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"TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00157": { "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 ideveloping and commercializing innovative
therapies to enable functional recovery for people with Spinal Cord Injury (\u201cSCI\u201d). The
Company\u2019s technology platforms are based on ONWARD ARC Therapy (\u201cARC Therapy\u201d),
targeted, programmed electrical stimulation of the spinal cord designed to restore movement,
independence, and health in people with SCI.
The financial statements for the year ended 31 December 2024 have been prepared by
the
Board of Directors and were authorized for issue on 2
8
April 2025. The financial
statements will be submitted for adoption to the General Meeting on 11 June 2025.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00148": { "value": "Onward Medical N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00154": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00149": { "value": "Schimmelt 2, Eindhoven, the Netherlands.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00150": { "value": "Schimmelt 2, Eindhoven, the Netherlands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00153": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00151": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00152": { "value": "ONWARD and its subsidiaries (the \u201cGroup\u201d) are ideveloping and commercializing innovative therapies to enable functional recovery for people with Spinal Cord Injury (\u201cSCI\u201d). The Company\u2019s technology platforms are based on ONWARD ARC Therapy (\u201cARC Therapy\u201d), targeted, programmed electrical stimulation of the spinal cord designed to restore movement, independence, and health in people with SCI.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00158": { "value": "The financial statements for the year ended 31 December 2024 have been prepared by
the
Board of Directors and were authorized for issue on 2
8
April 2025. The financial
statements will be submitted for adoption to the General Meeting on 11 June 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00234": { "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
and other
premiums
(short-term
(post-
Share-
employee
employment
based
2024
benefits)
benefits)
payment
Total
Management Team, excluding CEO
2,311
77
618
3,00
6
CEO
1,211
72
757
2,040
Non-Executive Directors
691
\u2013
352
1,043
4,213
149
1,727
6,089
\n \n
Salary,
Bonuses
Pension
& Other
Premiums
(Short-Term
(Post-
Share-
Employee
Employment
Based
2023
Benefits)
Eenefits)
Payment
Total
Management Team, excluding CEO
2,827
98
643
3,568
CEO
703
64
916
1,683
Non-Executive Directors
445
\u2013
441
886
3,975
162
2,000
6,137
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00160": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00159": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00162": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00161": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00163": { "value": "1.3 Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Group and
its subsidiaries as at 31 December 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00165": { "value": "1.4 Going Concern
In preparing the financial statements for the year ended 31 December 2024, Management
assessed the Company\u2019s ability to continue as a going concern, evaluating projected cash
flows over the next 12 months. This forecast includes significant expenditures related to the
Empower BP pivotal trial, ongoing research and development initiatives, the FDA submission
for home-use clearance of the ARC
EX
System, and CE mark certification for the ARC
EX
System in Europe. As of 31 December 2024, the Company held \u20ac60 million in cash and cash
equivalents, which, based on current forecasts, is expected to be sufficient to fund operations
and meet capital requirements for at least 12 months from the date of this Annual Report.
While the Company believes it has the necessary resources to fund operations for the
foreseeable future, the heightened uncertainty surrounding revenue projections and financing
obligations, as explained below, indicate the existence of material uncertainties, which may
also cast doubt about the Company\u2019s ability to continue as a going concern.
The Company recently launched ARC
EX
, a novel product with no directly comparable market
data to substantiate sales projections. While Management has developed revenue forecasts
based on market research and initial customer interest, the absence of historical sales data
introduces a degree of uncertainty regarding revenue generation. The Company\u2019s sales
projections include both clinic and home-use applications, but only the clinic setting received
FDA clearance in December 2024. The Company plans to submit a 510(k) application for
home-use authorization, with expectations for FDA clearance later in 2025. Given these
factors, actual sales may deviate from projections, affecting the Company\u2019s cash flows and
liquidity position.
The uncertainty in cash flow forecasts is further compounded by the Company\u2019s financing
obligations. While the Company has remained in compliance with its loan covenants,
future financial performance may impact continued compliance. While the Company has
demonstrated strong cost management capabilities, further reductions in spending to
maintain compliance may require operational trade-offs, including potential project delays
and a slower pace of clinical development.
To address potential risks, the Company is proactively engaging with investors to explore
additional fundraising options. Additionally, the Company maintains a strong working
relationship with its lender, which has demonstrated flexibility in modifying loan terms in
response to changing conditions. Management remains confident in its ability to successfully
navigate these challenges through a combination of disciplined cost management, strategic
financing, and ongoing engagement with stakeholders. The Board of Directors believes that
a combination of one or more of the foregoing measures\u2014including cost management,
additional equity and/or debt financing, and renegotiation or refinancing of existing debt
facilities\u2014will support the Company\u2019s liquidity and funding structure. Efforts to secure
additional financing from existing and new investors are ongoing.
Based on these considerations, and despite a cumulative loss of \u20ac181.8 million as of 31
December 2024, they deem the preparation of the Consolidated Financial Statements on a
going concern basis to be appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00164": { "value": "1.4 Going Concern
In preparing the financial statements for the year ended 31 December 2024, Management
assessed the Company\u2019s ability to continue as a going concern, evaluating projected cash
flows over the next 12 months. This forecast includes significant expenditures related to the
Empower BP pivotal trial, ongoing research and development initiatives, the FDA submission
for home-use clearance of the ARC
EX
System, and CE mark certification for the ARC
EX
System in Europe. As of 31 December 2024, the Company held \u20ac60 million in cash and cash
equivalents, which, based on current forecasts, is expected to be sufficient to fund operations
and meet capital requirements for at least 12 months from the date of this Annual Report.
While the Company believes it has the necessary resources to fund operations for the
foreseeable future, the heightened uncertainty surrounding revenue projections and financing
obligations, as explained below, indicate the existence of material uncertainties, which may
also cast doubt about the Company\u2019s ability to continue as a going concern.
The Company recently launched ARC
EX
, a novel product with no directly comparable market
data to substantiate sales projections. While Management has developed revenue forecasts
based on market research and initial customer interest, the absence of historical sales data
introduces a degree of uncertainty regarding revenue generation. The Company\u2019s sales
projections include both clinic and home-use applications, but only the clinic setting received
FDA clearance in December 2024. The Company plans to submit a 510(k) application for
home-use authorization, with expectations for FDA clearance later in 2025. Given these
factors, actual sales may deviate from projections, affecting the Company\u2019s cash flows and
liquidity position.
The uncertainty in cash flow forecasts is further compounded by the Company\u2019s financing
obligations. While the Company has remained in compliance with its loan covenants,
future financial performance may impact continued compliance. While the Company has
demonstrated strong cost management capabilities, further reductions in spending to
maintain compliance may require operational trade-offs, including potential project delays
and a slower pace of clinical development.
To address potential risks, the Company is proactively engaging with investors to explore
additional fundraising options. Additionally, the Company maintains a strong working
relationship with its lender, which has demonstrated flexibility in modifying loan terms in
response to changing conditions. Management remains confident in its ability to successfully
navigate these challenges through a combination of disciplined cost management, strategic
financing, and ongoing engagement with stakeholders. The Board of Directors believes that
a combination of one or more of the foregoing measures\u2014including cost management,
additional equity and/or debt financing, and renegotiation or refinancing of existing debt
facilities\u2014will support the Company\u2019s liquidity and funding structure. Efforts to secure
additional financing from existing and new investors are ongoing.
Based on these considerations, and despite a cumulative loss of \u20ac181.8 million as of 31
December 2024, they deem the preparation of the Consolidated Financial Statements on a
going concern basis to be appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00166": { "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:
The Company has started commercialization of its ARC
EX
system in the
US, targeting customers, primarily comprised of clinics. Revenue recognition aligns with the
satisfaction of performance obligations under contractual agreements, with contracts having
a single, short-term performance obligation. Performance obligation is deemed fulfilled at
a specific point in time when the customer gains control of the ARC
EX
system, upon product
delivery, per the terms outlined in contractual agreements. The ARC
EX
full system, delivered
as a kit of items simultaneously, is treated as a singular performance obligation.
Warranty obligations: The Company provides a three-year warranty on the ARC
EX
system for
general repairs of defects that existed at the time of sale. The assurance-type warranties
are accounted for as warranty provisions which is currently not material.
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 expenditure 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 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.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 liability arises from the initial recognition of goodwill or 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 taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not reverse in the foreseeable future
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 includes 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.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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.3.3 Inventories
Accounting Policy:
Inventories consist of raw materials, work-in-progress and finished goods
of the ARC
EX
System. Inventories are valued at the lower of cost and net realizable value. Costs
incurred in bringing each product to its present location and condition are accounted for as
follows: cost of direct materials and labor and a proportion of manufacturing overheads based
on the normal operating capacity, excluding borrowing costs. The cost is assigned using the
FIFO (\u201cfirst-in-first-out\u201d) method. Net realizable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale.3.6 Cash and Cash Equivalents
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
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 unobservable.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.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 recognizsed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00238": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00237": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00167": { "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
Total Other
Translation
Compensation
Reserves
Differences
Reserve
Balance at 1 January 2023
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
Share-based payment expense: LTIP
\u2013
2,720
2,720
Reclassification of the fair value of forfeited options
\u2013
(873)
(873)
Currency translation differences
434
\u2013
434
Balance at 31 December 2024
598
6,171
6,770
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00169": { "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 2022. 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 and
on the capitalized license fee. The Company recognized a deferred tax asset 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 flow projections: Cash flow forecasts are based on the expectation of regulatory
approvals in key markets. Revenue generation is anticipated to commence following
market clearance, with initial sales focusing on specific target segments, followed by
broader market expansion. FDA clearance of the first device (ARC
EX
) for use in the clinic
setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate
of future revenues. Operating costs are expected to increase to support commercial
activities, ongoing product development, and clinical research. Based on current estimates,
EBITDA is not projected to be positive in the near term.
\u2022
Cash generating unit: The Group has developed multiple neurostimulation platforms that
share key technological components, a unified development framework, and an aligned
user experience. These platforms incorporate common elements such as stimulation
generators, electrodes, and programming interfaces, reflecting a high degree of integration
in both design and functionality. While the Group has recently entered its commercial
phase, the business continues to operate with a significant shared cost structure across
research, development, and commercialization efforts. Given these interdependencies,
the Group is assessed as a single CGU. The ability to track revenue and cost of goods
sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs,
as substantial operational and financial integration remains across the organization.
Regulatory approvals and commercialization strategies vary across platforms, but these
factors do not alter the overall assessment of a single CGU at this stage.
\u2022
Growth rate estimate: The applied growth rate is derived from industry benchmarks and
external market research.
\u2022
Discount rate: The discount rate reflects the current market assessment of risks specific
to the Group. It is determined based on the weighted average cost of capital (WACC),
which accounts for expected returns required by both debt and equity investors, weighted
according to their respective contributions to the Group\u2019s capital structure.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2025 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 (increasing with 5%) or terminal
growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate
(to 0%), would not cause the carrying amount to exceed its recoverable amount.
2024
2023
Discount rate
11.9%
13.4%
Terminal value growth rate
1.71%
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
2024
2023
Discount rate
0.95%
1.35%
Salary increase
3.00%
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
2024
2023
Discount rate
+ 25bps
(605)
(271)
- 25bps
407
292
Salary increase
+ 25bps
89
119
- 25bps
(314)
(113)
Interest credit rate
+ 25bps
61
101
- 25bps
(293)
(98)
Mortality base table
Life expectancy + 1 year
(19)
44
Life expectancy - 1 year
(216)
(42)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00170": { "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 2022. 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 and
on the capitalized license fee. The Company recognized a deferred tax asset 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 flow projections: Cash flow forecasts are based on the expectation of regulatory
approvals in key markets. Revenue generation is anticipated to commence following
market clearance, with initial sales focusing on specific target segments, followed by
broader market expansion. FDA clearance of the first device (ARC
EX
) for use in the clinic
setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate
of future revenues. Operating costs are expected to increase to support commercial
activities, ongoing product development, and clinical research. Based on current estimates,
EBITDA is not projected to be positive in the near term.
\u2022
Cash generating unit: The Group has developed multiple neurostimulation platforms that
share key technological components, a unified development framework, and an aligned
user experience. These platforms incorporate common elements such as stimulation
generators, electrodes, and programming interfaces, reflecting a high degree of integration
in both design and functionality. While the Group has recently entered its commercial
phase, the business continues to operate with a significant shared cost structure across
research, development, and commercialization efforts. Given these interdependencies,
the Group is assessed as a single CGU. The ability to track revenue and cost of goods
sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs,
as substantial operational and financial integration remains across the organization.
Regulatory approvals and commercialization strategies vary across platforms, but these
factors do not alter the overall assessment of a single CGU at this stage.
\u2022
Growth rate estimate: The applied growth rate is derived from industry benchmarks and
external market research.
\u2022
Discount rate: The discount rate reflects the current market assessment of risks specific
to the Group. It is determined based on the weighted average cost of capital (WACC),
which accounts for expected returns required by both debt and equity investors, weighted
according to their respective contributions to the Group\u2019s capital structure.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2025 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 (increasing with 5%) or terminal
growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate
(to 0%), would not cause the carrying amount to exceed its recoverable amount.
2024
2023
Discount rate
11.9%
13.4%
Terminal value growth rate
1.71%
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
2024
2023
Discount rate
0.95%
1.35%
Salary increase
3.00%
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
2024
2023
Discount rate
+ 25bps
(605)
(271)
- 25bps
407
292
Salary increase
+ 25bps
89
119
- 25bps
(314)
(113)
Interest credit rate
+ 25bps
61
101
- 25bps
(293)
(98)
Mortality base table
Life expectancy + 1 year
(19)
44
Life expectancy - 1 year
(216)
(42)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00168": { "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 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 \n 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 2022. 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 and on the capitalized license fee. The Company recognized a deferred tax asset 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 flow projections: Cash flow forecasts are based on the expectation of regulatory approvals in key markets. Revenue generation is anticipated to commence following market clearance, with initial sales focusing on specific target segments, followed by broader market expansion. FDA clearance of the first device (ARC EX ) for use in the clinic setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate of future revenues. Operating costs are expected to increase to support commercial activities, ongoing product development, and clinical research. Based on current estimates, EBITDA is not projected to be positive in the near term. \u2022 Cash generating unit: The Group has developed multiple neurostimulation platforms that share key technological components, a unified development framework, and an aligned user experience. These platforms incorporate common elements such as stimulation generators, electrodes, and programming interfaces, reflecting a high degree of integration in both design and functionality. While the Group has recently entered its commercial phase, the business continues to operate with a significant shared cost structure across research, development, and commercialization efforts. Given these interdependencies, the Group is assessed as a single CGU. The ability to track revenue and cost of goods sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs, as substantial operational and financial integration remains across the organization. Regulatory approvals and commercialization strategies vary across platforms, but these factors do not alter the overall assessment of a single CGU at this stage. \u2022 Growth rate estimate: The applied growth rate is derived from industry benchmarks and external market research. \u2022 Discount rate: The discount rate reflects the current market assessment of risks specific to the Group. It is determined based on the weighted average cost of capital (WACC), which accounts for expected returns required by both debt and equity investors, weighted according to their respective contributions to the Group\u2019s capital structure. The cash flow projections were determined using management\u2019s internal forecasts that cover an initial period from 2025 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 (increasing with 5%) or terminal growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate (to 0%), would not cause the carrying amount to exceed its recoverable amount. 2024 2023 Discount rate 11.9% 13.4% Terminal value growth rate 1.71% 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 2024 2023 Discount rate 0.95% 1.35% Salary increase 3.00% 2.50% Interest credit rate 1.00% 1.00% Mortality base table BVG2020 BVG2020 Longevity improvement CMI2018; 1.25% CMI2018; 1.25% \n A quantitative sensitivity analysis for significant assumptions as at 31 December is shown below: \n 2024 2023 Discount rate + 25bps (605) (271) - 25bps 407 292 Salary increase + 25bps 89 119 - 25bps (314) (113) Interest credit rate + 25bps 61 101 - 25bps (293) (98) Mortality base table Life expectancy + 1 year (19) 44 Life expectancy - 1 year (216) (42) \n 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00174": { "value": "1.7 New Accounting Standards & Developments
1.7.1 New and Amended Standards and Interpretations
Several amendments applied for the first time in 2024:
\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
None of these had a material impact on the consolidated financial statements of the Group
in 2024.
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
Lack of exchangeability \u2013 Amendments to IAS 21, effective 1 January 2025
\u2022
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and
IFRS 7, effective 1 January 2026
\u2022
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, effective date 1
January 2027
\u2022
IFRS 19 - Subsidiaries without Public Accountability: Disclosures, effective date 1
January 2027
\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.
With the exception of IFRS 18 which will require further assessment, based on the nature
and impact of the remaining new standards, amendments and/or interpretations, the Group
expects no material impact considering the circumstances as at the date of Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00171": { "value": "1.7 New Accounting Standards & Developments
1.7.1 New and Amended Standards and Interpretations
Several amendments applied for the first time in 2024:
\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
None of these had a material impact on the consolidated financial statements of the Group
in 2024.
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
Lack of exchangeability \u2013 Amendments to IAS 21, effective 1 January 2025
\u2022
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and
IFRS 7, effective 1 January 2026
\u2022
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, effective date 1
January 2027
\u2022
IFRS 19 - Subsidiaries without Public Accountability: Disclosures, effective date 1
January 2027
\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.
With the exception of IFRS 18 which will require further assessment, based on the nature
and impact of the remaining new standards, amendments and/or interpretations, the Group
expects no material impact considering the circumstances as at the date of Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00175": { "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
2024
2023
Non-current assets
Netherlands
105
118
Switzerland
2,077
2,273
United States of America
10,336
9,815
Non-current assets
12,518
12,206
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00239": { "value": "2.1 Revenues & Other Income
Accounting Policy:
The Company has started commercialization of its ARC
EX
system in the
US, targeting customers, primarily comprised of clinics. Revenue recognition aligns with the
satisfaction of performance obligations under contractual agreements, with contracts having
a single, short-term performance obligation. Performance obligation is deemed fulfilled at
a specific point in time when the customer gains control of the ARC
EX
system, upon product
delivery, per the terms outlined in contractual agreements. The ARC
EX
full system, delivered
as a kit of items simultaneously, is treated as a singular performance obligation.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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00176": { "value": "2.1 Revenues & Other Income
Accounting Policy:
The Company has started commercialization of its ARC
EX
system in the
US, targeting customers, primarily comprised of clinics. Revenue recognition aligns with the
satisfaction of performance obligations under contractual agreements, with contracts having
a single, short-term performance obligation. Performance obligation is deemed fulfilled at
a specific point in time when the customer gains control of the ARC
EX
system, upon product
delivery, per the terms outlined in contractual agreements. The ARC
EX
full system, delivered
as a kit of items simultaneously, is treated as a singular performance obligation.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.
2024
2023
Revenue from sale of devices
77
\u2013
Government subsidies (EU)
1,510
464
Other income
152
68
Total revenues and other income
1,739
532
All the revenue from the sale of devices occurred in the United States of America.
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.
Recognized
Grant
Recognized
Recognized
as Grant
received in
Grants
Total
as Grant
as Grant
Income
advance as
Grant*
Income 2024
Income 2023
cumulative
per 31-12-
before 2023
2024
BESTABLE
100
(16)
\u2013
100
\u2013
SWISS LOCAL (one-offs)**
\u2013
22
\u2013
150
\u2013
PREP2GO
362
\u2013
15
347
\u2013
DARPA
3,004
\u2013
419
2,585
\u2013
ZonMW
250
\u2013
83
166
\u2013
EISMEA \u2013 ReverseParalysis***
292
232
(237)
273
\u2013
SERI-Reverse Paralysis
997
970
\u2013
\u2013
\u2013
EISMEA - NEMO BMI***
144
\u2013
(85)
85
(108)
Eurostars Impulse
500
150
160
14
\u2013
Rewire
360
50
56
\u2013
(112)
SH-ARC
500
\u2013
53
\u2013
(210)
MJFF SPARKL
91
91
\u2013
\u2013
\u2013
PD-HemoN project
224
11
\u2013
\u2013
(11)
Other
\u2013
\u2013
\u2013
(12)
\u2013
Total
1,510
464
3,708
(441)
* 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
\n
Terms & Conditions
\n
BESTABLE
\n
This Eurobench funding agreement with PKF ATTEST INNCOME S.L. and the Spanish National
\n
Research Council CSIC for a total amount of EUR 100k started in September 2019 and ended
\n
in December 2021. An amount equal to 85% of the grant is paid during the grant period in
\n
tranches in 2019, 2020 and 2021. The remaining 15% of the total grant amount is payable after
\n
evaluation of the final report. In this project, ONWARD is collaborating with the Technical
\n
University of Delft and the University Rehabilitation Institute to develop a benchmarking
\n
system for assessment of balance performance. The final 15% was not received by the end
\n
of 2024 and the amount previously recognized was reversed.
\n
PREP2GO
\n
This Eurostars funding agreement was with the Netherlands enterprise agency RVO for a
\n
total amount of EUR 348k started in April 2020 and ended in September 2022. An amount
\n
equal to 90% of the grant is paid during the grant period in tranches in 2020, 2021, and 2022.
\n
The remaining 10% of the grant was paid after evaluation of the final report. In this project,
\n
ONWARD collaborated with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair Medisch
\n
Centrum Utrecht and EPFL to automatize the simulation framework that was developed in
\n
the RESTORE project, to facilitate the pre-operative planning for ARC Therapy for clinicians.
\n
DARPA
\n
The DARPA grant was a five-year project that started in October 2020. The award was divided
\n
into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a total
\n
amount of EUR 3.172M (or USD 3.402M). ONWARD collaborated with a large consortium of
\n
academic partners, companies, and consultants to develop a new clinical intervention to
\n
modulate blood pressure and spinal cord perfusion and oxygenation in the hours following
\n
SCI. ONWARD completed its contributions to the DARPA project in 2023 within the final
\n
cumulative amount being recognized amounting to EUR 3.004M (or USD 3.307M). Phase3
\n
of the DARPA project was cancelled late 2023.
\n\n\n
ZonMW
\n
This was a Dutch funding agreement with the Netherlands Organisation for Health Research
\n
and Development for a total amount of EUR 250k that started in January 2021 and ended
\n
in January 2024. An amount equal to 80% of the grant was paid during the grant period in
\n
three equal tranches in 2021, 2022, and 2023. The remaining 20% of the grant was paid after
\n
submission of the final report. In this project, ONWARD collaborated with the University of
\n
Bordeaux, CHUV, and EPFL to develop a research interface for ARC
\n
IM
\n
and evaluate its use to
\n
alleviate locomotor deficits in Parkinson\u2019s disease.
\n
Reverse Paralysis
\n
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a
EUR
\n
3.6 million grant to support the development of innovative Brain-Spine Interface technology
\n
aimed at restoring mobility and upper limb function. ONWARD, along with research partners
\n
EPFL, CEA-Clinatec, and Sint Maartenskliniek, is participating in this project, with ONWARD
\n
allocated \u20ac1.3 million.
\n
The project commenced on 1 May 2022, and is scheduled to conclude on 30 April 2025.
\n
ONWARD has received 75% of its grant funding as pre-financing, with an additional 15%
\n
payable 90 days after the first periodic reporting, and the final payment due 90 days after
\n
the second periodic reporting.
\n
Due to changes in ONWARD\u2019s research footprint, a portion of the work originally planned in
\n
the Netherlands has shifted to Switzerland, affecting the eligibility of certain costs under
\n
the EISMEA framework. To address this, ONWARD successfully negotiated an amendment
\n
with EISMEA to transfer activities and secured replacement funding from the Swiss State
\n
Secretariat for Education, Research, and Innovation (SERI) to cover activities performed
\n
in Switzerland.
\n
EISMEA - NEMO BMI
\n
The EISMEA also awarded a \u20ac3.8 million grant for the development of Motor Brain-Machine
\n
Interfaces (BMIs). These interfaces translate brain neural signals into commands for external
effectors, with the NEMO BMI project focusing on assistance-free, portable neuroprosthetics,
including a wireless neuronal activity recorder, a real-time neuronal decoder, and a spinal
cord stimulator.
The project, involving ONWARD and partners EPFL, CEA, and IICT, began on 1 October 2022,
and is expected to conclude on 30 September 2025. ONWARD\u2019s share of the grant is EUR
1 million, with 75% received as pre-financing, 15% payable 90 days after the first periodic
reporting, and the final installment due 90 days after the second periodic reporting.
Following the relocation of certain R&D activities to Switzerland, ONWARD has submitted an
amendment request to EISMEA to reflect these changes in project execution. This amendment
remains under review.
EISMEA pending and approved amendment
ONWARD was awarded two grants from EISMEA\u2014Reverse Paralysis and NEMO BMI\u2014to
advance brain-computer interface technology for individuals with spinal cord injury. At the
time of application, ONWARD\u2019s R&D activities were primarily conducted in the Netherlands.
However, the Company has since relocated certain research functions to Switzerland to be
closer to its key clinical partner, EPFL.
\u2022
As Switzerland is not an EU member and is no longer associated with the Horizon Europe
framework, ONWARD Medical SA (eFor Reverse Paralysis, ONWARD has secured
replacement funding from SERI, covering the Swiss-based research efforts.
\u2022
For NEMO BMI, the amendment submitted to EISMEA remains under review, and ONWARD
is engaging with SERI to explore potential Swiss funding once the amendment is approved.
ONWARD continues to collaborate with both EISMEA and SERI to ensure funding continuity
and compliance while advancing its groundbreaking research initiatives.
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.
PD-HemON
ONWARD Medical and its research partner, .NeuroRestore, have received approximately
EUR 1.5M from the US Department of Defense (DoD), Parkinson\u2019s Research Program (PRP)
Investigator-Initiated Research Award (IIRA). This funding will support a clinical feasibility
study with 5 participants to explore the ability of the ONWARD ARC
IM
System to address
blood pressure instability in Parkinson\u2019s disease. The project started on 30 September 2024
and will continue until 29 September 2027.
MJFF - SPARKL
ONWARD Medical and it\u2019s partner NeuroRestore have received approximately EUR 900k
from the Michael J. Fox Foundation for Parkinson\u2019s Research. This grant will support a
clinical feasibility study with 6 participants to explore the ability of the ONWARD ARC
IM
System to address mobility challenges in Parkinson\u2019s disease. The study commenced on
01 January 2023, with the first participant implanted in late 2024, and the project will end
13 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00178": { "value": "2.1 Revenues & Other IncomeAccounting PolicyGovernment 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.
2024
2023
Revenue from sale of devices
77
\u2013
Government subsidies (EU)
1,510
464
Other income
152
68
Total revenues and other income
1,739
532
All the revenue from the sale of devices occurred in the United States of America.
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.
Recognized
Grant
Recognized
Recognized
as Grant
received in
Grants
Total
as Grant
as Grant
Income
advance as
Grant*
Income 2024
Income 2023
cumulative
per 31-12-
before 2023
2024
BESTABLE
100
(16)
\u2013
100
\u2013
SWISS LOCAL (one-offs)**
\u2013
22
\u2013
150
\u2013
PREP2GO
362
\u2013
15
347
\u2013
DARPA
3,004
\u2013
419
2,585
\u2013
ZonMW
250
\u2013
83
166
\u2013
EISMEA \u2013 ReverseParalysis***
292
232
(237)
273
\u2013
SERI-Reverse Paralysis
997
970
\u2013
\u2013
\u2013
EISMEA - NEMO BMI***
144
\u2013
(85)
85
(108)
Eurostars Impulse
500
150
160
14
\u2013
Rewire
360
50
56
\u2013
(112)
SH-ARC
500
\u2013
53
\u2013
(210)
MJFF SPARKL
91
91
\u2013
\u2013
\u2013
PD-HemoN project
224
11
\u2013
\u2013
(11)
Other
\u2013
\u2013
\u2013
(12)
\u2013
Total
1,510
464
3,708
(441)
* 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
\n
Terms & Conditions
\n
BESTABLE
\n
This Eurobench funding agreement with PKF ATTEST INNCOME S.L. and the Spanish National
\n
Research Council CSIC for a total amount of EUR 100k started in September 2019 and ended
\n
in December 2021. An amount equal to 85% of the grant is paid during the grant period in
\n
tranches in 2019, 2020 and 2021. The remaining 15% of the total grant amount is payable after
\n
evaluation of the final report. In this project, ONWARD is collaborating with the Technical
\n
University of Delft and the University Rehabilitation Institute to develop a benchmarking
\n
system for assessment of balance performance. The final 15% was not received by the end
\n
of 2024 and the amount previously recognized was reversed.
\n
PREP2GO
\n
This Eurostars funding agreement was with the Netherlands enterprise agency RVO for a
\n
total amount of EUR 348k started in April 2020 and ended in September 2022. An amount
\n
equal to 90% of the grant is paid during the grant period in tranches in 2020, 2021, and 2022.
\n
The remaining 10% of the grant was paid after evaluation of the final report. In this project,
\n
ONWARD collaborated with Zurich Medtech A.G., IT\u2019IS Foundation, Universitair Medisch
\n
Centrum Utrecht and EPFL to automatize the simulation framework that was developed in
\n
the RESTORE project, to facilitate the pre-operative planning for ARC Therapy for clinicians.
\n
DARPA
\n
The DARPA grant was a five-year project that started in October 2020. The award was divided
\n
into 3 phases. The funding agreement for phase 1 and phase 2 was approved for a total
\n
amount of EUR 3.172M (or USD 3.402M). ONWARD collaborated with a large consortium of
\n
academic partners, companies, and consultants to develop a new clinical intervention to
\n
modulate blood pressure and spinal cord perfusion and oxygenation in the hours following
\n
SCI. ONWARD completed its contributions to the DARPA project in 2023 within the final
\n
cumulative amount being recognized amounting to EUR 3.004M (or USD 3.307M). Phase3
\n
of the DARPA project was cancelled late 2023.
\n\n\n
ZonMW
\n
This was a Dutch funding agreement with the Netherlands Organisation for Health Research
\n
and Development for a total amount of EUR 250k that started in January 2021 and ended
\n
in January 2024. An amount equal to 80% of the grant was paid during the grant period in
\n
three equal tranches in 2021, 2022, and 2023. The remaining 20% of the grant was paid after
\n
submission of the final report. In this project, ONWARD collaborated with the University of
\n
Bordeaux, CHUV, and EPFL to develop a research interface for ARC
\n
IM
\n
and evaluate its use to
\n
alleviate locomotor deficits in Parkinson\u2019s disease.
\n
Reverse Paralysis
\n
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a
EUR
\n
3.6 million grant to support the development of innovative Brain-Spine Interface technology
\n
aimed at restoring mobility and upper limb function. ONWARD, along with research partners
\n
EPFL, CEA-Clinatec, and Sint Maartenskliniek, is participating in this project, with ONWARD
\n
allocated \u20ac1.3 million.
\n
The project commenced on 1 May 2022, and is scheduled to conclude on 30 April 2025.
\n
ONWARD has received 75% of its grant funding as pre-financing, with an additional 15%
\n
payable 90 days after the first periodic reporting, and the final payment due 90 days after
\n
the second periodic reporting.
\n
Due to changes in ONWARD\u2019s research footprint, a portion of the work originally planned in
\n
the Netherlands has shifted to Switzerland, affecting the eligibility of certain costs under
\n
the EISMEA framework. To address this, ONWARD successfully negotiated an amendment
\n
with EISMEA to transfer activities and secured replacement funding from the Swiss State
\n
Secretariat for Education, Research, and Innovation (SERI) to cover activities performed
\n
in Switzerland.
\n
EISMEA - NEMO BMI
\n
The EISMEA also awarded a \u20ac3.8 million grant for the development of Motor Brain-Machine
\n
Interfaces (BMIs). These interfaces translate brain neural signals into commands for external
effectors, with the NEMO BMI project focusing on assistance-free, portable neuroprosthetics,
including a wireless neuronal activity recorder, a real-time neuronal decoder, and a spinal
cord stimulator.
The project, involving ONWARD and partners EPFL, CEA, and IICT, began on 1 October 2022,
and is expected to conclude on 30 September 2025. ONWARD\u2019s share of the grant is EUR
1 million, with 75% received as pre-financing, 15% payable 90 days after the first periodic
reporting, and the final installment due 90 days after the second periodic reporting.
Following the relocation of certain R&D activities to Switzerland, ONWARD has submitted an
amendment request to EISMEA to reflect these changes in project execution. This amendment
remains under review.
EISMEA pending and approved amendment
ONWARD was awarded two grants from EISMEA\u2014Reverse Paralysis and NEMO BMI\u2014to
advance brain-computer interface technology for individuals with spinal cord injury. At the
time of application, ONWARD\u2019s R&D activities were primarily conducted in the Netherlands.
However, the Company has since relocated certain research functions to Switzerland to be
closer to its key clinical partner, EPFL.
\u2022
As Switzerland is not an EU member and is no longer associated with the Horizon Europe
framework, ONWARD Medical SA (eFor Reverse Paralysis, ONWARD has secured
replacement funding from SERI, covering the Swiss-based research efforts.
\u2022
For NEMO BMI, the amendment submitted to EISMEA remains under review, and ONWARD
is engaging with SERI to explore potential Swiss funding once the amendment is approved.
ONWARD continues to collaborate with both EISMEA and SERI to ensure funding continuity
and compliance while advancing its groundbreaking research initiatives.
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.
PD-HemON
ONWARD Medical and its research partner, .NeuroRestore, have received approximately
EUR 1.5M from the US Department of Defense (DoD), Parkinson\u2019s Research Program (PRP)
Investigator-Initiated Research Award (IIRA). This funding will support a clinical feasibility
study with 5 participants to explore the ability of the ONWARD ARC
IM
System to address
blood pressure instability in Parkinson\u2019s disease. The project started on 30 September 2024
and will continue until 29 September 2027.
MJFF - SPARKL
ONWARD Medical and it\u2019s partner NeuroRestore have received approximately EUR 900k
from the Michael J. Fox Foundation for Parkinson\u2019s Research. This grant will support a
clinical feasibility study with 6 participants to explore the ability of the ONWARD ARC
IM
System to address mobility challenges in Parkinson\u2019s disease. The study commenced on
01 January 2023, with the first participant implanted in late 2024, and the project will end
13 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00240": { "value": "2.1 Revenues & Other IncomeGovernment 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00177": { "value": "Accounting Policy:
The Company has started commercialization of its ARC
EX
system in the
US, targeting customers, primarily comprised of clinics. Revenue recognition aligns with the
satisfaction of performance obligations under contractual agreements, with contracts having
a single, short-term performance obligation. Performance obligation is deemed fulfilled at
a specific point in time when the customer gains control of the ARC
EX
system, upon product
delivery, per the terms outlined in contractual agreements. The ARC
EX
full system, delivered
as a kit of items simultaneously, is treated as a singular performance obligation.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00228": { "value": "Warranty obligations: The Company provides a three-year warranty on the ARC
EX
system for
general repairs of defects that existed at the time of sale. The assurance-type warranties
are accounted for as warranty provisions which is currently not material.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.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 recognizsed 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
2024
2023
Plan assets
7,017
4,289
Obligation
(11,016)
(6,370)
Net liability
3,999
2,081
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
2024
2023
Balance as at 1 January
2,081
1,121
Service costs
760
652
Admin costs
47
45
Past service costs
(38)
23
Employee benefit expenses
769
720
Net interest costs/(income)
18
15
Included in statement of profit and loss
787
735
Actuarial gains/(losses)
\u2013 Financial assumptions
1,104
932
\u2013 Demographic assumptions
\u2013
\u2013
\u2013 Experience adjustment
441
(449)
\u2013 Return on assets excluding interest income
274
321
1,819
804
Exchange rate differences
(28)
80
Included in statement of comprehensive income*
1,792
884
Contributions by employer
(661)
(659)
Balance as at 31 December
3,999
2,081
*Excluding tax impact
The principal assumptions used in determining post-employment (pension) benefit obligations
for the plan are shown below:
\n \n
2024
2023
Discount rate
0.95%
1.35%
Salary increase
3.00%
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
2024
2023
Discount rate
+ 25bps
(605)
(271)
- 25bps
407
292
Salary increase
+ 25bps
89
119
- 25bps
(314)
(113)
Interest credit rate
+ 25bps
61
101
- 25bps
(293)
(98)
Mortality base table
Life expectancy + 1 year
(19)
44
Life expectancy - 1 year
(216)
(42)
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
2024
2023
Within the next 12 months
627
350
Between 2 and 5 years
2,476
1,702
Between 6 and 10 years
3,503
3,172
Total expected payments
6,606
5,224
The average duration of the defined benefit plan obligation at the end of the reporting period
is 18 years (2023: 18 years).
Plan Assets Allocation
The asset allocation in the Swiss pension plan at 31 December was as follows:
\n \n
2024
2023
Bonds
4,553
2,709
Equities
-
\u2013
Loans
149
93
Mortgages
766
507
Real Estate
1,441
922
Cash, derivatives and funds
108
58
7,017
4,289
Plan assets in 2024 and 2023 do not include property occupied by or financial instruments
issued by ONWARD.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00231": { "value": "Warranty obligations: The Company provides a three-year warranty on the ARC
EX
system for
general repairs of defects that existed at the time of sale. The assurance-type warranties
are accounted for as warranty provisions which is currently not material.Legal Claim Contingencies As at 31 December 2024, the Group had no legal claim contingencies ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00244": { "value": "Warranty obligations: The Company provides a three-year warranty on the ARC
EX
system for
general repairs of defects that existed at the time of sale. The assurance-type warranties
are accounted for as warranty provisions which is currently not material.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 recognizsed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00180": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditure 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
2024
2023
Staff expenses
9,260
9,200
Operating expenses
3,182
4,641
12,442
13,841
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 decrease in 2024 is driven by advancements made on our ARC
EX
and ARC
IM
platforms
and preparing for FDA submission of ARC
EX
in 2024.
2.3 Clinical & Regulatory Expenses
\n \n
2024
2023
Staff expenses
3,011
3,472
Operating expenses
1,743
1,439
4,754
4,911
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
2024 primarily relate to the preparation of ARC
EX
for FDA submission and related consulting
work.
2.4 Marketing & Market Access Expenses
\n \n
2024
2023
Staff expenses
2,101
1,830
Operating expenses
1,249
1,113
3,350
2,943
The Company\u2019s marketing and market access expenses include the ARC
EX
launch preparation
and activities towards awareness and engagement around ONWARD ARC Therapies in the
SCI community.
2.5 Patent fees & Related Expenses
\n \n
2024
2023
Staff expenses
-
373
Operating expenses
1,441
1,136
1,441
1,509
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, Employee expenses, including salary and benefits in this
area are borne by a different department in 2024.
2.6 Quality Assurance Expenses
\n \n
2024
2023
Staff expenses
1,693
1,204
Operating expenses
323
260
2,016
1,464
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
2024
2023
Staff expenses
7,249
5,419
Depreciation and amortization
898
726
Other operating expenses
4,429
5,182
12,576
11,327
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.Defined Contribution PlanAll 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 PlanPast 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
2024
2023
Wages and salaries
17,330
15,356
Social security costs
1,507
1,512
Pension costs \u2013 defined benefit plan
771
720
Pension costs \u2013 other
64
69
Share-based benefit expenses
2,720
2,564
Other labor costs
923
1,277
23,315
21,498
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.
2024
2023
Share-based payment expense
2,720
2,564
2,720
2,564
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.
2024
2023
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at 1 January
5,698
5,873
Foreign currency translation difference
361
(175)
Additions
\u2013
\u2013
Reclassification
\u2013
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
361
(175)
Cost
6,211
5,850
Accumulated changes
(152)
(152)
Net book value at 31 December
6,059
5,698
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.
2024
2023
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,261
2,383
Additions
\u2013
\u2013
Foreign currency translation difference
143
(72)
Reversals
\u2013
(50)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
143
(122)
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 31 December
2,404
2,261
3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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.Cost
Office
Leasehold
Total
Equipment
Improvements
At 1 January 2023
923
265
1,188
Additions
352
70
422
At 31 December 2023
1,275
335
1,610
Additions
153
\u2013
153
Disposals
\u2013
\u2013
\u2013
Foreign currency translation difference
39
14
53
At 31 December 2024
1,467
349
1,816
Accumulated Depreciation
Office
Leasehold
Total
Equipment
Improvements
At 1 January 2023
(747)
(26)
(773)
Depreciation for the year
(141)
(87)
(228)
At 31 December 2023
(888)
(113)
(1,001)
Depreciation for the year
(214)
(129)
(343)
At 31 December 2024
(1,102)
(242)
(1,344)
Net Book Value
Office
Leasehold
Total
Equipment
Improvements
At 31 December 2023
387
222
609
At 31 December 2024
365
106
471
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:
2024
2023
Net book value at 1 January
1,483
1,681
Additions
82
299
Depreciation for the year
(560)
(497)
Foreign currency translation impact
49
\u2013
Net book value at 31 December
1,054
1,483
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00181": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditure 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
2024
2023
Staff expenses
9,260
9,200
Operating expenses
3,182
4,641
12,442
13,841
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 decrease in 2024 is driven by advancements made on our ARC
EX
and ARC
IM
platforms
and preparing for FDA submission of ARC
EX
in 2024.
2.3 Clinical & Regulatory Expenses
\n \n
2024
2023
Staff expenses
3,011
3,472
Operating expenses
1,743
1,439
4,754
4,911
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
2024 primarily relate to the preparation of ARC
EX
for FDA submission and related consulting
work.
2.4 Marketing & Market Access Expenses
\n \n
2024
2023
Staff expenses
2,101
1,830
Operating expenses
1,249
1,113
3,350
2,943
The Company\u2019s marketing and market access expenses include the ARC
EX
launch preparation
and activities towards awareness and engagement around ONWARD ARC Therapies in the
SCI community.
2.5 Patent fees & Related Expenses
\n \n
2024
2023
Staff expenses
-
373
Operating expenses
1,441
1,136
1,441
1,509
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, Employee expenses, including salary and benefits in this
area are borne by a different department in 2024.
2.6 Quality Assurance Expenses
\n \n
2024
2023
Staff expenses
1,693
1,204
Operating expenses
323
260
2,016
1,464
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
2024
2023
Staff expenses
7,249
5,419
Depreciation and amortization
898
726
Other operating expenses
4,429
5,182
12,576
11,327
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.Defined Contribution PlanAll 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 PlanPast 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
2024
2023
Wages and salaries
17,330
15,356
Social security costs
1,507
1,512
Pension costs \u2013 defined benefit plan
771
720
Pension costs \u2013 other
64
69
Share-based benefit expenses
2,720
2,564
Other labor costs
923
1,277
23,315
21,498
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.
2024
2023
Share-based payment expense
2,720
2,564
2,720
2,564
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.
2024
2023
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at 1 January
5,698
5,873
Foreign currency translation difference
361
(175)
Additions
\u2013
\u2013
Reclassification
\u2013
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
361
(175)
Cost
6,211
5,850
Accumulated changes
(152)
(152)
Net book value at 31 December
6,059
5,698
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.
2024
2023
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,261
2,383
Additions
\u2013
\u2013
Foreign currency translation difference
143
(72)
Reversals
\u2013
(50)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
143
(122)
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 31 December
2,404
2,261
3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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.Cost
Office
Leasehold
Total
Equipment
Improvements
At 1 January 2023
923
265
1,188
Additions
352
70
422
At 31 December 2023
1,275
335
1,610
Additions
153
\u2013
153
Disposals
\u2013
\u2013
\u2013
Foreign currency translation difference
39
14
53
At 31 December 2024
1,467
349
1,816
Accumulated Depreciation
Office
Leasehold
Total
Equipment
Improvements
At 1 January 2023
(747)
(26)
(773)
Depreciation for the year
(141)
(87)
(228)
At 31 December 2023
(888)
(113)
(1,001)
Depreciation for the year
(214)
(129)
(343)
At 31 December 2024
(1,102)
(242)
(1,344)
Net Book Value
Office
Leasehold
Total
Equipment
Improvements
At 31 December 2023
387
222
609
At 31 December 2024
365
106
471
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:
2024
2023
Net book value at 1 January
1,483
1,681
Additions
82
299
Depreciation for the year
(560)
(497)
Foreign currency translation impact
49
\u2013
Net book value at 31 December
1,054
1,483
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00242": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditure 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 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.Defined Contribution PlanAll 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 PlanPast 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 costs2.9 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.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.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 & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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.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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00241": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditure 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00179": { "value": "2.2 Research & Development Expenses
Accounting Policy:
Research costs are expensed as incurred. Development expenditure 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
2024
2023
Staff expenses
9,260
9,200
Operating expenses
3,182
4,641
12,442
13,841
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 decrease in 2024 is driven by advancements made on our ARC
EX
and ARC
IM
platforms
and preparing for FDA submission of ARC
EX
in 2024.
2.3 Clinical & Regulatory Expenses
\n \n
2024
2023
Staff expenses
3,011
3,472
Operating expenses
1,743
1,439
4,754
4,911
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
2024 primarily relate to the preparation of ARC
EX
for FDA submission and related consulting
work.2.5 Patent fees & Related Expenses \n \n
2024
2023
Staff expenses
-
373
Operating expenses
1,441
1,136
1,441
1,509
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, Employee expenses, including salary and benefits in this
area are borne by a different department in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00182": { "value": "2.7 General & Administrative Expenses \n \n
2024
2023
Staff expenses
7,249
5,419
Depreciation and amortization
898
726
Other operating expenses
4,429
5,182
12,576
11,327
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00243": { "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 recognizsed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00184": { "value": "2.8 Employee Benefit ExpensesThe increase in wages and salaries is driven by the composition of new hires versus leavers.
This shift in expertise aligns with the Company\u2019s strategic goals. As at 31 December 2024, the
Group employed 102.6 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 2024 and 2023:
2024
2023
Research & Development
40.0
50.0
Clinical & Regulatory
14.0
14.6
Marketing & Market Access
14.0
5.0
Patent Fees & related
\u2013
1.0
Quality Assurance
8.6
8.8
General & Administrative
26.0
19.8
102.6
99.2
As at 31 December 2024, the Company had 12.4 full-time equivalents located in the
Netherlands (2023: 11.9), 76.15 full-time equivalents located in Switzerland (2023: 75.3), and
14 (2023: 12) full-time equivalents located in the United States.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00183": { "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.
2024
2023
Wages and salaries
17,330
15,356
Social security costs
1,507
1,512
Pension costs \u2013 defined benefit plan
771
720
Pension costs \u2013 other
64
69
Share-based benefit expenses
2,720
2,564
Other labor costs
923
1,277
23,315
21,498
The increase in wages and salaries is driven by the composition of new hires versus leavers.
This shift in expertise aligns with the Company\u2019s strategic goals. As at 31 December 2024, the
Group employed 102.6 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 2024 and 2023:
2024
2023
Research & Development
40.0
50.0
Clinical & Regulatory
14.0
14.6
Marketing & Market Access
14.0
5.0
Patent Fees & related
\u2013
1.0
Quality Assurance
8.6
8.8
General & Administrative
26.0
19.8
102.6
99.2
As at 31 December 2024, the Company had 12.4 full-time equivalents located in the
Netherlands (2023: 11.9), 76.15 full-time equivalents located in Switzerland (2023: 75.3), and
14 (2023: 12) 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 recognizsed 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
2024
2023
Plan assets
7,017
4,289
Obligation
(11,016)
(6,370)
Net liability
3,999
2,081
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
2024
2023
Balance as at 1 January
2,081
1,121
Service costs
760
652
Admin costs
47
45
Past service costs
(38)
23
Employee benefit expenses
769
720
Net interest costs/(income)
18
15
Included in statement of profit and loss
787
735
Actuarial gains/(losses)
\u2013 Financial assumptions
1,104
932
\u2013 Demographic assumptions
\u2013
\u2013
\u2013 Experience adjustment
441
(449)
\u2013 Return on assets excluding interest income
274
321
1,819
804
Exchange rate differences
(28)
80
Included in statement of comprehensive income*
1,792
884
Contributions by employer
(661)
(659)
Balance as at 31 December
3,999
2,081
*Excluding tax impact
The principal assumptions used in determining post-employment (pension) benefit obligations
for the plan are shown below:
\n \n
2024
2023
Discount rate
0.95%
1.35%
Salary increase
3.00%
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
2024
2023
Discount rate
+ 25bps
(605)
(271)
- 25bps
407
292
Salary increase
+ 25bps
89
119
- 25bps
(314)
(113)
Interest credit rate
+ 25bps
61
101
- 25bps
(293)
(98)
Mortality base table
Life expectancy + 1 year
(19)
44
Life expectancy - 1 year
(216)
(42)
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
2024
2023
Within the next 12 months
627
350
Between 2 and 5 years
2,476
1,702
Between 6 and 10 years
3,503
3,172
Total expected payments
6,606
5,224
The average duration of the defined benefit plan obligation at the end of the reporting period
is 18 years (2023: 18 years).
Plan Assets Allocation
The asset allocation in the Swiss pension plan at 31 December was as follows:
\n \n
2024
2023
Bonds
4,553
2,709
Equities
-
\u2013
Loans
149
93
Mortgages
766
507
Real Estate
1,441
922
Cash, derivatives and funds
108
58
7,017
4,289
Plan assets in 2024 and 2023 do not include property occupied by or financial instruments
issued by ONWARD.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00245": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00185": { "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 types 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 9.70
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
2024
15/1/2024
Stock
710,975
EUR 2.94
15/1/2034
EUR 1.60
Options
2024
1/7/2024
Stock
460,688
EUR 5.08
1/7/2034
EUR 2.85
Options
2024
5/12/2024
Stock
704,625
EUR 4.77
4/12/2034
EUR 2.68
Options
This fair value per option has been applied to the options granted for the recognition of the
share-based payment expense recognized:
2024
2023
Share-based payment expense
2,720
2,564
2,720
2,564
The table below summarizes the number and weighted average exercise prices (WAEP) of,
and movements in, share options during the year:
\n \n
2024
2024
2023
2023
Number
WAEP
Number
WAEP
Outstanding at 1 January
1,828,650
EUR 6.85
873,125
EUR 7.41
Granted during the year
1,876,288
EUR 4.15
1,418,225
EUR 5.81
Forfeited during the year
(151,332)
EUR 6.65
(462,700)
EUR 6.90
Exercised during the year
\u2013
\u2013
\u2013
\u2013
Outstanding at 31 December
3,553,606
EUR 5.43
1,828,650
EUR 6.85
\n \n
Number
WAEP
Exercisable at 31 December 2024
950,137
EUR 7.22
Exercisable at 31 December 2023
298,961
EUR 9.10
The weighted average remaining contractual life for the share options outstanding at 31
December 2024 was 8.69 years (2023: 8.79 years).
The weighted average fair value of options granted during the year was EUR 2.31 (2023: EUR
3.20).
The range of exercise prices for options outstanding at the end of the year was EUR 2.94 to
EUR 9.70 (2023: EUR 4.95 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
2024\u201312
2024\u201307
2024\u201301
2023\u201307
2023\u201302
2023\u201301
Fair value on date of
measurement (EUR)
2.68
2.85
1.60
2.85
2.73
3.37
Share price (EUR)
4.77
5.08
2.94
5.18
4.97
6.12
Exercise price (EUR)
4.77
5.08
2.94
5.18
4.95
6.12
Expected volatility
61.4%
59.1%
57.0%
56.10%
57.20%
57.80%
Term of the option
4
a
4
a
4
a
4
a
4
a
4
a
Expected dividend
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Risk-free interest rate
2.11%
2.61%
2.23%
2.44%
2.65%
2.38%
Time to expiration
10
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00257": { "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 liability arises from the initial recognition of goodwill or 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 taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not reverse in the foreseeable future
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00256": { "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 liability arises from the initial recognition of goodwill or 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 taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not reverse in the foreseeable future
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00187": { "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 liability arises from the initial recognition of goodwill or 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 taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not reverse in the foreseeable future
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 2022. 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 and
on the capitalized license fee. The Company recognized a deferred tax asset in the US entity
that offsets the deferred tax liability as allowed under IAS 12, with no impact on previously
reported results.
\n\n \n
2024
2023
Current income tax
(294)
(148)
Adjustments of current income tax of previous year
(45)
\u2013
Deferred income tax
379
41
Total corporate income tax in profit and loss
40
(107)
Current income Tax charge at tax rate of 25.8%
9,227
9,307
Tax rate differences in foreign jurisdictions
(156)
152
Adjustments of current income tax of previous year
(45)
\u2013
Non-deductible expenses
(553)
(662)
Non-recognized deferred tax asset on temporary differences
\u2013
66
Non-recognized deferred tax asset on permanent differences
\u2013
(203)
Net operating losses not recognized
(8,960)
(8,709)
Recognition of prior year deferred tax adjustments
575
\u2013
Other
(48)
(58)
40
(107)
\n
The effective tax rate was 0.4% in 2024 (2023: -0.3%), which is lower than the statutory
\n
income tax rate of 25.8% (2023: 25.8%) in the Netherlands. The difference is primarily due to
\n
the net operating losses and temporary differences for which no deferred tax asset can be
\n
recognized. The uncertainty is based on insufficient evidence of future sources of income to
\n
support the realization of a deferred tax asset due to the Company being loss-making with
\n
limited tax planning opportunities.
\n\n\n
Recognized Deferred Tax Assets & Liabilities
\n\n \n
2024
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,786)
(1,786)
Right of use assets
\u2013
(148)
(148)
Lease liability
156
\u2013
156
Post-employment benefits
560
\u2013
560
Losses available for offset against future
\u2013
Taxable income
1,483
1,483
Set-off of deferred tax
(1,631)
1,631
\u2013
Net deferred tax asset / (liability)
568
(303)
265
\n\n \n
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
Taxable income
1,008
\u2013
1,008
Set-off of deferred tax
(1,217)
1,217
\u2013
Net deferred tax asset / (liability)
310
(631)
(321)
\n\n \n
2024
2023
Opening balance at January 1
(321)
(507)
Recognized in profit & loss
379
41
Remeasurement (gain)/loss on actuarial gains and losses in OCI
255
125
Foreign currency translation difference
(48)
20
Net deferred tax asset /(liability) at December 31
265
(321)
Of the estimated amount of tax losses carried forward and available as at 31 December 2024,
a deferred tax asset of EUR 1,483k has been recognized to offset the reversal of temporary
differences in the US. For the remaining unused operating losses in the Netherlands of EUR
148M (2023: EUR 120M) and in the US of EUR 27M (2023: EUR 28.5M) no deferred tax is
recognized. These losses can be carried forward indefinitely subject to local tax rules, except
for approximately EUR 3.2M of losses in the US, which can be carried forward for 20 years
(ultimately by 2037).
No deferred tax liability has been recorded for the Swiss subsidiary due to the applicable tax
treaty between Switzerland and the Netherlands, which eliminates potential tax consequences
on undistributed earnings. Similarly, no deferred tax liability has been recognized for the U.S.
subsidiary, as it has negative retained earnings, and there are no undistributed profits that
could result in taxable temporary differences.
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00186": { "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 liability arises from the initial recognition of goodwill or 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 taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not reverse in the foreseeable future
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 2022. 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 and
on the capitalized license fee. The Company recognized a deferred tax asset in the US entity
that offsets the deferred tax liability as allowed under IAS 12, with no impact on previously
reported results.
\n\n \n
2024
2023
Current income tax
(294)
(148)
Adjustments of current income tax of previous year
(45)
\u2013
Deferred income tax
379
41
Total corporate income tax in profit and loss
40
(107)
Current income Tax charge at tax rate of 25.8%
9,227
9,307
Tax rate differences in foreign jurisdictions
(156)
152
Adjustments of current income tax of previous year
(45)
\u2013
Non-deductible expenses
(553)
(662)
Non-recognized deferred tax asset on temporary differences
\u2013
66
Non-recognized deferred tax asset on permanent differences
\u2013
(203)
Net operating losses not recognized
(8,960)
(8,709)
Recognition of prior year deferred tax adjustments
575
\u2013
Other
(48)
(58)
40
(107)
\n
The effective tax rate was 0.4% in 2024 (2023: -0.3%), which is lower than the statutory
\n
income tax rate of 25.8% (2023: 25.8%) in the Netherlands. The difference is primarily due to
\n
the net operating losses and temporary differences for which no deferred tax asset can be
\n
recognized. The uncertainty is based on insufficient evidence of future sources of income to
\n
support the realization of a deferred tax asset due to the Company being loss-making with
\n
limited tax planning opportunities.
\n\n\n
Recognized Deferred Tax Assets & Liabilities
\n\n \n
2024
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,786)
(1,786)
Right of use assets
\u2013
(148)
(148)
Lease liability
156
\u2013
156
Post-employment benefits
560
\u2013
560
Losses available for offset against future
\u2013
Taxable income
1,483
1,483
Set-off of deferred tax
(1,631)
1,631
\u2013
Net deferred tax asset / (liability)
568
(303)
265
\n\n \n
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
Taxable income
1,008
\u2013
1,008
Set-off of deferred tax
(1,217)
1,217
\u2013
Net deferred tax asset / (liability)
310
(631)
(321)
\n\n \n
2024
2023
Opening balance at January 1
(321)
(507)
Recognized in profit & loss
379
41
Remeasurement (gain)/loss on actuarial gains and losses in OCI
255
125
Foreign currency translation difference
(48)
20
Net deferred tax asset /(liability) at December 31
265
(321)
Of the estimated amount of tax losses carried forward and available as at 31 December 2024,
a deferred tax asset of EUR 1,483k has been recognized to offset the reversal of temporary
differences in the US. For the remaining unused operating losses in the Netherlands of EUR
148M (2023: EUR 120M) and in the US of EUR 27M (2023: EUR 28.5M) no deferred tax is
recognized. These losses can be carried forward indefinitely subject to local tax rules, except
for approximately EUR 3.2M of losses in the US, which can be carried forward for 20 years
(ultimately by 2037).
No deferred tax liability has been recorded for the Swiss subsidiary due to the applicable tax
treaty between Switzerland and the Netherlands, which eliminates potential tax consequences
on undistributed earnings. Similarly, no deferred tax liability has been recognized for the U.S.
subsidiary, as it has negative retained earnings, and there are no undistributed profits that
could result in taxable temporary differences.
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00195": { "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.
2024
2023
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at 1 January
5,698
5,873
Foreign currency translation difference
361
(175)
Additions
\u2013
\u2013
Reclassification
\u2013
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
361
(175)
Cost
6,211
5,850
Accumulated changes
(152)
(152)
Net book value at 31 December
6,059
5,698
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.
2024
2023
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,261
2,383
Additions
\u2013
\u2013
Foreign currency translation difference
143
(72)
Reversals
\u2013
(50)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
143
(122)
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 31 December
2,404
2,261
3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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
Total
Equipment
Improvements
At 1 January 2023
923
265
1,188
Additions
352
70
422
At 31 December 2023
1,275
335
1,610
Additions
153
\u2013
153
Disposals
\u2013
\u2013
\u2013
Foreign currency translation difference
39
14
53
At 31 December 2024
1,467
349
1,816
Accumulated Depreciation
Office
Leasehold
Total
Equipment
Improvements
At 1 January 2023
(747)
(26)
(773)
Depreciation for the year
(141)
(87)
(228)
At 31 December 2023
(888)
(113)
(1,001)
Depreciation for the year
(214)
(129)
(343)
At 31 December 2024
(1,102)
(242)
(1,344)
Net Book Value
Office
Leasehold
Total
Equipment
Improvements
At 31 December 2023
387
222
609
At 31 December 2024
365
106
471
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 Assets
2024
2023
Net book value at 1 January
1,483
1,681
Additions
82
299
Depreciation for the year
(560)
(497)
Foreign currency translation impact
49
\u2013
Net book value at 31 December
1,054
1,483
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00192": { "value": "3.0 Intangible Assets
\u00a0
2024
2023
Goodwill
1,962
1,845
In-Process R&D
6,059
5,698
License fees
2,404
2,261
Net book value at 31 December
10,425
9,804
\nIn-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.
2024
2023
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at 1 January
5,698
5,873
Foreign currency translation difference
361
(175)
Additions
\u2013
\u2013
Reclassification
\u2013
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
361
(175)
Cost
6,211
5,850
Accumulated changes
(152)
(152)
Net book value at 31 December
6,059
5,698
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.
2024
2023
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,261
2,383
Additions
\u2013
\u2013
Foreign currency translation difference
143
(72)
Reversals
\u2013
(50)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
143
(122)
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 31 December
2,404
2,261
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 successful development and regulatory
approvals of the Group\u2019s technologies across various platforms. 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 flow projections: Cash flow forecasts are based on the expectation of regulatory
approvals in key markets. Revenue generation is anticipated to commence following
market clearance, with initial sales focusing on specific target segments, followed by
broader market expansion. FDA clearance of the first device (ARC
EX
) for use in the clinic
setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate
of future revenues. Operating costs are expected to increase to support commercial
activities, ongoing product development, and clinical research. Based on current estimates,
EBITDA is not projected to be positive in the near term.
\u2022
Cash generating unit: The Group has developed multiple neurostimulation platforms that
share key technological components, a unified development framework, and an aligned
user experience. These platforms incorporate common elements such as stimulation
generators, electrodes, and programming interfaces, reflecting a high degree of integration
in both design and functionality. While the Group has recently entered its commercial
phase, the business continues to operate with a significant shared cost structure across
research, development, and commercialization efforts. Given these interdependencies,
the Group is assessed as a single CGU. The ability to track revenue and cost of goods
sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs,
as substantial operational and financial integration remains across the organization.
Regulatory approvals and commercialization strategies vary across platforms, but these
factors do not alter the overall assessment of a single CGU at this stage.
\u2022
Growth rate estimate: The applied growth rate is derived from industry benchmarks and
external market research.
\u2022
Discount rate: The discount rate reflects the current market assessment of risks specific
to the Group. It is determined based on the weighted average cost of capital (WACC),
which accounts for expected returns required by both debt and equity investors, weighted
according to their respective contributions to the Group\u2019s capital structure.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2025 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 (increasing with 5%) or terminal
growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate
(to 0%), would not cause the carrying amount to exceed its recoverable amount.
2024
2023
Discount rate
11.9%
13.4%
Terminal value growth rate
1.71%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00193": { "value": "3.0 Intangible Assets
\u00a0
2024
2023
Goodwill
1,962
1,845
In-Process R&D
6,059
5,698
License fees
2,404
2,261
Net book value at 31 December
10,425
9,804
\n
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.
\u00a0
2024
2023
Cost
1,845
1,902
Accumulated changes
\u2013
\u2013
Net book value at 1 January
1,845
1,902
Additions
\u00a0
\u2013
Foreign currency translation difference
117
(57)
Impairments
\u2013
\u2013
Net change
117
(57)
Cost
1,962
1,845
Accumulated changes
\u2013
\u2013
Net book value at 31 December
1,962
1,845
\nAs 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.\u2022
Cash flow projections: Cash flow forecasts are based on the expectation of regulatory
approvals in key markets. Revenue generation is anticipated to commence following
market clearance, with initial sales focusing on specific target segments, followed by
broader market expansion. FDA clearance of the first device (ARC
EX
) for use in the clinic
setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate
of future revenues. Operating costs are expected to increase to support commercial
activities, ongoing product development, and clinical research. Based on current estimates,
EBITDA is not projected to be positive in the near term.
\u2022
Cash generating unit: The Group has developed multiple neurostimulation platforms that
share key technological components, a unified development framework, and an aligned
user experience. These platforms incorporate common elements such as stimulation
generators, electrodes, and programming interfaces, reflecting a high degree of integration
in both design and functionality. While the Group has recently entered its commercial
phase, the business continues to operate with a significant shared cost structure across
research, development, and commercialization efforts. Given these interdependencies,
the Group is assessed as a single CGU. The ability to track revenue and cost of goods
sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs,
as substantial operational and financial integration remains across the organization.
Regulatory approvals and commercialization strategies vary across platforms, but these
factors do not alter the overall assessment of a single CGU at this stage.
\u2022
Growth rate estimate: The applied growth rate is derived from industry benchmarks and
external market research.
\u2022
Discount rate: The discount rate reflects the current market assessment of risks specific
to the Group. It is determined based on the weighted average cost of capital (WACC),
which accounts for expected returns required by both debt and equity investors, weighted
according to their respective contributions to the Group\u2019s capital structure.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2025 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 (increasing with 5%) or terminal
growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate
(to 0%), would not cause the carrying amount to exceed its recoverable amount.
2024
2023
Discount rate
11.9%
13.4%
Terminal value growth rate
1.71%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00188": { "value": "3.0 Intangible Assets
\u00a0
2024
2023
Goodwill
1,962
1,845
In-Process R&D
6,059
5,698
License fees
2,404
2,261
Net book value at 31 December
10,425
9,804
\n
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.
\u00a0
2024
2023
Cost
1,845
1,902
Accumulated changes
\u2013
\u2013
Net book value at 1 January
1,845
1,902
Additions
\u00a0
\u2013
Foreign currency translation difference
117
(57)
Impairments
\u2013
\u2013
Net change
117
(57)
Cost
1,962
1,845
Accumulated changes
\u2013
\u2013
Net book value at 31 December
1,962
1,845
\n
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.
2024
2023
Cost
5,850
6,025
Accumulated changes
(152)
(152)
Net book value at 1 January
5,698
5,873
Foreign currency translation difference
361
(175)
Additions
\u2013
\u2013
Reclassification
\u2013
\u2013
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
361
(175)
Cost
6,211
5,850
Accumulated changes
(152)
(152)
Net book value at 31 December
6,059
5,698
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.
2024
2023
Cost
2,261
2,383
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,261
2,383
Additions
\u2013
\u2013
Foreign currency translation difference
143
(72)
Reversals
\u2013
(50)
Amortization for the year
\u2013
\u2013
Impairments
\u2013
\u2013
Net change
143
(122)
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 31 December
2,404
2,261
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 successful development and regulatory
approvals of the Group\u2019s technologies across various platforms. 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 flow projections: Cash flow forecasts are based on the expectation of regulatory
approvals in key markets. Revenue generation is anticipated to commence following
market clearance, with initial sales focusing on specific target segments, followed by
broader market expansion. FDA clearance of the first device (ARC
EX
) for use in the clinic
setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate
of future revenues. Operating costs are expected to increase to support commercial
activities, ongoing product development, and clinical research. Based on current estimates,
EBITDA is not projected to be positive in the near term.
\u2022
Cash generating unit: The Group has developed multiple neurostimulation platforms that
share key technological components, a unified development framework, and an aligned
user experience. These platforms incorporate common elements such as stimulation
generators, electrodes, and programming interfaces, reflecting a high degree of integration
in both design and functionality. While the Group has recently entered its commercial
phase, the business continues to operate with a significant shared cost structure across
research, development, and commercialization efforts. Given these interdependencies,
the Group is assessed as a single CGU. The ability to track revenue and cost of goods
sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs,
as substantial operational and financial integration remains across the organization.
Regulatory approvals and commercialization strategies vary across platforms, but these
factors do not alter the overall assessment of a single CGU at this stage.
\u2022
Growth rate estimate: The applied growth rate is derived from industry benchmarks and
external market research.
\u2022
Discount rate: The discount rate reflects the current market assessment of risks specific
to the Group. It is determined based on the weighted average cost of capital (WACC),
which accounts for expected returns required by both debt and equity investors, weighted
according to their respective contributions to the Group\u2019s capital structure.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2025 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 (increasing with 5%) or terminal
growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate
(to 0%), would not cause the carrying amount to exceed its recoverable amount.
2024
2023
Discount rate
11.9%
13.4%
Terminal value growth rate
1.71%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00189": { "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 successful development and regulatory
approvals of the Group\u2019s technologies across various platforms. 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 flow projections: Cash flow forecasts are based on the expectation of regulatory
approvals in key markets. Revenue generation is anticipated to commence following
market clearance, with initial sales focusing on specific target segments, followed by
broader market expansion. FDA clearance of the first device (ARC
EX
) for use in the clinic
setting was obtained in December 2024. The forecasts includes the Group\u2019s best estimate
of future revenues. Operating costs are expected to increase to support commercial
activities, ongoing product development, and clinical research. Based on current estimates,
EBITDA is not projected to be positive in the near term.
\u2022
Cash generating unit: The Group has developed multiple neurostimulation platforms that
share key technological components, a unified development framework, and an aligned
user experience. These platforms incorporate common elements such as stimulation
generators, electrodes, and programming interfaces, reflecting a high degree of integration
in both design and functionality. While the Group has recently entered its commercial
phase, the business continues to operate with a significant shared cost structure across
research, development, and commercialization efforts. Given these interdependencies,
the Group is assessed as a single CGU. The ability to track revenue and cost of goods
sold (COGS) separately does not, in isolation, indicate the existence of distinct CGUs,
as substantial operational and financial integration remains across the organization.
Regulatory approvals and commercialization strategies vary across platforms, but these
factors do not alter the overall assessment of a single CGU at this stage.
\u2022
Growth rate estimate: The applied growth rate is derived from industry benchmarks and
external market research.
\u2022
Discount rate: The discount rate reflects the current market assessment of risks specific
to the Group. It is determined based on the weighted average cost of capital (WACC),
which accounts for expected returns required by both debt and equity investors, weighted
according to their respective contributions to the Group\u2019s capital structure.
The cash flow projections were determined using management\u2019s internal forecasts that
cover an initial period from 2025 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 (increasing with 5%) or terminal
growth rate (to 0%), or both the discount rate (increasing with 5%) and terminal growth rate
(to 0%), would not cause the carrying amount to exceed its recoverable amount.
2024
2023
Discount rate
11.9%
13.4%
Terminal value growth rate
1.71%
1.70%
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00190": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00191": { "value": "3.0 Intangible AssetsAfter 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&D 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00259": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00260": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00258": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00261": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00263": { "value": "3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00262": { "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 includes 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.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00194": { "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 includes 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.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\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
Total
Equipment
Improvements
At 1 January 2023
923
265
1,188
Additions
352
70
422
At 31 December 2023
1,275
335
1,610
Additions
153
\u2013
153
Disposals
\u2013
\u2013
\u2013
Foreign currency translation difference
39
14
53
At 31 December 2024
1,467
349
1,816
Accumulated Depreciation
Office
Leasehold
Total
Equipment
Improvements
At 1 January 2023
(747)
(26)
(773)
Depreciation for the year
(141)
(87)
(228)
At 31 December 2023
(888)
(113)
(1,001)
Depreciation for the year
(214)
(129)
(343)
At 31 December 2024
(1,102)
(242)
(1,344)
Net Book Value
Office
Leasehold
Total
Equipment
Improvements
At 31 December 2023
387
222
609
At 31 December 2024
365
106
471
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00264": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00196": { "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 was
extended in November 2024 for a period of one year (ending October 2025).
Key movements relating to right-of-use assets are presented below:
2024
2023
Net book value at 1 January
1,483
1,681
Additions
82
299
Depreciation for the year
(560)
(497)
Foreign currency translation impact
49
\u2013
Net book value at 31 December
1,054
1,483
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.
The additions represent the annual increase in lease payments under the lease contracts and
the additional one year extension.
Lease Liabilities
The maturity of the lease liability in relation to the office building is as follows:
2024
2023
Less than one year
597
568
One to five years
518
1,051
More than five years
\u2013
\u2013
Total lease liability
1,115
1,619
Movement of the lease liability:
\n \n
2024
2023
Balance as at 1 January
1,619
1,721
Additions
82
299
Interest accretion
56
69
Repayments
(616)
(548)
Foreign currency impact
(26)
78
Total lease liability
1,115
1,619
The incremental borrowing rate applied is 4% for the Lausanne office and is 7.4% for the
Eindhoven office.
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 2024:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
Runway Growth loan
1,972
3,944
18,820
\u2013
24,736
Lease liability
633
527
\u2013
\u2013
1,160
Warrants issued to Runway Growth
437
\u2013
\u2013
\u2013
437
Trade payable
1,269
\u2013
\u2013
\u2013
1,269
Total
4,311
4,471
18,820
\u2013
27,602
As at 31 December 2023:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00265": { "value": "3.3 Inventories
Accounting Policy:
Inventories consist of raw materials, work-in-progress and finished goods
of the ARC
EX
System. Inventories are valued at the lower of cost and net realizable value. Costs
incurred in bringing each product to its present location and condition are accounted for as
follows: cost of direct materials and labor and a proportion of manufacturing overheads based
on the normal operating capacity, excluding borrowing costs. The cost is assigned using the
FIFO (\u201cfirst-in-first-out\u201d) method. Net realizable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00197": { "value": "3.3 Inventories
Accounting Policy:
Inventories consist of raw materials, work-in-progress and finished goods
of the ARC
EX
System. Inventories are valued at the lower of cost and net realizable value. Costs
incurred in bringing each product to its present location and condition are accounted for as
follows: cost of direct materials and labor and a proportion of manufacturing overheads based
on the normal operating capacity, excluding borrowing costs. The cost is assigned using the
FIFO (\u201cfirst-in-first-out\u201d) method. Net realizable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale.
\n \n
2024
2023
Raw Materials
102
\u2013
102
\u2013
As at 31 December 2024, the Group had inventory of Raw materials amounting to EUR 102k.
The increase in stock of raw materials is directly attributable to start of production of ARC
EX
devices in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00198": { "value": "3.4 Indirect Tax Receivables
The tax receivables consist of refundable VAT amounting to EUR 125k (2023: EUR
117
k)
and
are collectable within 12 months. The increase in the receivable is a direct result of increase in
expenses during the year. The VAT returns are filed on a quarterly basis and claims received
throughout the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00201": { "value": "3.5 Other Current Assets \n \n
2024
2023
Advance payments
2,137
936
Grants and other receivables
714
260
Rental guarantee
302
305
Trade receivables
160
-
3,313
1,501
The Group provided a guarantee of EUR 302k (2023: EUR 305k) 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 and advance paid to suppliers
for production and components.
Trade receivables represent amounts due from customers, are non-interest bearing, and
are generally due for settlement within 30 days in accordance with the agreed credit terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00200": { "value": "3.5 Other Current Assets \n \n
2024
2023
Advance payments
2,137
936
Grants and other receivables
714
260
Rental guarantee
302
305
Trade receivables
160
-
3,313
1,501
The Group provided a guarantee of EUR 302k (2023: EUR 305k) 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 and advance paid to suppliers
for production and components.
Trade receivables represent amounts due from customers, are non-interest bearing, and
are generally due for settlement within 30 days in accordance with the agreed credit terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00199": { "value": "3.5 Other Current Assets \n \n
2024
2023
Advance payments
2,137
936
Grants and other receivables
714
260
Rental guarantee
302
305
Trade receivables
160
-
3,313
1,501
The Group provided a guarantee of EUR 302k (2023: EUR 305k) 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 and advance paid to suppliers
for production and components.
Trade receivables represent amounts due from customers, are non-interest bearing, and
are generally due for settlement within 30 days in accordance with the agreed credit terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00305": { "value": "3.6 Cash and Cash Equivalents
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00272": { "value": "3.6 Cash and Cash Equivalents
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.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.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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00266": { "value": "3.6 Cash and Cash Equivalents
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00209": { "value": "3.6 Cash and Cash Equivalents
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
2024
2023
Cash at bank
12,043
3,568
Short-term deposits
48,000
26,200
Cash and cash equivalents
60,043
29,768
Cash and cash equivalents
60,043
29,768
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.
As part of the loan agreement with Runway Growth Capital LLC, the Group has pledged
the majority of the bank and deposit accounts as collateral to secure its outstanding debt
obligations. This serves as security for compliance with the loan covenants outlined in the
agreement. In the event of a breach of these covenants, the lender may have the right to
enforce its security interest over these assets. Management actively monitors compliance
with all covenants to mitigate the risk of default.
As at 31 December 2024, there were no fixed term deposits for periods exceeding three months.
At 31 December 2024, the Group had no bank overdrafts. All cash is freely at the disposal of
the company.
3.7 Trade Payables
Trade payables and accrued expenses are non-interest bearing and are normally settled on
30-90 day terms. The decrease in trade payables to EUR 1,269k (2023: EUR 1,369k) is a direct
result of ARC
EX
launch related activities and the timing of settlement.
3.8 Other Payables
The other payables can be broken down as follows:
\n \n
2024
2023
Wage tax and social security
144
485
Grants received in advance
441
473
Bonus
3,095
1,243
Invoices to be received
1,194
538
Other
555
425
Grant-related payables
1,359
1,358
6,788
4,522
The increase in Other Payables is due to increase in the bonus accrual and amounts that were
due to subcontractors (on grants). 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
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
2024
2023
Current financial liabilities
437
\u2013
Warrants issued to Runway Growth
437
\u2013
Non-current financial liabilities
13,972
15,255
Innovation loan
\u2013
15,255
Runway Growth loan
13,972
\u2013
Total financial liabilities
14,409
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. This loan was
repaid in 2024 .
\n \n
2024
2023
Loan as per January 1
15,255
12,656
Loan amount received
\u2013
1,292
Interest accrued during the year
767
1,307
Loan amount repaid during the year
(16,022)
Net book value at December 31
\u2013
15,255
The loan carried interest at 10%.
Runway Growth Loan
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). The loan was
used to (i) repay all of the Company\u2019s outstanding debt, (ii) fund the Company\u2019s upcoming
commercial and clinical activities, and (iii) support for working capital and general corporate
purposes. The facility is divided into five individual credit tranches. The first initial credit
tranche of EUR 16.0 million was available upon signing of the Loan Agreement and was drawn
down immediately. Three subsequent credit tranches of EUR 14.0 million, up to EUR 5.0 million
and up to EUR 7.5 million will be available to be drawn by the Company until 31 March 2025
and 31 July 2026 respectively, in each case subject to the Company\u2019s achievement of certain
milestones under the Loan Agreement. The fifth credit tranche of up to EUR 10.0 million is
uncommitted and available in the first quarter of 2027 upon the sole discretion of the Lender.
The loan bears interest at a rate equal to Term Secured Overnight Financing Rate (SOFR) for
a three-month interest period (currently at 6.00% and subject to a 4.25% floor), plus a margin
of 6.50%. The loans advanced under the Loan Agreement is secured by a security interest in
substantially all of the assets of the ONWARD Medical, N.V. and its subsidiaries.
The loan documents provide for a number of affirmative and negative covenants by the
Company customary for financings of this type, including financial covenants relating to
revenue, earnings before interest taxes, depreciation and amortization (EBITDA) and minimum
liquidity targets. In December 2024, an amendment was agreed upon stipulating that, for 2025,
compliance with other covenants would not be required, provided the company maintains
the specified minimum cash-to-debt ratio.
As of the reporting date, the Company was in compliance with all covenants. Management
actively monitors covenant compliance to ensure ongoing adherence. The loan is classified
as non-current since earliest maturity date is 15 June 2028, provided that if the Extension
Milestone is satisfied, the maturity date shall automatically be extended to 15 June 2029.
The funds required for the repayment of the existing (RVO) loan, representing the first tranche,
were received on 2 July 2024, at which point the conditions for the recognition of the new loan
were satisfied. The RVO loan was also repaid on 2 July 2024. Certain Intellectual Property
(patents registered) have been pledged to Runway Growth in case of default of repayment
of the loan. These patents have not been capitalized as at 31 December 2024.
\n \n
2024
Loan opening balance
\u2013
Loan amount received
14,116
Tx cost amortisation
212
Interest accrued during the period
944
Interest paid
(861)
Warrants issued to Runway growth
(439)
Closing balance
13,972
Warrants issued to Runway Growth
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). In addition,
upon the signing of the debt financing the Company will issue to the Lender warrants which
will entitle the Lender to purchase ordinary shares in the capital of the Company at an exercise
price per newly issued share calculated on the basis of the lowest 30-day volume weighted
average price (VWAP) between 9 April 2024 and the signing of the debt financing. The number
of shares subject to the warrants are five percent (5.00%) of the drawn down principal amount
initially and upon each subsequent loan advance, divided by the exercise price of EUR 4.83.
Warrants may be exercised either by the warrant holder paying the total warrant price in cash
to the Company for the shares being purchased, or on a cashless basis, in which case the
Company will issue a number of shares based on the fair value of the warrants. The exercise
period is set at a period of ten (10) years from (and including) the date of expiry of the waiting
period, which is ninety (90) calendar days after the closing date. As the warrants can be
exercised 90 days after closing, the company does not have the right to defer the settlement
of the liability for at least twelve months after the reporting date. The Lender warrants is
therefore classified as current.
\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2024
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
The fair value of the awarded options was determined by applying a Binomial Option Pricing
Model that allows for exercising of the Lender Warrants before the end of the exercise period.
The Hull-White binomial formula 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.
The following parameters were used in the option model for the calculation of the fair value
of the warrants:
\n \n
2 Jul 2024
31 Dec 2024
Fair value on date of measurement (EUR)
2.65
2.64
Share price (EUR)
5.12
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
59.1%
61.2%
Vesting period in years
0.24
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.60%
2.40%
Time to expiration
10
9.7
\n \n
2024
Lender warrants issued
439
Fair value adjustment recognised in profit and loss
(2)
Closing balance
437
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 2024:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
Runway Growth loan
1,972
3,944
18,820
\u2013
24,736
Lease liability
633
527
\u2013
\u2013
1,160
Warrants issued to Runway Growth
437
\u2013
\u2013
\u2013
437
Trade payable
1,269
\u2013
\u2013
\u2013
1,269
Total
4,311
4,471
18,820
\u2013
27,602
As at 31 December 2023:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
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
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
Since the Company has only recorded two sales to date, trade receivables remain limited and
are not yet considered a significant risk. As a result, credit risk for the current year primarily
relates to cash, cash equivalents, and deposits held 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, Banque Cantonale Vaudoise (BCV) and JP Morgan Chase. 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
The Group is exposed to currency risk for the activities in the US (accounting in US dollars)
and Switzerland (accounting in Swiss francs), whereas the functional currency of the Group
is the Euro. The risk is currently managed by replenishing the US and Swiss bank accounts at
regular intervals to account for both the positive and negative changes. The Company does
not hedge currently its operational FX risk and its risk on outstanding balances denominated
in another currency than its functional currency.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk
of changes in market interest rates relates primarily to the Runway Growth long-term debt
obligation that bears interest at a rate equal to Term Secured Overnight Financing Rate
(SOFR) for a three-month interest period (currently at 6.00% and subject to a 4.25% floor),
plus a margin of 6.50%.
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
2024
Carrying
Estimated
Amount
Fair Value
Financial liabilities
Runway Growth loan (Level 2)
13,972
16,818
Lender Warrants (Level 3)
437
437
Total financial liabilities
14,409
17,255
\n \n
2023
Carrying
Estimated
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
15,255
15,460
Total financial liabilities
15,255
15,460
Management has assessed that the fair values of cash and cash equivalents, accounts
receivable and accounts payable 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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00202": { "value": "3.6 Cash and Cash Equivalents
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
2024
2023
Cash at bank
12,043
3,568
Short-term deposits
48,000
26,200
Cash and cash equivalents
60,043
29,768
Cash and cash equivalents
60,043
29,768
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.
As part of the loan agreement with Runway Growth Capital LLC, the Group has pledged
the majority of the bank and deposit accounts as collateral to secure its outstanding debt
obligations. This serves as security for compliance with the loan covenants outlined in the
agreement. In the event of a breach of these covenants, the lender may have the right to
enforce its security interest over these assets. Management actively monitors compliance
with all covenants to mitigate the risk of default.
As at 31 December 2024, there were no fixed term deposits for periods exceeding three months.
At 31 December 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00203": { "value": "3.7 Trade Payables
Trade payables and accrued expenses are non-interest bearing and are normally settled on
30-90 day terms. The decrease in trade payables to EUR 1,269k (2023: EUR 1,369k) is a direct
result of ARC
EX
launch related activities and the timing of settlement.
3.8 Other Payables
The other payables can be broken down as follows:
\n \n
2024
2023
Wage tax and social security
144
485
Grants received in advance
441
473
Bonus
3,095
1,243
Invoices to be received
1,194
538
Other
555
425
Grant-related payables
1,359
1,358
6,788
4,522
The increase in Other Payables is due to increase in the bonus accrual and amounts that were
due to subcontractors (on grants). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00204": { "value": "3.8 Other Payables
The other payables can be broken down as follows:
\n \n
2024
2023
Wage tax and social security
144
485
Grants received in advance
441
473
Bonus
3,095
1,243
Invoices to be received
1,194
538
Other
555
425
Grant-related payables
1,359
1,358
6,788
4,522
The increase in Other Payables is due to increase in the bonus accrual and amounts that were
due to subcontractors (on grants). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00271": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00206": { "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 18,000,000 (2023:
EUR 12,225,000) divided into 75,000,000 (2023: 50,937,500) Ordinary Shares and 75,000,000
(2023: 50,937,500) Preferred Shares with a nominal value of EUR 0.12 each.
In March 2024, the Company raised EUR 20 million (gross proceeds) by way of an accelerated
bookbuild offering and a public offering in France. A total of 4,444,444 new ordinary shares
were issued at the price of EUR 4.50 per share. Transaction costs of EUR 2,05 million was
recognised in Equity decreasing share premium.
In October 2024, the Company raised EUR 50 million (gross proceeds) in as part of a capital
raise. A total of 10,000,000 new ordinary shares were issued at the price of EUR 5 per share.
Transaction costs of EUR 3,69 million was recognised in Equity decreasing share premium.
At 31 December 2024, 44,628,834 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00205": { "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 18,000,000 (2023:
EUR 12,225,000) divided into 75,000,000 (2023: 50,937,500) Ordinary Shares and 75,000,000
(2023: 50,937,500) Preferred Shares with a nominal value of EUR 0.12 each.
In March 2024, the Company raised EUR 20 million (gross proceeds) by way of an accelerated
bookbuild offering and a public offering in France. A total of 4,444,444 new ordinary shares
were issued at the price of EUR 4.50 per share. Transaction costs of EUR 2,05 million was
recognised in Equity decreasing share premium.
In October 2024, the Company raised EUR 50 million (gross proceeds) in as part of a capital
raise. A total of 10,000,000 new ordinary shares were issued at the price of EUR 5 per share.
Transaction costs of EUR 3,69 million was recognised in Equity decreasing share premium.
At 31 December 2024, 44,628,834 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
Total Other
Translation
Compensation
Reserves
Differences
Reserve
Balance at 1 January 2023
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
Share-based payment expense: LTIP
\u2013
2,720
2,720
Reclassification of the fair value of forfeited options
\u2013
(873)
(873)
Currency translation differences
434
\u2013
434
Balance at 31 December 2024
598
6,171
6,770
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00207": { "value": "Other Reserves \n \n
Currency
Stock
Total Other
Translation
Compensation
Reserves
Differences
Reserve
Balance at 1 January 2023
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
Share-based payment expense: LTIP
\u2013
2,720
2,720
Reclassification of the fair value of forfeited options
\u2013
(873)
(873)
Currency translation differences
434
\u2013
434
Balance at 31 December 2024
598
6,171
6,770
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00273": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00208": { "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 2024. 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 2024.
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
2024
2023
Profit (loss) for the year, attributable to equity holders of the parent
(35,725)
(36,181)
Weighted-Average Number of Ordinary Shares
\n \n
2024
2023
Thousands
Thousands
Weighted average number of ordinary shares for basic EPS
44,629
30,184
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00336": { "value": "4.2 Financial Liabilities 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:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00335": { "value": "4.2 Financial Liabilities 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00329": { "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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00274": { "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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00212": { "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
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
2024
2023
Current financial liabilities
437
\u2013
Warrants issued to Runway Growth
437
\u2013
Non-current financial liabilities
13,972
15,255
Innovation loan
\u2013
15,255
Runway Growth loan
13,972
\u2013
Total financial liabilities
14,409
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. This loan was
repaid in 2024 .
\n \n
2024
2023
Loan as per January 1
15,255
12,656
Loan amount received
\u2013
1,292
Interest accrued during the year
767
1,307
Loan amount repaid during the year
(16,022)
Net book value at December 31
\u2013
15,255
The loan carried interest at 10%.
Runway Growth Loan
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). The loan was
used to (i) repay all of the Company\u2019s outstanding debt, (ii) fund the Company\u2019s upcoming
commercial and clinical activities, and (iii) support for working capital and general corporate
purposes. The facility is divided into five individual credit tranches. The first initial credit
tranche of EUR 16.0 million was available upon signing of the Loan Agreement and was drawn
down immediately. Three subsequent credit tranches of EUR 14.0 million, up to EUR 5.0 million
and up to EUR 7.5 million will be available to be drawn by the Company until 31 March 2025
and 31 July 2026 respectively, in each case subject to the Company\u2019s achievement of certain
milestones under the Loan Agreement. The fifth credit tranche of up to EUR 10.0 million is
uncommitted and available in the first quarter of 2027 upon the sole discretion of the Lender.
The loan bears interest at a rate equal to Term Secured Overnight Financing Rate (SOFR) for
a three-month interest period (currently at 6.00% and subject to a 4.25% floor), plus a margin
of 6.50%. The loans advanced under the Loan Agreement is secured by a security interest in
substantially all of the assets of the ONWARD Medical, N.V. and its subsidiaries.
The loan documents provide for a number of affirmative and negative covenants by the
Company customary for financings of this type, including financial covenants relating to
revenue, earnings before interest taxes, depreciation and amortization (EBITDA) and minimum
liquidity targets. In December 2024, an amendment was agreed upon stipulating that, for 2025,
compliance with other covenants would not be required, provided the company maintains
the specified minimum cash-to-debt ratio.
As of the reporting date, the Company was in compliance with all covenants. Management
actively monitors covenant compliance to ensure ongoing adherence. The loan is classified
as non-current since earliest maturity date is 15 June 2028, provided that if the Extension
Milestone is satisfied, the maturity date shall automatically be extended to 15 June 2029.
The funds required for the repayment of the existing (RVO) loan, representing the first tranche,
were received on 2 July 2024, at which point the conditions for the recognition of the new loan
were satisfied. The RVO loan was also repaid on 2 July 2024. Certain Intellectual Property
(patents registered) have been pledged to Runway Growth in case of default of repayment
of the loan. These patents have not been capitalized as at 31 December 2024.
\n \n
2024
Loan opening balance
\u2013
Loan amount received
14,116
Tx cost amortisation
212
Interest accrued during the period
944
Interest paid
(861)
Warrants issued to Runway growth
(439)
Closing balance
13,972
Warrants issued to Runway Growth
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). In addition,
upon the signing of the debt financing the Company will issue to the Lender warrants which
will entitle the Lender to purchase ordinary shares in the capital of the Company at an exercise
price per newly issued share calculated on the basis of the lowest 30-day volume weighted
average price (VWAP) between 9 April 2024 and the signing of the debt financing. The number
of shares subject to the warrants are five percent (5.00%) of the drawn down principal amount
initially and upon each subsequent loan advance, divided by the exercise price of EUR 4.83.
Warrants may be exercised either by the warrant holder paying the total warrant price in cash
to the Company for the shares being purchased, or on a cashless basis, in which case the
Company will issue a number of shares based on the fair value of the warrants. The exercise
period is set at a period of ten (10) years from (and including) the date of expiry of the waiting
period, which is ninety (90) calendar days after the closing date. As the warrants can be
exercised 90 days after closing, the company does not have the right to defer the settlement
of the liability for at least twelve months after the reporting date. The Lender warrants is
therefore classified as current.
\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2024
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
The fair value of the awarded options was determined by applying a Binomial Option Pricing
Model that allows for exercising of the Lender Warrants before the end of the exercise period.
The Hull-White binomial formula 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.
The following parameters were used in the option model for the calculation of the fair value
of the warrants:
\n \n
2 Jul 2024
31 Dec 2024
Fair value on date of measurement (EUR)
2.65
2.64
Share price (EUR)
5.12
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
59.1%
61.2%
Vesting period in years
0.24
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.60%
2.40%
Time to expiration
10
9.7
\n \n
2024
Lender warrants issued
439
Fair value adjustment recognised in profit and loss
(2)
Closing balance
437
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00306": { "value": "Financial liabilities at fair value through profit or loss
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00233": { "value": "Warrants issued to Runway Growth
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). In addition,
upon the signing of the debt financing the Company will issue to the Lender warrants which
will entitle the Lender to purchase ordinary shares in the capital of the Company at an exercise
price per newly issued share calculated on the basis of the lowest 30-day volume weighted
average price (VWAP) between 9 April 2024 and the signing of the debt financing. The number
of shares subject to the warrants are five percent (5.00%) of the drawn down principal amount
initially and upon each subsequent loan advance, divided by the exercise price of EUR 4.83.
Warrants may be exercised either by the warrant holder paying the total warrant price in cash
to the Company for the shares being purchased, or on a cashless basis, in which case the
Company will issue a number of shares based on the fair value of the warrants. The exercise
period is set at a period of ten (10) years from (and including) the date of expiry of the waiting
period, which is ninety (90) calendar days after the closing date. As the warrants can be
exercised 90 days after closing, the company does not have the right to defer the settlement
of the liability for at least twelve months after the reporting date. The Lender warrants is
therefore classified as current.
\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2024
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
The fair value of the awarded options was determined by applying a Binomial Option Pricing
Model that allows for exercising of the Lender Warrants before the end of the exercise period.
The Hull-White binomial formula 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.
The following parameters were used in the option model for the calculation of the fair value
of the warrants:
\n \n
2 Jul 2024
31 Dec 2024
Fair value on date of measurement (EUR)
2.65
2.64
Share price (EUR)
5.12
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
59.1%
61.2%
Vesting period in years
0.24
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.60%
2.40%
Time to expiration
10
9.7
\n \n
2024
Lender warrants issued
439
Fair value adjustment recognised in profit and loss
(2)
Closing balance
437
5.1 Commitments & ContingenciesGuarantees
The Group has provided a guarantee to Wincasa for EUR 302k 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00210": { "value": "Warrants issued to Runway Growth
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). In addition,
upon the signing of the debt financing the Company will issue to the Lender warrants which
will entitle the Lender to purchase ordinary shares in the capital of the Company at an exercise
price per newly issued share calculated on the basis of the lowest 30-day volume weighted
average price (VWAP) between 9 April 2024 and the signing of the debt financing. The number
of shares subject to the warrants are five percent (5.00%) of the drawn down principal amount
initially and upon each subsequent loan advance, divided by the exercise price of EUR 4.83.
Warrants may be exercised either by the warrant holder paying the total warrant price in cash
to the Company for the shares being purchased, or on a cashless basis, in which case the
Company will issue a number of shares based on the fair value of the warrants. The exercise
period is set at a period of ten (10) years from (and including) the date of expiry of the waiting
period, which is ninety (90) calendar days after the closing date. As the warrants can be
exercised 90 days after closing, the company does not have the right to defer the settlement
of the liability for at least twelve months after the reporting date. The Lender warrants is
therefore classified as current.
\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2024
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
The fair value of the awarded options was determined by applying a Binomial Option Pricing
Model that allows for exercising of the Lender Warrants before the end of the exercise period.
The Hull-White binomial formula 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.
The following parameters were used in the option model for the calculation of the fair value
of the warrants:
\n \n
2 Jul 2024
31 Dec 2024
Fair value on date of measurement (EUR)
2.65
2.64
Share price (EUR)
5.12
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
59.1%
61.2%
Vesting period in years
0.24
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.60%
2.40%
Time to expiration
10
9.7
\n \n
2024
Lender warrants issued
439
Fair value adjustment recognised in profit and loss
(2)
Closing balance
437
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00211": { "value": "Warrants issued to Runway Growth
On 28 June 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD
Medical S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan
Agreement\u201d) with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). In addition,
upon the signing of the debt financing the Company will issue to the Lender warrants which
will entitle the Lender to purchase ordinary shares in the capital of the Company at an exercise
price per newly issued share calculated on the basis of the lowest 30-day volume weighted
average price (VWAP) between 9 April 2024 and the signing of the debt financing. The number
of shares subject to the warrants are five percent (5.00%) of the drawn down principal amount
initially and upon each subsequent loan advance, divided by the exercise price of EUR 4.83.
Warrants may be exercised either by the warrant holder paying the total warrant price in cash
to the Company for the shares being purchased, or on a cashless basis, in which case the
Company will issue a number of shares based on the fair value of the warrants. The exercise
period is set at a period of ten (10) years from (and including) the date of expiry of the waiting
period, which is ninety (90) calendar days after the closing date. As the warrants can be
exercised 90 days after closing, the company does not have the right to defer the settlement
of the liability for at least twelve months after the reporting date. The Lender warrants is
therefore classified as current.
\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2024
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
The fair value of the awarded options was determined by applying a Binomial Option Pricing
Model that allows for exercising of the Lender Warrants before the end of the exercise period.
The Hull-White binomial formula 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.
The following parameters were used in the option model for the calculation of the fair value
of the warrants:
\n \n
2 Jul 2024
31 Dec 2024
Fair value on date of measurement (EUR)
2.65
2.64
Share price (EUR)
5.12
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
59.1%
61.2%
Vesting period in years
0.24
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.60%
2.40%
Time to expiration
10
9.7
\n \n
2024
Lender warrants issued
439
Fair value adjustment recognised in profit and loss
(2)
Closing balance
437
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00216": { "value": "4.3 Financial Risk Management Objectives & PoliciesCredit Risk
Since the Company has only recorded two sales to date, trade receivables remain limited and
are not yet considered a significant risk. As a result, credit risk for the current year primarily
relates to cash, cash equivalents, and deposits held 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, Banque Cantonale Vaudoise (BCV) and JP Morgan Chase. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00215": { "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
The Group is exposed to currency risk for the activities in the US (accounting in US dollars)
and Switzerland (accounting in Swiss francs), whereas the functional currency of the Group
is the Euro. The risk is currently managed by replenishing the US and Swiss bank accounts at
regular intervals to account for both the positive and negative changes. The Company does
not hedge currently its operational FX risk and its risk on outstanding balances denominated
in another currency than its functional currency.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk
of changes in market interest rates relates primarily to the Runway Growth long-term debt
obligation that bears interest at a rate equal to Term Secured Overnight Financing Rate
(SOFR) for a three-month interest period (currently at 6.00% and subject to a 4.25% floor),
plus a margin of 6.50%.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00214": { "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 2024:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
Runway Growth loan
1,972
3,944
18,820
\u2013
24,736
Lease liability
633
527
\u2013
\u2013
1,160
Warrants issued to Runway Growth
437
\u2013
\u2013
\u2013
437
Trade payable
1,269
\u2013
\u2013
\u2013
1,269
Total
4,311
4,471
18,820
\u2013
27,602
As at 31 December 2023:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00213": { "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 2024:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
Runway Growth loan
1,972
3,944
18,820
\u2013
24,736
Lease liability
633
527
\u2013
\u2013
1,160
Warrants issued to Runway Growth
437
\u2013
\u2013
\u2013
437
Trade payable
1,269
\u2013
\u2013
\u2013
1,269
Total
4,311
4,471
18,820
\u2013
27,602
As at 31 December 2023:
\n \n
Less than
1-3 Years
3-5 Years
More than
Total
1 Year
5 Years
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
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
Since the Company has only recorded two sales to date, trade receivables remain limited and
are not yet considered a significant risk. As a result, credit risk for the current year primarily
relates to cash, cash equivalents, and deposits held 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, Banque Cantonale Vaudoise (BCV) and JP Morgan Chase. 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
The Group is exposed to currency risk for the activities in the US (accounting in US dollars)
and Switzerland (accounting in Swiss francs), whereas the functional currency of the Group
is the Euro. The risk is currently managed by replenishing the US and Swiss bank accounts at
regular intervals to account for both the positive and negative changes. The Company does
not hedge currently its operational FX risk and its risk on outstanding balances denominated
in another currency than its functional currency.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk
of changes in market interest rates relates primarily to the Runway Growth long-term debt
obligation that bears interest at a rate equal to Term Secured Overnight Financing Rate
(SOFR) for a three-month interest period (currently at 6.00% and subject to a 4.25% floor),
plus a margin of 6.50%.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00217": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00358": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00219": { "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
2024
Carrying
Estimated
Amount
Fair Value
Financial liabilities
Runway Growth loan (Level 2)
13,972
16,818
Lender Warrants (Level 3)
437
437
Total financial liabilities
14,409
17,255
\n \n
2023
Carrying
Estimated
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
15,255
15,460
Total financial liabilities
15,255
15,460
Management has assessed that the fair values of cash and cash equivalents, accounts
receivable and accounts payable 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 the Runway Growth loan (2023: 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 any levels
for either financial assets or financial liabilities. The Lender Warrants issued in 2024
are
considered to be level 3 in the fair value hierarchy.
The significant unobservable inputs used in the fair value measurement of the Lender
Warrants, categorized within level 3, together with a quantitative sensitivity analysis at 31
December 2024 is shown below. Any movement in the fair value of the Lender Warrants will
be recognized in profit and loss. Please refer to Note 4.2 for the detailed description of the
methodology applied for the fair value measurement of the Lender Warrants.
Please refer to Note 4.2 for the detailed description of the methodology applied for the fair
value measurement of the Lender Warrants
For the sensitivity analysis the exercise multiple is adjusted by steps of 0.2, and for the
volatility sensitivity we applied a range of 50.0% to 68.4%. The impact in profit and loss can
vary from a gain of EUR 44k to a loss of EUR 35k.
Volatility
Exercise Multiple
50.0%
61.2%
68.4%
2.0
393
418
429
2.2
421
437*
451
2.4
443
470
472
* This is the fair value of the Lender Warrants as recognized at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00218": { "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
2024
Carrying
Estimated
Amount
Fair Value
Financial liabilities
Runway Growth loan (Level 2)
13,972
16,818
Lender Warrants (Level 3)
437
437
Total financial liabilities
14,409
17,255
\n \n
2023
Carrying
Estimated
Amount
Fair Value
Financial liabilities
Innovation credit loan (Level 2)
15,255
15,460
Total financial liabilities
15,255
15,460
Management has assessed that the fair values of cash and cash equivalents, accounts
receivable and accounts payable 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 the Runway Growth loan (2023: 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 any levels
for either financial assets or financial liabilities. The Lender Warrants issued in 2024
are
considered to be level 3 in the fair value hierarchy.
The significant unobservable inputs used in the fair value measurement of the Lender
Warrants, categorized within level 3, together with a quantitative sensitivity analysis at 31
December 2024 is shown below. Any movement in the fair value of the Lender Warrants will
be recognized in profit and loss. Please refer to Note 4.2 for the detailed description of the
methodology applied for the fair value measurement of the Lender Warrants.
Please refer to Note 4.2 for the detailed description of the methodology applied for the fair
value measurement of the Lender Warrants
For the sensitivity analysis the exercise multiple is adjusted by steps of 0.2, and for the
volatility sensitivity we applied a range of 50.0% to 68.4%. The impact in profit and loss can
vary from a gain of EUR 44k to a loss of EUR 35k.
Volatility
Exercise Multiple
50.0%
61.2%
68.4%
2.0
393
418
429
2.2
421
437*
451
2.4
443
470
472
* This is the fair value of the Lender Warrants as recognized at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00223": { "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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00220": { "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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00224": { "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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00226": { "value": "4.5 Financial Income & ExpenseAccounting 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00225": { "value": "4.5 Financial Income & ExpenseAccounting 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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00222": { "value": "4.5 Financial Income & ExpenseAccounting 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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00360": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00359": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00221": { "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.
2024
2023
Interest income from deposits
791
972
Interest on loans
(1,923)
(1,307)
Interest post-employment benefits
(18)
\u2013
Interest banks
\u2013
\u2013
Interest on lease liabilities
(56)
(69)
Exchange losses
372
(190)
Bank charges
(20)
(17)
Fair value adjustment of Lender Warrants
2
\u2013
Transaction costs on lender warrants
(51)
\u2013
Net Finance expense
(903)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00227": { "value": "4.5 Financial Income & ExpenseAccounting 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:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00229": { "value": "5.1 Commitments & Contingencies
Legal Claim Contingencies
As at 31 December 2024, the Group had no legal claim contingencies
Guarantees
The Group has provided a guarantee to Wincasa for EUR 302k 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. For the milestones triggered by the FDA clearance received on 19 December
2024, accruals are included in Note 3.8 Other Payables (Invoices to be received) for an amount
of EUR 18k.
On 8 October 2019, Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
into a license agreement with the California Institute of Technology (\u201cCaltech\u201d), 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 certification, and/or first commercial sale.
For the milestones triggered
by the FDA clearance received on 19 December 2024, accruals are included in Note 3.8 Other
Payables (Invoices to be received) for an amount of EUR 185k. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00230": { "value": "Legal Claim Contingencies As at 31 December 2024, the Group had no legal claim contingencies ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00232": { "value": "Guarantees
The Group has provided a guarantee to Wincasa for EUR 302k 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. For the milestones triggered by the FDA clearance received on 19 December
2024, accruals are included in Note 3.8 Other Payables (Invoices to be received) for an amount
of EUR 18k.
On 8 October 2019, Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
into a license agreement with the California Institute of Technology (\u201cCaltech\u201d), 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 certification, and/or first commercial sale.
For the milestones triggered
by the FDA clearance received on 19 December 2024, accruals are included in Note 3.8 Other
Payables (Invoices to be received) for an amount of EUR 185k. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00235": { "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
and other
premiums
(short-term
(post-
Share-
employee
employment
based
2024
benefits)
benefits)
payment
Total
Management Team, excluding CEO
2,311
77
618
3,00
6
CEO
1,211
72
757
2,040
Non-Executive Directors
691
\u2013
352
1,043
4,213
149
1,727
6,089
\n \n
Salary,
Bonuses
Pension
& Other
Premiums
(Short-Term
(Post-
Share-
Employee
Employment
Based
2023
Benefits)
Eenefits)
Payment
Total
Management Team, excluding CEO
2,827
98
643
3,568
CEO
703
64
916
1,683
Non-Executive Directors
445
\u2013
441
886
3,975
162
2,000
6,137
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00236": { "value": "5.3 Events After the Reporting Period There were no significant events after the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }