reversing taxable temporary differences regardless
\nof an entity\u2019s expectations of future tax losses. In 2022 the Company reassessed the
\nrecoverability of the assessed losses. This resulted in the recognition of a deferred tax
\nasset of EUR 987k in the US entity that offsets the deferred tax liability as allowed under
\nIAS 12, with no impact on previously reported results.
\n2022
2021
\nCurrent income tax
\nDeferred income tax
\n(185)
\n951
\n(69)
\n\u2013
\nTotal corporate income tax in profit and loss
766
(69)
\nCurrent Income Tax charge at tax rate of 25.8% (2021:25%)
\nTax rate differences in foreign jurisdictions
\nNon-deductible expenses
\nNon-recognized deferred tax asset on temporary differences
\nNet operating losses not recognised
\nRecognition of prior year deferred tax adjustments
\n8,653
\n139
\n(433)
\n(111)
\n(8,458)
\n976
\n8,561
\n54
\n(3,293)
\n(67)
\n(5,324)
\n\u2013
\n766
(69)
\nThe effective tax rate was 2.3% in 2022 (2021: -0.2%), which is lower than the statutory
\nincome tax rate of 25.8% (2021:25%) in the Netherlands. The difference is primarily due to
\nthe net operating losses and temporary differences for which no deferred tax asset can be
\nrecognized. The uncertainty is based on insufficient evidence of future sources of income
\nto support the realization of a deferred tax asset due to the Company being loss-making
\nwith limited tax planning opportunities. In addition, there are non-deductible share-
\nbased payments in 2022 and the prior year adjustment recorded in 2022 based on the
\nreassessment of the recoverability of losses in the US.
\nThe difference between 2021 and 2022 relates to one-off items in 2021 related to the IPO, the
\nprior year adjustment in 2022 and the difference in the amounts of non-recognised losses.
Recognized deferred tax assets and liabilities
\n2022
Assets
Liabilities
Net
\nIntangible assets, including Goodwill
\nRight of use assets
\nLease liability
\nPost-employment benefits
\nLosses available for offset against future
\ntaxable income
\nSet-off of deferred tax
\n\u2013
\n\u2013
\n240
\n157
\n987
\n(1,221)
\n(1,656)
\n(235)
\n\u2013
\n\u2013
\n1,221
\n(1,656)
\n(235)
\n240
\n157
\n987
\n\u2013
\nNet deferred tax liability
163
(670)
(507)
\n2021
Assets
Liabilities
Net
\nIntangible assets, including Goodwill
\u2013
(1,991)
(1,991)
\nNet deferred tax liability
\u2013
(1,991)
(1,991)
\n2022
2021
\nOpening balance at January 1
\nRecognized in profit & loss
\nRemeasurement (gain)/loss on actuarial gains and losses in OCI
\nForeign currency translation difference
\nAddition
\nReclassification
\n(1,991)
\n951
\n(59)
\n26
\n\u2013
\n566
\n(1,343)
\n\u2013
\n\u2013
\n(78)
\n(570)
\n\u2013
\nNet deferred tax liability at December 31
(507)
(1,991)
\nOf estimated amount of tax losses carried forward and available as at 31 December 2022,
\na deferred tax asset of EUR 987k has been recognized to offset the reversal of temporary
\ndifferences in the US. For the remaining unused operating losses in the Netherlands of
\nEUR 91M (2021: EUR 63M) and in the US of EUR 11M (2021: EUR 11M) no deferred tax is
\nrecognized. These losses can be carried forward indefinitely subject to local tax rules
\nexcept for approximately EUR 3.2M of losses in the US which can be carried forward for 20
\nyears (ultimately by 2037).
\nThe Company offsets tax assets and liabilities if it has a legally enforceable right to set off
\ncurrent tax assets and current tax liabilities and the deferred tax assets and deferred tax
\nliabilities relate to income taxes levied by the same tax authority.
\nThe deferred tax liability initially arose on the acquisition of NeuroRecovery Technolgies,
\nInc (\u2018NRT\u2019) (subsequently renamed to ONWARD Medical Inc.). In the current year the
\ndeferred tax impact on the acquired intangibles was reclassified. This reclassification has
no impact on the result for the period or equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22435": {
"value": "3.0 Intangible Assets
\n2022
2021
\nGoodwill
\nIn-Process R&D
\nLicense fees
\n1,902
\n5,873
\n2,383
\n1,702
\n6,109
\n2,218
\nNet book value at December 31
10,158
10,029
\nGoodwill
\nAccounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
still results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
\nvalues of the disposed operation and the portion of the cash-generating unit retained.
\n2022
2021
\nCost
\nAccumulated amortization
\n1,702
\n\u2013
\n1,607
\n\u2013
\nNet book value at January 1
1,702
1,607
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n\u2013
\n200
\n\u2013
\n\u2013
\n\u2013
\n95
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated amortization
\n200
\n1,902
\n\u2013
\n95
\n1,702
\n\u2013
\nNet book value at December 31
1,902
1,702
\nIn-Process R&D
\nAccounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n6,261
\n(152)
\n5,370
\n(152)
\nNet book value at January 1
6,109
5,218
\nForeign currency translation difference
\nAdditions
\nReclassification (refer to note 2.10)
\nAmortization for the year
\nImpairments
\n334
\n\u2013
\n(570)
\n\u2013
\n\u2013
\n321
\n570
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n(236)
\n6,025
\n(152)
\n891
\n6,261
\n(152)
\nNet book value at December 31
5,873
6,109
License Fees
\nAccounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n2,218
\u2013
\n\u2013
\nNet book value at January 1
2,218
\u2013
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n31
\n134
\n\u2013
\n\u2013
\n2,233
\n(15)
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n165
\n2,383
\n\u2013
\n2,218
\n2,218
\n\u2013
\nNet book value at December 31
2,383
2,218
\nImpairment Assessment
\nThe In-process R&D was acquired through the acquisition of GTX Medical SA (now
\nONWARD Medical SA) and the business combination with NRT Inc.(now ONWARD Medical
\nInc.). The value of the In-process R&D is contingent on the success of the FDA approval
\nof the NRT product. In terms of the NRT acquisition agreement ONWARD also received,
\nand assumed responsibility for, the exclusive license agreements with the Regents of the
\nUniversity of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
\nterms of these agreements, the occurrence of the IPO triggered the change in ownership
\nclauses and resulted in additional payments to be made. These payments, as well as the
\nannual license fee payments, are recognized as a separate class of intangible assets.
\nAs per the accounting policies above goodwill, in-process R&D and license fees are
\ntested for impairment annually. ONWARD performed its annual impairment test at
\nyear end (consistent with the prior year) based on the most recent budgets and
\nforecast calculations.
\nSignificant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
The cash flow projections were determined using management\u2019s internal forecasts that
\ncover an initial period from 2023 to 2029, after which a terminal value was calculated.
\nUsing projected cash flows covering a period of more than five years is not considered
\nunusual for pre-commercial life-science companies. Due to long development timelines
\nand regulatory approval requirements, it is not untypical for Companies in the industry to
\nuse a period that extends beyond five years. The values assigned to the key assumptions
\nrepresent management\u2019s assessment of future expectations. ONWARD performed a
\nsensitivity analysis and noted that a reasonable change in either the discount rate (to 20%)
\nor terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal growth
\nrate (to 0%), would not cause the carrying amount to exceed its recoverable amount. Also,
\nshould the expected revenues towards the end of 2023 move out to 2024, this would still
\nnot cause the carrying amount to exceed its recoverable amount.
\n2022
2021
\nDiscount rate
\nTerminal value growth rate
\n14.3%
\n1.70%
\n9.22%
\n1.70%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22436": {
"value": "3.0 Intangible Assets
\n2022
2021
\nGoodwill
\nIn-Process R&D
\nLicense fees
\n1,902
\n5,873
\n2,383
\n1,702
\n6,109
\n2,218
\nNet book value at December 31
10,158
10,029
\nGoodwill
\nAccounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
still results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
\nvalues of the disposed operation and the portion of the cash-generating unit retained.
\n2022
2021
\nCost
\nAccumulated amortization
\n1,702
\n\u2013
\n1,607
\n\u2013
\nNet book value at January 1
1,702
1,607
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n\u2013
\n200
\n\u2013
\n\u2013
\n\u2013
\n95
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated amortization
\n200
\n1,902
\n\u2013
\n95
\n1,702
\n\u2013
\nNet book value at December 31
1,902
1,702
Impairment Assessment
\nThe In-process R&D was acquired through the acquisition of GTX Medical SA (now
\nONWARD Medical SA) and the business combination with NRT Inc.(now ONWARD Medical
\nInc.). The value of the In-process R&D is contingent on the success of the FDA approval
\nof the NRT product. In terms of the NRT acquisition agreement ONWARD also received,
\nand assumed responsibility for, the exclusive license agreements with the Regents of the
\nUniversity of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
\nterms of these agreements, the occurrence of the IPO triggered the change in ownership
\nclauses and resulted in additional payments to be made. These payments, as well as the
\nannual license fee payments, are recognized as a separate class of intangible assets.
\nAs per the accounting policies above goodwill, in-process R&D and license fees are
\ntested for impairment annually. ONWARD performed its annual impairment test at
\nyear end (consistent with the prior year) based on the most recent budgets and
\nforecast calculations.
\nSignificant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
The cash flow projections were determined using management\u2019s internal forecasts that
\ncover an initial period from 2023 to 2029, after which a terminal value was calculated.
\nUsing projected cash flows covering a period of more than five years is not considered
\nunusual for pre-commercial life-science companies. Due to long development timelines
\nand regulatory approval requirements, it is not untypical for Companies in the industry to
\nuse a period that extends beyond five years. The values assigned to the key assumptions
\nrepresent management\u2019s assessment of future expectations. ONWARD performed a
\nsensitivity analysis and noted that a reasonable change in either the discount rate (to 20%)
\nor terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal growth
\nrate (to 0%), would not cause the carrying amount to exceed its recoverable amount. Also,
\nshould the expected revenues towards the end of 2023 move out to 2024, this would still
\nnot cause the carrying amount to exceed its recoverable amount.
\n2022
2021
\nDiscount rate
\nTerminal value growth rate
\n14.3%
\n1.70%
\n9.22%
\n1.70%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22437": {
"value": "3.0 Intangible Assets
\n2022
2021
\nGoodwill
\nIn-Process R&D
\nLicense fees
\n1,902
\n5,873
\n2,383
\n1,702
\n6,109
\n2,218
\nNet book value at December 31
10,158
10,029
In-Process R&D
\nAccounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n6,261
\n(152)
\n5,370
\n(152)
\nNet book value at January 1
6,109
5,218
\nForeign currency translation difference
\nAdditions
\nReclassification (refer to note 2.10)
\nAmortization for the year
\nImpairments
\n334
\n\u2013
\n(570)
\n\u2013
\n\u2013
\n321
\n570
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n(236)
\n6,025
\n(152)
\n891
\n6,261
\n(152)
\nNet book value at December 31
5,873
6,109
License Fees
\nAccounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n2,218
\u2013
\n\u2013
\nNet book value at January 1
2,218
\u2013
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n31
\n134
\n\u2013
\n\u2013
\n2,233
\n(15)
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n165
\n2,383
\n\u2013
\n2,218
\n2,218
\n\u2013
\nNet book value at December 31
2,383
2,218
\nImpairment Assessment
\nThe In-process R&D was acquired through the acquisition of GTX Medical SA (now
\nONWARD Medical SA) and the business combination with NRT Inc.(now ONWARD Medical
\nInc.). The value of the In-process R&D is contingent on the success of the FDA approval
\nof the NRT product. In terms of the NRT acquisition agreement ONWARD also received,
\nand assumed responsibility for, the exclusive license agreements with the Regents of the
\nUniversity of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
\nterms of these agreements, the occurrence of the IPO triggered the change in ownership
\nclauses and resulted in additional payments to be made. These payments, as well as the
\nannual license fee payments, are recognized as a separate class of intangible assets.
\nAs per the accounting policies above goodwill, in-process R&D and license fees are
\ntested for impairment annually. ONWARD performed its annual impairment test at
\nyear end (consistent with the prior year) based on the most recent budgets and
\nforecast calculations.
\nSignificant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
The cash flow projections were determined using management\u2019s internal forecasts that
\ncover an initial period from 2023 to 2029, after which a terminal value was calculated.
\nUsing projected cash flows covering a period of more than five years is not considered
\nunusual for pre-commercial life-science companies. Due to long development timelines
\nand regulatory approval requirements, it is not untypical for Companies in the industry to
\nuse a period that extends beyond five years. The values assigned to the key assumptions
\nrepresent management\u2019s assessment of future expectations. ONWARD performed a
\nsensitivity analysis and noted that a reasonable change in either the discount rate (to 20%)
\nor terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal growth
\nrate (to 0%), would not cause the carrying amount to exceed its recoverable amount. Also,
\nshould the expected revenues towards the end of 2023 move out to 2024, this would still
\nnot cause the carrying amount to exceed its recoverable amount.
\n2022
2021
\nDiscount rate
\nTerminal value growth rate
\n14.3%
\n1.70%
\n9.22%
\n1.70%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22442": {
"value": "3.0 Intangible Assets Goodwill After initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
values of the disposed operation and the portion of the cash-generating unit retained. In-Process R&D Following initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
License Fees Following initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22443": {
"value": "3.0 Intangible Assets Goodwill still results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
values of the disposed operation and the portion of the cash-generating unit retained. In-Process R&D Following initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
License Fees Following initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22444": {
"value": "3.0 Intangible AssetsIn-Process R&D
\nAccounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n6,261
\n(152)
\n5,370
\n(152)
\nNet book value at January 1
6,109
5,218
\nForeign currency translation difference
\nAdditions
\nReclassification (refer to note 2.10)
\nAmortization for the year
\nImpairments
\n334
\n\u2013
\n(570)
\n\u2013
\n\u2013
\n321
\n570
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n(236)
\n6,025
\n(152)
\n891
\n6,261
\n(152)
\nNet book value at December 31
5,873
6,109
License Fees
\nAccounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
\n2022
2021
\nCost
\nAccumulated changes
\n2,218
\u2013
\n\u2013
\nNet book value at January 1
2,218
\u2013
\nAdditions
\nForeign currency translation difference
\nAmortization for the year
\nImpairments
\n31
\n134
\n\u2013
\n\u2013
\n2,233
\n(15)
\n\u2013
\n\u2013
\nNet change
\nCost
\nAccumulated changes
\n165
\n2,383
\n\u2013
\n2,218
\n2,218
\n\u2013
\nNet book value at December 31
2,383
2,218
3.1 Property, Plant & Equipment Accounting Policy:
Property, plant and equipment is stated at cost, net of accumulated
\ndepreciation and accumulated impairment losses, if any. Such cost includes the cost of
\nreplacing part of the property, plant and equipment and borrowing costs for long-term
\nconstruction projects if the recognition criteria are met. When significant parts of property,
\nplant and equipment are required to be replaced at intervals, the Group recognizes such
\nparts as individual assets with specific useful lives and depreciates them accordingly.
\nLikewise, when a major inspection is performed, its cost is recognized in the carrying
\namount of the plant and equipment as a replacement if the recognition criteria are
\nsatisfied. All other repair and maintenance costs are recognized in profit or loss
\nas incurred.
\nProperty, plant and equipment transferred from customers is initially measured at the fair
\nvalue at the date on which control is obtained.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
\nassets as follows:
\n\u2022
Office equipment
3 years
\n\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term
\nAn item of property, plant and equipment and any significant part initially recognized is
\nderecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising from de-recognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is
\nincluded in the income statement when the asset is derecognized.
\nThe residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Cost
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt January 1, 2021
\nAdditions
\n711
\n91
\n\u2013
\n\u2013
\n711
\n91
\nAt December 31, 2021
802
\u2013
802
\nAdditions
\nDisposals
\n121
\n\u2013
\n265
386
\n\u2013
\nAt December 31, 2022
923
265
1,188
Depreciation
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt January 1, 2021
\nDepreciation for the year
\n(463)
\n(149)
\n\u2013
\n\u2013
\n(463)
\n(149)
\nAt December 31, 2021
(612)
\u2013
(612)
\nDepreciation for the year
(135)
(26)
(161)
\nAt December 31, 2022
(747)
(26)
(773)
\nNet Book Value
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt December 31, 2021
190
\u2013
190
\nAt December 31, 2022
176
239
415
3.2 Right of Use Assets & Lease Liabilities Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
\nterm and the estimated useful lives of the assets.
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or
\nthe cost reflects the exercise of a purchase option, depreciation is calculated using the
\nestimated useful life of the asset.
Right-of-Use Assets Key movements relating to right-of-use assets are presented below:
\n2022
2021
\nNet book value at January 1
2,190
149
\nAdditions
\nDepreciation for the year
\nOnerous lease contract
\n90
\n(575)
\n(24)
\n2,220
\n(179)
\nNet book value at December 31
1,681
2,190
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22460": {
"value": "Goodwill Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
\n
\n
23
\nstill results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
\nvalues of the disposed operation and the portion of the cash-generating unit retained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22464": {
"value": "Goodwill Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
\naggregate of the consideration transferred and the amount recognized for non-controlling
\ninterests, and any previous interest held, over the net identifiable assets acquired and
\nliabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
\nconsideration transferred, the Group re-assesses whether it has correctly identified all
\nof the assets acquired and all of the liabilities assumed and reviews the procedures used
\nto measure the amounts to be recognized at the acquisition date. If the re-assessment
still results in an excess of the fair value of net assets acquired over the aggregate
\nconsideration transferred, then the gain is recognized in profit or loss.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment
\nlosses. For the purpose of impairment testing, goodwill acquired in a business combination
\nis, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
\nare expected to benefit from the combination, irrespective of whether other assets or
\nliabilities of the acquiree are assigned to those units.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation
\nwithin that unit is disposed of, the goodwill associated with the disposed operation is
\nincluded in the carrying amount of the operation when determining the gain or loss on
\ndisposal. Goodwill disposed in these circumstances is measured based on the relative
values of the disposed operation and the portion of the cash-generating unit retained. In-Process R&D
\nAccounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
License Fees
\nAccounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22617": {
"value": "In-Process R&DAccounting Policy:
The cost of in-process R&D acquired in a business combination is the
\nfair value at the date of acquisition.
\nFollowing initial recognition of the development expenditure as an asset, the asset
\nis carried at cost less any accumulated amortization and accumulated impairment
\nlosses. Amortization of the asset begins when development is complete and the asset is
\navailable for use. It is amortized over the period of expected future benefit. Amortization is
\nrecorded in operating expenses. During the period of development, the asset is tested for
\nimpairment annually.
License Fees Accounting Policy:
License fees for the exclusive right to certain patents, critical in
\nthe development of the ARC Therapies, are capitalized and measured at cost on
\ninitial recognition.
\nFollowing initial recognition of the license fees as an asset, the asset is carried at cost less
\nany accumulated amortization and accumulated impairment losses. Amortization of the
\nasset begins when development of the ARC Therapies (ONWARD R&D) is complete, and
\nthe asset is available for use. It is amortized over the period of expected future benefit.
\nAmortization is recorded in operating expenses. During the period of development, the
\nasset is tested for impairment annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22793": {
"value": "Impairment Assessment
\nThe In-process R&D was acquired through the acquisition of GTX Medical SA (now
\nONWARD Medical SA) and the business combination with NRT Inc.(now ONWARD Medical
\nInc.). The value of the In-process R&D is contingent on the success of the FDA approval
\nof the NRT product. In terms of the NRT acquisition agreement ONWARD also received,
\nand assumed responsibility for, the exclusive license agreements with the Regents of the
\nUniversity of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
\nterms of these agreements, the occurrence of the IPO triggered the change in ownership
\nclauses and resulted in additional payments to be made. These payments, as well as the
\nannual license fee payments, are recognized as a separate class of intangible assets.
\nAs per the accounting policies above goodwill, in-process R&D and license fees are
\ntested for impairment annually. ONWARD performed its annual impairment test at
\nyear end (consistent with the prior year) based on the most recent budgets and
\nforecast calculations.
\nSignificant Estimates:
\nKey assumptions used in the impairment test was the growth rate, and the rate for
\ndiscounting the projected cash flows.
\n\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is
\nexpected only towards the end of 2023, starting with rehabilitation first. Home use
\nfollowing in later years. Operating costs increases to support sales and marketing
\nefforts as well as to maintain ongoing development and clinical research. Based on
\nmanagement\u2019s best estimate EBITDA will not be positive prior to 2028.
\n\u2022
Growth rate estimate: rate is based on published industry research.
\n\u2022
Discount rate: Discount rates represent the current market assessment of the
\nrisks specific to ONWARD. The discount rate calculation is based on the specific
\ncircumstances of the Group and is derived from its weighted average cost of capital
\n(WACC). The WACC takes into account both debt and equity. The cost of equity is
\nderived from the expected return on investment by the Group\u2019s investors. The cost of
\ndebt is based on the interest-bearing borrowings the Group is obliged to service.
The cash flow projections were determined using management\u2019s internal forecasts that
\ncover an initial period from 2023 to 2029, after which a terminal value was calculated.
\nUsing projected cash flows covering a period of more than five years is not considered
\nunusual for pre-commercial life-science companies. Due to long development timelines
\nand regulatory approval requirements, it is not untypical for Companies in the industry to
\nuse a period that extends beyond five years. The values assigned to the key assumptions
\nrepresent management\u2019s assessment of future expectations. ONWARD performed a
\nsensitivity analysis and noted that a reasonable change in either the discount rate (to 20%)
\nor terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal growth
\nrate (to 0%), would not cause the carrying amount to exceed its recoverable amount. Also,
\nshould the expected revenues towards the end of 2023 move out to 2024, this would still
\nnot cause the carrying amount to exceed its recoverable amount.
\n2022
2021
\nDiscount rate
\nTerminal value growth rate
\n14.3%
\n1.70%
\n9.22%
\n1.70%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22923": {
"value": "3.1 Property, Plant & Equipment Accounting Policy:
Property, plant and equipment is stated at cost, net of accumulated
\ndepreciation and accumulated impairment losses, if any. Such cost includes the cost of
\nreplacing part of the property, plant and equipment and borrowing costs for long-term
\nconstruction projects if the recognition criteria are met. When significant parts of property,
\nplant and equipment are required to be replaced at intervals, the Group recognizes such
\nparts as individual assets with specific useful lives and depreciates them accordingly.
\nLikewise, when a major inspection is performed, its cost is recognized in the carrying
\namount of the plant and equipment as a replacement if the recognition criteria are
\nsatisfied. All other repair and maintenance costs are recognized in profit or loss
\nas incurred.
\nProperty, plant and equipment transferred from customers is initially measured at the fair
\nvalue at the date on which control is obtained.
\nDepreciation is calculated on a straight-line basis over the estimated useful lives of the
\nassets as follows:
\n\u2022
Office equipment
3 years
\n\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term
\nAn item of property, plant and equipment and any significant part initially recognized is
\nderecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising from de-recognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is
\nincluded in the income statement when the asset is derecognized.
\nThe residual values, useful lives and methods of depreciation of property, plant and
\nequipment are reviewed at each financial year end and adjusted prospectively, if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22925": {
"value": "3.1 Property, Plant & Equipment Accounting Policy:
Property, plant and equipment is stated at cost, net of accumulated
\ndepreciation and accumulated impairment losses, if any. Such cost includes the cost of
\nreplacing part of the property, plant and equipment and borrowing costs for long-term
\nconstruction projects if the recognition criteria are met. When significant parts of property,
\nplant and equipment are required to be replaced at intervals, the Group recognizes such
\nparts as individual assets with specific useful lives and depreciates them accordingly.
\nLikewise, when a major inspection is performed, its cost is recognized in the carrying
\namount of the plant and equipment as a replacement if the recognition criteria are
\nsatisfied. All other repair and maintenance costs are recognized in profit or loss
\nas incurred.
\nProperty, plant and equipment transferred from customers is initially measured at the fair
\nvalue at the date on which control is obtained.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
\nassets as follows:
\n\u2022
Office equipment
3 years
\n\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term
\nAn item of property, plant and equipment and any significant part initially recognized is
\nderecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising from de-recognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is
\nincluded in the income statement when the asset is derecognized.
\nThe residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Cost
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt January 1, 2021
\nAdditions
\n711
\n91
\n\u2013
\n\u2013
\n711
\n91
\nAt December 31, 2021
802
\u2013
802
\nAdditions
\nDisposals
\n121
\n\u2013
\n265
386
\n\u2013
\nAt December 31, 2022
923
265
1,188
Depreciation
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt January 1, 2021
\nDepreciation for the year
\n(463)
\n(149)
\n\u2013
\n\u2013
\n(463)
\n(149)
\nAt December 31, 2021
(612)
\u2013
(612)
\nDepreciation for the year
(135)
(26)
(161)
\nAt December 31, 2022
(747)
(26)
(773)
\nNet Book Value
\nOffice
\nEquipment
\nLeasehold
\nImprovements
\nTotal
\nAt December 31, 2021
190
\u2013
190
\nAt December 31, 2022
176
239
415
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22927": {
"value": "3.1 Property, Plant & EquipmentAccounting Policy:
Property, plant and equipment is stated at cost, net of accumulated
\ndepreciation and accumulated impairment losses, if any. Such cost includes the cost of
\nreplacing part of the property, plant and equipment and borrowing costs for long-term
\nconstruction projects if the recognition criteria are met. When significant parts of property,
\nplant and equipment are required to be replaced at intervals, the Group recognizes such
\nparts as individual assets with specific useful lives and depreciates them accordingly.
\nLikewise, when a major inspection is performed, its cost is recognized in the carrying
\namount of the plant and equipment as a replacement if the recognition criteria are
\nsatisfied. All other repair and maintenance costs are recognized in profit or loss
\nas incurred.
\nProperty, plant and equipment transferred from customers is initially measured at the fair
\nvalue at the date on which control is obtained.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
\nassets as follows:
\n\u2022
Office equipment
3 years
\n\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term
\nAn item of property, plant and equipment and any significant part initially recognized is
\nderecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising from de-recognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is
\nincluded in the income statement when the asset is derecognized.
\nThe residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.Right-of-Use Assets Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
\nterm and the estimated useful lives of the assets.
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or
\nthe cost reflects the exercise of a purchase option, depreciation is calculated using the
\nestimated useful life of the asset.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23111": {
"value": "3.2 Right of Use Assets & Lease Liabilities
\nAccounting Policy:
The Group assesses at contract inception whether a contract is, or
\ncontains, a lease. That is, if the contract conveys the right to control the use of an identified
\nasset for a period of time in exchange for consideration.
\nGroup as a Lessee
\nThe Group applies a single recognition and measurement approach for all leases, except
\nfor short-term leases and leases of low-value assets. The Group recognizes lease liabilities
\nto make lease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\nRight-of-Use Assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the
\ndate the underlying asset is available for use). Right-of-use assets are measured at cost,
\nless any accumulated depreciation and accumulated impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
\nmeasurement amount of lease liabilities recognised, initial direct costs incurred, and lease
\npayments made at or before the commencement date less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease
\nterm and the estimated useful lives of the assets.
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or
\nthe cost reflects the exercise of a purchase option, depreciation is calculated using the
\nestimated useful life of the asset.
\nLease Liabilities
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured
\nat the present value of lease payments to be made over the lease term. The lease
\npayments include fixed payments (including in-substance fixed payments) less any lease
\nincentives receivable, variable lease payments that depend on an index or a rate, and
\namounts expected to be paid under residual value guarantees. The lease payments also
\ninclude the exercise price of a purchase option reasonably certain to be exercised by the
\nGroup and payments of penalties for terminating the lease, if the lease term reflects the
\nGroup exercising the option to terminate.
\nVariable lease payments that do not depend on an index or a rate are recognized as
\nexpenses (unless they are incurred to produce inventories) in the period in which the event
\nor condition that triggers the payment occurs.
\nIn calculating the present value of lease payments, the Group uses its incremental
\nborrowing rate at the lease commencement date because the interest rate implicit in
\nthe lease is not readily determinable. After the commencement date, the amount of
\nlease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease payments (e.g., changes
\nto future payments resulting from a change in an index or rate used to determine such
\nlease payments) or a change in the assessment of an option to purchase the underlying
\nasset. The Group\u2019s lease liabilities are included in Lease liabilities.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases
\nof office space (i.e., those leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases of office equipment that are considered
\nto be low value. Lease payments on short-term leases and leases of low-value assets are
\nrecognized as expense on a straight-line basis over the lease term.
\nRight-of-Use Assets
\nThe Group entered into a 5-year lease for offices in Lausanne, Switzerland in November
\n2021. This lease is classified as a right of use asset. The initial office lease in Eindhoven
\nended in December 2022 and was classified as a right of use asset up to October 2022,
\nwhen the Group entered into a short-term office lease starting November 2022. Since
\nNovember the initial Eindhoven lease was treated as an onerous contract from 1 November
\n2022 to the end of the lease contract 31 December 2022.
\nKey movements relating to right-of-use assets are presented below:
\n2022
2021
\nNet book value at January 1
2,190
149
\nAdditions
\nDepreciation for the year
\nOnerous lease contract
\n90
\n(575)
\n(24)
\n2,220
\n(179)
\nNet book value at December 31
1,681
2,190
\nThe office building is leased for office space. The lease includes an extension option
\nexercisable up to one year before the end of the non-cancellable lease term. The option
\nto renew the lease is for an additional period of the same duration after the end of the
\ncontract term and are at the option of the Group as lessee. The Group has elected not to
\nexercise the option and no new lease agreement has been entered into as replacement yet.
Lease Liabilities
\nThe maturity of the lease liability in relation to the office building is as follows:
\n2022
2021
\nBalance as at January 1
2,214
198
\nLess than one year
\nOne to five years
\nMore than five years
\n427
\n1,294
\n\u2013
\n473
\n1,741
\n\u2013
\nTotal lease liability
1,721
2,214
\n2022
2021
\nBalance as at January 1
2,214
198
\nAdditions
\nOnerous lease contract
\nInterest accretion
\nRepayments
\n90
\n(26)
\n84
\n(641)
\n2,220
\n\u2013
\n21
\n(225)
\nTotal lease liability
1,721
2,214
\nThe incremental borrowing rate applied is 4% for the Lausanne office and was 6% for the
\nEindhoven office (High Tech Campus) that ended on 31 October 2022.
\nOn 1 November 2022 the Group entered into a short-term office lease for 12 months for
\nwhich the Group has elected not to recognise a right of use asset and lease liability.
\nAmount recognised in
relation to this short-term lease amounted to EUR 8.8k.
\nFor the maturity analysis of the undiscounted cash flows, refer to note 4.3
Liquidity Risk The following table details the undiscounted remaining contractual maturity for the
\nGroup\u2019s financial liabilities with agreed repayment periods, including both interest and
\nprincipal cash flows:
\nAs of 31 December 2022:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables
\n\u2013
\n512
\n1,909
\n\u2013
\n1,452
\n\u2013
\n19,298
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n19,298
\n1,964
\n1,909
\nTotal
2,421
1,452
19,298
\u2013
23,171
\nAs of 31 December 2021:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables*
\n\u2013
\n490
\n952
\n\u2013
\n1,470
\n\u2013
\n6,500
\n408
\n\u2013
\n12,798
\n\u2013
\n\u2013
\n19,298
\n2,368
\n952
\nTotal
1,442
1,470
6,908
12,798
22,618
\n* This line has been restated from prior year to only include trade payables.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23112": {
"value": "3.2 Right of Use Assets & Lease Liabilities
\nAccounting Policy:
The Group assesses at contract inception whether a contract is, or
\ncontains, a lease. That is, if the contract conveys the right to control the use of an identified
\nasset for a period of time in exchange for consideration.
\nGroup as a Lessee
\nThe Group applies a single recognition and measurement approach for all leases, except
\nfor short-term leases and leases of low-value assets. The Group recognizes lease liabilities
\nto make lease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\nRight-of-Use Assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the
\ndate the underlying asset is available for use). Right-of-use assets are measured at cost,
\nless any accumulated depreciation and accumulated impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
\nmeasurement amount of lease liabilities recognised, initial direct costs incurred, and lease
\npayments made at or before the commencement date less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease
\nterm and the estimated useful lives of the assets.
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or
\nthe cost reflects the exercise of a purchase option, depreciation is calculated using the
\nestimated useful life of the asset.
\nLease Liabilities
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured
\nat the present value of lease payments to be made over the lease term. The lease
\npayments include fixed payments (including in-substance fixed payments) less any lease
\nincentives receivable, variable lease payments that depend on an index or a rate, and
\namounts expected to be paid under residual value guarantees. The lease payments also
\ninclude the exercise price of a purchase option reasonably certain to be exercised by the
\nGroup and payments of penalties for terminating the lease, if the lease term reflects the
\nGroup exercising the option to terminate.
\nVariable lease payments that do not depend on an index or a rate are recognized as
\nexpenses (unless they are incurred to produce inventories) in the period in which the event
\nor condition that triggers the payment occurs.
\nIn calculating the present value of lease payments, the Group uses its incremental
\nborrowing rate at the lease commencement date because the interest rate implicit in
\nthe lease is not readily determinable. After the commencement date, the amount of
\nlease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease payments (e.g., changes
\nto future payments resulting from a change in an index or rate used to determine such
\nlease payments) or a change in the assessment of an option to purchase the underlying
\nasset. The Group\u2019s lease liabilities are included in Lease liabilities.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases
\nof office space (i.e., those leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases of office equipment that are considered
\nto be low value. Lease payments on short-term leases and leases of low-value assets are
\nrecognized as expense on a straight-line basis over the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23386": {
"value": "3.3 Indirect Tax Receivables The tax receivables consist of refundable VAT and are collectable within 12 months. The
\nincrease in the receivable is a direct result of an increase in activities and costs for which
\nVAT can be claimed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23393": {
"value": "3.4 Other Current Assets 2022
2021
\nAdvance payments
\nGrants and other receivable
\nRental Guarantee
\n905
\n266
\n285
\n1,347
\n902
\n297
\n1,456
2,546
\nThe Group has pledged EUR 285k (2021: EUR 297k) of its cash at banks to fulfil collateral
\nrequirements relating to the Lausanne office rental agreement. Advance payments mostly
\nrelate to D&O insurance prepaid for which the premium improved in 2022. In 2021 grants
\nand other receivables included amounts receivable from the DARPA grant which was
\nreceived in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23394": {
"value": "3.4 Other Current Assets 2022
2021
\nAdvance payments
\nGrants and other receivable
\nRental Guarantee
\n905
\n266
\n285
\n1,347
\n902
\n297
\n1,456
2,546
\nThe Group has pledged EUR 285k (2021: EUR 297k) of its cash at banks to fulfil collateral
\nrequirements relating to the Lausanne office rental agreement. Advance payments mostly
\nrelate to D&O insurance prepaid for which the premium improved in 2022. In 2021 grants
\nand other receivables included amounts receivable from the DARPA grant which was
\nreceived in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23395": {
"value": "3.4 Other Current Assets 2022
2021
\nAdvance payments
\nGrants and other receivable
\nRental Guarantee
\n905
\n266
\n285
\n1,347
\n902
\n297
\n1,456
2,546
\nThe Group has pledged EUR 285k (2021: EUR 297k) of its cash at banks to fulfil collateral
\nrequirements relating to the Lausanne office rental agreement. Advance payments mostly
\nrelate to D&O insurance prepaid for which the premium improved in 2022. In 2021 grants
\nand other receivables included amounts receivable from the DARPA grant which was
\nreceived in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23421": {
"value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits Accounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23422": {
"value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits Accounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.
\n2022
2021
\nCash at bank
\nShort-term deposits
\n21,760
\n20,000
\n89,443
\n\u2013
\nCash and cash equivalents
41,760
89,443
\nFixed term deposits
20,000
\u2013
\n20,000
\u2013
\nCash and cash equivalents and fixed term deposits
61,760
89,443
\n\n
\n
23
\nCash at banks earns interest at floating rates based on daily bank deposit rates. Short-
\nterm deposits are made for varying periods of between one day and three months,
\ndepending on the immediate cash requirements of the Group, and earn interest at the
\nrespective short-term deposit rates.
\nFixed term deposits represent deposits made for varying periods exceeding three months
\nbut less than 12 months from inception.
\nAt December 31, 2022, the Group had no bank overdrafts. All cash is freely at the disposal
\nof the company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23424": {
"value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits Accounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.
\n2022
2021
\nCash at bank
\nShort-term deposits
\n21,760
\n20,000
\n89,443
\n\u2013
\nCash and cash equivalents
41,760
89,443
\nFixed term deposits
20,000
\u2013
\n20,000
\u2013
\nCash and cash equivalents and fixed term deposits
61,760
89,443
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-
\nterm deposits are made for varying periods of between one day and three months,
\ndepending on the immediate cash requirements of the Group, and earn interest at the
\nrespective short-term deposit rates.
\nFixed term deposits represent deposits made for varying periods exceeding three months
\nbut less than 12 months from inception.
\nAt December 31, 2022, the Group had no bank overdrafts. All cash is freely at the disposal
\nof the company.
\n3.6 Trade Payables
\nTrade payables and accrued expenses are non-interest bearing and are normally settled
\non 30-90 day terms. The increase is a direct result of an increase in activities and costs
\nand the timing of settlement.
\n3.7 Other Payables
\nThe other payables can be broken down as follows:
\n2022
2021
\nWage tax and social security
\nGrants received in advance
\nBonus
\nInvoices to be received
\nOther
\n466
\n1,328
\n1,856
\n732
\n1,284
\n126
\n\u2013
\n1,770
\n466*
\n1,672*
\n5,666
4,034
\n* 2021: An amount of EUR 306k has been reclassified from Other to Invoices to be received for better comparison.
\nThe increase in Other Payables is due to Grant amounts received in advance. Other
\nincludes an amount of EUR 801k relating to grants to be paid to subcontractors (2021: EUR
0) and accrued expenses that decreased due to timing factors. 4.2 Financial Liabilities Accounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
\nthe assets and settle the liabilities simultaneously. No offsetting is currently applied.
\n2022
2021
\nBalance as at 31 December
12,565
11,451
\nInnovation
\nLoan
\nConvertible
\nPreference
\nA Shares
\nConvertible
\nLoan
\nBalance as per January 1, 2021
10,410
31,407
\u2013
\nLoan amount received / preference shares issued
\nInterest / cumulative dividend accrued during the year
\nConversion to ordinary shares - IPO
\n\u2013
\n1,041
\n\u2013
\n\u2013
\n3,266
\n(34,673)
\n30,000
\n1,122
\n(31,122)
\nBalance as per December 31, 2021
11,451
\u2013
\u2013
\nLoan amount received
\nInterest accrued during the year
\n\u2013
\n1,205
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\nBalance as per December 31, 2022
12,656
\u2013
\u2013
\nInnovation Loan
\nOn 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of
\nEUR 10M payable according a set payment scheme.
\nThe loan carries interest at 10%.
\nThe current redemption plan for the loan is as presented below:
\nDate
% of Loan Amount
\n1 January 2026
\n1 April 2026
\n1 July 2026
\n1 October 2026
\n1 January 2027
\n1 April 2027
\n1 July 2027
\n15.0
\n15.0
\n17.5
\n17.5
\n17.5
\n17.5
\nAll due interest
\nCertain Intellectual Property (patents registered), have been pledged to the RVO NL in
\ncase of default of repayment of the loan. These patents have not been capitalized as at 31
\nDecember 2022.
\nConvertible Preference A Shares
\nThe convertible preference A shares carried a dividend of 6% per annum. The dividend
\nrights were cumulative. The preference shares ranked ahead of the ordinary shares in the
\nevent of a liquidation. The preference A shares could be converted into Ordinary Shares of
\nthe company under different scenarios, where the rights and number of Ordinary Shares
\nreceived differs. In the event of an IPO, conversion is mandatory at a fixed conversion rate
\nof 1:1, subject to adjustments for any changes in the share capitalization of the Company.
\nAs part of the corporate conversion (in 2021), all preference A shares were converted
\nto Ordinary shares at a ratio of 1:1 based on the numbers of preference A shares. The
\nmandatory conversion upon IPO was considered the maturity event for this instrument.
The carrying value of the financial liability was derecognised and recognised as equity
\n(share premium reserve) The equity component of the conversion option (previously
\nrecognized in other reserves) was reclassified to share premium on conversion before the
\nreversed stock split was affected on all ordinary shares and the nominal value increased to
\nEUR 0,12 per share.
\nConvertible Loan
\nOn 20 April 2021 the Company entered into a Convertible Loan Agreement of EUR 30M,
\nreceived in 2 instalments. The annual interest rate was 8%. The convertible loan was
\nrepayable within 36 months from date of signing the agreement. The repayment date was
\ntherefore 2024. The conversion option was considered an embedded derivative which is
\nbifurcated and treated as a financial instrument at fair value through profit and loss. After
\nthe corporate conversion (in 2021) but immediately before the IPO the full loan amount,
\nincluding contractual interest accrued converted into ordinary shares.
\n4.3 Financial Risk Management Objectives & Policies
\nThe Group\u2019s principal financial liabilities comprise of loans and borrowings and trade and
\nother payables. The main purpose of these financial liabilities is to finance the Group\u2019s
\noperations and to provide guarantees to support its operations.
\nThe Group is responsible for implementing and evaluating policies which govern the funding,
\ninvestments and any use of derivative financial instruments. The Group is exposed to
\nvarious risks. The Group monitors risk exposure on an ongoing basis, as summarized below:
\nCapital Management
\nCapital includes issued capital, convertible preference shares, share premium and all other
\nequity reserves attributable to the equity holders of the parent. The primary objective
\nof the Group\u2019s capital management is to continue as a going concern while maximising
\nshareholder value. The Group manages its capital structure and will consider adjustments
\nin light of changes in economic conditions. To maintain or adjust the capital structure, the
\nGroup may issue new shares.
\nLiquidity Risk
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash
\nflows. The Group\u2019s objective is to maintain a balance between continuity of funding
\nand flexibility through the use of subsidies and grants, and sufficient progress towards
\nregulatory approval, which is related to future financing rounds.
\nCash is invested in low-risk investments such as short-term bank deposits or savings
\naccounts. The Group mainly makes use of liquid investment in current accounts (in Euro) or
\nshort-term deposit accounts. The ability of the Group to maintain adequate cash reserves
\nto support its activities in the medium term is highly dependent on the Group\u2019s ability to
\nraise additional funds.
\nThe following table details the undiscounted remaining contractual maturity for the
\nGroup\u2019s financial liabilities with agreed repayment periods, including both interest and
\nprincipal cash flows:
\nAs of 31 December 2022:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables
\n\u2013
\n512
\n1,909
\n\u2013
\n1,452
\n\u2013
\n19,298
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n19,298
\n1,964
\n1,909
\nTotal
2,421
1,452
19,298
\u2013
23,171
\nAs of 31 December 2021:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables*
\n\u2013
\n490
\n952
\n\u2013
\n1,470
\n\u2013
\n6,500
\n408
\n\u2013
\n12,798
\n\u2013
\n\u2013
\n19,298
\n2,368
\n952
\nTotal
1,442
1,470
6,908
12,798
22,618
\n* This line has been restated from prior year to only include trade payables.
Market Risk
\nMarket risk is the risk that the fair value of future cash flows of a financial instrument
\nwill fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
\nchanges in foreign currency exchange rates and interest rates. The Group is not
\nexposed to any equity price risk or commodity price risk as it does not invest in these
\nclasses of investments.
\nCredit Risk
\nBecause of the absence of sales to third parties and therefore trade receivables, credit
\nrisk arises mainly from cash and cash equivalents and deposits with banks and financial
\ninstitutions. The Group only works with international reputable commercial banks and
\nfinancial institutions when investing surplus funds. Short \u2013 and fixed term deposits are
\nsubject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
\nUBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
\nnumber of banks and financial institutions is to minimise concentration risk and therefore
\nmitigate financial loss through a counterparty\u2019s potential failure to make payments.
\nCurrency Risk
\nCurrency risk is the risk that reported financial performance, or the fair value or future
\ncash flows of a financial instrument, will fluctuate because of changes in foreign exchange
\nrates. The Group is exposed to currency risk for the activities mainly in the US as the
\naccounting is performed in US dollars whereas the functional currency of the Group is
\nthe euro. The risk is currently managed by replenishing the US bank account at regular
\nintervals to account for both the positive and negative changes.
4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
Net Finance expense
(1,510)
(5,713)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23425": {
"value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits Accounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23426": {
"value": "3.5 Cash and Cash Equivalents and Fixed Term DepositsAccounting Policy:
Cash and short-term deposits in the statement of financial position
\ncomprise cash at banks and on hand and short-term deposits with a maturity of three
\nmonths or less, that are readily convertible to a known amount of cash and subject to an
\ninsignificant risk of change in value.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents
\nconsist of cash and short-term deposits as defined above, net of outstanding bank
\noverdrafts as they are considered an integral part of the Group\u2019s cash management.
4.2 Financial Liabilities Accounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
the assets and settle the liabilities simultaneously. No offsetting is currently applied. 4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23543": {
"value": "3.6 Trade Payables Trade payables and accrued expenses are non-interest bearing and are normally settled
\non 30-90 day terms. The increase is a direct result of an increase in activities and costs
\nand the timing of settlement.
\n3.7 Other Payables
\nThe other payables can be broken down as follows:
\n2022
2021
\nWage tax and social security
\nGrants received in advance
\nBonus
\nInvoices to be received
\nOther
\n466
\n1,328
\n1,856
\n732
\n1,284
\n126
\n\u2013
\n1,770
\n466*
\n1,672*
\n5,666
4,034
\n* 2021: An amount of EUR 306k has been reclassified from Other to Invoices to be received for better comparison.
\nThe increase in Other Payables is due to Grant amounts received in advance. Other
\nincludes an amount of EUR 801k relating to grants to be paid to subcontractors (2021: EUR
0) and accrued expenses that decreased due to timing factors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23549": {
"value": "3.7 Other Payables The other payables can be broken down as follows:
\n2022
2021
\nWage tax and social security
\nGrants received in advance
\nBonus
\nInvoices to be received
\nOther
\n466
\n1,328
\n1,856
\n732
\n1,284
\n126
\n\u2013
\n1,770
\n466*
\n1,672*
\n5,666
4,034
\n* 2021: An amount of EUR 306k has been reclassified from Other to Invoices to be received for better comparison.
\nThe increase in Other Payables is due to Grant amounts received in advance. Other
\nincludes an amount of EUR 801k relating to grants to be paid to subcontractors (2021: EUR
0) and accrued expenses that decreased due to timing factors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23580": {
"value": "4.0 Issued Capital & Reserves Share Capital & Share Premium
\nAccounting Policy:
Ordinary shares are classified as share capital. Equity instruments are
\nrecorded at the proceeds received, net of direct issue costs.
\nThe share premium represents the amount by which the fair value of the consideration
\nreceived exceeds the nominal value of shares issued. Incremental costs directly
\nattributable to the issue of new shares or options are shown in equity as a deduction, net of
\ntax, from the proceeds.
\nThe authorized share capital (\u201cmaatschappelijk kapitaal\u201d) amounts to EUR 12,225,000
\ndivided into 50,937,500 Ordinary Shares and 50,937,500 Preferred Shares with a nominal
\nvalue of EUR 0.12 each.
\nAt 31 December 2022, 30,184,388 Ordinary Shares were issued (31 December 2021:
\n30,184,388 shares). All of the issued Ordinary Shares are fully paid-up and represent
\ncapital in the Company. No Shareholders have any voting rights different from any
\nother Shareholder.
\n\n
\n
23
\nOther Reserves
\nCurrency
\nTranslation
\nDifferences
\nStock
\nCompensation
\nReserve
\nConversion
\nOption
\nPreference
\nShares
\nTotal
\nOther
\nReserves
\nBalance at January 1, 2021
(532)
3,671
14,794
17,933
\nConversion of preference share on IPO
\nShare based payment expense: EIP
\nShare based payments: EIP accelerated vesting
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n249
\n\u2013
\n8,494
\n(12,165)
\n69
\n\u2013
\n(14,794)
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n(14,794)
\n8,494
\n(12,165)
\n69
\n249
\nBalance at December 31, 2021
(283)
69
\u2013
(214)
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n602
\n1,691
\n\u2013
\n\u2013
\n\u2013
\n1,691
\n602
\nBalance at December 31, 2022
319
1,760
\u2013
2,079
\nCurrency Translation Reserve
\nExchange gains and losses arising from the translation of the functional currency of
\nforeign operations to the reporting currency of the parent are accounted for in this legal
\nreserve. In the case of the sale of a participating interest, the associated accumulated
\ntranslation differences are transferred to the profit and loss account and presented therein
\nas part of the result on the sale.
\nThe foreign currency translation reserve relates to the investment in United States.
\nStock Compensation Reserve
\nThe stock compensation reserve is used to recognize the value of equity-settled share-
\nbased payments provided to employees, including key management personnel, as part of
\ntheir remuneration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23581": {
"value": "4.0 Issued Capital & Reserves Share Capital & Share Premium
\nAccounting Policy:
Ordinary shares are classified as share capital. Equity instruments are
\nrecorded at the proceeds received, net of direct issue costs.
\nThe share premium represents the amount by which the fair value of the consideration
\nreceived exceeds the nominal value of shares issued. Incremental costs directly
\nattributable to the issue of new shares or options are shown in equity as a deduction, net of
\ntax, from the proceeds.
\nThe authorized share capital (\u201cmaatschappelijk kapitaal\u201d) amounts to EUR 12,225,000
\ndivided into 50,937,500 Ordinary Shares and 50,937,500 Preferred Shares with a nominal
\nvalue of EUR 0.12 each.
\nAt 31 December 2022, 30,184,388 Ordinary Shares were issued (31 December 2021:
\n30,184,388 shares). All of the issued Ordinary Shares are fully paid-up and represent
\ncapital in the Company. No Shareholders have any voting rights different from any
\nother Shareholder. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23583": {
"value": "4.0 Issued Capital & ReservesShare Capital & Share Premium
\nAccounting Policy:
Ordinary shares are classified as share capital. Equity instruments are
\nrecorded at the proceeds received, net of direct issue costs.
\nThe share premium represents the amount by which the fair value of the consideration
\nreceived exceeds the nominal value of shares issued. Incremental costs directly
\nattributable to the issue of new shares or options are shown in equity as a deduction, net of
\ntax, from the proceeds.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23675": {
"value": "Other Reserves Currency
\nTranslation
\nDifferences
\nStock
\nCompensation
\nReserve
\nConversion
\nOption
\nPreference
\nShares
\nTotal
\nOther
\nReserves
\nBalance at January 1, 2021
(532)
3,671
14,794
17,933
\nConversion of preference share on IPO
\nShare based payment expense: EIP
\nShare based payments: EIP accelerated vesting
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n249
\n\u2013
\n8,494
\n(12,165)
\n69
\n\u2013
\n(14,794)
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n(14,794)
\n8,494
\n(12,165)
\n69
\n249
\nBalance at December 31, 2021
(283)
69
\u2013
(214)
\nShare based payment expense: LTIP
\nCurrency translation differences
\n\u2013
\n602
\n1,691
\n\u2013
\n\u2013
\n\u2013
\n1,691
\n602
\nBalance at December 31, 2022
319
1,760
\u2013
2,079
\nCurrency Translation Reserve
\nExchange gains and losses arising from the translation of the functional currency of
\nforeign operations to the reporting currency of the parent are accounted for in this legal
\nreserve. In the case of the sale of a participating interest, the associated accumulated
\ntranslation differences are transferred to the profit and loss account and presented therein
\nas part of the result on the sale.
\nThe foreign currency translation reserve relates to the investment in United States.
\nStock Compensation Reserve
\nThe stock compensation reserve is used to recognize the value of equity-settled share-
\nbased payments provided to employees, including key management personnel, as part of
their remuneration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23756": {
"value": "4.1 Earnings Per Share (EPS) Accounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
\nto ordinary equity holders of the parent by the weighted average number of ordinary
\nshares outstanding during the year.
\nDiluted EPS is calculated by dividing the profit attributable to ordinary equity holders
\nof the parent (after adjusting for interest on the convertible preference shares) by the
\nweighted average number of ordinary shares outstanding during the year plus the
\nweighted average number of ordinary shares that would be issued on conversion of all the
\ndilutive potential ordinary shares into ordinary shares.
\nThe objective of determining diluted EPS is to reflect the maximum possible dilutive
\neffect arising from potential ordinary shares outstanding during the period. The Group is
\ncurrently loss making and there are currently no anti-dilutive potential ordinary shares to
\nbe considered. Therefore, diluted EPS is disregarded for 2022. The share options granted
\nunder the LTIP (refer to Note 2.9) could have a potential dilutive effect in the future, but had
\nno impact in 2022.
\nThere have been no other transactions involving ordinary shares or potential
\nordinary shares between the reporting date and the date of authorization of these
\nfinancial statements.
\nThe following tables reflect the income and share data used in the EPS calculation:
\nProfit (Loss) Attributable to Ordinary Shareholders
\n2022
2021
\nProfit (loss) for the year, attributable to equity holders of the parent
(32,772)
(34,314)
\nWeighted-Average Number of Ordinary Shares
\n2022
\nThousands
\n2021
\nThousands
\nWeighted average number of ordinary shares for basic EPS
30,184
9,485",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23758": {
"value": "4.1 Earnings Per Share (EPS)Accounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
\nto ordinary equity holders of the parent by the weighted average number of ordinary
\nshares outstanding during the year.
\nDiluted EPS is calculated by dividing the profit attributable to ordinary equity holders
\nof the parent (after adjusting for interest on the convertible preference shares) by the
\nweighted average number of ordinary shares outstanding during the year plus the
\nweighted average number of ordinary shares that would be issued on conversion of all the
\ndilutive potential ordinary shares into ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23865": {
"value": "4.2 Financial Liabilities Accounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
\n\n
\n
23
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
\nthe assets and settle the liabilities simultaneously. No offsetting is currently applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23866": {
"value": "4.2 Financial Liabilities Accounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
\n\n
\n
23
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
\nthe assets and settle the liabilities simultaneously. No offsetting is currently applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23869": {
"value": "4.2 Financial Liabilities Accounting Policy:
\nFinancial Instruments \u2013 Initial Recognition & Subsequent Measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity. Financial assets and financial
\nliabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial Liabilities
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value
\nthrough profit or loss, loans and borrowings, payables, or as derivatives designated as
\nhedging instruments in an effective hedge, as appropriate. A financial liability is classified
\nas FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
\non initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
\nand losses, including any interest expense, are recognized in profit or loss. Other financial
\nliabilities are subsequently measured at amortized cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognized in profit or
\nloss. Any gain or loss on derecognition is also recognized in profit or loss
\nAll financial liabilities are recognized initially at fair value and, in the case of liabilities at
\namortized cost , net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade payables, other payables, loans and borrowings.
\nFor purposes of subsequent measurement, financial liabilities are classified in
\ntwo categories:
\n\u2022
Financial liabilities at fair value through profit and loss
\n\u2022
Financial liabilities at amortized cost
\nFinancial liabilities at fair value through profit or loss (\u201cFVPL\u201d)
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss.
\nFinancial Liabilities at Amortized Cost
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing
\nloans and borrowings are subsequently measured at amortized cost using the effective
\ninterest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
\nliabilities are derecognized as well as through the EIR amortization process.
\nAmortized cost is calculated by taking into account any discount or premium on
\nacquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
\nincluded as finance costs in the statement of profit or loss.
Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
\nOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
\nthe assets and settle the liabilities simultaneously. No offsetting is currently applied.
\n2022
2021
\nBalance as at 31 December
12,565
11,451
\nInnovation
\nLoan
\nConvertible
\nPreference
\nA Shares
\nConvertible
\nLoan
\nBalance as per January 1, 2021
10,410
31,407
\u2013
\nLoan amount received / preference shares issued
\nInterest / cumulative dividend accrued during the year
\nConversion to ordinary shares - IPO
\n\u2013
\n1,041
\n\u2013
\n\u2013
\n3,266
\n(34,673)
\n30,000
\n1,122
\n(31,122)
\nBalance as per December 31, 2021
11,451
\u2013
\u2013
\nLoan amount received
\nInterest accrued during the year
\n\u2013
\n1,205
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\nBalance as per December 31, 2022
12,656
\u2013
\u2013
\nInnovation Loan
\nOn 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of
\nEUR 10M payable according a set payment scheme.
\nThe loan carries interest at 10%.
\nThe current redemption plan for the loan is as presented below:
\nDate
% of Loan Amount
\n1 January 2026
\n1 April 2026
\n1 July 2026
\n1 October 2026
\n1 January 2027
\n1 April 2027
\n1 July 2027
\n15.0
\n15.0
\n17.5
\n17.5
\n17.5
\n17.5
\nAll due interest
\nCertain Intellectual Property (patents registered), have been pledged to the RVO NL in
\ncase of default of repayment of the loan. These patents have not been capitalized as at 31
\nDecember 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23871": {
"value": "4.2 Financial Liabilities Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged
\nor cancelled or expires. When an existing financial liability is replaced by another from
\nthe same lender on substantially different terms, or the terms of an existing liability are
\nsubstantially modified, such an exchange or modification is treated as the derecognition
\nof the original liability and the recognition of a new liability at fair value. The difference in
\nthe respective carrying amounts is recognised in the statement of profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23872": {
"value": "4.2 Financial LiabilitiesOffsetting of Financial Instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the
\nconsolidated statement of financial position if there is a currently enforceable legal right to
\noffset the recognized amounts and there is an intention to settle on a net basis, to realize
the assets and settle the liabilities simultaneously. No offsetting is currently applied. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23905": {
"value": "Financial liabilities at fair value through profit or loss (\u201cFVPL\u201d) Financial liabilities at fair value through profit or loss include financial liabilities held for
\ntrading and financial liabilities designated upon initial recognition as at fair value through
\nprofit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of
\nrepurchasing in the near term. This category also includes derivative financial instruments
\nentered into by the Group that are not designated as hedging instruments in hedge
\nrelationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\nheld for trading unless they are designated as effective hedging instruments.
\nGains or losses on liabilities held for trading are recognized in the statement of profit
\nor loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or
\nloss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
\nsatisfied. The Group has not designated any financial liability as at fair value through
\nprofit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24186": {
"value": "4.3 Financial Risk Management Objectives & Policies
\nThe Group\u2019s principal financial liabilities comprise of loans and borrowings and trade and
\nother payables. The main purpose of these financial liabilities is to finance the Group\u2019s
\noperations and to provide guarantees to support its operations.
\nThe Group is responsible for implementing and evaluating policies which govern the funding,
\ninvestments and any use of derivative financial instruments. The Group is exposed to
\nvarious risks. The Group monitors risk exposure on an ongoing basis, as summarized below:
\nCapital Management
\nCapital includes issued capital, convertible preference shares, share premium and all other
\nequity reserves attributable to the equity holders of the parent. The primary objective
\nof the Group\u2019s capital management is to continue as a going concern while maximising
\nshareholder value. The Group manages its capital structure and will consider adjustments
\nin light of changes in economic conditions. To maintain or adjust the capital structure, the
\nGroup may issue new shares.
\nLiquidity Risk
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash
\nflows. The Group\u2019s objective is to maintain a balance between continuity of funding
\nand flexibility through the use of subsidies and grants, and sufficient progress towards
\nregulatory approval, which is related to future financing rounds.
\nCash is invested in low-risk investments such as short-term bank deposits or savings
\naccounts. The Group mainly makes use of liquid investment in current accounts (in Euro) or
\nshort-term deposit accounts. The ability of the Group to maintain adequate cash reserves
\nto support its activities in the medium term is highly dependent on the Group\u2019s ability to
\nraise additional funds.
\nThe following table details the undiscounted remaining contractual maturity for the
\nGroup\u2019s financial liabilities with agreed repayment periods, including both interest and
\nprincipal cash flows:
\nAs of 31 December 2022:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables
\n\u2013
\n512
\n1,909
\n\u2013
\n1,452
\n\u2013
\n19,298
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n19,298
\n1,964
\n1,909
\nTotal
2,421
1,452
19,298
\u2013
23,171
\nAs of 31 December 2021:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables*
\n\u2013
\n490
\n952
\n\u2013
\n1,470
\n\u2013
\n6,500
\n408
\n\u2013
\n12,798
\n\u2013
\n\u2013
\n19,298
\n2,368
\n952
\nTotal
1,442
1,470
6,908
12,798
22,618
\n* This line has been restated from prior year to only include trade payables.
Market Risk
\nMarket risk is the risk that the fair value of future cash flows of a financial instrument
\nwill fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
\nchanges in foreign currency exchange rates and interest rates. The Group is not
\nexposed to any equity price risk or commodity price risk as it does not invest in these
\nclasses of investments.
\nCredit Risk
\nBecause of the absence of sales to third parties and therefore trade receivables, credit
\nrisk arises mainly from cash and cash equivalents and deposits with banks and financial
\ninstitutions. The Group only works with international reputable commercial banks and
\nfinancial institutions when investing surplus funds. Short \u2013 and fixed term deposits are
\nsubject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
\nUBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
\nnumber of banks and financial institutions is to minimise concentration risk and therefore
\nmitigate financial loss through a counterparty\u2019s potential failure to make payments.
\nCurrency Risk
\nCurrency risk is the risk that reported financial performance, or the fair value or future
\ncash flows of a financial instrument, will fluctuate because of changes in foreign exchange
\nrates. The Group is exposed to currency risk for the activities mainly in the US as the
\naccounting is performed in US dollars whereas the functional currency of the Group is
\nthe euro. The risk is currently managed by replenishing the US bank account at regular
\nintervals to account for both the positive and negative changes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24188": {
"value": "4.3 Financial Risk Management Objectives & Policies Market Risk
\nMarket risk is the risk that the fair value of future cash flows of a financial instrument
\nwill fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
\nchanges in foreign currency exchange rates and interest rates. The Group is not
\nexposed to any equity price risk or commodity price risk as it does not invest in these
\nclasses of investments.
Currency Risk
\nCurrency risk is the risk that reported financial performance, or the fair value or future
\ncash flows of a financial instrument, will fluctuate because of changes in foreign exchange
\nrates. The Group is exposed to currency risk for the activities mainly in the US as the
\naccounting is performed in US dollars whereas the functional currency of the Group is
\nthe euro. The risk is currently managed by replenishing the US bank account at regular
\nintervals to account for both the positive and negative changes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24189": {
"value": "4.3 Financial Risk Management Objectives & Policies Credit Risk
\nBecause of the absence of sales to third parties and therefore trade receivables, credit
\nrisk arises mainly from cash and cash equivalents and deposits with banks and financial
\ninstitutions. The Group only works with international reputable commercial banks and
\nfinancial institutions when investing surplus funds. Short \u2013 and fixed term deposits are
\nsubject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
\nUBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
\nnumber of banks and financial institutions is to minimise concentration risk and therefore
\nmitigate financial loss through a counterparty\u2019s potential failure to make payments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24190": {
"value": "4.3 Financial Risk Management Objectives & PoliciesLiquidity Risk
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash
\nflows. The Group\u2019s objective is to maintain a balance between continuity of funding
\nand flexibility through the use of subsidies and grants, and sufficient progress towards
\nregulatory approval, which is related to future financing rounds.
\nCash is invested in low-risk investments such as short-term bank deposits or savings
\naccounts. The Group mainly makes use of liquid investment in current accounts (in Euro) or
\nshort-term deposit accounts. The ability of the Group to maintain adequate cash reserves
\nto support its activities in the medium term is highly dependent on the Group\u2019s ability to
\nraise additional funds.
\nThe following table details the undiscounted remaining contractual maturity for the
\nGroup\u2019s financial liabilities with agreed repayment periods, including both interest and
\nprincipal cash flows:
\nAs of 31 December 2022:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables
\n\u2013
\n512
\n1,909
\n\u2013
\n1,452
\n\u2013
\n19,298
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n\u2013
\n19,298
\n1,964
\n1,909
\nTotal
2,421
1,452
19,298
\u2013
23,171
\nAs of 31 December 2021:
\nLess than
\n1 Year
\n1-3 Years
3-5 Years
\nMore than
\n5 Years
\nTotal
\nInnovation loan
\nLease liability
\nTrade payables*
\n\u2013
\n490
\n952
\n\u2013
\n1,470
\n\u2013
\n6,500
\n408
\n\u2013
\n12,798
\n\u2013
\n\u2013
\n19,298
\n2,368
\n952
\nTotal
1,442
1,470
6,908
12,798
22,618
\n* This line has been restated from prior year to only include trade payables.
Market Risk
\nMarket risk is the risk that the fair value of future cash flows of a financial instrument
\nwill fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
\nchanges in foreign currency exchange rates and interest rates. The Group is not
\nexposed to any equity price risk or commodity price risk as it does not invest in these
\nclasses of investments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24198": {
"value": "Capital Management Capital includes issued capital, convertible preference shares, share premium and all other
\nequity reserves attributable to the equity holders of the parent. The primary objective
\nof the Group\u2019s capital management is to continue as a going concern while maximising
\nshareholder value. The Group manages its capital structure and will consider adjustments
\nin light of changes in economic conditions. To maintain or adjust the capital structure, the
\nGroup may issue new shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24384": {
"value": "4.4 Fair Value & Fair Value Hierarchy of the Financial Statements Accounting Policy:
All assets and liabilities for which fair value is measured or disclosed
\nin the financial statements are categorized within the fair value hierarchy, described as
\nfollows, based on the lowest level input that is significant to the fair value measurement
\nas a whole:
\n\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
\nor liabilities
\n\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is directly or indirectly observable
\n\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is unobservable.
\nThe carrying amounts and fair values of the Group\u2019s financial instruments are as follows,
\nincluding its fair value hierarchy:
\n2022
\nCarrying
\nAmount
\nEstimated
\nFair Value
\nFinancial liabilities
\nInnovation credit loan (Level 2)
12,656
13,689
\nTotal financial liabilities
12,656
13,689
\n2021
\nCarrying
\nAmount
\nEstimated
\nFair Value
\nFinancial liabilities
\nInnovation credit loan (Level 2)
11,451
13,218
\nTotal financial liabilities
11,451
13,218
\nManagement has assessed that the fair values of cash and cash equivalents, accounts
\npayable, taxes and social securities and other payables approximate to their carrying
\namounts largely due to the short-term maturities of these instruments.
\nThe fair values of the financial assets and liabilities are included at the amount at which
\nthe instrument could be exchanged in a current transaction between willing parties, other
\nthan in a forced or liquidation sale. The following methods and assumptions were used to
\nestimate the fair values:
\n\n
\n
23
\nThe fair value of Innovation credit loan and due interest have been calculated by
\ndiscounting the expected future cash flows using rates currently available for instruments
\nwith similar terms, credit risk and remaining maturities.
\nDuring the period, there were no transfers of fair value measurements between Level 1 and
\nLevel 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24385": {
"value": "4.4 Fair Value & Fair Value Hierarchy of the Financial Statements Accounting Policy:
All assets and liabilities for which fair value is measured or disclosed
\nin the financial statements are categorized within the fair value hierarchy, described as
\nfollows, based on the lowest level input that is significant to the fair value measurement
\nas a whole:
\n\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
\nor liabilities
\n\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is directly or indirectly observable
\n\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is unobservable.
\nThe carrying amounts and fair values of the Group\u2019s financial instruments are as follows,
\nincluding its fair value hierarchy:
\n2022
\nCarrying
\nAmount
\nEstimated
\nFair Value
\nFinancial liabilities
\nInnovation credit loan (Level 2)
12,656
13,689
\nTotal financial liabilities
12,656
13,689
\n2021
\nCarrying
\nAmount
\nEstimated
\nFair Value
\nFinancial liabilities
\nInnovation credit loan (Level 2)
11,451
13,218
\nTotal financial liabilities
11,451
13,218
\nManagement has assessed that the fair values of cash and cash equivalents, accounts
\npayable, taxes and social securities and other payables approximate to their carrying
\namounts largely due to the short-term maturities of these instruments.
\nThe fair values of the financial assets and liabilities are included at the amount at which
\nthe instrument could be exchanged in a current transaction between willing parties, other
\nthan in a forced or liquidation sale. The following methods and assumptions were used to
\nestimate the fair values:
\n\n
\n
23
\nThe fair value of Innovation credit loan and due interest have been calculated by
\ndiscounting the expected future cash flows using rates currently available for instruments
\nwith similar terms, credit risk and remaining maturities.
\nDuring the period, there were no transfers of fair value measurements between Level 1 and
\nLevel 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24387": {
"value": "4.4 Fair Value & Fair Value Hierarchy of the Financial StatementsAccounting Policy:
All assets and liabilities for which fair value is measured or disclosed
\nin the financial statements are categorized within the fair value hierarchy, described as
\nfollows, based on the lowest level input that is significant to the fair value measurement
\nas a whole:
\n\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
\nor liabilities
\n\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is directly or indirectly observable
\n\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
\nfair value measurement is unobservable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24519": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24520": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24521": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24522": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24523": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24524": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds.
\n2022
2021
\nInterest income from deposits
\nInterest on loans
\nInterest post-employment benefits
\nInterest banks
\nInterest on lease liabilities
\nExchange losses
\nBank charges
\n62
\n(1,205)
\n-
\n(226)
\n(84)
\n(24)
\n(33)
\n\u2013
\n(5,430)
\n1
\n(146)
\n(21)
\n(100)
\n(17)
\nNet Finance expense
(1,510)
(5,713)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24525": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
\ncosts that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24529": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24530": {
"value": "4.5 Financial Expense Accounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24531": {
"value": "4.5 Financial ExpenseAccounting Policy:
Interest income is recognized by applying the effective interest rate,
\nexcept for short-term receivables when the effect of discounting is immaterial. The
\nCompany\u2019s financial assets include cash and cash equivalents and other long term and
\ncurrent receivables.
\nBorrowing costs directly attributable to the acquisition, construction or production of
\nan asset that necessarily takes a substantial period of time to get ready for its intended
\nuse or sale are capitalized as part of the cost of the asset. All other borrowing costs are
\nexpensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24602": {
"value": "5.0 Post-Employment Benefits: Defined Benefit Obligation Accounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
\n\n
\n
23
\n2022
2021
\nPlan assets
\nObligation
\n3,879
\n(5,001)
\n1,756
\n(3,144)
\nNet liability
1,121
1,388
\nA defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
\ndefined benefit plans specify an amount of pension benefit that an employee will receive
\nupon retirement, typically dependent on one or more factors such as age, years of service
\nand compensation. The benefits paid to employees in Switzerland qualify as a defined
\nbenefit plan.
\nThe pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
\nPension Fund provides benefits for retirement, disability and surviving dependents that
\nmeet or exceed the minimum benefits required under the Federal Law on Occupational
\nRetirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
\ncharge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
\nis split equally between the employer and the employees. Contributions, which vary by
\nthe age of the employees, range from 6-13% of the covered salary and are credited to the
\nemployees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
\ncapital investments and pursues an investment strategy with a prescribed investment
\npolicy. The Group assumes an average retirement age of 62 (female) and 63 (male),
\nrespectively. Upon retiring (including early and partial retirement), insured persons are
\nentitled to a lifelong retirement pension if employees do not choose to withdraw the entire
\nbalance, or portion thereof, of their individual retirement savings accounts in the form of a
\ncapital payment.
\nThe Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
\nfrom the Group and is governed by a foundation board. In addition, there is a pension fund
\ncommission comprised of two employee and two employer representatives. The duties of
\nthe foundation board, as well as the pension fund commission, are laid out in the BVG and
\nthe specific pension fund rules. They are required by law to act in the best interest of the
\nparticipants and are responsible for setting certain policies (e.g. investment, contribution
\nand indexation policies) for the Pension Fund. At least four times a year, the foundation
\nboard, as well as the pension fund commission, meet to analyze consequences and decide
\non adjustments in the investment strategy.
\nPursuant to the BVG, additional employer and employee contributions may be imposed
\nwhenever a significant funding deficit arises in accordance with the BVG. In addition to
\ninvestment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk
\nand interest rate risk.
\nIn addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
\nmanagement also provides retirement benefits and risk insurance for death and disability
\nfor components of remuneration in excess of the maximum insurable amount of salary
\nunder the plan described above.
\nMovement of Net Defined-Benefit Liability
\n2022
2021
\nBalance as at January 1
1,388
399
\nService costs
\nAdmin costs
\nPast service costs
\n562
\n43
\n\u2013
\n167
\n14
\n264
\nEmployee benefit expenses
\nNet interest costs / (income)
\n605
\n3
\n445
\n(1)
\nIncluded in statement of profit and loss
608
444
\nActuarial gains / (losses)
\n\u2013 Financial assumptions
\n\u2013 Demographic assumptions
\n\u2013 Experience adjustment
\n\u2013 Return on assets excluding interest income
\n(1,956)
\n\u2013
\n1,286
\n184
\n(94)
\n\u2013
\n727
\n81
\nExchange rate differences
\n(486)
\n65
\n714
\n30
\nIncluded in statement of comprehensive income
(421)
744
\nContributions by employer
(454)
(199)
\nBalance as at December 31
1,121
1,388
\n\n
\n
23
\nThe principal assumptions used in determining post-employment (pension) benefit
\nobligations for the plan are shown below:
\n2022
2021
\nDiscount rate
\nSalary increase
\nInterest credit rate
\nMortality base table
\nLongevity improvement
\n2,30%
\n2,50%
\n1,00%
\nBVG2020
\nCMI2018; 1,25%
\n0,30%
\n2,50%
\n0,60%
\nBVG2020
\nCMI2018; 1,25%
\nA quantitative sensitivity analysis for significant assumptions as at 31 December is
\nshown below:
\n2022
2021
\nDiscount rate
\n+ 25bps
\n- 25bps
\nSalary increase
\n+ 25bps
\n- 25bps
\nInterest credit rate
\n+ 25bps
\n- 25bps
\nMortality base table
\nLife expectancy + 1 year
\nLife expectancy - 1 year
\n(190)
\n203
\n84
\n(80)
\n76
\n(73)
\n27
\n(26)
\n(147)
\n159
\n102
\n(62)
\n30
\n(29)
\n35
\n(33)
\nThe sensitivity analyses have been determined based on a method that extrapolates
\nthe impact on the defined benefit obligation as a result of reasonable changes in key
\nassumptions occurring at the end of the reporting period. The sensitivity analyses are
\nbased on a change in a significant assumption, keeping all other assumptions constant.
\nThe sensitivity analyses may not be representative of an actual change in the defined
\nbenefit obligation as it is unlikely that changes in assumptions would occur in isolation
\nfrom one another.
\nThe following are the expected payments or contributions to the defined benefit plan in
\nfuture years:
\n2022
2021
\nWithin the next 12 months
\nBetween 2 and 5 years
\nBeyond 5 years
\n281
\n1,426
\n2,540
\n123
\n640
\n1,428
\nTotal expected payments
4,247
2,191
\nThe average duration of the defined benefit plan obligation at the end of the reporting
\nperiod is 16 years (2021: 19 years).
\nPlan Assets Allocation
\nThe asset allocation in the Swiss pension plan at December 31 was as follows:
\n2022
2021
\nBonds
\nEquities
\nLoans
\nMortgages
\nReal Estate
\nCash, derivatives and funds
\n2,309
\n\u2013
\n134
\n504
\n872
\n60
\n1,004
\n168
\n52
\n207
\n300
\n25
\n3,879
1,756
\nPlan assets in 2022 do not include property occupied by or financial instruments issued
\nby ONWARD.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24603": {
"value": "5.0 Post-Employment Benefits: Defined Benefit Obligation Accounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss.
\n\n
\n
23
\n2022
2021
\nPlan assets
\nObligation
\n3,879
\n(5,001)
\n1,756
\n(3,144)
\nNet liability
1,121
1,388
\nA defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
\ndefined benefit plans specify an amount of pension benefit that an employee will receive
\nupon retirement, typically dependent on one or more factors such as age, years of service
\nand compensation. The benefits paid to employees in Switzerland qualify as a defined
\nbenefit plan.
\nThe pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
\nPension Fund provides benefits for retirement, disability and surviving dependents that
\nmeet or exceed the minimum benefits required under the Federal Law on Occupational
\nRetirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
\ncharge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
\nis split equally between the employer and the employees. Contributions, which vary by
\nthe age of the employees, range from 6-13% of the covered salary and are credited to the
\nemployees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
\ncapital investments and pursues an investment strategy with a prescribed investment
\npolicy. The Group assumes an average retirement age of 62 (female) and 63 (male),
\nrespectively. Upon retiring (including early and partial retirement), insured persons are
\nentitled to a lifelong retirement pension if employees do not choose to withdraw the entire
\nbalance, or portion thereof, of their individual retirement savings accounts in the form of a
\ncapital payment.
\nThe Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
\nfrom the Group and is governed by a foundation board. In addition, there is a pension fund
\ncommission comprised of two employee and two employer representatives. The duties of
\nthe foundation board, as well as the pension fund commission, are laid out in the BVG and
\nthe specific pension fund rules. They are required by law to act in the best interest of the
\nparticipants and are responsible for setting certain policies (e.g. investment, contribution
\nand indexation policies) for the Pension Fund. At least four times a year, the foundation
\nboard, as well as the pension fund commission, meet to analyze consequences and decide
\non adjustments in the investment strategy.
\nPursuant to the BVG, additional employer and employee contributions may be imposed
\nwhenever a significant funding deficit arises in accordance with the BVG. In addition to
\ninvestment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk
\nand interest rate risk.
\nIn addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
\nmanagement also provides retirement benefits and risk insurance for death and disability
\nfor components of remuneration in excess of the maximum insurable amount of salary
\nunder the plan described above.
\nMovement of Net Defined-Benefit Liability
\n2022
2021
\nBalance as at January 1
1,388
399
\nService costs
\nAdmin costs
\nPast service costs
\n562
\n43
\n\u2013
\n167
\n14
\n264
\nEmployee benefit expenses
\nNet interest costs / (income)
\n605
\n3
\n445
\n(1)
\nIncluded in statement of profit and loss
608
444
\nActuarial gains / (losses)
\n\u2013 Financial assumptions
\n\u2013 Demographic assumptions
\n\u2013 Experience adjustment
\n\u2013 Return on assets excluding interest income
\n(1,956)
\n\u2013
\n1,286
\n184
\n(94)
\n\u2013
\n727
\n81
\nExchange rate differences
\n(486)
\n65
\n714
\n30
\nIncluded in statement of comprehensive income
(421)
744
\nContributions by employer
(454)
(199)
\nBalance as at December 31
1,121
1,388
\n\n
\n
23
\nThe principal assumptions used in determining post-employment (pension) benefit
\nobligations for the plan are shown below:
\n2022
2021
\nDiscount rate
\nSalary increase
\nInterest credit rate
\nMortality base table
\nLongevity improvement
\n2,30%
\n2,50%
\n1,00%
\nBVG2020
\nCMI2018; 1,25%
\n0,30%
\n2,50%
\n0,60%
\nBVG2020
\nCMI2018; 1,25%
\nA quantitative sensitivity analysis for significant assumptions as at 31 December is
\nshown below:
\n2022
2021
\nDiscount rate
\n+ 25bps
\n- 25bps
\nSalary increase
\n+ 25bps
\n- 25bps
\nInterest credit rate
\n+ 25bps
\n- 25bps
\nMortality base table
\nLife expectancy + 1 year
\nLife expectancy - 1 year
\n(190)
\n203
\n84
\n(80)
\n76
\n(73)
\n27
\n(26)
\n(147)
\n159
\n102
\n(62)
\n30
\n(29)
\n35
\n(33)
\nThe sensitivity analyses have been determined based on a method that extrapolates
\nthe impact on the defined benefit obligation as a result of reasonable changes in key
\nassumptions occurring at the end of the reporting period. The sensitivity analyses are
\nbased on a change in a significant assumption, keeping all other assumptions constant.
\nThe sensitivity analyses may not be representative of an actual change in the defined
\nbenefit obligation as it is unlikely that changes in assumptions would occur in isolation
\nfrom one another.
\nThe following are the expected payments or contributions to the defined benefit plan in
\nfuture years:
\n2022
2021
\nWithin the next 12 months
\nBetween 2 and 5 years
\nBeyond 5 years
\n281
\n1,426
\n2,540
\n123
\n640
\n1,428
\nTotal expected payments
4,247
2,191
\nThe average duration of the defined benefit plan obligation at the end of the reporting
\nperiod is 16 years (2021: 19 years).
\nPlan Assets Allocation
\nThe asset allocation in the Swiss pension plan at December 31 was as follows:
\n2022
2021
\nBonds
\nEquities
\nLoans
\nMortgages
\nReal Estate
\nCash, derivatives and funds
\n2,309
\n\u2013
\n134
\n504
\n872
\n60
\n1,004
\n168
\n52
\n207
\n300
\n25
\n3,879
1,756
\nPlan assets in 2022 do not include property occupied by or financial instruments issued
\nby ONWARD. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24604": {
"value": "5.0 Post-Employment Benefits: Defined Benefit Obligation Accounting Policy:
Group companies operate various pension schemes. The schemes
\nare funded through payments to insurance companies or trustee-administered funds,
\ndetermined by periodic actuarial calculations. The Group has both defined benefit and
\ndefined contribution plans.
\nDefined Benefit Plan
\nThe Group operates a defined benefit pension plan in Switzerland, which requires
\ncontributions to be made to a separately administered fund. The cost of providing benefits
\nunder the defined benefit plan is determined using the projected unit credit method.
\nRemeasurements, comprising of actuarial gains and losses are recognised in the
\nstatement of financial position with a corresponding debit or credit to retained earnings
\nthrough OCI in the period in which they occur. Remeasurements are not reclassified to
\nprofit or loss in subsequent periods.
\nPast service costs are recognised in profit or loss on the earlier of:
\n\u2022
The date of the plan amendment or curtailment, and
\n\u2022
The date that the Group recognises related restructuring costs
\nNet interest is calculated by applying the discount rate to the net defined benefit liability
\nor asset. The Group recognises the changes in the net defined benefit obligation due
\nto service costs comprising current service costs, past-service costs, gains and losses
\non curtailments and non-routine settlements as part of operating expenses and the net
\ninterest expense or income as part of net finance costs in the consolidated statement of
\nprofit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25068": {
"value": "5.1 Commitments & Contingencies Legal Claim Contingencies
\nAs at December 31, 2022, the Group had no legal claim contingencies.
\nGuarantees
\nThe Group has provided a guarantee to Wincasa for EUR 273k and EUR 8k to SPACES as
\ncollateral for the lease of the office spaces.
\nRoyalties
\nThe Group has entered into three license agreements with EPFL that will pay out royalties
\nin case the Company is able to generate revenues in the future for products directly linked
\nto these licenses. The royalty scheme with EPFL is based on net sales. To date no royalties
\nhave been paid as there is no product generating revenue.
\nOn 27 September 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
\nentered into a license agreement with the Regents of the University of California acting
\nthrough Technology Development Group UCLA campus granting an exclusive license on
\ncertain patents in certain fields of neuromodulation and spinal cord stimulation and a
\nnon-exclusive license on certain other patent rights. Various revenue milestone payments
\nare due under the exclusive license and fixed royalty payments are due under the non-
\nexclusive license. The agreement contains various milestone and diligence obligations
\nranging from USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory
\napproval and/or first commercial sale. To date none of the milestones triggering the
\nobligations have occurred.
\nOn 8 October 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
\ninto a license agreement with the California Institute of Technology (\u201cCaltech\u201d), the latter
\non behalf of various intellectual property owners, including UCLA, University of Louisville,
\nDEI and USC, granting an exclusive license on certain technology in certain fields of
\nepidural and transcutaneous neuromodulation and a non-exclusive license of certain
\nother intellectual property. Various revenue milestone payments, diligence obligations and
\nfixed royalty payments are due under the license. These payments range from USD 20k
\nto USD 75k payable upon FDA approval, CE Mark and/or first commercial sale. To date no
\npayments are due as none of the requirements have been met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25069": {
"value": "5.1 Commitments & Contingencies Legal Claim Contingencies
\nAs at December 31, 2022, the Group had no legal claim contingencies.
\nGuarantees
\nThe Group has provided a guarantee to Wincasa for EUR 273k and EUR 8k to SPACES as
\ncollateral for the lease of the office spaces.
\nRoyalties
\nThe Group has entered into three license agreements with EPFL that will pay out royalties
\nin case the Company is able to generate revenues in the future for products directly linked
\nto these licenses. The royalty scheme with EPFL is based on net sales. To date no royalties
\nhave been paid as there is no product generating revenue.
\nOn 27 September 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
\nentered into a license agreement with the Regents of the University of California acting
\nthrough Technology Development Group UCLA campus granting an exclusive license on
\ncertain patents in certain fields of neuromodulation and spinal cord stimulation and a
\nnon-exclusive license on certain other patent rights. Various revenue milestone payments
\nare due under the exclusive license and fixed royalty payments are due under the non-
\nexclusive license. The agreement contains various milestone and diligence obligations
\nranging from USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory
\napproval and/or first commercial sale. To date none of the milestones triggering the
\nobligations have occurred.
\nOn 8 October 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
\ninto a license agreement with the California Institute of Technology (\u201cCaltech\u201d), the latter
\non behalf of various intellectual property owners, including UCLA, University of Louisville,
\nDEI and USC, granting an exclusive license on certain technology in certain fields of
\nepidural and transcutaneous neuromodulation and a non-exclusive license of certain
\nother intellectual property. Various revenue milestone payments, diligence obligations and
\nfixed royalty payments are due under the license. These payments range from USD 20k
\nto USD 75k payable upon FDA approval, CE Mark and/or first commercial sale. To date no
\npayments are due as none of the requirements have been met.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25070": {
"value": "5.1 Commitments & Contingencies Legal Claim Contingencies
\nAs at December 31, 2022, the Group had no legal claim contingencies.
\nGuarantees
\nThe Group has provided a guarantee to Wincasa for EUR 273k and EUR 8k to SPACES as
\ncollateral for the lease of the office spaces.
\nRoyalties
\nThe Group has entered into three license agreements with EPFL that will pay out royalties
\nin case the Company is able to generate revenues in the future for products directly linked
\nto these licenses. The royalty scheme with EPFL is based on net sales. To date no royalties
\nhave been paid as there is no product generating revenue.
\nOn 27 September 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
\nentered into a license agreement with the Regents of the University of California acting
\nthrough Technology Development Group UCLA campus granting an exclusive license on
\ncertain patents in certain fields of neuromodulation and spinal cord stimulation and a
\nnon-exclusive license on certain other patent rights. Various revenue milestone payments
\nare due under the exclusive license and fixed royalty payments are due under the non-
\nexclusive license. The agreement contains various milestone and diligence obligations
\nranging from USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory
\napproval and/or first commercial sale. To date none of the milestones triggering the
\nobligations have occurred.
\nOn 8 October 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
\ninto a license agreement with the California Institute of Technology (\u201cCaltech\u201d), the latter
\non behalf of various intellectual property owners, including UCLA, University of Louisville,
\nDEI and USC, granting an exclusive license on certain technology in certain fields of
\nepidural and transcutaneous neuromodulation and a non-exclusive license of certain
\nother intellectual property. Various revenue milestone payments, diligence obligations and
\nfixed royalty payments are due under the license. These payments range from USD 20k
\nto USD 75k payable upon FDA approval, CE Mark and/or first commercial sale. To date no
\npayments are due as none of the requirements have been met.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25071": {
"value": "5.1 Commitments & Contingencies Legal Claim Contingencies
\nAs at December 31, 2022, the Group had no legal claim contingencies.
\nGuarantees
\nThe Group has provided a guarantee to Wincasa for EUR 273k and EUR 8k to SPACES as
\ncollateral for the lease of the office spaces.
\nRoyalties
\nThe Group has entered into three license agreements with EPFL that will pay out royalties
\nin case the Company is able to generate revenues in the future for products directly linked
\nto these licenses. The royalty scheme with EPFL is based on net sales. To date no royalties
\nhave been paid as there is no product generating revenue.
\nOn 27 September 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
\nentered into a license agreement with the Regents of the University of California acting
\nthrough Technology Development Group UCLA campus granting an exclusive license on
\ncertain patents in certain fields of neuromodulation and spinal cord stimulation and a
\nnon-exclusive license on certain other patent rights. Various revenue milestone payments
\nare due under the exclusive license and fixed royalty payments are due under the non-
\nexclusive license. The agreement contains various milestone and diligence obligations
\nranging from USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory
\napproval and/or first commercial sale. To date none of the milestones triggering the
\nobligations have occurred.
\nOn 8 October 2019 Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
\ninto a license agreement with the California Institute of Technology (\u201cCaltech\u201d), the latter
\non behalf of various intellectual property owners, including UCLA, University of Louisville,
\nDEI and USC, granting an exclusive license on certain technology in certain fields of
\nepidural and transcutaneous neuromodulation and a non-exclusive license of certain
\nother intellectual property. Various revenue milestone payments, diligence obligations and
\nfixed royalty payments are due under the license. These payments range from USD 20k
\nto USD 75k payable upon FDA approval, CE Mark and/or first commercial sale. To date no
\npayments are due as none of the requirements have been met.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25072": {
"value": "5.1 Commitments & ContingenciesGuarantees
\nThe Group has provided a guarantee to Wincasa for EUR 273k and EUR 8k to SPACES as
\ncollateral for the lease of the office spaces.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25110": {
"value": "5.2 Related Party TransactionsThe Group considers the board and the management team to be key management as
\ndefined in IAS 24 \u2018Related parties\u2019. Full details of the remuneration of the board (CEO and
\nnon-executives) are included in the Remuneration report.
\n2022
\nSalary,
\nBonuses
\n& Other
\n(Short-Term
\nEmployee
\nBenefits)
\nPension
\nPremiums
\n(Post-
\nEmployment
\nEenefits)
\nShare-
\nBased
\nPayment
Total
\nManagement team, excluding CEO
\nCEO
\nNon-executive directors
\n2,574
\n917
\n364
\n105
\n44
\n\u2013
\n596
\n469
\n256
\n3,275
\n1,430
\n621
\n3,855
149
1,321
5,326
2021
\nSalary,
\nBonuses
\n& Other
\n(Short-Term
\nEmployee
\nBenefits)
\nPension
\nPremiums
\n(Post-
\nEmployment
\nEenefits)
\nShare-
\nBased
\nPayment
Total
\nManagement team, excluding CEO
\nCEO
\nNon-executive directors
\n2,073
\n1,163
\n436
\n78
\n28
\n\u2013
\n2,164
\n2,140
\n1,180
\n4,315
\n3,331
\n1,616
\n3,672
106
5,484
9,261
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25259": {
"value": "5.3 Events After the Reporting Period After 31 December 2022 the Group granted 968,250 stock options to the Management
\nteam, including the CEO and CSO with an exercise price of EUR 6.12. The conditions of the
existing plan as explained in Note 2.9 applies to this grant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:9845007A2CC4C8BFSB80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}