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"decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8831": { "value": "1292000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8833": { "value": "479000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8835": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8837": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8839": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8841": { "value": "557000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8843": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8845": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8848": { "value": "813000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8850": { "value": "-557000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8856": { "value": "41760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8858": { "value": "-113000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8860": { "value": "-11879000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8862": { "value": "89443000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8864": { "value": "-24000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8866": { "value": "-47659000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8870": { "value": "29768000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8872": { "value": "41760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f8941": { "value": "1. General Information & Basis of Preparation
1.0 Corporate Information
General
Onward Medical N.V. (\u201cONWARD\u201d) is a public limited company under Dutch law
(naamloze vennootschap). The registered office is located at Schimmelt 2, Eindhoven,
the Netherlands. ONWARD is registered in the Commercial Register of the Chamber of
Commerce under number 64598748.
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
areas of the spinal cord.
The financial statements for the year ended 31 December 2023 have been prepared
by the Board of Directors and were authorized for issue on 24 April 2024. The financial
statements will be submitted for adoption to the General Meeting on 14 June 2024.
1.1 Group Information
Information about subsidiaries
The consolidated financial statements of the Group include:
\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\u2022
ONWARD Medical Inc, United States of America (holding 100%)
1.2 Basis of Preparation
The consolidated financial statements of the Group have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IFRIC interpretations as
adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code.
The consolidated financial statements have been prepared on a historical cost basis,
unless otherwise stated. Income and expenses are accounted for on an accrual basis.
The consolidated financial statements provide comparative information in respect of the
previous period.
The consolidated financial statements are presented in euros and all values are rounded
to the nearest thousand (EUR 000), except when otherwise indicated, and for the
number 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8946": { "value": "Onward Medical N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8947": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8949": { "value": "Schimmelt 2, Eindhoven, the Netherlands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8950": { "value": "Schimmelt 2, Eindhoven, the Netherlands.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8954": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8955": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8958": { "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
areas of the spinal cord.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8964": { "value": "The financial statements for the year ended 31 December 2023 have been prepared
by the Board of Directors and were authorized for issue on 24 April 2024. The financial
statements will be submitted for adoption to the General Meeting on 14 June 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9011": { "value": "1.1 Group Information
Information about subsidiaries
The consolidated financial statements of the Group include:
\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\u2022
ONWARD Medical Inc, United States of America (holding 100%)5.2 Related Party Transactions
Note 1.1 provides the information about the Group\u2019s structure including the details of
the subsidiaries. Transactions between the Company and its subsidiaries have been
eliminated on consolidation and are not disclosed in the notes.
The Group considers the Board and the Management Team to be key management as
defined in IAS 24 \u2018Related parties.\u2019 Full details of the remuneration of the board (CEO and
non-executives) are included in the Remuneration report.
\n \n
Salary,
Bonuses
Pension
& Other
Premiums
(Short-Term
(Post-
Share-
Employee
Employment
Based
2023
Benefits)
Eenefits)
Payment
Total
Management
T
eam, excluding
2,827
98
643
3,568
CEO
CEO
703
64
916
1,683
Non-
E
xecutive
D
irectors
445
\u2013
441
886
3,975
162
2,000
6,137
\n \n
Salary,
Bonuses
Pension
& Other
Premiums
(Short-Term
(Post-
Share-
Employee
Employment
Based
2022
Benefits)
Eenefits)
Payment
Total
Management Team, excluding CEO
2,574
105
596
3,275
CEO
917
44
469
1,430
Non-Executive Directors
364
\u2013
256
621
3,855
149
1,321
5,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9014": { "value": "Information about subsidiaries
The consolidated financial statements of the Group include:
\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\u2022
ONWARD Medical Inc, United States of America (holding 100%)", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9015": { "value": "Information about subsidiaries
The consolidated financial statements of the Group include:
\u2022
ONWARD Medical SA, Switzerland (holding 100%)
\u2022
ONWARD Medical Inc, United States of America (holding 100%)", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9027": { "value": "1.2 Basis of Preparation
The consolidated financial statements of the Group have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IFRIC interpretations as
adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code.
The consolidated financial statements have been prepared on a historical cost basis,
unless otherwise stated. Income and expenses are accounted for on an accrual basis.
The consolidated financial statements provide comparative information in respect of the
previous period.
The consolidated financial statements are presented in euros and all values are rounded
to the nearest thousand (EUR 000), except when otherwise indicated, and for the
number 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9028": { "value": "1.2 Basis of Preparation
The consolidated financial statements of the Group have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IFRIC interpretations as
adopted 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9046": { "value": "1.3 Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Group
and its subsidiaries as at 31 December 2023. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Specifically, the
Group controls an investee if and only if the Group has:
\u2022
Power over the investee (i.e., existing rights that give it the current ability to direct the
relevant activities of the investee)
\u2022
Exposure, or rights, to variable returns from its involvement with the investee, and
\u2022
The ability to use its power over the investee to affect its returns
The Group reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary
and ceases when the Group loses control of the subsidiary.
Profit or loss and each component of other comprehensive income (OCI) are attributed to
the equity holders of the parent of the Group. When necessary, adjustments are made to
the financial statements of subsidiaries to bring their accounting policies into line with the
Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses,
and cash flows relating to transactions between members of the Group are eliminated in
full-on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9072": { "value": "1.4 Going Concern
In determining the appropriate basis for preparing the financial statements for the year
ended 31 December 2023, Management considered the cash flow forecasts over a time
horizon of one year after the date of these financial statements. The 2024 cash flow
forecasts, include significant expenses and cash outflows in relation to -among others- the
ongoing clinical trials, the continuation of research and development projects and FDA
submission and approval for the ARC
EX
indication. Inherent uncertainties in these forecasts
may have an impact on the Company\u2019s cash position. To continue development and reach
commercialization as planned, the Company will need to attract additional funding in
future. The Company\u2019s long-term success and existence is contingent on achieving FDA
approval and CE mark of its products.
At 31 December 2023 the Company had cash and cash equivalents of EUR 29.8M. This
was expected to fund operations to the end of 2024. On 25 March 2024, the Company
completed a private placement and French retail public offering, adding EUR 20M gross
to the year-end cash position. The cash and cash equivalents including the offering in
March 2024 amounted to EUR 42M at 31 March 2024.
The Company believes that this cash position, after the offering, will be sufficient to meet
the Company\u2019s capital requirements and fund its operations for at least 12 months as
from the date of this Annual Report. We anticipate this would extend our cash runway
to May 2025. The Company is currently in the process of attracting additional funding,
which would extend the runway to Q3 2025. In case this or other funding opportunities are
not successful, management sees cost savings opportunities to further extend the cash
run rate beyond May 2025.
In view of the above, and notwithstanding a loss brought forward of EUR 145M as of 31
December 2023, the consolidated financial statements have been prepared on a going
concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9144": { "value": "1.5 Summary of Material Accounting Policies
a) Current Versus Non-Current Classification
The Group presents assets and liabilities in the statement of financial position based on
current/non-current classification. An asset is current when it is:
\u2022
Expected to be realized or intended to be sold or consumed in normal operating cycle
\u2022
Held primarily for the purpose of trading
\u2022
Expected to be realized within twelve months after the reporting period, or
\u2022
Cash or cash equivalent unless restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
\u2022
It is expected to be settled in normal operating cycle
\u2022
It is held primarily for the purpose of trading
\u2022
It is due to be settled within twelve months after the reporting period, or
\u2022
There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
b) Foreign Currencies
The Group\u2019s consolidated financial statements are presented in euros, which is also the
parent company\u2019s functional currency. For each entity, the Group determines the functional
currency and items included in the financial statements of each entity are measured using
that functional currency.
Transactions & Balances
Transactions in foreign currencies are initially recorded by the Group entities at their respective
functional currency spot rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the
functional currency spot rate of exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognized in profit
or loss with the exception of monetary items that are designated as part of the hedge of the
Group\u2019s net investment of a foreign operation. These are recognized in other comprehensive
income until the net investment is disposed of, at which time, the cumulative amount is
reclassified to profit or loss. Tax charges and credits attributable to exchange differences on
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 are
translated using the exchange rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value is determined. The gain or loss arising on translation of non-
monetary items measured at fair value is treated in line with the recognition of gain or loss on
change in fair value of the item (i.e., translation differences on items whose fair value gain or
loss is recognized in other comprehensive income or profit or loss are also recognized in other
comprehensive income or profit or loss, respectively).
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments
to the carrying amounts of assets and liabilities arising on the acquisition are treated as
assets and liabilities of the foreign operation and translated at the spot rate of exchange at the
reporting date.
Group Companies
On consolidation, the assets and liabilities of foreign operations are translated into euros
at the rate of exchange prevailing at the reporting date and their income statements are
translated at the monthly average exchange rates.
The exchange differences arising on translation for consolidation are recognized in
other comprehensive income. On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation is recognized in profit
or loss.2.1 Revenues & Other Income
Accounting Policy:
Government subsidies are recognized where there is reasonable
assurance that the subsidy will be received, and all attached conditions will be complied
with. When the subsidy relates to an expense item, it is recognized as income on a
systematic basis over the periods that the related costs, for which it is intended to
compensate, are expensed. Any outstanding receivables related to these subsidies are
recorded as grants receivable. The government subsidies are presented on a gross basis
except for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
basis with the expensed amount for personnel expenses.2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditures on
an individual project are recognized as an intangible asset when the Group can demonstrate:
\u2022
The technical feasibility of completing the intangible asset so that it will be available for
use or sale
\u2022
Its intention to complete and its ability to use or sell the asset
\u2022
How the asset will generate future economic benefits
\u2022
The availability of resources to complete the asset
\u2022
The ability to measure reliably the expenditure during development
\u2022
The ability to use the intangible asset generated2.8 Employee Benefit Expenses
Accounting Policy:
Short-Term Employee Benefits
Short-term employee benefits include salaries and social security contributions, social
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.
Post-Employment Benefits
Group companies operate various pension schemes. The schemes are funded through
payments to insurance companies or trustee-administered funds, determined by periodic
actuarial calculations. The Group has both defined benefit and defined contribution plans.
Defined Contribution Plan
A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or constructive obligations
to pay further contributions if the fund does not hold sufficient assets to pay all benefits
to employees relating to employee services in the current and prior periods. For defined
contribution plans, the Group pays contributions to publicly or privately administered
pension insurance plans on a mandatory, contractual, or voluntary basis. The Group has no
further payment obligations once the contributions have been paid. The contributions are
recognized as personnel expenses in the consolidated income statement when due.
All related expenses are recognized in the consolidated statement of profit and loss.
Contributions payable or prepaid contributions as at year-end are recognized under
accruals and deferred income, and prepayments and accrued income, respectively.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.2.10 Income Tax
Accounting Policy:
Current Income Tax
Current income tax assets and liabilities for the current period are measured at the
amount expected to be recovered from or paid to the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the Group operates and generates
taxable income.
Current income tax relating to items recognized directly in equity is recognized in equity
and not in the statement of profit or loss. Management periodically evaluates positions
taken in the tax returns with respect to situations in which applicable tax regulations are
subject to interpretation and establishes provisions where appropriate.
Deferred Tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized
Deferred tax assets are recognized for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilized, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in 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
aggregate of the consideration transferred and the amount recognized for non-controlling
interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed, and reviews the procedures used
to measure the amounts to be recognized at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation
within that unit is disposed of, the goodwill associated with the disposed operation is
included in the carrying amount of the operation when determining the gain or loss on
disposal. 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
fair value at the date of acquisition.
Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.License Fees
Accounting Policy:
License fees for the exclusive right to certain patents, critical in
the development of the ARC Therapies, are capitalized and measured at cost on initial
recognition. Following initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.3.1 Property, Plant & Equipment
Accounting Policy:
Property, plant, and equipment is stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any. Such costs include the cost
of replacing part of the property, plant, and equipment and borrowing costs for long-
term construction projects if the recognition criteria are met. When significant parts of
property, plant
,
and equipment are required to be replaced at intervals, the Group
recognizes such parts as individual assets with specific useful lives and depreciates
them accordingly. Likewise, when a major inspection is performed, its cost is recognized
in the carrying amount of the plant and equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognized in profit or
loss as incurred.
Property, plant, and equipment transferred from customers is initially measured at the
fair value at the date on which control is obtained.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
assets as follows:
\n \n
\u2022
Office equipment \u2013 3 years
\u2022
Leasehold improvements \u2013 5 years
The useful life of leasehold improvements is the same or less than the lease term.
An item of property, plant, and equipment and any significant part initially recognized is
derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising from derecognition of the asset (calculated as
the difference between the net disposal proceeds and the carrying amount of the asset)
is included in the income statement when the asset is derecognized.
The 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
contains, a lease. That is, if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Group as a Lessee
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use assets representing the right to use the
underlying assets.
Right-of-Use Assets
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the
date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and accumulated impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
measurement amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date, less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or
the cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.
Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognized as
expenses (unless they are incurred to produce inventories) in the period in which the event
or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. After the commencement date, the amount of
lease 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
is a modification, a change in the lease term, a change in the lease payments (e.g., changes
to future payments resulting from a change in an index or rate used to determine such
lease payments), or a change in the assessment of an option to purchase the underlying
asset. The Group\u2019s lease liabilities are included in lease liabilities.
Short-Term Leases & Leases of Low-Value Assets
The Group applies the short-term lease recognition exemption to its short-term leases
of office space (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases of office equipment that are considered
to be low value. Lease payments on short-term leases and leases of low-value assets are
recognized 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
comprise cash at banks and on hand, and short-term deposits with a maturity of three
months or less, that are readily convertible to a known amount of cash and subject to an
insignificant risk of change in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits as defined above, net of outstanding bank
overdrafts, as they are considered an integral part of the Group\u2019s cash management.4.0 Issued Capital & Reserves
Share Capital & Share Premium
Accounting Policy:
Ordinary Shares are classified as
share capital
. Equity instruments
are recorded at the proceeds received, net of direct issue costs.
The share premium represents the amount by which the fair value of the consideration
received exceeds the nominal value of shares issued. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.4.1 Earnings Per Share (EPS)
Accounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
to ordinary equity holders of the parent by the weighted average number of Ordinary
shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders
of the parent (after adjusting for interest on the convertible Preference shares) by the
weighted average number of Ordinary shares outstanding during the year plus the
weighted average number of Ordinary shares that would be issued on conversion of all the
dilutive potential Ordinary shares into Ordinary shares.4.2 Financial Liabilities
Accounting Policy:
Financial Instruments \u2013 Initial Recognition & Subsequent Measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. A financial liability is classified
as FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit or
loss. Any gain or loss on derecognition is also recognized in profit or loss
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
amortized cost , net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022
Financial liabilities at fair value through profit and loss
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.
Financial Liabilities at Amortized Cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the effective
interest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
liabilities are derecognized, as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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.4.4 Fair Value & Fair Value Hierarchy of the Financial Statements
Accounting Policy:
All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as
a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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
are funded through payments to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit and
defined contribution plans.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9172": { "value": "b) Foreign Currencies
The Group\u2019s consolidated financial statements are presented in euros, which is also the
parent company\u2019s functional currency. For each entity, the Group determines the functional
currency and items included in the financial statements of each entity are measured using
that functional currency.
Transactions & Balances
Transactions in foreign currencies are initially recorded by the Group entities at their respective
functional currency spot rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the
functional currency spot rate of exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognized in profit
or loss with the exception of monetary items that are designated as part of the hedge of the
Group\u2019s net investment of a foreign operation. These are recognized in other comprehensive
income until the net investment is disposed of, at which time, the cumulative amount is
reclassified to profit or loss. Tax charges and credits attributable to exchange differences on
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 are
translated using the exchange rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value is determined. The gain or loss arising on translation of non-
monetary items measured at fair value is treated in line with the recognition of gain or loss on
change in fair value of the item (i.e., translation differences on items whose fair value gain or
loss is recognized in other comprehensive income or profit or loss are also recognized in other
comprehensive income or profit or loss, respectively).
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments
to the carrying amounts of assets and liabilities arising on the acquisition are treated as
assets and liabilities of the foreign operation and translated at the spot rate of exchange at the
reporting date.
Group Companies
On consolidation, the assets and liabilities of foreign operations are translated into euros
at the rate of exchange prevailing at the reporting date and their income statements are
translated at the monthly average exchange rates.
The exchange differences arising on translation for consolidation are recognized in
other comprehensive income. On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation is recognized in profit
or loss.Other Reserves \n \n
Currency
Stock
Translation
Compensation
Total Other
Differences
Reserve
Reserves
Balance at
1
January 2022
(283)
69
(214)
Share-based payment expense: LTIP
\u2013
1,691
1,691
Currency translation differences
602
\u2013
602
Balance at
31
December 2022
319
1,760
2,079
Share-based payment expense: LTIP
\u2013
2,564
2,564
Currency translation differences
(155)
\u2013
(155)
Balance at
31
December 2023
164
4,324
4,488
Currency Translation Reserve
Exchange gains and losses arising from the translation of the functional currency of
foreign operations to the reporting currency of the parent are accounted for in this legal
reserve. In the case of the sale of a participating interest, the associated accumulated
translation differences are transferred to the profit and loss account and presented therein
as part of the result on the sale.
The foreign currency translation reserve relates to the investment in United States.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9173": { "value": "b) Foreign Currencies
The Group\u2019s consolidated financial statements are presented in euros, which is also the
parent company\u2019s functional currency. For each entity, the Group determines the functional
currency and items included in the financial statements of each entity are measured using
that functional currency.
Transactions & Balances
Transactions in foreign currencies are initially recorded by the Group entities at their respective
functional currency spot rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the
functional currency spot rate of exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognized in profit
or loss with the exception of monetary items that are designated as part of the hedge of the
Group\u2019s net investment of a foreign operation. These are recognized in other comprehensive
income until the net investment is disposed of, at which time, the cumulative amount is
reclassified to profit or loss. Tax charges and credits attributable to exchange differences on
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 are
translated using the exchange rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value is determined. The gain or loss arising on translation of non-
monetary items measured at fair value is treated in line with the recognition of gain or loss on
change in fair value of the item (i.e., translation differences on items whose fair value gain or
loss is recognized in other comprehensive income or profit or loss are also recognized in other
comprehensive income or profit or loss, respectively).
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments
to the carrying amounts of assets and liabilities arising on the acquisition are treated as
assets and liabilities of the foreign operation and translated at the spot rate of exchange at the
reporting date.
Group Companies
On consolidation, the assets and liabilities of foreign operations are translated into euros
at the rate of exchange prevailing at the reporting date and their income statements are
translated at the monthly average exchange rates.
The exchange differences arising on translation for consolidation are recognized in
other comprehensive income. On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation is recognized in profit
or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9174": { "value": "b) Foreign Currencies
The Group\u2019s consolidated financial statements are presented in euros, which is also the
parent company\u2019s functional currency. For each entity, the Group determines the functional
currency and items included in the financial statements of each entity are measured using
that functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9263": { "value": "1.6 Significant Accounting Judgments, Estimates & Assumptions
The preparation of the Group\u2019s consolidated financial statements requires Management
to make judgments, estimates, and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
end of the reporting period. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of the
asset or liability affected in future periods.
The Group based its assumptions and estimates on parameters available when
the consolidated financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or
circumstances arising beyond the control of the Group. Such changes are reflected in the
assumptions when they occur.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of revision and the future periods if the
revision affects both current and future periods.
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, that are most relevant to the carrying amounts of assets
and liabilities within the next financial year, are included in each of the respective notes as
referenced below:
\n \n
Research & Development
Note 2.2
Share-Based Payments
Note 2.9
Impairment of Intangible Assets
Note 3.0
Post-Employment Benefits
Note 5.0
Taxes
Note 2.10
2.2 Research & Development ExpensesSignificant Estimate:
The Group has evaluated the nature of the project research and
development costs and concluded that all expenses incurred were related to research
and pre-development of future products. Therefore, all costs have been expensed and are
recognized in the statement of profit and loss.2.8 Employee Benefit ExpensesSignificant Estimate:
The cost of the defined benefit pension plan and the present value
of the pension obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases,
mortality rates, and future pension increases. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date.2.9 Share-Based PaymentsSignificant Estimate:
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments at the date at which
they are granted. Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on the
terms and conditions of the grant.2.10 Income TaxSignificant Estimate:
The Group has losses before tax which arose in the Netherlands
that are available to offset against future profits of the Dutch entity in which the loss
arose. However, these losses may not be used to offset taxable income elsewhere in the
Group. The Group evaluated and judged that at this moment it is not sufficiently likely that
future profits will be generated in the Dutch entity that can offset a deferred tax asset.
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
There are no NOL
\u2019s. Last fiscal year settled is 2021. Due to expected profits based on the
cost-plus the Swiss deferred tax assets relating to temporary differences have
been recognized.
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition
of ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred
tax liability was recognized for the intangible asset (in-process R&D) identified in the PPA.
In 2022, the Company, after reassessment, recognized a deferred tax asset of EUR 987k in
the US entity that offsets the deferred tax liability as allowed under IAS 12, with no impact
on previously reported results.3.0 Intangible AssetsSignificant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
5.0 Post-Employment Benefits: Defined Benefit ObligationThe principal assumptions used in determining post-employment (pension) benefit
obligations for the plan are shown below:
\n \n
2023
2022
Discount rate
1.35%
2.30%
Salary increase
2.50%
2.50%
Interest credit rate
1.00%
1.00%
Mortality base table
BVG2020
BVG2020
Longevity improvement
CMI2018; 1.25%
CMI2018; 1.25%
A quantitative sensitivity analysis for significant assumptions as at 31 December is
shown below:
\n \n
2023
2022
Discount rate
+ 25bps
(271)
(190)
- 25bps
292
203
Salary increase
+ 25bps
119
84
- 25bps
(113)
(80)
Interest credit rate
+ 25bps
101
76
- 25bps
(98)
(73)
Mortality base table
Life expectancy + 1 year
44
27
Life expectancy - 1 year
(42)
(26)
The sensitivity analyses have been determined based on a method that extrapolates
the impact on the defined benefit obligation as a result of reasonable changes in key
assumptions occurring at the end of the reporting period. The sensitivity analyses are
based on a change in a significant assumption, keeping all other assumptions constant.
The 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
from one another.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9264": { "value": "1.6 Significant Accounting Judgments, Estimates & Assumptions
The preparation of the Group\u2019s consolidated financial statements requires Management
to make judgments, estimates, and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
end of the reporting period. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of the
asset or liability affected in future periods.
The Group based its assumptions and estimates on parameters available when
the consolidated financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or
circumstances arising beyond the control of the Group. Such changes are reflected in the
assumptions when they occur.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of revision and the future periods if the
revision affects both current and future periods.
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, that are most relevant to the carrying amounts of assets
and liabilities within the next financial year, are included in each of the respective notes as
referenced below:
\n \n
Research & Development
Note 2.2
Share-Based Payments
Note 2.9
Impairment of Intangible Assets
Note 3.0
Post-Employment Benefits
Note 5.0
Taxes
Note 2.10
2.2 Research & Development ExpensesSignificant Estimate:
The Group has evaluated the nature of the project research and
development costs and concluded that all expenses incurred were related to research
and pre-development of future products. Therefore, all costs have been expensed and are
recognized in the statement of profit and loss.2.8 Employee Benefit ExpensesSignificant Estimate:
The cost of the defined benefit pension plan and the present value
of the pension obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases,
mortality rates, and future pension increases. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date.2.9 Share-Based PaymentsSignificant Estimate:
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments at the date at which
they are granted. Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on the
terms and conditions of the grant.2.10 Income TaxSignificant Estimate:
The Group has losses before tax which arose in the Netherlands
that are available to offset against future profits of the Dutch entity in which the loss
arose. However, these losses may not be used to offset taxable income elsewhere in the
Group. The Group evaluated and judged that at this moment it is not sufficiently likely that
future profits will be generated in the Dutch entity that can offset a deferred tax asset.
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
There are no NOL
\u2019s. Last fiscal year settled is 2021. Due to expected profits based on the
cost-plus the Swiss deferred tax assets relating to temporary differences have
been recognized.
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition
of ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred
tax liability was recognized for the intangible asset (in-process R&D) identified in the PPA.
In 2022, the Company, after reassessment, recognized a deferred tax asset of EUR 987k in
the US entity that offsets the deferred tax liability as allowed under IAS 12, with no impact
on previously reported results.3.0 Intangible AssetsSignificant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
5.0 Post-Employment Benefits: Defined Benefit ObligationThe principal assumptions used in determining post-employment (pension) benefit
obligations for the plan are shown below:
\n \n
2023
2022
Discount rate
1.35%
2.30%
Salary increase
2.50%
2.50%
Interest credit rate
1.00%
1.00%
Mortality base table
BVG2020
BVG2020
Longevity improvement
CMI2018; 1.25%
CMI2018; 1.25%
A quantitative sensitivity analysis for significant assumptions as at 31 December is
shown below:
\n \n
2023
2022
Discount rate
+ 25bps
(271)
(190)
- 25bps
292
203
Salary increase
+ 25bps
119
84
- 25bps
(113)
(80)
Interest credit rate
+ 25bps
101
76
- 25bps
(98)
(73)
Mortality base table
Life expectancy + 1 year
44
27
Life expectancy - 1 year
(42)
(26)
The sensitivity analyses have been determined based on a method that extrapolates
the impact on the defined benefit obligation as a result of reasonable changes in key
assumptions occurring at the end of the reporting period. The sensitivity analyses are
based on a change in a significant assumption, keeping all other assumptions constant.
The 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
from one another.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9265": { "value": "1.6 Significant Accounting Judgments, Estimates & Assumptions
The preparation of the Group\u2019s consolidated financial statements requires Management
to make judgments, estimates, and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
end of the reporting period. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of the
asset or liability affected in future periods.
The Group based its assumptions and estimates on parameters available when
the consolidated financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or
circumstances arising beyond the control of the Group. Such changes are reflected in the
assumptions when they occur.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of revision and the future periods if the
revision affects both current and future periods.
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, that are most relevant to the carrying amounts of assets
and liabilities within the next financial year, are included in each of the respective notes as
referenced below:
\n \n
Research & Development
Note 2.2
Share-Based Payments
Note 2.9
Impairment of Intangible Assets
Note 3.0
Post-Employment Benefits
Note 5.0
Taxes
Note 2.10
2.2 Research & Development ExpensesSignificant Estimate:
The Group has evaluated the nature of the project research and
development costs and concluded that all expenses incurred were related to research
and pre-development of future products. Therefore, all costs have been expensed and are
recognized in the statement of profit and loss.2.8 Employee Benefit ExpensesSignificant Estimate:
The cost of the defined benefit pension plan and the present value
of the pension obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases,
mortality rates, and future pension increases. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date.2.9 Share-Based PaymentsSignificant Estimate:
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments at the date at which
they are granted. Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on the
terms and conditions of the grant.2.10 Income TaxSignificant Estimate:
The Group has losses before tax which arose in the Netherlands
that are available to offset against future profits of the Dutch entity in which the loss
arose. However, these losses may not be used to offset taxable income elsewhere in the
Group. The Group evaluated and judged that at this moment it is not sufficiently likely that
future profits will be generated in the Dutch entity that can offset a deferred tax asset.
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
There are no NOL
\u2019s. Last fiscal year settled is 2021. Due to expected profits based on the
cost-plus the Swiss deferred tax assets relating to temporary differences have
been recognized.
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition
of ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred
tax liability was recognized for the intangible asset (in-process R&D) identified in the PPA.
In 2022, the Company, after reassessment, recognized a deferred tax asset of EUR 987k in
the US entity that offsets the deferred tax liability as allowed under IAS 12, with no impact
on previously reported results.3.0 Intangible AssetsSignificant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
5.0 Post-Employment Benefits: Defined Benefit ObligationThe principal assumptions used in determining post-employment (pension) benefit
obligations for the plan are shown below:
\n \n
2023
2022
Discount rate
1.35%
2.30%
Salary increase
2.50%
2.50%
Interest credit rate
1.00%
1.00%
Mortality base table
BVG2020
BVG2020
Longevity improvement
CMI2018; 1.25%
CMI2018; 1.25%
A quantitative sensitivity analysis for significant assumptions as at 31 December is
shown below:
\n \n
2023
2022
Discount rate
+ 25bps
(271)
(190)
- 25bps
292
203
Salary increase
+ 25bps
119
84
- 25bps
(113)
(80)
Interest credit rate
+ 25bps
101
76
- 25bps
(98)
(73)
Mortality base table
Life expectancy + 1 year
44
27
Life expectancy - 1 year
(42)
(26)
The sensitivity analyses have been determined based on a method that extrapolates
the impact on the defined benefit obligation as a result of reasonable changes in key
assumptions occurring at the end of the reporting period. The sensitivity analyses are
based on a change in a significant assumption, keeping all other assumptions constant.
The 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
from one another.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9315": { "value": "1.7 New Accounting Standards & Developments
1.7.1 New and Amended Standards and Interpretations
Several amendments applied for the first time in 2023:
\u2022
IFRS 17 Insurance Contracts, effective 1 January 2023
\u2022
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement
2, effective 1 January 2023
\u2022
Definition of Accounting Estimates - Amendments to IAS 8, effective 1 January 2023
\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
Amendments to IAS 12, effective 1 January 2023
None of these had a material impact on the consolidated financial statements of the
Group in 2023.
1.7.2 Standards Issued but Not Yet Effective
The new and amended standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Group\u2019s financial statements are listed below.
The Group has not early adopted any standards, interpretations or amendments that
have been issued but are not yet effective. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
\u2022
Classification of Liabilities as Current or Non-current - Amendments to IAS 1,
effective 1 January 2024
\u2022
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16, effective 1
January 2024
\u2022
Disclosures: Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7,
effective 1 January 2024
\u2022
Lack of exchangeability \u2013 Amendments to IAS 21, effective 1 January 2025
\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
- Amendments to IFRS 10 and IAS 28. In December 2015, the IASB postponed the
effective date of this amendment indefinitely pending the outcome of its research
project on the equity method of accounting.
Based on the nature and impact of each of the new standards, amendments and/or
interpretations, the Group expects no material impact considering the
circumstances as at the date of
the
Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9316": { "value": "1.7 New Accounting Standards & Developments
1.7.1 New and Amended Standards and Interpretations
Several amendments applied for the first time in 2023:
\u2022
IFRS 17 Insurance Contracts, effective 1 January 2023
\u2022
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement
2, effective 1 January 2023
\u2022
Definition of Accounting Estimates - Amendments to IAS 8, effective 1 January 2023
\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
Amendments to IAS 12, effective 1 January 2023
None of these had a material impact on the consolidated financial statements of the
Group in 2023.
1.7.2 Standards Issued but Not Yet Effective
The new and amended standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Group\u2019s financial statements are listed below.
The Group has not early adopted any standards, interpretations or amendments that
have been issued but are not yet effective. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
\u2022
Classification of Liabilities as Current or Non-current - Amendments to IAS 1,
effective 1 January 2024
\u2022
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16, effective 1
January 2024
\u2022
Disclosures: Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7,
effective 1 January 2024
\u2022
Lack of exchangeability \u2013 Amendments to IAS 21, effective 1 January 2025
\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
- Amendments to IFRS 10 and IAS 28. In December 2015, the IASB postponed the
effective date of this amendment indefinitely pending the outcome of its research
project on the equity method of accounting.
Based on the nature and impact of each of the new standards, amendments and/or
interpretations, the Group expects no material impact considering the
circumstances as at the date of
the
Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9408": { "value": "2.0 Segment Reporting
Based on the organizational structure, as well as the nature of financial information
available and reviewed by the Company\u2019s chief operating decision-makers to assess
performance and make decisions about resource allocations, the Company has concluded
that its total operations represent one reportable segment and that the consolidated
disclosures address the requirements.
\n \n
2023
2022
Non-current assets
Netherlands
118
61
Switzerland
2,273
2,194
United States of America
9,815
10,162
Non-current assets
12,206
12,417
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9457": { "value": "2.1 Revenues & Other Income
Accounting Policy:
Government subsidies are recognized where there is reasonable
assurance that the subsidy will be received, and all attached conditions will be complied
with. When the subsidy relates to an expense item, it is recognized as income on a
systematic basis over the periods that the related costs, for which it is intended to
compensate, are expensed. Any outstanding receivables related to these subsidies are
recorded as grants receivable. The government subsidies are presented on a gross basis
except for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
basis with the expensed amount for personnel expenses.
\n \n
2023
2022
Government subsidies (EU)
464
2,044
Other income
68
104
Total revenues and other income
532
2,148
Government subsidies have been received for the research and development of several
development projects. There are no unfulfilled conditions or contingencies attached to
these subsidies.
\n \n
Recognized
Grant
Recognized
Recognized
as Grant
received in
Grants
Total
as Grant
as Grant
Income
advance as
Grant*
Income 2023
Income 2022
cumulative
per 31-12-
before 2022
2023
CONFIRM
416
\u2013
(12)
416
\u2013
SWISS LOCAL (one-offs)**
\u2013
\u2013
85
65
\u2013
PREP2GO
362
15
104
243
\u2013
DARPA
3,004
419
1,412
1,173
\u2013
ZonMW
250
83
83
83
\u2013
EISMEA \u2013 Reverse Paralysis***
292
(237)
273
\u2013
183
EISMEA \u2013 NEMO BMI***
144
(85)
85
\u2013
108
Eurostars Impulse
500
160
14
\u2013
\u2013
Rewire
347
56
\u2013
\u2013
122
SH-ARC
500
53
\u2013
\u2013
60
Total
464
2,044
1,980
473
* Please refer to the terms and conditions of the subsidies included below.
** Except for the Swiss local grant received by ONWARD Medical SA (In Switzerland), all other grants were received by ONWARD Medical
N.V. (In the Netherlands).
*** Refer to EISMEA pending amendment note included below
Terms & Conditions
CONFIRM
This Eurostars funding agreement with the Swiss Innovation Agency Innosuisse for a
total amount of EUR 416k started in May 2019 and ended in October 2021, with follow
up reporting resulting in the additional 25.75% granting of the allocated amount. The
remainder of the grant was receivable in 2022 after submission of the final report. Due
to lesser expenses declared, the final amount was decreased. In this project, ONWARD
collaborated with Inomed A.G., Universit\u00e4tsklinikum Heidelberg, and EPFL to develop
an intra-operative neuromonitoring system and algorithms facilitating the surgical
implantation of ARC
IM
.
PREP2GO
This Eurostars funding agreement with the Netherlands enterprise agency RVO for a total
amount of EUR 348k started in April 2020 and ended in September 2022. An amount equal
to 90% of the grant is paid during the grant period in tranches in 2020, 2021, and 2022. The
remaining 10% of the grant is payable after evaluation of the final report. In this project,
ONWARD collaborated with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair Medisch
Centrum Utrecht and EPFL to automatize the simulation framework that was developed in
the RESTORE project, to facilitate the pre-operative planning for ARC Therapy for clinicians.
DARPA
The DARPA grant is a five-year project that started in October 2020. The award has been
divided into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a
total amount of EUR 3.172M (or USD 3.402M). The grant amounts are being charged on a
monthly basis over the period based on actual costs incurred. In this project, ONWARD is
collaborating with a large consortium of academic partners, companies, and consultants
to develop a new clinical intervention to modulate blood pressure and spinal cord perfusion
and oxygenation in the hours following SCI. This corresponds to a roadmap development
of ARC
IM
to be used in the hours following SCI. ONWARD completed its contributions to the
DARPA project in 2023 within the final cumulative amount being recognized amounting to
EUR 3.004M (or USD 3.307M). The US government has announced that the DARPA project
is cancelled and phase 3 will not continue.
ZonMW
This Dutch funding agreement is with the Netherlands Organisation for Health Research
and Development for a total amount of EUR 250k that started in January 2021 and ends in
January 2024. An amount equal to 80% of the grant is being paid during the grant period
in three equal tranches in 2021, 2022, and 2023. The remaining 20% of the grant will be
paid after submission of the final report. In this project, ONWARD is collaborating with the
University of Bordeaux, CHUV, and EPFL to develop a research interface for ARC
IM
and
evaluate its use to alleviate locomotor deficits in Parkinson\u2019s disease.
EISMEA \u2013 Reverse Paralysis
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a
grant to support the development of an innovative Brain-Spine Interface technology for
restoring mobility and upper limb function. The EUR 3.6M grant was awarded to ONWARD
and its research partners EPFL, CEA-Clinatec and Sint Maartenskliniek. Under the
terms of the award, ONWARD receives EUR 1.2M. The project started 1 May 2022 and has
an end date of 30 April 2025, a duration of 36 months. ONWARD has received 75% as
prefinancing; an additional 15% is receivable 90 days after the first periodic reporting, and
the final payment 90 days after receiving the second periodic reporting. See note EISMEA
pending amendment.
EISMEA \u2013 NEMO BMI
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
to support the development of Motor Brain-Machine Interfaces (BMIs). BMIs translate
brain neural signals into commands to external effectors. The NEMO BMI project will
conduct the exploration of assistance-free and easy-to-use portable neuroprosthetics
including wireless neuronal activity recorder, a real-time neuronal activity decoder
based on integrated technologies, and a spinal cord stimulator. The EUR 3.8M grant
was awarded to ONWARD and its research partners Ecole Polytechnique Federale de
Lausanne (EPFL), Commissariat a l Energie Atomique et aux energies alternatives (CEA),
and Institute of Information and Communication Technologies (IICT). Under the terms of
the award, ONWARD receives EUR 1M. The project started 1 October 2022 and has an
end date of 30 September 2025, a duration of 36 months. ONWARD has received 75% as
prefinancing; an additional 15% (up to 90% of the total grant) is receivable 90 days after
the first periodic reporting, and the final payment is receivable 90 days after receiving the
second periodic reporting. See note below, EISMEA pending amendment.
EISMEA Pending Amendment
The Company was awarded two grants from the European Innovation Council and SMEs
Executive Agency (EISMEA), Project 101057450 \u2014 ReverseParalysis and Project 101070891
\u2014 NEMO BMI. Both projects work on the development, refinement, and clinical validation
of a brain-computer interface for reversing paralysis after SCI. During the application
process for both projects, the Company\u2019s research and development activities were
primarily based at its headquarters in Eindhoven, the Netherlands, however, the Company
opened an office and shifted R&D activities to Lausanne, Switzerland to be closer to its
primary clinical partner, EPFL. The Company\u2019s headquarters are in the Netherlands and
will continue to be responsible for the launch of products on the European market as legal
manufacturer, ensuring European patients across the European Union benefit from these
projects. Both projects were applied for and awarded to the Company. While there are
personnel in the Netherlands office working on both ReverseParalysis and NEMO-BMI,
certain R&D personnel are now located in Switzerland. The Company recognized grant
income, in terms of the accounting policy in the Financial Statements, assuming that
the effort and hours of Swiss employees could be leveraged under the definition of an
affiliated entity or a beneficiary. During the first yearly project review of ReverseParalysis,
the EISMEA project coordinators inquired about the location of personnel whose hours
were declared. As Switzerland is not in the European Union and no longer associated to
the European Horizon framework, ONWARD Medical SA cannot be added as a beneficiary
in the grant agreement and have funding dispersed by the EISMEA. An amendment to the
grant agreement is required to show what work and budget has been/will be transferred
from the Dutch entity to the Swiss entity. The EISMEA will only fund the work to be
performed in the Netherlands (EU). The grant amendment has been drafted and submitted
to EISMEA for review. The Company has started discussions with a Swiss State Agency
(SSA) regarding replacement funding. This SSA is an organization in Switzerland that
covers costs associated with work done by Swiss entities in innovation Horizon Europe. A
formal application with SSA can only be submitted, once the amendment with EISMEA has
been approved. For the year ended 31 December 2023, the Company updated the grant
income recognized to take into account this change in recognition in accordance with IAS
8.34 as required by IAS 20.32. This resulted in the reversal of grant income that is expected
(but not yet confirmed) to be taken over by SSA. An accrual for EUR 1,358k was also raised
for the advance received, which the Company expects to repay to EISMEA following
approval of the amendment. The impact on grant income recognized for the year ended 31
December 2022 amounted to EUR 325k.
Eurostars Impulse
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
EUR 500k that started 1 December 2022 and ends 30 November 2025, a duration of 36
months. The Impulse project focuses on closed-loop control of blood pressure for people
with SCI.
ReWIRE
ONWARD has joined other global neuroscience and rehabilitation stakeholders to create
ReWIRE, a groundbreaking initiative aimed at equipping next-generation scientists with
the skills to develop therapeutic solutions for patients with paralysis caused by SCI.
ReWIRE will build on recent technological breakthroughs by leveraging multiple PhD
projects that will drive effective combinatorial treatments for SCI. The project is funded by
the European Research Executive Agency (REA) as part of the Marie Sk\u0142odowska-Curie
Actions (MSCA) Doctoral Networks for an amount of EUR 360k and started in 1 January
2023 and ends 31 December 2026.
SH-ARC
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
EUR 500k that started 1 April 2023 and ends 31 March 2026, a duration of 36 months. SH-
ARC works to integrate NUSHU sensorised shoes in a clinical-grade neuroprosthesis that
will utilize spinal cord stimulation to alleviate parkinsonian gait deficits.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9458": { "value": "2.1 Revenues & Other Income
Accounting Policy:
Government subsidies are recognized where there is reasonable
assurance that the subsidy will be received, and all attached conditions will be complied
with. When the subsidy relates to an expense item, it is recognized as income on a
systematic basis over the periods that the related costs, for which it is intended to
compensate, are expensed. Any outstanding receivables related to these subsidies are
recorded as grants receivable. The government subsidies are presented on a gross basis
except for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
basis with the expensed amount for personnel expenses.
\n \n
2023
2022
Government subsidies (EU)
464
2,044
Other income
68
104
Total revenues and other income
532
2,148
Government subsidies have been received for the research and development of several
development projects. There are no unfulfilled conditions or contingencies attached to
these subsidies.
\n \n
Recognized
Grant
Recognized
Recognized
as Grant
received in
Grants
Total
as Grant
as Grant
Income
advance as
Grant*
Income 2023
Income 2022
cumulative
per 31-12-
before 2022
2023
CONFIRM
416
\u2013
(12)
416
\u2013
SWISS LOCAL (one-offs)**
\u2013
\u2013
85
65
\u2013
PREP2GO
362
15
104
243
\u2013
DARPA
3,004
419
1,412
1,173
\u2013
ZonMW
250
83
83
83
\u2013
EISMEA \u2013 Reverse Paralysis***
292
(237)
273
\u2013
183
EISMEA \u2013 NEMO BMI***
144
(85)
85
\u2013
108
Eurostars Impulse
500
160
14
\u2013
\u2013
Rewire
347
56
\u2013
\u2013
122
SH-ARC
500
53
\u2013
\u2013
60
Total
464
2,044
1,980
473
* Please refer to the terms and conditions of the subsidies included below.
** Except for the Swiss local grant received by ONWARD Medical SA (In Switzerland), all other grants were received by ONWARD Medical
N.V. (In the Netherlands).
*** Refer to EISMEA pending amendment note included below
Terms & Conditions
CONFIRM
This Eurostars funding agreement with the Swiss Innovation Agency Innosuisse for a
total amount of EUR 416k started in May 2019 and ended in October 2021, with follow
up reporting resulting in the additional 25.75% granting of the allocated amount. The
remainder of the grant was receivable in 2022 after submission of the final report. Due
to lesser expenses declared, the final amount was decreased. In this project, ONWARD
collaborated with Inomed A.G., Universit\u00e4tsklinikum Heidelberg, and EPFL to develop
an intra-operative neuromonitoring system and algorithms facilitating the surgical
implantation of ARC
IM
.
PREP2GO
This Eurostars funding agreement with the Netherlands enterprise agency RVO for a total
amount of EUR 348k started in April 2020 and ended in September 2022. An amount equal
to 90% of the grant is paid during the grant period in tranches in 2020, 2021, and 2022. The
remaining 10% of the grant is payable after evaluation of the final report. In this project,
ONWARD collaborated with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair Medisch
Centrum Utrecht and EPFL to automatize the simulation framework that was developed in
the RESTORE project, to facilitate the pre-operative planning for ARC Therapy for clinicians.
DARPA
The DARPA grant is a five-year project that started in October 2020. The award has been
divided into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a
total amount of EUR 3.172M (or USD 3.402M). The grant amounts are being charged on a
monthly basis over the period based on actual costs incurred. In this project, ONWARD is
collaborating with a large consortium of academic partners, companies, and consultants
to develop a new clinical intervention to modulate blood pressure and spinal cord perfusion
and oxygenation in the hours following SCI. This corresponds to a roadmap development
of ARC
IM
to be used in the hours following SCI. ONWARD completed its contributions to the
DARPA project in 2023 within the final cumulative amount being recognized amounting to
EUR 3.004M (or USD 3.307M). The US government has announced that the DARPA project
is cancelled and phase 3 will not continue.
ZonMW
This Dutch funding agreement is with the Netherlands Organisation for Health Research
and Development for a total amount of EUR 250k that started in January 2021 and ends in
January 2024. An amount equal to 80% of the grant is being paid during the grant period
in three equal tranches in 2021, 2022, and 2023. The remaining 20% of the grant will be
paid after submission of the final report. In this project, ONWARD is collaborating with the
University of Bordeaux, CHUV, and EPFL to develop a research interface for ARC
IM
and
evaluate its use to alleviate locomotor deficits in Parkinson\u2019s disease.
EISMEA \u2013 Reverse Paralysis
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a
grant to support the development of an innovative Brain-Spine Interface technology for
restoring mobility and upper limb function. The EUR 3.6M grant was awarded to ONWARD
and its research partners EPFL, CEA-Clinatec and Sint Maartenskliniek. Under the
terms of the award, ONWARD receives EUR 1.2M. The project started 1 May 2022 and has
an end date of 30 April 2025, a duration of 36 months. ONWARD has received 75% as
prefinancing; an additional 15% is receivable 90 days after the first periodic reporting, and
the final payment 90 days after receiving the second periodic reporting. See note EISMEA
pending amendment.
EISMEA \u2013 NEMO BMI
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a grant
to support the development of Motor Brain-Machine Interfaces (BMIs). BMIs translate
brain neural signals into commands to external effectors. The NEMO BMI project will
conduct the exploration of assistance-free and easy-to-use portable neuroprosthetics
including wireless neuronal activity recorder, a real-time neuronal activity decoder
based on integrated technologies, and a spinal cord stimulator. The EUR 3.8M grant
was awarded to ONWARD and its research partners Ecole Polytechnique Federale de
Lausanne (EPFL), Commissariat a l Energie Atomique et aux energies alternatives (CEA),
and Institute of Information and Communication Technologies (IICT). Under the terms of
the award, ONWARD receives EUR 1M. The project started 1 October 2022 and has an
end date of 30 September 2025, a duration of 36 months. ONWARD has received 75% as
prefinancing; an additional 15% (up to 90% of the total grant) is receivable 90 days after
the first periodic reporting, and the final payment is receivable 90 days after receiving the
second periodic reporting. See note below, EISMEA pending amendment.
EISMEA Pending Amendment
The Company was awarded two grants from the European Innovation Council and SMEs
Executive Agency (EISMEA), Project 101057450 \u2014 ReverseParalysis and Project 101070891
\u2014 NEMO BMI. Both projects work on the development, refinement, and clinical validation
of a brain-computer interface for reversing paralysis after SCI. During the application
process for both projects, the Company\u2019s research and development activities were
primarily based at its headquarters in Eindhoven, the Netherlands, however, the Company
opened an office and shifted R&D activities to Lausanne, Switzerland to be closer to its
primary clinical partner, EPFL. The Company\u2019s headquarters are in the Netherlands and
will continue to be responsible for the launch of products on the European market as legal
manufacturer, ensuring European patients across the European Union benefit from these
projects. Both projects were applied for and awarded to the Company. While there are
personnel in the Netherlands office working on both ReverseParalysis and NEMO-BMI,
certain R&D personnel are now located in Switzerland. The Company recognized grant
income, in terms of the accounting policy in the Financial Statements, assuming that
the effort and hours of Swiss employees could be leveraged under the definition of an
affiliated entity or a beneficiary. During the first yearly project review of ReverseParalysis,
the EISMEA project coordinators inquired about the location of personnel whose hours
were declared. As Switzerland is not in the European Union and no longer associated to
the European Horizon framework, ONWARD Medical SA cannot be added as a beneficiary
in the grant agreement and have funding dispersed by the EISMEA. An amendment to the
grant agreement is required to show what work and budget has been/will be transferred
from the Dutch entity to the Swiss entity. The EISMEA will only fund the work to be
performed in the Netherlands (EU). The grant amendment has been drafted and submitted
to EISMEA for review. The Company has started discussions with a Swiss State Agency
(SSA) regarding replacement funding. This SSA is an organization in Switzerland that
covers costs associated with work done by Swiss entities in innovation Horizon Europe. A
formal application with SSA can only be submitted, once the amendment with EISMEA has
been approved. For the year ended 31 December 2023, the Company updated the grant
income recognized to take into account this change in recognition in accordance with IAS
8.34 as required by IAS 20.32. This resulted in the reversal of grant income that is expected
(but not yet confirmed) to be taken over by SSA. An accrual for EUR 1,358k was also raised
for the advance received, which the Company expects to repay to EISMEA following
approval of the amendment. The impact on grant income recognized for the year ended 31
December 2022 amounted to EUR 325k.
Eurostars Impulse
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
EUR 500k that started 1 December 2022 and ends 30 November 2025, a duration of 36
months. The Impulse project focuses on closed-loop control of blood pressure for people
with SCI.
ReWIRE
ONWARD has joined other global neuroscience and rehabilitation stakeholders to create
ReWIRE, a groundbreaking initiative aimed at equipping next-generation scientists with
the skills to develop therapeutic solutions for patients with paralysis caused by SCI.
ReWIRE will build on recent technological breakthroughs by leveraging multiple PhD
projects that will drive effective combinatorial treatments for SCI. The project is funded by
the European Research Executive Agency (REA) as part of the Marie Sk\u0142odowska-Curie
Actions (MSCA) Doctoral Networks for an amount of EUR 360k and started in 1 January
2023 and ends 31 December 2026.
SH-ARC
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
EUR 500k that started 1 April 2023 and ends 31 March 2026, a duration of 36 months. SH-
ARC works to integrate NUSHU sensorised shoes in a clinical-grade neuroprosthesis that
will utilize spinal cord stimulation to alleviate parkinsonian gait deficits.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9459": { "value": "2.1 Revenues & Other Income
Accounting Policy:
Government subsidies are recognized where there is reasonable
assurance that the subsidy will be received, and all attached conditions will be complied
with. When the subsidy relates to an expense item, it is recognized as income on a
systematic basis over the periods that the related costs, for which it is intended to
compensate, are expensed. Any outstanding receivables related to these subsidies are
recorded as grants receivable. The government subsidies are presented on a gross basis
except for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
basis with the expensed amount for personnel expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9460": { "value": "2.1 Revenues & Other Income
Accounting Policy:
Government subsidies are recognized where there is reasonable
assurance that the subsidy will be received, and all attached conditions will be complied
with. When the subsidy relates to an expense item, it is recognized as income on a
systematic basis over the periods that the related costs, for which it is intended to
compensate, are expensed. Any outstanding receivables related to these subsidies are
recorded as grants receivable. The government subsidies are presented on a gross basis
except for the WBSO (\u201cWet Bevordering Speur & Ontwikkeling\u201d) that is presented on a net
basis with the expensed amount for personnel expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9967": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditures on
an individual project are recognized as an intangible asset when the Group can demonstrate:
\u2022
The technical feasibility of completing the intangible asset so that it will be available for
use or sale
\u2022
Its intention to complete and its ability to use or sell the asset
\u2022
How the asset will generate future economic benefits
\u2022
The availability of resources to complete the asset
\u2022
The ability to measure reliably the expenditure during development
\u2022
The ability to use the intangible asset generated
Significant Estimate:
The Group has evaluated the nature of the project research and
development costs and concluded that all expenses incurred were related to research
and pre-development of future products. Therefore, all costs have been expensed and are
recognized in the statement of profit and loss.
\n \n
2023
2022
Staff expenses
9,200
8,385
Operating expenses
4,641
4,753
13,841
13,138
The Company\u2019s research and development expenses consist primarily of the cost of
external suppliers and third-party contractors involved in the design and development of
the ARC
EX
and ARC
IM
systems, as well as employee-related expenses including salaries
and benefits. The increase in 2023 is driven by advancements made on our ARC
EX
and
ARC
IM
platforms and preparing for FDA submission of ARC
EX
in the first half of 2024.
2.3 Clinical & Regulatory Expenses
\n \n
2023
2022
Staff expenses
3,472
3,204
Operating expenses
1,439
2,543
4,911
5,747
The Company\u2019s clinical and regulatory expenses consist of the employee-related
expenses including salaries and benefits for employees working on clinical trials.
Clinical
expenses in 2023 primarily relate to the clinical proof-of-concept studies, HemonNL and
supporting the preparation of ARC
EX
for FDA submission.2.5 Patent fees & Related Expenses \n \n
2023
2022
Staff expenses
373
400
Operating expenses
1,136
1,149
1,509
1,549
The Company\u2019s patent fees and related expenses include the cost for patent prosecution
applications, consulting fees for new innovative ideas, as well as annuity maintenance
fees and license fees for existing ideas, related employee expenses, including salary and
benefits in the area of business development.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9968": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditures on
an individual project are recognized as an intangible asset when the Group can demonstrate:
\u2022
The technical feasibility of completing the intangible asset so that it will be available for
use or sale
\u2022
Its intention to complete and its ability to use or sell the asset
\u2022
How the asset will generate future economic benefits
\u2022
The availability of resources to complete the asset
\u2022
The ability to measure reliably the expenditure during development
\u2022
The ability to use the intangible asset generated
Significant Estimate:
The Group has evaluated the nature of the project research and
development costs and concluded that all expenses incurred were related to research
and pre-development of future products. Therefore, all costs have been expensed and are
recognized in the statement of profit and loss.
\n \n
2023
2022
Staff expenses
9,200
8,385
Operating expenses
4,641
4,753
13,841
13,138
The Company\u2019s research and development expenses consist primarily of the cost of
external suppliers and third-party contractors involved in the design and development of
the ARC
EX
and ARC
IM
systems, as well as employee-related expenses including salaries
and benefits. The increase in 2023 is driven by advancements made on our ARC
EX
and
ARC
IM
platforms and preparing for FDA submission of ARC
EX
in the first half of 2024.
2.3 Clinical & Regulatory Expenses
\n \n
2023
2022
Staff expenses
3,472
3,204
Operating expenses
1,439
2,543
4,911
5,747
The Company\u2019s clinical and regulatory expenses consist of the employee-related
expenses including salaries and benefits for employees working on clinical trials.
Clinical
expenses in 2023 primarily relate to the clinical proof-of-concept studies, HemonNL and
supporting the preparation of ARC
EX
for FDA submission.
2.4 Marketing & Market Access Expenses
\n \n
2023
2022
Staff expenses
1,830
949
Operating expenses
1,113
1,002
2,943
1,951
The Company\u2019s marketing and market access expenses include the investigating
activities on the future therapy reimbursement performed by third-party consultants
and attendance of key events to create awareness within the SCI community of our ARC
therapies and technology.
2.5 Patent fees & Related Expenses
\n \n
2023
2022
Staff expenses
373
400
Operating expenses
1,136
1,149
1,509
1,549
The Company\u2019s patent fees and related expenses include the cost for patent prosecution
applications, consulting fees for new innovative ideas, as well as annuity maintenance
fees and license fees for existing ideas, related employee expenses, including salary and
benefits in the area of business development.
2.6 Quality Assurance Expenses
\n \n
2023
2022
Staff expenses
1,204
1,045
Operating expenses
260
183
1,464
1,228
Quality assurance expenses consist primarily of quality control and quality assurance
expenses. These expenses include employee expenses, including salary benefits for
personnel, consulting, testing, and travel expenses.
2.7 General & Administrative Expenses
\n \n
2023
2022
Staff expenses
5,419
4,299
Depreciation and amortization
726
735
Other operating expenses
5,182
5,529
11,327
10,563
The Company\u2019s general and administrative expenses consist of employee expenses,
including salary and benefits for personnel and contractors in executive, finance,
accounting, tax, and human resources, as well as operating expenses relating to audit,
legal, and supply chain.
2.8 Employee Benefit Expenses
Accounting Policy:
Short-Term Employee Benefits
Short-term employee benefits include salaries and social security contributions, social
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.\n \n
2023
2022
Wages and salaries
15,356
11,653
Social security costs
1,512
1,275
Pension costs \u2013 defined benefit plan
720
604
Pension costs \u2013 other
69
82
Share-based benefit expenses
2,564
1,691
Other labor costs
1,277
2,977
21,498
18,282
2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.\n \n
2023
2022
Share-based payment expense
2,564
1,691
2,564
1,691
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9969": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditures on
an individual project are recognized as an intangible asset when the Group can demonstrate:
\u2022
The technical feasibility of completing the intangible asset so that it will be available for
use or sale
\u2022
Its intention to complete and its ability to use or sell the asset
\u2022
How the asset will generate future economic benefits
\u2022
The availability of resources to complete the asset
\u2022
The ability to measure reliably the expenditure during development
\u2022
The ability to use the intangible asset generated", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9970": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditures on
an individual project are recognized as an intangible asset when the Group can demonstrate:
\u2022
The technical feasibility of completing the intangible asset so that it will be available for
use or sale
\u2022
Its intention to complete and its ability to use or sell the asset
\u2022
How the asset will generate future economic benefits
\u2022
The availability of resources to complete the asset
\u2022
The ability to measure reliably the expenditure during development
\u2022
The ability to use the intangible asset generated2.8 Employee Benefit Expenses
Accounting Policy:
Short-Term Employee Benefits
Short-term employee benefits include salaries and social security contributions, social
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9972": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditures on
an individual project are recognized as an intangible asset when the Group can demonstrate:
\u2022
The technical feasibility of completing the intangible asset so that it will be available for
use or sale
\u2022
Its intention to complete and its ability to use or sell the asset
\u2022
How the asset will generate future economic benefits
\u2022
The availability of resources to complete the asset
\u2022
The ability to measure reliably the expenditure during development
\u2022
The ability to use the intangible asset generated
Significant Estimate:
The Group has evaluated the nature of the project research and
development costs and concluded that all expenses incurred were related to research
and pre-development of future products. Therefore, all costs have been expensed and are
recognized in the statement of profit and loss.
\n \n
2023
2022
Staff expenses
9,200
8,385
Operating expenses
4,641
4,753
13,841
13,138
The Company\u2019s research and development expenses consist primarily of the cost of
external suppliers and third-party contractors involved in the design and development of
the ARC
EX
and ARC
IM
systems, as well as employee-related expenses including salaries
and benefits. The increase in 2023 is driven by advancements made on our ARC
EX
and
ARC
IM
platforms and preparing for FDA submission of ARC
EX
in the first half of 2024.
2.3 Clinical & Regulatory Expenses
\n \n
2023
2022
Staff expenses
3,472
3,204
Operating expenses
1,439
2,543
4,911
5,747
The Company\u2019s clinical and regulatory expenses consist of the employee-related
expenses including salaries and benefits for employees working on clinical trials.
Clinical
expenses in 2023 primarily relate to the clinical proof-of-concept studies, HemonNL and
supporting the preparation of ARC
EX
for FDA submission.
2.4 Marketing & Market Access Expenses
\n \n
2023
2022
Staff expenses
1,830
949
Operating expenses
1,113
1,002
2,943
1,951
The Company\u2019s marketing and market access expenses include the investigating
activities on the future therapy reimbursement performed by third-party consultants
and attendance of key events to create awareness within the SCI community of our ARC
therapies and technology.
2.5 Patent fees & Related Expenses
\n \n
2023
2022
Staff expenses
373
400
Operating expenses
1,136
1,149
1,509
1,549
The Company\u2019s patent fees and related expenses include the cost for patent prosecution
applications, consulting fees for new innovative ideas, as well as annuity maintenance
fees and license fees for existing ideas, related employee expenses, including salary and
benefits in the area of business development.
2.6 Quality Assurance Expenses
\n \n
2023
2022
Staff expenses
1,204
1,045
Operating expenses
260
183
1,464
1,228
Quality assurance expenses consist primarily of quality control and quality assurance
expenses. These expenses include employee expenses, including salary benefits for
personnel, consulting, testing, and travel expenses.
2.7 General & Administrative Expenses
\n \n
2023
2022
Staff expenses
5,419
4,299
Depreciation and amortization
726
735
Other operating expenses
5,182
5,529
11,327
10,563
The Company\u2019s general and administrative expenses consist of employee expenses,
including salary and benefits for personnel and contractors in executive, finance,
accounting, tax, and human resources, as well as operating expenses relating to audit,
legal, and supply chain.
2.8 Employee Benefit Expenses
Accounting Policy:
Short-Term Employee Benefits
Short-term employee benefits include salaries and social security contributions, social
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.\n \n
2023
2022
Wages and salaries
15,356
11,653
Social security costs
1,512
1,275
Pension costs \u2013 defined benefit plan
720
604
Pension costs \u2013 other
69
82
Share-based benefit expenses
2,564
1,691
Other labor costs
1,277
2,977
21,498
18,282
2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.\n \n
2023
2022
Share-based payment expense
2,564
1,691
2,564
1,691
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10241": { "value": "2.7 General & Administrative Expenses \n \n
2023
2022
Staff expenses
5,419
4,299
Depreciation and amortization
726
735
Other operating expenses
5,182
5,529
11,327
10,563
The Company\u2019s general and administrative expenses consist of employee expenses,
including salary and benefits for personnel and contractors in executive, finance,
accounting, tax, and human resources, as well as operating expenses relating to audit,
legal, and supply chain.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10327": { "value": "2.8 Employee Benefit Expenses
Accounting Policy:
Short-Term Employee Benefits
Short-term employee benefits include salaries and social security contributions, social
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.
Post-Employment Benefits
Group companies operate various pension schemes. The schemes are funded through
payments to insurance companies or trustee-administered funds, determined by periodic
actuarial calculations. The Group has both defined benefit and defined contribution plans.
Defined Contribution Plan
A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or constructive obligations
to pay further contributions if the fund does not hold sufficient assets to pay all benefits
to employees relating to employee services in the current and prior periods. For defined
contribution plans, the Group pays contributions to publicly or privately administered
pension insurance plans on a mandatory, contractual, or voluntary basis. The Group has no
further payment obligations once the contributions have been paid. The contributions are
recognized as personnel expenses in the consolidated income statement when due.
All related expenses are recognized in the consolidated statement of profit and loss.
Contributions payable or prepaid contributions as at year-end are recognized under
accruals and deferred income, and prepayments and accrued income, respectively.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.
Significant Estimate:
The cost of the defined benefit pension plan and the present value
of the pension obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases,
mortality rates, and future pension increases. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date.
\n \n
2023
2022
Wages and salaries
15,356
11,653
Social security costs
1,512
1,275
Pension costs \u2013 defined benefit plan
720
604
Pension costs \u2013 other
69
82
Share-based benefit expenses
2,564
1,691
Other labor costs
1,277
2,977
21,498
18,282
The increase in wages and salaries is driven by the composition of new hires versus leavers
and not full-time equivalents. This shift in expertise aligns with the Company\u2019s strategic
goals. As at 31 December 2023, the Group employed 99.2 full-time equivalents, including
white-collar employees and contractors. The following table presents a breakdown of the
Company\u2019s full-time equivalents as at 31 December 2023 and 2022:
\n \n
2023
2022
Research & Development
50.0
48.8
Clinical & Regulatory
14.6
18.9
Marketing & Market Access
5.0
3.8
Patent Fees & related
1.0
1.0
Quality Assurance
8.8
7.8
General & Administrative
19.8
15.8
99.2
96.1
As at 31 December 2023, the Company had 11.9 full-time equivalents located in the
Netherlands (2022: 16.3), 75.3 full-time equivalents located in Switzerland (2022: 68.3), and
12 (2022: 11.5) full-time equivalents located in the United States.5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting Policy:
Group companies operate various pension schemes. The schemes
are funded through payments to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit and
defined contribution plans.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.
\n \n
2023
2022
Plan assets
4,289
3,879
Obligation
(6,370)
(5,001)
Net liability
2,081
1,121
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
defined benefit plans specify an amount of pension benefit that an employee will receive
upon retirement, typically dependent on one or more factors such as age, years of service,
and compensation. The benefits paid to employees in Switzerland qualify as a defined
benefit plan.
The pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
Pension Fund provides benefits for retirement, disability, and surviving dependents that
meet or exceed the minimum benefits required under the Federal Law on Occupational
Retirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
charge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
is split equally between the employer and the employees. Contributions, which vary by
the age of the employees, range from 6-13% of the covered salary and are credited to the
employees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
capital investments and pursues an investment strategy with a prescribed investment
policy. The Group assumes an average retirement age of 64 (female) and 65 (male),
respectively. Upon retiring (including early and partial retirement), insured persons are
entitled to a lifelong retirement pension if employees do not choose to withdraw the entire
balance, or portion thereof, of their individual retirement savings accounts in the form of a
capital payment.
The Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
from the Group and is governed by a foundation board. In addition, there is a pension fund
commission comprised of two employee and two employer representatives. The duties of
the foundation board, as well as the pension fund commission, are laid out in the BVG and
the specific pension fund rules. They are required by law to act in the best interest of the
participants and are responsible for setting certain policies (e.g. investment, contribution,
and indexation policies) for the Pension Fund. At least four times a year, the foundation
board, as well as the pension fund commission, meet to analyze consequences and decide
on adjustments in the investment strategy.
Pursuant to the BVG, additional employer and employee contributions may be imposed
whenever a significant funding deficit arises in accordance with the BVG. In addition to
investment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk,
and interest rate risk.
In addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
management also provides retirement benefits and risk insurance for death and disability
for components of remuneration in excess of the maximum insurable amount of salary
under the plan described above.
Movement of Net Defined-Benefit Liability
\n \n
2023
2022
Balance as at
1
January
1,121
1,388
Service costs
652
562
Admin costs
45
43
Past service costs
23
\u2013
Employee benefit expenses
720
605
Net interest costs/(income)
15
3
Included in statement of profit and loss
735
608
Actuarial gains/(losses)
\u2013 Financial assumptions
932
(1,956)
\u2013 Demographic assumptions
\u2013
\u2013
\u2013 Experience adjustment
(449)
1,286
\u2013 Return on assets excluding interest income
321
184
804
(486)
Exchange rate differences
80
65
Included in statement of comprehensive income*
884
(421)
Contributions by employer
(659)
(454)
Balance as at
31
December
2,081
1,121
*Excluding tax impact
The principal assumptions used in determining post-employment (pension) benefit
obligations for the plan are shown below:
\n \n
2023
2022
Discount rate
1.35%
2.30%
Salary increase
2.50%
2.50%
Interest credit rate
1.00%
1.00%
Mortality base table
BVG2020
BVG2020
Longevity improvement
CMI2018; 1.25%
CMI2018; 1.25%
A quantitative sensitivity analysis for significant assumptions as at 31 December is
shown below:
\n \n
2023
2022
Discount rate
+ 25bps
(271)
(190)
- 25bps
292
203
Salary increase
+ 25bps
119
84
- 25bps
(113)
(80)
Interest credit rate
+ 25bps
101
76
- 25bps
(98)
(73)
Mortality base table
Life expectancy + 1 year
44
27
Life expectancy - 1 year
(42)
(26)
The sensitivity analyses have been determined based on a method that extrapolates
the impact on the defined benefit obligation as a result of reasonable changes in key
assumptions occurring at the end of the reporting period. The sensitivity analyses are
based on a change in a significant assumption, keeping all other assumptions constant.
The 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
from one another.
The following are the expected payments or contributions to the defined benefit plan in
future years:
\n \n
2023
2022
Within the next 12 months
350
281
Between 2 and 5 years
1,702
1,426
Beyond 5 years
3,172
2,540
Total expected payments
5,224
4,247
The average duration of the defined benefit plan obligation at the end of the reporting
period is 18 years (2022: 16 years).
Plan Assets Allocation
The asset allocation in the Swiss pension plan at
31
December was as follows:
\n \n
2023
2022
Bonds
2,709
2,309
Equities
\u2013
\u2013
Loans
93
134
Mortgages
507
504
Real Estate
922
872
Cash, derivatives and funds
58
60
4,289
3,879
Plan assets in 2023 and 2022 do not include property occupied by or financial instruments
issued by ONWARD.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10328": { "value": "2.8 Employee Benefit ExpensesThe increase in wages and salaries is driven by the composition of new hires versus leavers
and not full-time equivalents. This shift in expertise aligns with the Company\u2019s strategic
goals. As at 31 December 2023, the Group employed 99.2 full-time equivalents, including
white-collar employees and contractors. The following table presents a breakdown of the
Company\u2019s full-time equivalents as at 31 December 2023 and 2022:
\n \n
2023
2022
Research & Development
50.0
48.8
Clinical & Regulatory
14.6
18.9
Marketing & Market Access
5.0
3.8
Patent Fees & related
1.0
1.0
Quality Assurance
8.8
7.8
General & Administrative
19.8
15.8
99.2
96.1
As at 31 December 2023, the Company had 11.9 full-time equivalents located in the
Netherlands (2022: 16.3), 75.3 full-time equivalents located in Switzerland (2022: 68.3), and
12 (2022: 11.5) full-time equivalents located in the United States.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10330": { "value": "2.8 Employee Benefit Expenses
Accounting Policy:
Short-Term Employee Benefits
Short-term employee benefits include salaries and social security contributions, social
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.
Post-Employment Benefits
Group companies operate various pension schemes. The schemes are funded through
payments to insurance companies or trustee-administered funds, determined by periodic
actuarial calculations. The Group has both defined benefit and defined contribution plans.
Defined Contribution Plan
A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or constructive obligations
to pay further contributions if the fund does not hold sufficient assets to pay all benefits
to employees relating to employee services in the current and prior periods. For defined
contribution plans, the Group pays contributions to publicly or privately administered
pension insurance plans on a mandatory, contractual, or voluntary basis. The Group has no
further payment obligations once the contributions have been paid. The contributions are
recognized as personnel expenses in the consolidated income statement when due.
All related expenses are recognized in the consolidated statement of profit and loss.
Contributions payable or prepaid contributions as at year-end are recognized under
accruals and deferred income, and prepayments and accrued income, respectively.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting Policy:
Group companies operate various pension schemes. The schemes
are funded through payments to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit and
defined contribution plans.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10571": { "value": "2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.
Significant Estimate:
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments at the date at which
they are granted. Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on the
terms and conditions of the grant.
Long-Term Incentive Plan (LTIP)
The LTIP plan is aimed at aligning the employee\u2019s interest with the interests of the
Shareholders and to allow the employee to participate in the long-term growth of the
Company. The LTIP is an omnibus plan with the flexibility to issue different type of
equity incentives.
ONWARD awarded options over its Ordinary Shares to participants (referred to as
the \u201cAward\u201d or \u201cGrant\u2019) on the Grant Dates as specified in the table below. Each option
represents the right to receive one Ordinary Share of ONWARD against payment of the
exercise price. The options expire 10 years after the Grant Date and become exercisable
on vesting. The Grant is subject to continued provision of services to the Company under
a graded vesting schedule, with 25% of the Grant vesting on the first anniversary of the
Grant Date, and the remaining 75% of the Grant vesting in equal, monthly tranches over the
three years following the first anniversary of the Grant Date (i.e, 2.083% per month). The
number of options that will vest and become unconditional is only subject to a continued
service condition. All options granted have the same conditions. Options do not settle
automatically and are exercised at the option of the participant.
\n \n
Number
Financial
Grant
Type of
of Options
Exercise
Expiration
Fair
Year
Date
Security
Granted
Price
Date
Value
2021
15/12/2021
Stock
612,000
EUR 7.41
15/12/2031
EUR 4.89
Options
2022
1/4/2022
Stock
169,800
EUR 7.64
1/4/2032
EUR4.18
Options
2022
26/9/2022
Stock
166,350
EUR 5.70
26/9/2032
EUR 3.19
Options
2023
3/1/2023
Stock
978,050
EUR 6.12
3/1/2033
EUR 3.37
Options
2023
28/2/2023
Stock
132,000
EUR 4.95
28/2/2033
EUR 2.73
Options
2023
3/7/2023
Stock
308,175
EUR 5.18
3/7/2033
EUR 2.85
Options
This fair value per option has been applied to the options granted for the recognition of the
share-based payment expense recognized:
\n \n
2023
2022
Share-based payment expense
2,564
1,691
2,564
1,691
The table below summarizes the number and weighted average exercise prices (WAEP) of,
and movements in, share options during the year:
\n \n
2023
2023
2022
2022
Number
WAEP
Number
WAEP
Outstanding at 1 January
873,125
EUR 7.41
612,000
EUR 9.70
Granted during the year
1,418,225
EUR 5.81
336,150
EUR 6.68
Forfeited during the year
(462,700)
EUR 6.90
(75,025)
EUR 9.40
Exercised during the year
\u2013
\u2013
\u2013
\u2013
Outstanding at 31 December
1,828,650
EUR 6.85
873,125
EUR 7.41
\n \n
2023
20223
Number
WAEP
Exercisable at 31 December 2023
298,961
EUR 9.10
Exercisable at 31 December 2022
143,089
EUR 9.70
The weighted average remaining contractual life for the share options outstanding at 31
December 2023 was 8.79 years (2022: 9.2 years).
The weighted average fair value of options granted during the year was EUR 3.20 (2022:
EUR 3.69).
The range of exercise prices for options outstanding at the end of the year was EUR 4.95 to
EUR 9.70 (2022: EUR 5.70 to EUR 9.70).
The fair value of the awarded options was determined by applying a Binomial Option
Pricing Model that allows for exercising of the option before the end of the option\u2019s life.
As the options cannot be exercised between the Grant Date and the vesting date, the Hull-
White binomial formula, commonly used to value American options, was used. With the
Hull-White model the impact of a certain time-based event \u2013 such as a vesting period, or
an early exercise \u2013 can be taken into account.
Due to the different vesting dates for the different tranches in the option, we have
calculated the unique option values per tranche according to each vesting date. The total
option value per employee is then derived using a weighted average overall calculated
option value for each vesting date.
The following parameters were used in the option model for the calculation of the fair value
of the options as per each grant date:
\n \n
2023\u201307
2023\u201302
2023\u201301
2022\u201309
2022\u201304
Fair value on date of
measurement (EUR)
2.85
2.73
3.37
3.19
4.18
Share price (EUR)
5.18
4.97
6.12
5.70
7.64
Exercise price (EUR)
5.18
4.95
6.12
5.70
7.64
Expected volatility
56.10%
57.20%
57.80%
59.30%
59.20%
Term of the option
4
a
4
a
4
a
4
a
4
a
Expected dividend
-
-
-
-
\u2013
Risk-free interest rate
2.44%
2.65%
2.38%
2.1%
0.55%
Time to expiration
10
10
10
10
10
a: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10574": { "value": "2.9 Share-Based Payments
Accounting Policy:
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby employees render services as
consideration for equity instruments (equity-settled transactions).
Equity-Settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the
grant is made using an appropriate valuation model.
That cost is recognized, together with a corresponding increase in other reserves in
equity, over the period in which the performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The statement of profit or loss expense or credit
for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in operating expenses.
No expense is recognized for awards that do not ultimately vest, except for equity-
settled transactions for which vesting is conditional upon a market or non-vesting
condition. These are treated as vesting irrespective of whether or not the market or
non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense
recognized is the expense had the terms not been modified, if the original terms of the
award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction or is otherwise beneficial to
the employee as measured at the date of modification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11204": { "value": "2.10 Income Tax
Accounting Policy:
Current Income Tax
Current income tax assets and liabilities for the current period are measured at the
amount expected to be recovered from or paid to the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the Group operates and generates
taxable income.
Current income tax relating to items recognized directly in equity is recognized in equity
and not in the statement of profit or loss. Management periodically evaluates positions
taken in the tax returns with respect to situations in which applicable tax regulations are
subject to interpretation and establishes provisions where appropriate.
Deferred Tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized
Deferred tax assets are recognized for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilized, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in 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
that are available to offset against future profits of the Dutch entity in which the loss
arose. However, these losses may not be used to offset taxable income elsewhere in the
Group. The Group evaluated and judged that at this moment it is not sufficiently likely that
future profits will be generated in the Dutch entity that can offset a deferred tax asset.
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
There are no NOL
\u2019s. Last fiscal year settled is 2021. Due to expected profits based on the
cost-plus the Swiss deferred tax assets relating to temporary differences have
been recognized.
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition
of ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred
tax liability was recognized for the intangible asset (in-process R&D) identified in the PPA.
In 2022, the Company, after reassessment, recognized a deferred tax asset of EUR 987k in
the US entity that offsets the deferred tax liability as allowed under IAS 12, with no impact
on previously reported results.
\n \n
2023
2022
Current income tax
(148)
(185)
Deferred income tax
41
951
Total corporate income tax in profit and loss
(107)
766
Current income Tax charge at tax rate of 25.8%
9,307
8,653
Tax rate differences in foreign jurisdictions
152
208
Non-deductible expenses
(662)
(433)
Non-recognized deferred tax asset on temporary differences
66
(111)
Non-recognized deferred tax asset on permanent differences
(203)
\u2013
Net operating losses not recognized
(8,709)
(8,527)
Recognition of prior year deferred tax adjustments
\u2013
976
Other
(58)
\u2013
(107)
766
The effective tax rate was -0.3% in 2023 (2022: 2.3%), which is lower than the statutory
income tax rate of 25.8% (2022: 25.8%) in the Netherlands. The difference is primarily due
to the net operating losses and temporary differences for which no deferred tax asset
can be recognized. The uncertainty is based on insufficient evidence of future sources of
income to support the realization of a deferred tax asset due to the Company being loss-
making with limited tax planning opportunities.
Recognized Deferred Tax Assets & Liabilities
2023
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,639)
(1,639)
Right of use assets
\u2013
(209)
(209)
Lease liability
228
\u2013
228
Post-employment benefits
291
291
Losses available for offset against future
1,008
\u2013
1,008
Taxable income
Set-off of deferred tax
(1,217)
1,217
\u2013
Net deferred tax liability
310
(631)
(321)
2022
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,656)
(1,656)
Right of use assets
\u2013
(235)
(235)
Lease liability
240
\u2013
240
Post-employment benefits
157
157
Losses available for offset against future
987
\u2013
987
T
axable income
Set-off of deferred tax
(1,221)
1,221
\u2013
Net deferred tax liability
163
(670)
(507)
2023
2022
Opening balance at
1
January
(507)
(1,991)
Recognized in profit & loss
41
951
Remeasurement (gain)/loss on actuarial gains and losses in OCI
125
(59)
Foreign currency translation difference
20
26
Addition
\u2013
\u2013
Reclassification
\u2013
566
Net deferred tax liability at
31
December
(321)
(507)
Of the estimated amount of tax losses carried forward and available as at 31 December
2023, a deferred tax asset of EUR 1,007k has been recognized to offset the reversal
of temporary differences in the US. For the remaining unused operating losses in the
Netherlands of EUR 120M (2022: EUR 91M) and in the US of EUR 28.5M (2022: EUR 16M)
no deferred tax is recognized. These losses can be carried forward indefinitely subject to
local tax rules, except for approximately EUR 3.1M of losses in the US, which can be carried
forward for 20 years (ultimately by 2037).
The Company offsets tax assets and liabilities if it has a legally enforceable right to set off
current tax assets and current tax liabilities, and the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority.
The deferred tax liability initially arose on the acquisition of NRT Inc (subsequently
renamed to ONWARD Medical Inc.).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11205": { "value": "2.10 Income TaxAccounting Policy:Deferred Tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized
Deferred tax assets are recognized for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilized, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in 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
that are available to offset against future profits of the Dutch entity in which the loss
arose. However, these losses may not be used to offset taxable income elsewhere in the
Group. The Group evaluated and judged that at this moment it is not sufficiently likely that
future profits will be generated in the Dutch entity that can offset a deferred tax asset.
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
There are no NOL
\u2019s. Last fiscal year settled is 2021. Due to expected profits based on the
cost-plus the Swiss deferred tax assets relating to temporary differences have
been recognized.
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition
of ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred
tax liability was recognized for the intangible asset (in-process R&D) identified in the PPA.
In 2022, the Company, after reassessment, recognized a deferred tax asset of EUR 987k in
the US entity that offsets the deferred tax liability as allowed under IAS 12, with no impact
on previously reported results.
\n \n
2023
2022
Current income tax
(148)
(185)
Deferred income tax
41
951
Total corporate income tax in profit and loss
(107)
766
Current income Tax charge at tax rate of 25.8%
9,307
8,653
Tax rate differences in foreign jurisdictions
152
208
Non-deductible expenses
(662)
(433)
Non-recognized deferred tax asset on temporary differences
66
(111)
Non-recognized deferred tax asset on permanent differences
(203)
\u2013
Net operating losses not recognized
(8,709)
(8,527)
Recognition of prior year deferred tax adjustments
\u2013
976
Other
(58)
\u2013
(107)
766
The effective tax rate was -0.3% in 2023 (2022: 2.3%), which is lower than the statutory
income tax rate of 25.8% (2022: 25.8%) in the Netherlands. The difference is primarily due
to the net operating losses and temporary differences for which no deferred tax asset
can be recognized. The uncertainty is based on insufficient evidence of future sources of
income to support the realization of a deferred tax asset due to the Company being loss-
making with limited tax planning opportunities.
Recognized Deferred Tax Assets & Liabilities
2023
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,639)
(1,639)
Right of use assets
\u2013
(209)
(209)
Lease liability
228
\u2013
228
Post-employment benefits
291
291
Losses available for offset against future
1,008
\u2013
1,008
Taxable income
Set-off of deferred tax
(1,217)
1,217
\u2013
Net deferred tax liability
310
(631)
(321)
2022
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,656)
(1,656)
Right of use assets
\u2013
(235)
(235)
Lease liability
240
\u2013
240
Post-employment benefits
157
157
Losses available for offset against future
987
\u2013
987
T
axable income
Set-off of deferred tax
(1,221)
1,221
\u2013
Net deferred tax liability
163
(670)
(507)
2023
2022
Opening balance at
1
January
(507)
(1,991)
Recognized in profit & loss
41
951
Remeasurement (gain)/loss on actuarial gains and losses in OCI
125
(59)
Foreign currency translation difference
20
26
Addition
\u2013
\u2013
Reclassification
\u2013
566
Net deferred tax liability at
31
December
(321)
(507)
Of the estimated amount of tax losses carried forward and available as at 31 December
2023, a deferred tax asset of EUR 1,007k has been recognized to offset the reversal
of temporary differences in the US. For the remaining unused operating losses in the
Netherlands of EUR 120M (2022: EUR 91M) and in the US of EUR 28.5M (2022: EUR 16M)
no deferred tax is recognized. These losses can be carried forward indefinitely subject to
local tax rules, except for approximately EUR 3.1M of losses in the US, which can be carried
forward for 20 years (ultimately by 2037).
The Company offsets tax assets and liabilities if it has a legally enforceable right to set off
current tax assets and current tax liabilities, and the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority.
The deferred tax liability initially arose on the acquisition of NRT Inc (subsequently
renamed to ONWARD Medical Inc.).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11206": { "value": "2.10 Income Tax
Accounting Policy:
Current Income Tax
Current income tax assets and liabilities for the current period are measured at the
amount expected to be recovered from or paid to the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the Group operates and generates
taxable income.
Current income tax relating to items recognized directly in equity is recognized in equity
and not in the statement of profit or loss. Management periodically evaluates positions
taken in the tax returns with respect to situations in which applicable tax regulations are
subject to interpretation and establishes provisions where appropriate.
Deferred Tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized
Deferred tax assets are recognized for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilized, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11207": { "value": "2.10 Income TaxAccounting Policy:Deferred Tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized
Deferred tax assets are recognized for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilized, except:
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
\u2022
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11736": { "value": "3.0 Intangible AssetsGoodwillAfter initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.In-Process R&DFollowing initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.License FeesFollowing initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11737": { "value": "3.0 Intangible AssetsGoodwillAfter initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.In-Process R&DFollowing initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.License FeesFollowing initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11738": { "value": "3.0 Intangible AssetsGoodwillAfter initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.In-Process R&DFollowing initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.License FeesFollowing initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.Impairment Assessment
The in-process R&D was acquired through the acquisition of GTX Medical SA (now
ONWARD Medical SA) and the business combination with NRT Inc. (now ONWARD Medical
Inc.). The value of the in-process R&D is contingent on the success of the FDA approval
of the NRT product. In terms of the NRT acquisition agreement, ONWARD also received
and assumed responsibility for the exclusive license agreements with the Regents of the
University of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
terms of these agreements, the occurrence of the IPO triggered the change in ownership
clauses and resulted in additional payments to be made. These payments, as well as the
annual license fee payments, are recognized as a separate class of intangible assets.
As per the accounting policies above goodwill, in-process R&D and license fees are tested
for impairment annually. ONWARD performed its annual impairment test at year-end
(consistent with the prior year) based on the most recent budgets and forecast calculations.
Significant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11739": { "value": "3.0 Intangible Assets\n \n
2023
2022
Goodwill
1,845
1,902
In-Process R&D
5,698
5,873
License fees
2,261
2,383
Net book value at
31
December
9,804
10,158
Goodwill
Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred and the amount recognized for non-controlling
interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed, and reviews the procedures used
to measure the amounts to be recognized at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation
within that unit is disposed of, the goodwill associated with the disposed operation is
included in the carrying amount of the operation when determining the gain or loss on
disposal. 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.
2023
2022
Cost
1,902
1,702
Accumulated changes
\u2013
\u2013
Net book value at
1
January
1,902
1,702
Additions
\u2013
\u2013
Foreign currency translation difference
(57)
200
Impairments
\u2013
\u2013
Net change
(57)
200
Cost
1,845
1,902
Accumulated changes
\u2013
\u2013
Net book value at
31
December
1,845
1,902
In-Process R&D
Accounting Policy:
The cost of in-process R&D acquired in a business combination is the
fair value at the date of acquisition.
Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.
\n \n
2023
2022
Cost
6,025
6,261
Accumulated changes
(152)
(152)
Net book value at
1
January
5,873
6,109
Foreign currency translation difference
(175)
334
Additions
\u2013
\u2013
Reclassification
\u2013
(570)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
(175)
(236)
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at
31
December
5,698
5,873
License Fees
Accounting Policy:
License fees for the exclusive right to certain patents, critical in
the development of the ARC Therapies, are capitalized and measured at cost on initial
recognition. Following initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.
\n \n
2023
2022
Cost
2,383
2,218
Accumulated changes
\u2013
\u2013
Net book value at
1
January
2,383
2,218
Additions
\u2013
31
Foreign currency translation difference
(72)
134
Reversals
(50)
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
(122)
165
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at
31
December
2,261
2,383
In 2023, the Company reassessed the capitalization of the annual license fee component
and reversed amounts previously capitalized (EUR 50k) to profit and loss.
Impairment Assessment
The in-process R&D was acquired through the acquisition of GTX Medical SA (now
ONWARD Medical SA) and the business combination with NRT Inc. (now ONWARD Medical
Inc.). The value of the in-process R&D is contingent on the success of the FDA approval
of the NRT product. In terms of the NRT acquisition agreement, ONWARD also received
and assumed responsibility for the exclusive license agreements with the Regents of the
University of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
terms of these agreements, the occurrence of the IPO triggered the change in ownership
clauses and resulted in additional payments to be made. These payments, as well as the
annual license fee payments, are recognized as a separate class of intangible assets.
As per the accounting policies above goodwill, in-process R&D and license fees are tested
for impairment annually. ONWARD performed its annual impairment test at year-end
(consistent with the prior year) based on the most recent budgets and forecast calculations.
Significant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11740": { "value": "3.0 Intangible Assets\n \n
2023
2022
Goodwill
1,845
1,902
In-Process R&D
5,698
5,873
License fees
2,261
2,383
Net book value at
31
December
9,804
10,158
Goodwill
Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred and the amount recognized for non-controlling
interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed, and reviews the procedures used
to measure the amounts to be recognized at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation
within that unit is disposed of, the goodwill associated with the disposed operation is
included in the carrying amount of the operation when determining the gain or loss on
disposal. 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.
2023
2022
Cost
1,902
1,702
Accumulated changes
\u2013
\u2013
Net book value at
1
January
1,902
1,702
Additions
\u2013
\u2013
Foreign currency translation difference
(57)
200
Impairments
\u2013
\u2013
Net change
(57)
200
Cost
1,845
1,902
Accumulated changes
\u2013
\u2013
Net book value at
31
December
1,845
1,902
Impairment Assessment
The in-process R&D was acquired through the acquisition of GTX Medical SA (now
ONWARD Medical SA) and the business combination with NRT Inc. (now ONWARD Medical
Inc.). The value of the in-process R&D is contingent on the success of the FDA approval
of the NRT product. In terms of the NRT acquisition agreement, ONWARD also received
and assumed responsibility for the exclusive license agreements with the Regents of the
University of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
terms of these agreements, the occurrence of the IPO triggered the change in ownership
clauses and resulted in additional payments to be made. These payments, as well as the
annual license fee payments, are recognized as a separate class of intangible assets.
As per the accounting policies above goodwill, in-process R&D and license fees are tested
for impairment annually. ONWARD performed its annual impairment test at year-end
(consistent with the prior year) based on the most recent budgets and forecast calculations.
Significant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11741": { "value": "3.0 Intangible Assets\n \n
2023
2022
Goodwill
1,845
1,902
In-Process R&D
5,698
5,873
License fees
2,261
2,383
Net book value at
31
December
9,804
10,158
In-Process R&D
Accounting Policy:
The cost of in-process R&D acquired in a business combination is the
fair value at the date of acquisition.
Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.
\n \n
2023
2022
Cost
6,025
6,261
Accumulated changes
(152)
(152)
Net book value at
1
January
5,873
6,109
Foreign currency translation difference
(175)
334
Additions
\u2013
\u2013
Reclassification
\u2013
(570)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
(175)
(236)
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at
31
December
5,698
5,873
License Fees
Accounting Policy:
License fees for the exclusive right to certain patents, critical in
the development of the ARC Therapies, are capitalized and measured at cost on initial
recognition. Following initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.
\n \n
2023
2022
Cost
2,383
2,218
Accumulated changes
\u2013
\u2013
Net book value at
1
January
2,383
2,218
Additions
\u2013
31
Foreign currency translation difference
(72)
134
Reversals
(50)
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
(122)
165
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at
31
December
2,261
2,383
In 2023, the Company reassessed the capitalization of the annual license fee component
and reversed amounts previously capitalized (EUR 50k) to profit and loss.
Impairment Assessment
The in-process R&D was acquired through the acquisition of GTX Medical SA (now
ONWARD Medical SA) and the business combination with NRT Inc. (now ONWARD Medical
Inc.). The value of the in-process R&D is contingent on the success of the FDA approval
of the NRT product. In terms of the NRT acquisition agreement, ONWARD also received
and assumed responsibility for the exclusive license agreements with the Regents of the
University of California (\u201cUCLA\u201d) and the California Institute of Technology (\u201cCaltech\u201d). In
terms of these agreements, the occurrence of the IPO triggered the change in ownership
clauses and resulted in additional payments to be made. These payments, as well as the
annual license fee payments, are recognized as a separate class of intangible assets.
As per the accounting policies above goodwill, in-process R&D and license fees are tested
for impairment annually. ONWARD performed its annual impairment test at year-end
(consistent with the prior year) based on the most recent budgets and forecast calculations.
Significant Estimates:
Key assumptions used in the impairment test was the growth rate
and the rate for discounting the projected cash flows.
\u2022
Cash flows are based on the expectation of receiving FDA approval. Revenue is only
expected to occur towards the end of 2024. This is a one-year delay from previous
expectations because of delayed submission of the Company\u2019s first De Novo product
application for clearance to the FDA. Upon FDA clearance, sales will start in the US
focusing on patients with Veterans Affairs (VA) coverage,
and home use will follow .
CE marking is expected in 2025, after which,
sales in Europe will follow. Operating
costs will increase to support sales and marketing efforts, as well as to maintain
ongoing development and clinical research, including the next pivotal trial. Based on
management\u2019s estimate, EBITDA is not expected to be positive prior to 2027.
\u2022
Cash generating unit: As stated in the Annual Report, ONWARD has developed two
targeted, programmable neurostimulation platforms: an implantable system, ARCIM,
and a non-invasive, transcutaneous system, ARCEX. Both systems contain the same
basic elements: an electrical impulse generator, electrodes placed in proximity to
the
spinal cord, and a programmer that enables clinicians to set stimulation therapy
parameters and allows users to control their therapy within those parameters. The
two ARC Therapy platforms share common components and have a similar user
interface. This optimizes the use of development resources while providing users
with
a consistent, easy-to-use experience. Based on the aforementioned, in the pre-
commercial phase the Company is viewed as one cash generating unit.
\u2022
Growth rate estimate: Rate is based on published industry research.
\u2022
Discount rate: Discount rates represent the current market assessment of the
risks specific to ONWARD. The discount rate calculation is based on the specific
circumstances of the Group and is derived from its weighted average cost of capital
(WACC). The WACC measures the expected returns required by both debt and equity
investors of a company, weighted by their respective contributions of capital.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2024 to 2031, after which a terminal value was calculated.
Using projected cash flows covering a period of more than five years is not considered
unusual for pre-commercial lifescience companies. Due to long development timelines
and regulatory approval requirements, it is not atypical for Companies in the industry to
use a period that extends beyond five years. The values assigned to the key assumptions
represent management\u2019s assessment of future expectations. ONWARD performed a
sensitivity analysis and noted that a reasonable change in either the discount rate (to
20%) or terminal growth rate (to 0%), or both the discount rate (to 20%) and terminal
growth rate (to 0%), would not cause the carrying amount to exceed its recoverable
amount. As shown by recent history, should the expected revenues move out by another
year, this would not cause the carrying amount to exceed its recoverable amount.
2023
2022
Discount rate
13.4%
14.3%
Terminal value growth rate
1.70%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11742": { "value": "3.0 Intangible AssetsIn-Process R&D
Accounting Policy:
The cost of in-process R&D acquired in a business combination is the
fair value at the date of acquisition.
Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.
\n \n
2023
2022
Cost
6,025
6,261
Accumulated changes
(152)
(152)
Net book value at
1
January
5,873
6,109
Foreign currency translation difference
(175)
334
Additions
\u2013
\u2013
Reclassification
\u2013
(570)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
(175)
(236)
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at
31
December
5,698
5,873
License Fees
Accounting Policy:
License fees for the exclusive right to certain patents, critical in
the development of the ARC Therapies, are capitalized and measured at cost on initial
recognition. Following initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.
\n \n
2023
2022
Cost
2,383
2,218
Accumulated changes
\u2013
\u2013
Net book value at
1
January
2,383
2,218
Additions
\u2013
31
Foreign currency translation difference
(72)
134
Reversals
(50)
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
(122)
165
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at
31
December
2,261
2,383
In 2023, the Company reassessed the capitalization of the annual license fee component
and reversed amounts previously capitalized (EUR 50k) to profit and loss.3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the
assets as follows:
\n \n
\u2022
Office equipment \u2013 3 years
\u2022
Leasehold improvements \u2013 5 years
The useful life of leasehold improvements is the same or less than the lease termCost
Office
Leasehold
Equipment
Improvements
Total
At
1
January 2022
802
\u2013
802
Additions
121
265
386
At
31
December 2022
923
265
1,188
Additions
352
70
422
Disposals
\u2013
\u2013
\u2013
At
31
December 2023
1,275
335
1,610
Depreciation
\n \n
Office
Leasehold
Equipment
Improvements
Total
At
1
January 2022
(612)
\u2013
(612)
Depreciation for the year
(135)
(26)
(161)
At
31
December 2022
(747)
(26)
(773)
Depreciation for the year
(141)
(87)
(228)
At
31
December 2023
(888)
(113)
(1001)
Net Book Value
\n \n
Office
Leasehold
Equipment
Improvements
Total
At
31
December 2022
176
239
415
At
31
December 2023
387
222
609
3.2 Right of Use Assets & Lease LiabilitiesRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or
the cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.Right-of-Use AssetsKey movements relating to right-of-use assets are presented below: \n \n
2023
2022
Net book value at
1
January
1,681
2,190
Additions
299
90
Depreciation for the year
(497)
(575)
Onerous lease contract
\u2013
(24)
Net book value at
31
December
1,483
1,681
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11791": { "value": "Goodwill
Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred and the amount recognized for non-controlling
interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed, and reviews the procedures used
to measure the amounts to be recognized at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation
within that unit is disposed of, the goodwill associated with the disposed operation is
included in the carrying amount of the operation when determining the gain or loss on
disposal. 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:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11792": { "value": "Goodwill
Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred and the amount recognized for non-controlling
interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed, and reviews the procedures used
to measure the amounts to be recognized at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation
within that unit is disposed of, the goodwill associated with the disposed operation is
included in the carrying amount of the operation when determining the gain or loss on
disposal. 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
fair value at the date of acquisition.
Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.License Fees
Accounting Policy:
License fees for the exclusive right to certain patents, critical in
the development of the ARC Therapies, are capitalized and measured at cost on initial
recognition. Following initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11793": { "value": "Goodwill
Accounting Policy:
Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred and the amount recognized for non-controlling
interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed, and reviews the procedures used
to measure the amounts to be recognized at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation
within that unit is disposed of, the goodwill associated with the disposed operation is
included in the carrying amount of the operation when determining the gain or loss on
disposal. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11972": { "value": "In-Process R&D
Accounting Policy:
The cost of in-process R&D acquired in a business combination is the
fair value at the date of acquisition.
Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortization and accumulated impairment
losses. Amortization of the asset begins when development is complete and the asset is
available for use. It is amortized over the period of expected future benefit. Amortization is
recorded in operating expenses. During the period of development, the asset is tested for
impairment annually.License Fees
Accounting Policy:
License fees for the exclusive right to certain patents, critical in
the development of the ARC Therapies, are capitalized and measured at cost on initial
recognition. Following initial recognition of the license fees as an asset, the asset is
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development of the ARC Therapies (ONWARD R&D)
is complete, and the asset is available for use. It is amortized over the period of expected
future benefit. Amortization is recorded in operating expenses. During the period of
development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12441": { "value": "3.1 Property, Plant & Equipment
Accounting Policy:
Property, plant, and equipment is stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any. Such costs include the cost
of replacing part of the property, plant, and equipment and borrowing costs for long-
term construction projects if the recognition criteria are met. When significant parts of
property, plant
,
and equipment are required to be replaced at intervals, the Group
recognizes such parts as individual assets with specific useful lives and depreciates
them accordingly. Likewise, when a major inspection is performed, its cost is recognized
in the carrying amount of the plant and equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognized in profit or
loss as incurred.
Property, plant, and equipment transferred from customers is initially measured at the
fair value at the date on which control is obtained.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
assets as follows:
\n \n
\u2022
Office equipment \u2013 3 years
\u2022
Leasehold improvements \u2013 5 years
The useful life of leasehold improvements is the same or less than the lease term.
An item of property, plant, and equipment and any significant part initially recognized is
derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising from derecognition of the asset (calculated as
the difference between the net disposal proceeds and the carrying amount of the asset)
is included in the income statement when the asset is derecognized.
The 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
Office
Leasehold
Equipment
Improvements
Total
At
1
January 2022
802
\u2013
802
Additions
121
265
386
At
31
December 2022
923
265
1,188
Additions
352
70
422
Disposals
\u2013
\u2013
\u2013
At
31
December 2023
1,275
335
1,610
Depreciation
\n \n
Office
Leasehold
Equipment
Improvements
Total
At
1
January 2022
(612)
\u2013
(612)
Depreciation for the year
(135)
(26)
(161)
At
31
December 2022
(747)
(26)
(773)
Depreciation for the year
(141)
(87)
(228)
At
31
December 2023
(888)
(113)
(1001)
Net Book Value
\n \n
Office
Leasehold
Equipment
Improvements
Total
At
31
December 2022
176
239
415
At
31
December 2023
387
222
609
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12442": { "value": "3.1 Property, Plant & Equipment
Accounting Policy:
Property, plant, and equipment is stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any. Such costs include the cost
of replacing part of the property, plant, and equipment and borrowing costs for long-
term construction projects if the recognition criteria are met. When significant parts of
property, plant
,
and equipment are required to be replaced at intervals, the Group
recognizes such parts as individual assets with specific useful lives and depreciates
them accordingly. Likewise, when a major inspection is performed, its cost is recognized
in the carrying amount of the plant and equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognized in profit or
loss as incurred.
Property, plant, and equipment transferred from customers is initially measured at the
fair value at the date on which control is obtained.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
assets as follows:
\n \n
\u2022
Office equipment \u2013 3 years
\u2022
Leasehold improvements \u2013 5 years
The useful life of leasehold improvements is the same or less than the lease term.
An item of property, plant, and equipment and any significant part initially recognized is
derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising from derecognition of the asset (calculated as
the difference between the net disposal proceeds and the carrying amount of the asset)
is included in the income statement when the asset is derecognized.
The 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12443": { "value": "3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the
assets as follows:
\n \n
\u2022
Office equipment \u2013 3 years
\u2022
Leasehold improvements \u2013 5 years
The useful life of leasehold improvements is the same or less than the lease termRight-of-Use AssetsRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or
the cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12722": { "value": "3.2 Right of Use Assets & Lease Liabilities
Accounting Policy:
The Group assesses at contract inception whether a contract is, or
contains, a lease. That is, if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Group as a Lessee
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use assets representing the right to use the
underlying assets.
Right-of-Use Assets
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the
date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and accumulated impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
measurement amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date, less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or
the cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.
Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognized as
expenses (unless they are incurred to produce inventories) in the period in which the event
or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. After the commencement date, the amount of
lease 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
is a modification, a change in the lease term, a change in the lease payments (e.g., changes
to future payments resulting from a change in an index or rate used to determine such
lease payments), or a change in the assessment of an option to purchase the underlying
asset. The Group\u2019s lease liabilities are included in lease liabilities.
Short-Term Leases & Leases of Low-Value Assets
The Group applies the short-term lease recognition exemption to its short-term leases
of office space (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases of office equipment that are considered
to be low value. Lease payments on short-term leases and leases of low-value assets are
recognized as expense on a straight-line basis over the lease term.
Right-of-Use Assets
The Group entered into a five-year lease for offices in Lausanne, Switzerland in November
2021. This lease is classified as a right-of-use asset. The office lease in Eindhoven, in the
Netherlands, ended in October 2023 and was classified as a short-term office lease. In
November 2023, a new lease was entered into for the Eindhoven office for one year.
Key movements relating to right-of-use assets are presented below:
\n \n
2023
2022
Net book value at
1
January
1,681
2,190
Additions
299
90
Depreciation for the year
(497)
(575)
Onerous lease contract
\u2013
(24)
Net book value at
31
December
1,483
1,681
The office buildings are leased for office space. The lease in Lausanne includes an
extension option exercisable up to one year before the end of the non-cancellable lease
term.
The lease in Eindhoven includes an extension option for an additional one year; the
extension was included in the calculation of the right-of-use asset recognized over a full
period of two years.
Lease Liabilities
The maturity of the lease liability in relation to the office building is as follows:
\n \n
2023
2022
Less than one year
568
427
One to five years
1,051
1,294
More than five years
\u2013
\u2013
Total lease liability
1,619
1,721
Movement of the Lease Liability
\n \n
2023
2022
Balance as at
1
January
1,721
2,214
Additions
299
90
Onerous lease contract
-
(26)
Interest accretion
69
84
Repayments
(548)
(641)
Foreign currency impact
78
\u2013
Total lease liability
1,619
1,721
The incremental borrowing rate applied is 4% for the Lausanne office and is 7.4% for the
Eindhoven office.
On 1 November 2022, the Group entered into a short-term office lease for 12 months for
which the Group elected not to recognize a right-of-use asset and lease liability. Amount
recognized in relation to this short-term lease amounted to EUR 8.8k.
For the maturity analysis of the undiscounted cash flows, refer to note 4.3.Liquidity RiskThe following table details the undiscounted remaining contractual maturity for the
Group\u2019s financial liabilities with agreed repayment periods, including both interest and
principal cash flows:
As at 31 December 2023:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
6,500
14,295
\u2013
20,795
Lease liability
615
1,084
\u2013
\u2013
1,699
Trade payables
1,369
\u2013
\u2013
\u2013
1,369
Total
1,984
7,584
14,295
\u2013
23,863
As at 31 December 2022:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
\u2013
19,298
\u2013
19,298
Lease liability
512
1,452
\u2013
\u2013
1,964
Trade payables
1,909
\u2013
\u2013
\u2013
1,909
Total
2,421
1,452
19,298
\u2013
23,171
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12723": { "value": "3.2 Right of Use Assets & Lease Liabilities
Accounting Policy:
The Group assesses at contract inception whether a contract is, or
contains, a lease. That is, if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Group as a Lessee
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use assets representing the right to use the
underlying assets.
Right-of-Use Assets
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the
date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and accumulated impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the initial
measurement amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date, less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or
the cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.
Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognized as
expenses (unless they are incurred to produce inventories) in the period in which the event
or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. After the commencement date, the amount of
lease 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
is a modification, a change in the lease term, a change in the lease payments (e.g., changes
to future payments resulting from a change in an index or rate used to determine such
lease payments), or a change in the assessment of an option to purchase the underlying
asset. The Group\u2019s lease liabilities are included in lease liabilities.
Short-Term Leases & Leases of Low-Value Assets
The Group applies the short-term lease recognition exemption to its short-term leases
of office space (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases of office equipment that are considered
to be low value. Lease payments on short-term leases and leases of low-value assets are
recognized as expense on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13036": { "value": "3.3 Indirect Tax Receivables
The tax receivables consist of refundable VAT and are collectable within 12 months. The
decrease in the receivable is a direct result of quarterly filing of VAT returns and claims
received throughout the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13043": { "value": "3.4 Other Current Assets \n \n
2023
2022
Advance payments
936
905
Grants and other receivables
260
266
Rental guarantee
305
285
1,501
1,456
The Group provided a guarantee of EUR 305k (2022: EUR 285k) to fulfill collateral
requirements relating to the Lausanne office rental agreement. This guarantee places no
restriction on the cash position and is payable on demand if the Company fails to meet its
commitments. Advance payments mostly relate to prepaid D&O insurance for which the
premium decreased in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13044": { "value": "3.4 Other Current Assets \n \n
2023
2022
Advance payments
936
905
Grants and other receivables
260
266
Rental guarantee
305
285
1,501
1,456
The Group provided a guarantee of EUR 305k (2022: EUR 285k) to fulfill collateral
requirements relating to the Lausanne office rental agreement. This guarantee places no
restriction on the cash position and is payable on demand if the Company fails to meet its
commitments. Advance payments mostly relate to prepaid D&O insurance for which the
premium decreased in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13045": { "value": "3.4 Other Current Assets \n \n
2023
2022
Advance payments
936
905
Grants and other receivables
260
266
Rental guarantee
305
285
1,501
1,456
The Group provided a guarantee of EUR 305k (2022: EUR 285k) to fulfill collateral
requirements relating to the Lausanne office rental agreement. This guarantee places no
restriction on the cash position and is payable on demand if the Company fails to meet its
commitments. Advance payments mostly relate to prepaid D&O insurance for which the
premium decreased in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13093": { "value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits
Accounting Policy:
Cash and short-term deposits in the statement of financial position
comprise cash at banks and on hand, and short-term deposits with a maturity of three
months or less, that are readily convertible to a known amount of cash and subject to an
insignificant risk of change in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits as defined above, net of outstanding bank
overdrafts, as they are considered an integral part of the Group\u2019s cash management.
\n \n
2023
2022
Cash at bank
3,568
21,760
Short-term deposits
26,200
20,000
Cash and cash equivalents
29,768
41,760
Fixed term deposits
\u2013
20,000
\u2013
20,000
Cash and cash equivalents and fixed term deposits
29,768
61,760
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-
term deposits are made for varying periods of between one day and three months,
depending on the immediate cash requirements of the Group, and earn interest at the
respective short-term deposit rates.
Fixed term deposits represent deposits made for varying periods exceeding three months
but less than 12 months from inception.
At 31 December
2023, the Group had no bank overdrafts. All cash is freely at the disposal
of the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13094": { "value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits
Accounting Policy:
Cash and short-term deposits in the statement of financial position
comprise cash at banks and on hand, and short-term deposits with a maturity of three
months or less, that are readily convertible to a known amount of cash and subject to an
insignificant risk of change in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits as defined above, net of outstanding bank
overdrafts, as they are considered an integral part of the Group\u2019s cash management.
\n \n
2023
2022
Cash at bank
3,568
21,760
Short-term deposits
26,200
20,000
Cash and cash equivalents
29,768
41,760
Fixed term deposits
\u2013
20,000
\u2013
20,000
Cash and cash equivalents and fixed term deposits
29,768
61,760
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-
term deposits are made for varying periods of between one day and three months,
depending on the immediate cash requirements of the Group, and earn interest at the
respective short-term deposit rates.
Fixed term deposits represent deposits made for varying periods exceeding three months
but less than 12 months from inception.
At 31 December
2023, the Group had no bank overdrafts. All cash is freely at the disposal
of the company.
3.6 Trade Payables
Trade payables and accrued expenses are non-interest bearing and are normally
settled on 30-90 day terms. The decrease is a direct result of delay in ARC
EX
and the
timing of settlement.
3.7 Other Payables
The other payables can be broken down as follows:
\n \n
2023
2022
Wage tax and social security
485
466
Grants received in advance
473
1,328
Bonus
1,243
1,856
Invoices to be received
538
732
Other
425
1,284
Grant-related payable
1,358
\u2013
4,522
5,666
The decrease in Other Payables is due to decrease in the bonus accrual and amounts
that were due to subcontractors (on grants) paid in early 2023. An accrual was raised in
response to the pending grant amendment with EISMEA, refer to Note 2.1 EISMA, and is the
estimated amount the Company may be required to repay for grant amounts received in
advance in 2022.4.2 Financial Liabilities
Accounting Policy:
Financial Instruments \u2013 Initial Recognition & Subsequent Measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. A financial liability is classified
as FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit or
loss. Any gain or loss on derecognition is also recognized in profit or loss
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
amortized cost , net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022
Financial liabilities at fair value through profit and loss
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.
Financial Liabilities at Amortized Cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the effective
interest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
liabilities are derecognized, as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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.
\n \n
2023
2022
Balance as at 31 December
15,255
12,565
\n \n
Innovation Loan
Balance as per
1
January 2022
11,451
Loan amount received
\u2013
Interest/cumulative dividend accrued during the year
1,205
Balance as per
31
December 2022
12,656
Loan amount received
1,292
Interest accrued during the year
1,307
Balance as per
31
December 2023
15,255
Innovation Loan
On 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of
EUR 10M payable according to a set payment scheme. The loan is advanced in installments
based on progress. In 2023, two installments were received amounting to EUR 1.3M.
The loan carries interest at 10% per annum and is accrued on a yearly basis.
The current redemption plan for the loan is as presented below:
\n \n
Date
% of Loan Amount
1 January 2026
15.0
1 April 2026
15.0
1 July 2026
17.5
1 October 2026
17.5
1 January 2027
17.5
1 April 2027
17.5
1 July 2027
All due interest
Certain Intellectual Property (patents registered), have been pledged to the RVO NL in
case of default of repayment of the loan. These patents have not been capitalized as at 31
December 2023.
4.3 Financial Risk Management Objectives & Policies
The Group\u2019s principal financial liabilities comprise of loans and borrowings and trade and
other payables. The main purpose of these financial liabilities is to finance the Group\u2019s
operations and to provide guarantees to support its operations.
The Group is responsible for implementing and evaluating policies which govern the funding,
investments, and any use of derivative financial instruments. The Group is exposed to
various risks. The Group monitors risk exposure on an ongoing basis, as summarized below:Liquidity Risk
The Group manages liquidity risk by continuously monitoring forecast and actual cash
flows. The Group\u2019s objective is to maintain a balance between continuity of funding
and flexibility through the use of subsidies and grants, and sufficient progress towards
regulatory approval, which is related to future financing rounds.
Cash is invested in low-risk investments such as short-term bank deposits or savings
accounts. The Group mainly makes use of liquid investment in current accounts (in Euros)
or short-term deposit accounts. The ability of the Group to maintain adequate cash
reserves to support its activities in the medium term is highly dependent on the Group\u2019s
ability to raise additional funds.
The following table details the undiscounted remaining contractual maturity for the
Group\u2019s financial liabilities with agreed repayment periods, including both interest and
principal cash flows:
As at 31 December 2023:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
6,500
14,295
\u2013
20,795
Lease liability
615
1,084
\u2013
\u2013
1,699
Trade payables
1,369
\u2013
\u2013
\u2013
1,369
Total
1,984
7,584
14,295
\u2013
23,863
As at 31 December 2022:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
\u2013
19,298
\u2013
19,298
Lease liability
512
1,452
\u2013
\u2013
1,964
Trade payables
1,909
\u2013
\u2013
\u2013
1,909
Total
2,421
1,452
19,298
\u2013
23,171
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument
will fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
changes in foreign currency exchange rates and interest rates. The Group is not
exposed to any equity price risk or commodity price risk, as it does not invest in these
classes of investments.
Credit Risk
Because of the absence of sales to third parties and therefore trade receivables, credit
risk arises mainly from cash and cash equivalents and deposits with banks and financial
institutions. The Group only works with international reputable commercial banks and
financial institutions when investing surplus funds. Short-and fixed-term deposits are
subject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
UBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
number of banks and financial institutions is to minimize concentration risk and therefore
mitigate financial loss through a counterparty\u2019s potential failure to make payments.
Currency Risk
Currency risk is the risk that reported financial performance, or the fair value or future
cash flows of a financial instrument, will fluctuate because of changes in foreign exchange
rates. The Group is exposed to currency risk for the activities mainly in the US, as the
accounting is performed in US dollars, whereas the functional currency of the Group is
the euro. The risk is currently managed by replenishing the US bank account at regular
intervals to account for both the positive and negative changes.
4.4 Fair Value & Fair Value Hierarchy of the Financial StatementsThe carrying amounts and fair values of the Group\u2019s financial instruments are as follows,
including its fair value hierarchy:
\n \n
Carrying
Estimated
2023
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
15,255
15,460
Total financial liabilities
15,255
15,460
Carrying
Estimated
2022
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
12,656
13,689
Total financial liabilities
12,656
13,689
Management has assessed that the fair values of cash and cash equivalents, accounts
payable, taxes and social securities and other payables approximate to their carrying
amounts largely due to the short-term maturities of these instruments.4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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.
\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13095": { "value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits
Accounting Policy:
Cash and short-term deposits in the statement of financial position
comprise cash at banks and on hand, and short-term deposits with a maturity of three
months or less, that are readily convertible to a known amount of cash and subject to an
insignificant risk of change in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits as defined above, net of outstanding bank
overdrafts, as they are considered an integral part of the Group\u2019s cash management.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13096": { "value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits
Accounting Policy:
Cash and short-term deposits in the statement of financial position
comprise cash at banks and on hand, and short-term deposits with a maturity of three
months or less, that are readily convertible to a known amount of cash and subject to an
insignificant risk of change in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits as defined above, net of outstanding bank
overdrafts, as they are considered an integral part of the Group\u2019s cash management.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13097": { "value": "3.5 Cash and Cash Equivalents and Fixed Term Deposits
Accounting Policy:
Cash and short-term deposits in the statement of financial position
comprise cash at banks and on hand, and short-term deposits with a maturity of three
months or less, that are readily convertible to a known amount of cash and subject to an
insignificant risk of change in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits as defined above, net of outstanding bank
overdrafts, as they are considered an integral part of the Group\u2019s cash management.4.2 Financial Liabilities
Accounting Policy:
Financial Instruments \u2013 Initial Recognition & Subsequent Measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. A financial liability is classified
as FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit or
loss. Any gain or loss on derecognition is also recognized in profit or loss
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
amortized cost , net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022
Financial liabilities at fair value through profit and loss
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.
Financial Liabilities at Amortized Cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the effective
interest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
liabilities are derecognized, as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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 Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13218": { "value": "3.6 Trade Payables
Trade payables and accrued expenses are non-interest bearing and are normally
settled on 30-90 day terms. The decrease is a direct result of delay in ARC
EX
and the
timing of settlement.
3.7 Other Payables
The other payables can be broken down as follows:
\n \n
2023
2022
Wage tax and social security
485
466
Grants received in advance
473
1,328
Bonus
1,243
1,856
Invoices to be received
538
732
Other
425
1,284
Grant-related payable
1,358
\u2013
4,522
5,666
The decrease in Other Payables is due to decrease in the bonus accrual and amounts
that were due to subcontractors (on grants) paid in early 2023. An accrual was raised in
response to the pending grant amendment with EISMEA, refer to Note 2.1 EISMA, and is the
estimated amount the Company may be required to repay for grant amounts received in
advance in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13226": { "value": "3.7 Other Payables
The other payables can be broken down as follows:
\n \n
2023
2022
Wage tax and social security
485
466
Grants received in advance
473
1,328
Bonus
1,243
1,856
Invoices to be received
538
732
Other
425
1,284
Grant-related payable
1,358
\u2013
4,522
5,666
The decrease in Other Payables is due to decrease in the bonus accrual and amounts
that were due to subcontractors (on grants) paid in early 2023. An accrual was raised in
response to the pending grant amendment with EISMEA, refer to Note 2.1 EISMA, and is the
estimated amount the Company may be required to repay for grant amounts received in
advance in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13295": { "value": "4.0 Issued Capital & Reserves
Share Capital & Share Premium
Accounting Policy:
Ordinary Shares are classified as
share capital
. Equity instruments
are recorded at the proceeds received, net of direct issue costs.
The share premium represents the amount by which the fair value of the consideration
received exceeds the nominal value of shares issued. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
The authorized share capital (\u201cmaatschappelijk kapitaal\u201d) amounts to EUR 12,225,000
divided into 50,937,500 Ordinary Shares and 50,937,500 Preferred Shares with a nominal
value of EUR 0.12 each.
At 31 December 2023, 30,184,388 Ordinary Shares were issued (31 December 2022:
30,184,388 shares). All of the issued Ordinary Shares are fully paid-up and represent
capital in the Company. No shareholders have any voting rights different from any other
shareholder.
Other Reserves
\n \n
Currency
Stock
Translation
Compensation
Total Other
Differences
Reserve
Reserves
Balance at
1
January 2022
(283)
69
(214)
Share-based payment expense: LTIP
\u2013
1,691
1,691
Currency translation differences
602
\u2013
602
Balance at
31
December 2022
319
1,760
2,079
Share-based payment expense: LTIP
\u2013
2,564
2,564
Currency translation differences
(155)
\u2013
(155)
Balance at
31
December 2023
164
4,324
4,488
Currency Translation Reserve
Exchange gains and losses arising from the translation of the functional currency of
foreign operations to the reporting currency of the parent are accounted for in this legal
reserve. In the case of the sale of a participating interest, the associated accumulated
translation differences are transferred to the profit and loss account and presented therein
as part of the result on the sale.
The foreign currency translation reserve relates to the investment in United States.
Stock Compensation Reserve
The stock compensation reserve is used to recognize the value of equity-settled share-
based payments provided to employees, including key management personnel, as part of
their remuneration.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13296": { "value": "4.0 Issued Capital & Reserves
Share Capital & Share Premium
Accounting Policy:
Ordinary Shares are classified as
share capital
. Equity instruments
are recorded at the proceeds received, net of direct issue costs.
The share premium represents the amount by which the fair value of the consideration
received exceeds the nominal value of shares issued. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
The authorized share capital (\u201cmaatschappelijk kapitaal\u201d) amounts to EUR 12,225,000
divided into 50,937,500 Ordinary Shares and 50,937,500 Preferred Shares with a nominal
value of EUR 0.12 each.
At 31 December 2023, 30,184,388 Ordinary Shares were issued (31 December 2022:
30,184,388 shares). All of the issued Ordinary Shares are fully paid-up and represent
capital in the Company. No shareholders have any voting rights different from any other
shareholder.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13297": { "value": "4.0 Issued Capital & Reserves
Share Capital & Share Premium
Accounting Policy:
Ordinary Shares are classified as
share capital
. Equity instruments
are recorded at the proceeds received, net of direct issue costs.
The share premium represents the amount by which the fair value of the consideration
received exceeds the nominal value of shares issued. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13324": { "value": "Other Reserves \n \n
Currency
Stock
Translation
Compensation
Total Other
Differences
Reserve
Reserves
Balance at
1
January 2022
(283)
69
(214)
Share-based payment expense: LTIP
\u2013
1,691
1,691
Currency translation differences
602
\u2013
602
Balance at
31
December 2022
319
1,760
2,079
Share-based payment expense: LTIP
\u2013
2,564
2,564
Currency translation differences
(155)
\u2013
(155)
Balance at
31
December 2023
164
4,324
4,488
Currency Translation Reserve
Exchange gains and losses arising from the translation of the functional currency of
foreign operations to the reporting currency of the parent are accounted for in this legal
reserve. In the case of the sale of a participating interest, the associated accumulated
translation differences are transferred to the profit and loss account and presented therein
as part of the result on the sale.
The foreign currency translation reserve relates to the investment in United States.
Stock Compensation Reserve
The stock compensation reserve is used to recognize the value of equity-settled share-
based payments provided to employees, including key management personnel, as part of
their remuneration.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13482": { "value": "4.1 Earnings Per Share (EPS)
Accounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
to ordinary equity holders of the parent by the weighted average number of Ordinary
shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders
of the parent (after adjusting for interest on the convertible Preference shares) by the
weighted average number of Ordinary shares outstanding during the year plus the
weighted average number of Ordinary shares that would be issued on conversion of all the
dilutive potential Ordinary shares into Ordinary shares.
The objective of determining diluted EPS is to reflect the maximum possible dilutive
effect arising from potential Ordinary shares outstanding during the period. The Group is
currently loss-making and there are currently no anti-dilutive potential Ordinary shares to
be considered. Therefore, diluted EPS is disregarded for 2023. The share options granted
under the LTIP (refer to Note 2.9) could have a potential dilutive effect in the future, but had
no impact in 2023.
There have been no other transactions involving Ordinary shares or potential Ordinary shares
between the reporting date and the date of authorization of these financial statements.
The following tables reflect the income and share data used in the EPS calculation:
Profit (Loss) Attributable to Ordinary Shareholders
\n \n
2023
2022
Profit (loss) for the year, attributable to equity holders of the parent
(36,181)
(32,772)
Weighted-Average Number of Ordinary Shares
2023
2022
Thousands
Thousands
Weighted average number of ordinary shares for basic EPS
30,184
30,184
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13483": { "value": "4.1 Earnings Per Share (EPS)
Accounting Policy:
Basic EPS is calculated by dividing the profit for the year attributable
to ordinary equity holders of the parent by the weighted average number of Ordinary
shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders
of the parent (after adjusting for interest on the convertible Preference shares) by the
weighted average number of Ordinary shares outstanding during the year plus the
weighted average number of Ordinary shares that would be issued on conversion of all the
dilutive potential Ordinary shares into Ordinary shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13549": { "value": "4.2 Financial Liabilities
Accounting Policy:
Financial Instruments \u2013 Initial Recognition & Subsequent Measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. A financial liability is classified
as FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit or
loss. Any gain or loss on derecognition is also recognized in profit or loss
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
amortized cost , net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022
Financial liabilities at fair value through profit and loss
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.
Financial Liabilities at Amortized Cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the effective
interest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
liabilities are derecognized, as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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.
\n \n
2023
2022
Balance as at 31 December
15,255
12,565
\n \n
Innovation Loan
Balance as per
1
January 2022
11,451
Loan amount received
\u2013
Interest/cumulative dividend accrued during the year
1,205
Balance as per
31
December 2022
12,656
Loan amount received
1,292
Interest accrued during the year
1,307
Balance as per
31
December 2023
15,255
Innovation Loan
On 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of
EUR 10M payable according to a set payment scheme. The loan is advanced in installments
based on progress. In 2023, two installments were received amounting to EUR 1.3M.
The loan carries interest at 10% per annum and is accrued on a yearly basis.
The current redemption plan for the loan is as presented below:
\n \n
Date
% of Loan Amount
1 January 2026
15.0
1 April 2026
15.0
1 July 2026
17.5
1 October 2026
17.5
1 January 2027
17.5
1 April 2027
17.5
1 July 2027
All due interest
Certain Intellectual Property (patents registered), have been pledged to the RVO NL in
case of default of repayment of the loan. These patents have not been capitalized as at 31
December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13550": { "value": "4.2 Financial Liabilities
Accounting Policy:
Financial Instruments \u2013 Initial Recognition & Subsequent Measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. A financial liability is classified
as FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit or
loss. Any gain or loss on derecognition is also recognized in profit or loss
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
amortized cost , net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022
Financial liabilities at fair value through profit and loss
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.
Financial Liabilities at Amortized Cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the effective
interest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
liabilities are derecognized, as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13552": { "value": "4.2 Financial Liabilities
Accounting Policy:
Financial Instruments \u2013 Initial Recognition & Subsequent Measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. A financial liability is classified
as FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit or
loss. Any gain or loss on derecognition is also recognized in profit or loss
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
amortized cost , net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022
Financial liabilities at fair value through profit and loss
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.
Financial Liabilities at Amortized Cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the effective
interest rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the
liabilities are derecognized, as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13553": { "value": "4.2 Financial LiabilitiesDerecognition
A financial liability is derecognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability at fair value. The difference in
the respective carrying amounts is recognized in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13554": { "value": "4.2 Financial LiabilitiesOffsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13637": { "value": "Financial liabilities at fair value through profit or loss (FVPL
)
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or
loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are
satisfied. The Group has not designated any financial liability as at fair value through profit
or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13840": { "value": "4.3 Financial Risk Management Objectives & Policies
The Group\u2019s principal financial liabilities comprise of loans and borrowings and trade and
other payables. The main purpose of these financial liabilities is to finance the Group\u2019s
operations and to provide guarantees to support its operations.
The Group is responsible for implementing and evaluating policies which govern the funding,
investments, and any use of derivative financial instruments. The Group is exposed to
various risks. The Group monitors risk exposure on an ongoing basis, as summarized below:Liquidity Risk
The Group manages liquidity risk by continuously monitoring forecast and actual cash
flows. The Group\u2019s objective is to maintain a balance between continuity of funding
and flexibility through the use of subsidies and grants, and sufficient progress towards
regulatory approval, which is related to future financing rounds.
Cash is invested in low-risk investments such as short-term bank deposits or savings
accounts. The Group mainly makes use of liquid investment in current accounts (in Euros)
or short-term deposit accounts. The ability of the Group to maintain adequate cash
reserves to support its activities in the medium term is highly dependent on the Group\u2019s
ability to raise additional funds.
The following table details the undiscounted remaining contractual maturity for the
Group\u2019s financial liabilities with agreed repayment periods, including both interest and
principal cash flows:
As at 31 December 2023:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
6,500
14,295
\u2013
20,795
Lease liability
615
1,084
\u2013
\u2013
1,699
Trade payables
1,369
\u2013
\u2013
\u2013
1,369
Total
1,984
7,584
14,295
\u2013
23,863
As at 31 December 2022:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
\u2013
19,298
\u2013
19,298
Lease liability
512
1,452
\u2013
\u2013
1,964
Trade payables
1,909
\u2013
\u2013
\u2013
1,909
Total
2,421
1,452
19,298
\u2013
23,171
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument
will fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
changes in foreign currency exchange rates and interest rates. The Group is not
exposed to any equity price risk or commodity price risk, as it does not invest in these
classes of investments.
Credit Risk
Because of the absence of sales to third parties and therefore trade receivables, credit
risk arises mainly from cash and cash equivalents and deposits with banks and financial
institutions. The Group only works with international reputable commercial banks and
financial institutions when investing surplus funds. Short-and fixed-term deposits are
subject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
UBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
number of banks and financial institutions is to minimize concentration risk and therefore
mitigate financial loss through a counterparty\u2019s potential failure to make payments.
Currency Risk
Currency risk is the risk that reported financial performance, or the fair value or future
cash flows of a financial instrument, will fluctuate because of changes in foreign exchange
rates. The Group is exposed to currency risk for the activities mainly in the US, as the
accounting is performed in US dollars, whereas the functional currency of the Group is
the euro. The risk is currently managed by replenishing the US bank account at regular
intervals to account for both the positive and negative changes.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13841": { "value": "4.3 Financial Risk Management Objectives & PoliciesLiquidity Risk
The Group manages liquidity risk by continuously monitoring forecast and actual cash
flows. The Group\u2019s objective is to maintain a balance between continuity of funding
and flexibility through the use of subsidies and grants, and sufficient progress towards
regulatory approval, which is related to future financing rounds.
Cash is invested in low-risk investments such as short-term bank deposits or savings
accounts. The Group mainly makes use of liquid investment in current accounts (in Euros)
or short-term deposit accounts. The ability of the Group to maintain adequate cash
reserves to support its activities in the medium term is highly dependent on the Group\u2019s
ability to raise additional funds.
The following table details the undiscounted remaining contractual maturity for the
Group\u2019s financial liabilities with agreed repayment periods, including both interest and
principal cash flows:
As at 31 December 2023:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
6,500
14,295
\u2013
20,795
Lease liability
615
1,084
\u2013
\u2013
1,699
Trade payables
1,369
\u2013
\u2013
\u2013
1,369
Total
1,984
7,584
14,295
\u2013
23,863
As at 31 December 2022:
\n \n
Less than
More than
1 Year
1-3 Years
3-5 Years
5 Years
Total
Innovation loan
\u2013
\u2013
19,298
\u2013
19,298
Lease liability
512
1,452
\u2013
\u2013
1,964
Trade payables
1,909
\u2013
\u2013
\u2013
1,909
Total
2,421
1,452
19,298
\u2013
23,171
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13842": { "value": "4.3 Financial Risk Management Objectives & PoliciesMarket Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument
will fluctuate because of changes in market prices. The Group\u2019s activities may expose it to
changes in foreign currency exchange rates and interest rates. The Group is not
exposed to any equity price risk or commodity price risk, as it does not invest in these
classes of investments.Currency Risk
Currency risk is the risk that reported financial performance, or the fair value or future
cash flows of a financial instrument, will fluctuate because of changes in foreign exchange
rates. The Group is exposed to currency risk for the activities mainly in the US, as the
accounting is performed in US dollars, whereas the functional currency of the Group is
the euro. The risk is currently managed by replenishing the US bank account at regular
intervals to account for both the positive and negative changes.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13843": { "value": "4.3 Financial Risk Management Objectives & PoliciesCredit Risk
Because of the absence of sales to third parties and therefore trade receivables, credit
risk arises mainly from cash and cash equivalents and deposits with banks and financial
institutions. The Group only works with international reputable commercial banks and
financial institutions when investing surplus funds. Short-and fixed-term deposits are
subject to approval in line with internal policy. The Group holds accounts with ING, Belfius,
UBS, First American Bank, Deutsche Bank and Banque Cantonale Vaudoise (BCV). The
number of banks and financial institutions is to minimize concentration risk and therefore
mitigate financial loss through a counterparty\u2019s potential failure to make payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13854": { "value": "Capital Management
Capital includes issued capital, share premium, and all other equity reserves attributable to
the equity holders of the parent. The primary objective of the Group\u2019s capital management
is to continue as a going concern while maximizing shareholder value. The Group manages
its capital structure and will consider adjustments in light of changes in economic
conditions. To maintain or adjust the capital structure, the Group may issue new shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14116": { "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
in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as
a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable
The carrying amounts and fair values of the Group\u2019s financial instruments are as follows,
including its fair value hierarchy:
\n \n
Carrying
Estimated
2023
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
15,255
15,460
Total financial liabilities
15,255
15,460
Carrying
Estimated
2022
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
12,656
13,689
Total financial liabilities
12,656
13,689
Management has assessed that the fair values of cash and cash equivalents, accounts
payable, taxes and social securities and other payables approximate to their carrying
amounts largely due to the short-term maturities of these instruments.
The fair values of the financial assets and liabilities are included at the amount at which the
instrument could be exchanged in a current transaction between willing parties, other than in
a forced or liquidation sale. The following methods and assumptions were used to estimate
the fair values:
The fair value of Innovation credit loan and due interest have been calculated by discounting
the expected future cash flows using rates currently available for instruments with similar
terms, credit risk and remaining maturities.
During the period, there were no transfers of fair value measurements between Level 1 and
Level 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14117": { "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
in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as
a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable
The carrying amounts and fair values of the Group\u2019s financial instruments are as follows,
including its fair value hierarchy:
\n \n
Carrying
Estimated
2023
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
15,255
15,460
Total financial liabilities
15,255
15,460
Carrying
Estimated
2022
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
12,656
13,689
Total financial liabilities
12,656
13,689
Management has assessed that the fair values of cash and cash equivalents, accounts
payable, taxes and social securities and other payables approximate to their carrying
amounts largely due to the short-term maturities of these instruments.
The fair values of the financial assets and liabilities are included at the amount at which the
instrument could be exchanged in a current transaction between willing parties, other than in
a forced or liquidation sale. The following methods and assumptions were used to estimate
the fair values:
The fair value of Innovation credit loan and due interest have been calculated by discounting
the expected future cash flows using rates currently available for instruments with similar
terms, credit risk and remaining maturities.
During the period, there were no transfers of fair value measurements between Level 1 and
Level 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14118": { "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
in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as
a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets
or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14275": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14276": { "value": "4.5 Financial Income & Expense Accounting Policy:Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14277": { "value": "4.5 Financial Income & Expense Accounting Policy:Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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.
\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14280": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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.
\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14281": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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.
\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14282": { "value": "4.5 Financial Income & Expense Accounting Policy:Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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.
\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14283": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.\n \n
2023
2022
Interest income from deposits
972
62
Interest on loans
(1,307)
(1,205)
Interest post-employment benefits
\u2013
\u2013
Interest banks
\u2013
(226)
Interest on lease liabilities
(69)
(84)
Exchange losses
(190)
(24)
Bank charges
(17)
(33)
Net Finance expense
(611)
(1,510)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14285": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14286": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14287": { "value": "4.5 Financial Income & Expense
Accounting Policy:
Interest income is recognized by applying the effective interest rate,
except for short-term receivables when the effect of discounting is immaterial. The
Company\u2019s financial assets include cash and cash equivalents and other long term and
current receivables.
Borrowing costs directly attributable to the acquisition, construction, or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the asset. All other borrowing costs are
expensed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14397": { "value": "5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting Policy:
Group companies operate various pension schemes. The schemes
are funded through payments to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit and
defined contribution plans.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.
\n \n
2023
2022
Plan assets
4,289
3,879
Obligation
(6,370)
(5,001)
Net liability
2,081
1,121
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
defined benefit plans specify an amount of pension benefit that an employee will receive
upon retirement, typically dependent on one or more factors such as age, years of service,
and compensation. The benefits paid to employees in Switzerland qualify as a defined
benefit plan.
The pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
Pension Fund provides benefits for retirement, disability, and surviving dependents that
meet or exceed the minimum benefits required under the Federal Law on Occupational
Retirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
charge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
is split equally between the employer and the employees. Contributions, which vary by
the age of the employees, range from 6-13% of the covered salary and are credited to the
employees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
capital investments and pursues an investment strategy with a prescribed investment
policy. The Group assumes an average retirement age of 64 (female) and 65 (male),
respectively. Upon retiring (including early and partial retirement), insured persons are
entitled to a lifelong retirement pension if employees do not choose to withdraw the entire
balance, or portion thereof, of their individual retirement savings accounts in the form of a
capital payment.
The Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
from the Group and is governed by a foundation board. In addition, there is a pension fund
commission comprised of two employee and two employer representatives. The duties of
the foundation board, as well as the pension fund commission, are laid out in the BVG and
the specific pension fund rules. They are required by law to act in the best interest of the
participants and are responsible for setting certain policies (e.g. investment, contribution,
and indexation policies) for the Pension Fund. At least four times a year, the foundation
board, as well as the pension fund commission, meet to analyze consequences and decide
on adjustments in the investment strategy.
Pursuant to the BVG, additional employer and employee contributions may be imposed
whenever a significant funding deficit arises in accordance with the BVG. In addition to
investment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk,
and interest rate risk.
In addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
management also provides retirement benefits and risk insurance for death and disability
for components of remuneration in excess of the maximum insurable amount of salary
under the plan described above.
Movement of Net Defined-Benefit Liability
\n \n
2023
2022
Balance as at
1
January
1,121
1,388
Service costs
652
562
Admin costs
45
43
Past service costs
23
\u2013
Employee benefit expenses
720
605
Net interest costs/(income)
15
3
Included in statement of profit and loss
735
608
Actuarial gains/(losses)
\u2013 Financial assumptions
932
(1,956)
\u2013 Demographic assumptions
\u2013
\u2013
\u2013 Experience adjustment
(449)
1,286
\u2013 Return on assets excluding interest income
321
184
804
(486)
Exchange rate differences
80
65
Included in statement of comprehensive income*
884
(421)
Contributions by employer
(659)
(454)
Balance as at
31
December
2,081
1,121
*Excluding tax impact
The principal assumptions used in determining post-employment (pension) benefit
obligations for the plan are shown below:
\n \n
2023
2022
Discount rate
1.35%
2.30%
Salary increase
2.50%
2.50%
Interest credit rate
1.00%
1.00%
Mortality base table
BVG2020
BVG2020
Longevity improvement
CMI2018; 1.25%
CMI2018; 1.25%
A quantitative sensitivity analysis for significant assumptions as at 31 December is
shown below:
\n \n
2023
2022
Discount rate
+ 25bps
(271)
(190)
- 25bps
292
203
Salary increase
+ 25bps
119
84
- 25bps
(113)
(80)
Interest credit rate
+ 25bps
101
76
- 25bps
(98)
(73)
Mortality base table
Life expectancy + 1 year
44
27
Life expectancy - 1 year
(42)
(26)
The sensitivity analyses have been determined based on a method that extrapolates
the impact on the defined benefit obligation as a result of reasonable changes in key
assumptions occurring at the end of the reporting period. The sensitivity analyses are
based on a change in a significant assumption, keeping all other assumptions constant.
The 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
from one another.
The following are the expected payments or contributions to the defined benefit plan in
future years:
\n \n
2023
2022
Within the next 12 months
350
281
Between 2 and 5 years
1,702
1,426
Beyond 5 years
3,172
2,540
Total expected payments
5,224
4,247
The average duration of the defined benefit plan obligation at the end of the reporting
period is 18 years (2022: 16 years).
Plan Assets Allocation
The asset allocation in the Swiss pension plan at
31
December was as follows:
\n \n
2023
2022
Bonds
2,709
2,309
Equities
\u2013
\u2013
Loans
93
134
Mortgages
507
504
Real Estate
922
872
Cash, derivatives and funds
58
60
4,289
3,879
Plan assets in 2023 and 2022 do not include property occupied by or financial instruments
issued by ONWARD.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14399": { "value": "5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting Policy:
Group companies operate various pension schemes. The schemes
are funded through payments to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit and
defined contribution plans.
Defined Benefit Plan
The Group operates a defined benefit pension plan in Switzerland, which requires
contributions to be made to a separately administered fund. The cost of providing benefits
under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, are recognized in the
statement of financial position with a corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
Past service costs are recognized in profit or loss on the earlier of:
\u2022
The date of the plan amendment or curtailment, and
\u2022
The date that the Group recognizes related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset. The Group recognizes the changes in the net defined benefit obligation due to
service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements as part of operating expenses, and the net
interest expense or income as part of net finance costs in the consolidated statement of
profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15021": { "value": "5.1 Commitments & Contingencies
Legal Claim Contingencies
As at December 31 2023, the Group had no legal claim contingencies.
Guarantees
The Group has provided a guarantee to Wincasa for EUR 305k as collateral for the lease of
the office space in Lausanne and paid a deposit of EUR 8k to SPACES for the lease of the
office space in Eindhoven.
Royalties
The Group has entered into three license agreements with EPFL that will pay out royalties
in case the Company is able to generate revenues in the future for products directly linked
to these licenses. The royalty scheme with EPFL is based on net sales. To date, no royalties
have been paid as there is no product generating revenue.
On 27 September 2019, Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
entered into a license agreement with the Regents of the University of California acting
through Technology Development Group UCLA campus granting an exclusive license on
certain patents in certain fields of neuromodulation and spinal cord stimulation, and a
non-exclusive license on certain other patent rights. Various revenue milestone payments
are due under the exclusive license and royalty payments are due under the non-exclusive
license. The agreement contains various milestone and diligence obligations ranging from
USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory approval,
and/or first commercial sale. To date, none of the milestones triggering the obligations
have occurred.
On 8 October 2019, Neurorecovery Technologies Inc. entered into a license agreement with
the California Institute of Technology (Caltech), the latter on behalf of various intellectual
property owners, including UCLA, University of Louisville, DEI and USC, granting an
exclusive license on certain technology in certain fields of epidural and transcutaneous
neuromodulation and a non-exclusive license of certain other intellectual property.
Various revenue milestone payments, diligence obligations, and royalty payments are due
under the license. These payments range from USD 20k to USD 75k payable upon FDA
approval, CE Mark, and/or first commercial sale.
To date, no payments are outstanding for
requirements that have been met.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15022": { "value": "5.1 Commitments & ContingenciesGuarantees
The Group has provided a guarantee to Wincasa for EUR 305k as collateral for the lease of
the office space in Lausanne and paid a deposit of EUR 8k to SPACES for the lease of the
office space in Eindhoven.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15025": { "value": "Legal Claim Contingencies As at December 31 2023, the Group had no legal claim contingencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15026": { "value": "Legal Claim Contingencies As at December 31 2023, the Group had no legal claim contingencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15031": { "value": "Guarantees
The Group has provided a guarantee to Wincasa for EUR 305k as collateral for the lease of
the office space in Lausanne and paid a deposit of EUR 8k to SPACES for the lease of the
office space in Eindhoven.
Royalties
The Group has entered into three license agreements with EPFL that will pay out royalties
in case the Company is able to generate revenues in the future for products directly linked
to these licenses. The royalty scheme with EPFL is based on net sales. To date, no royalties
have been paid as there is no product generating revenue.
On 27 September 2019, Neurorecovery Technologies Inc. (now ONWARD Medical Inc.)
entered into a license agreement with the Regents of the University of California acting
through Technology Development Group UCLA campus granting an exclusive license on
certain patents in certain fields of neuromodulation and spinal cord stimulation, and a
non-exclusive license on certain other patent rights. Various revenue milestone payments
are due under the exclusive license and royalty payments are due under the non-exclusive
license. The agreement contains various milestone and diligence obligations ranging from
USD 10k to USD 50k payable upon entering a phase III clinical trial, regulatory approval,
and/or first commercial sale. To date, none of the milestones triggering the obligations
have occurred.
On 8 October 2019, Neurorecovery Technologies Inc. entered into a license agreement with
the California Institute of Technology (Caltech), the latter on behalf of various intellectual
property owners, including UCLA, University of Louisville, DEI and USC, granting an
exclusive license on certain technology in certain fields of epidural and transcutaneous
neuromodulation and a non-exclusive license of certain other intellectual property.
Various revenue milestone payments, diligence obligations, and royalty payments are due
under the license. These payments range from USD 20k to USD 75k payable upon FDA
approval, CE Mark, and/or first commercial sale.
To date, no payments are outstanding for
requirements that have been met.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15111": { "value": "5.2 Related Party TransactionsThe Group considers the Board and the Management Team to be key management as
defined in IAS 24 \u2018Related parties.\u2019 Full details of the remuneration of the board (CEO and
non-executives) are included in the Remuneration report.
\n \n
Salary,
Bonuses
Pension
& Other
Premiums
(Short-Term
(Post-
Share-
Employee
Employment
Based
2023
Benefits)
Eenefits)
Payment
Total
Management
T
eam, excluding
2,827
98
643
3,568
CEO
CEO
703
64
916
1,683
Non-
E
xecutive
D
irectors
445
\u2013
441
886
3,975
162
2,000
6,137
\n \n
Salary,
Bonuses
Pension
& Other
Premiums
(Short-Term
(Post-
Share-
Employee
Employment
Based
2022
Benefits)
Eenefits)
Payment
Total
Management Team, excluding CEO
2,574
105
596
3,275
CEO
917
44
469
1,430
Non-Executive Directors
364
\u2013
256
621
3,855
149
1,321
5,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15321": { "value": "5.3 Events After the Reporting Period
On 25 March 2024, ONWARD issued a total of 4,444,444 new Ordinary shares at a price
per share of EUR 4.50 as part of an accelerated bookbuild offering through a private
placement with institutional investors, certain founders, management, and members of the
Board of Directors (4,307,641 shares) and a separate public offering with retail investors in
France (136,803 shares). The total capital raised was EUR 20 million.
On 15 January 2024, the Group granted 710,975 stock options to the Management Team,
including the CEO, CTO, and CSO with an exercise price of EUR 2.94. The conditions of the
existing plan as explained in Note 2.9 apply to this grant.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }