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"ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00353": { "value": "5741000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00372": { "value": "47346000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00373": { "value": "62560000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00138": { "value": "60043000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00137": { "value": "29768000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00139": { "value": "220000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00140": { "value": "-372000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00142": { "value": "7847000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00141": { "value": "30647000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00144": { "value": "68110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00143": { "value": "60043000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00156": { "value": "1. General Information & Basis of Preparation
1.0 Corporate Information
General
Onward Medical N.V. (\u201cONWARD\u201d) is a public limited company under Dutch law (naamloze
vennootschap). The registered office is located at Schimmelt 2, Eindhoven, the Netherlands.
ONWARD is registered in the Commercial Register of the Chamber of Commerce under
number 64598748.
ONWARD and its subsidiaries (the \u201cGroup\u201d) are developing and commercializing innovative
therapies to enable functional recovery for people with Spinal Cord Injury (\u201cSCI\u201d). The
Company\u2019s technology platforms are based on ONWARDARC 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 2025 have been prepared by the
Board of Directors and were authorized for issue on 30 March 2026. The financial statements
will be submitted for adoption to the 2026 Annual General Meeting.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00147": { "value": "Onward Medical N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00153": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00148": { "value": "Schimmelt 2, Eindhoven, the Netherlands.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00149": { "value": "Schimmelt 2, Eindhoven, the Netherlands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00152": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00150": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00151": { "value": "ONWARD and its subsidiaries (the \u201cGroup\u201d) are developing and commercializing innovative therapies to enable functional recovery for people with Spinal Cord Injury (\u201cSCI\u201d). The Company\u2019s technology platforms are based on ONWARDARC 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00157": { "value": "The financial statements for the year ended 31 December 2025 have been prepared by the
Board of Directors and were authorized for issue on 30 March 2026. The financial statements
will be submitted for adoption to the 2026 Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
\u00a0
Salary,
\u00a0 \u00a0 \u00a0
\u00a0
bonuses
Pension
\u00a0 \u00a0
\u00a0
and other
premiums
\u00a0 \u00a0
\u00a0
(short-term
(post-
Share-
\u00a0
\u00a0
employee
employment
based
\u00a0
2025
benefits)
benefits)
payment
Total
Management Team, excluding CEO
2,850
151
499
3,500
CEO
938
117
824
1,879
Non-Executive Directors
534
\u2013
227
761
\u00a0
4,322
268
1,550
6,140
\u00a0
Salary,
\u00a0 \u00a0 \u00a0
\u00a0
bonuses
Pension
\u00a0 \u00a0
\u00a0
and other
premiums
\u00a0 \u00a0
\u00a0
(short-term
(post-
Share-
\u00a0
\u00a0
employee
employment
based
\u00a0
2024
benefits)
benefits)
payment
Total
Management Team, excluding CEO
2,311
77
618
3,007
CEO
1,211
72
757
2,040
Non-Executive Directors
691
\u2013
352
1,043
\u00a0
4,213
149
1,727
6,089
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00158": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00160": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00162": { "value": "1.3 Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Group and
its subsidiaries as at 31 December 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00164": { "value": "1.4 Going Concern
In preparing the consolidated financial statements for the year ended 31 December 2025,
management evaluated the Company\u2019s ability to continue as a going concern by reviewing
projected cash flows for at least the twelve months following the approval of the financial
statements. These projections reflect planned investments in research and development,
ongoing and planned clinical programs, commercial activities, regulatory activities, and the
servicing of existing financial obligations.
As of 31 December 2025, the Company held cash and cash equivalents of EUR 68 million and
had incurred cumulative losses of EUR 223 million since inception. Based on current forecasts
and planned expenditures, management expects that existing cash resources will support
the Company\u2019s operations for a significant portion of the twelve-month assessment period
but are not expected to be sufficient to fund operations for the full twelve months following
approval of the financial statements without additional measures. However, this outlook is
dependent on a number of assumptions and is subject to material uncertainty.
During 2025 and subsequent to the reporting date, the Company achieved important
operational milestones, including continued commercial progress of the ARC
EX
System and the
receipt of additional regulatory approvals, which expand the potential addressable market.
Notwithstanding this progress, the Company remains in the early stages of commercialization,
and there is limited historical data available to support revenue forecasts. As a result, actual
revenues and the timing of cash inflows may differ from current expectations.
The Company is also subject to risks associated with its financing arrangements. The Company
has an outstanding loan facility with Runway Growth that includes minimum quarterly revenue
and EBITDA performance thresholds. Based on current forecasts, a potential covenant
breach is anticipated towards the end of the third quarter of 2026 if no amendments to the
covenant terms are agreed. The Company has previously obtained two amendments to the
covenant terms under this facility and has initiated discussions with Runway Growth regarding
a potential further amendment and/or extension. As of the reporting date, the Company
remains in compliance with all covenants. In the event of a covenant breach, Runway Growth
would have the right, but not the obligation, to declare the loan immediately due and payable,
subject to a contractual cure period of 30 days. Management recognizes that future operating
performance, liquidity levels, or broader market conditions could affect the Company\u2019s
ability to maintain compliance with covenant requirements. Based on the Company\u2019s prior
experience of obtaining covenant amendments and the constructive discussions currently
underway with the lender, management considers it reasonable to expect that an appropriate
solution can be agreed before any potential covenant breach occurs.
To address these uncertainties, management has identified a range of mitigating actions
within its control. These include the ability to manage and reduce cash outflows through
disciplined cost control, reprioritization or deferral of certain research, clinical, or commercial
activities, and adjustments to the timing of hiring and other discretionary expenditures. In
particular, expenditures related to the ARC
IM
program and ongoing ARC
EX
development
can be actively managed and adjusted as part of the Company\u2019s cost-control measures,
which would not be in the Company\u2019s long-term interest. In addition, management continues
to evaluate financing options to support the Company\u2019s strategic plans and longer-term
liquidity requirements, including the potential to attract additional equity or debt financing.
Management also continues to focus on accelerating commercial adoption of the ARC
EX
System to increase revenue and associated cash inflows. These actions are supported by the
Company\u2019s demonstrated ability to manage expenditures and secure funding when required.
Notwithstanding these mitigating actions, the combination of uncertainty surrounding future
cash inflows, the potential for a future covenant breach under the Runway Growth loan facility,
and the current expectation that existing cash resources alone may not be sufficient to fund
operations for the full twelve months following approval of the financial statements gives
rise to a material uncertainty that may cast significant doubt on the Company\u2019s ability to
continue as a going concern.
Nevertheless, taking into account the Company\u2019s cash position at year end, planned mitigating
actions, and management\u2019s assessment of available options, the consolidated financial
statements have been prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00163": { "value": "1.4 Going Concern
In preparing the consolidated financial statements for the year ended 31 December 2025,
management evaluated the Company\u2019s ability to continue as a going concern by reviewing
projected cash flows for at least the twelve months following the approval of the financial
statements. These projections reflect planned investments in research and development,
ongoing and planned clinical programs, commercial activities, regulatory activities, and the
servicing of existing financial obligations.
As of 31 December 2025, the Company held cash and cash equivalents of EUR 68 million and
had incurred cumulative losses of EUR 223 million since inception. Based on current forecasts
and planned expenditures, management expects that existing cash resources will support
the Company\u2019s operations for a significant portion of the twelve-month assessment period
but are not expected to be sufficient to fund operations for the full twelve months following
approval of the financial statements without additional measures. However, this outlook is
dependent on a number of assumptions and is subject to material uncertainty.
During 2025 and subsequent to the reporting date, the Company achieved important
operational milestones, including continued commercial progress of the ARC
EX
System and the
receipt of additional regulatory approvals, which expand the potential addressable market.
Notwithstanding this progress, the Company remains in the early stages of commercialization,
and there is limited historical data available to support revenue forecasts. As a result, actual
revenues and the timing of cash inflows may differ from current expectations.
The Company is also subject to risks associated with its financing arrangements. The Company
has an outstanding loan facility with Runway Growth that includes minimum quarterly revenue
and EBITDA performance thresholds. Based on current forecasts, a potential covenant
breach is anticipated towards the end of the third quarter of 2026 if no amendments to the
covenant terms are agreed. The Company has previously obtained two amendments to the
covenant terms under this facility and has initiated discussions with Runway Growth regarding
a potential further amendment and/or extension. As of the reporting date, the Company
remains in compliance with all covenants. In the event of a covenant breach, Runway Growth
would have the right, but not the obligation, to declare the loan immediately due and payable,
subject to a contractual cure period of 30 days. Management recognizes that future operating
performance, liquidity levels, or broader market conditions could affect the Company\u2019s
ability to maintain compliance with covenant requirements. Based on the Company\u2019s prior
experience of obtaining covenant amendments and the constructive discussions currently
underway with the lender, management considers it reasonable to expect that an appropriate
solution can be agreed before any potential covenant breach occurs.
To address these uncertainties, management has identified a range of mitigating actions
within its control. These include the ability to manage and reduce cash outflows through
disciplined cost control, reprioritization or deferral of certain research, clinical, or commercial
activities, and adjustments to the timing of hiring and other discretionary expenditures. In
particular, expenditures related to the ARC
IM
program and ongoing ARC
EX
development
can be actively managed and adjusted as part of the Company\u2019s cost-control measures,
which would not be in the Company\u2019s long-term interest. In addition, management continues
to evaluate financing options to support the Company\u2019s strategic plans and longer-term
liquidity requirements, including the potential to attract additional equity or debt financing.
Management also continues to focus on accelerating commercial adoption of the ARC
EX
System to increase revenue and associated cash inflows. These actions are supported by the
Company\u2019s demonstrated ability to manage expenditures and secure funding when required.
Notwithstanding these mitigating actions, the combination of uncertainty surrounding future
cash inflows, the potential for a future covenant breach under the Runway Growth loan facility,
and the current expectation that existing cash resources alone may not be sufficient to fund
operations for the full twelve months following approval of the financial statements gives
rise to a material uncertainty that may cast significant doubt on the Company\u2019s ability to
continue as a going concern.
Nevertheless, taking into account the Company\u2019s cash position at year end, planned mitigating
actions, and management\u2019s assessment of available options, the consolidated financial
statements have been prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00165": { "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 and 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 measured at fair
value are recognized in the same line as the related fair value gains or losses, either in other
comprehensive income or in profit or loss).
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:
Sale of ARC
EX
Medical Devices
ONWARD Medical recognises revenue in accordance with IFRS 15 when control of the ARC
EX
medical device is transferred to the customer, at an amount that reflects the consideration
to which the Group expects to be entitled.
Nature of the Arrangement
Contracts with customers consist primarily of the sale of the ARC
EX
system. The Group has
concluded that it acts as principal, as it controls the device prior to transfer to the customer.
The accompanying software is required for the device to function as intended and is provided
as an integral component of the system under a perpetual end-user licence, with no separate
pricing or ongoing service obligation.
Performance Obligations
The sale of the ARC
EX
system represents a single performance obligation, comprising the
hardware and embedded/permitted software necessary to operate the device. No separate
performance obligations are identified, as:
\u2022
the software is not sold separately and cannot be used independently of the device, and
\u2022
standard warranties provided are assurance-type warranties only and do not constitute
a distinct service.
Timing of Revenue Recognition
Revenue primarily consists of the sale of ARC
EX
systems under contractually agreed terms
and conditions. Depending on the contract, the Company obtains a right to payment upon
shipment or delivery of the systems, with payment terms typically ranging from 30 to 90 days.
Revenue is recognised at a point in time when control of the system transfers to the customer,
which generally occurs upon shipment from the Company\u2019s facility. While the transfer of risks
and rewards is not the only criterion, it is typically the main indicator of control and generally
coincides with the transfer of legal title, risk of loss and the customer\u2019s obligation to pay in
accordance with the contract.
Variable Consideration, returns and volume rebates
Contracts include limited rights of return, subject to strict conditions. The Group assesses
expected returns at contract inception and recognises variable consideration only to the
extent that it is highly probable that a significant revenue reversal will not occur. Where
applicable, a refund liability and corresponding right-of-return asset are recognised.
Certain customer contracts include volume-based rebates or sales incentives that depend
on achieving specified purchase or performance thresholds. These arrangements give rise
to variable consideration, which the Group estimates based on the expected or most likely
outcome and includes in revenue only to the extent that it is highly probable that a significant
reversal will not occur. Revenue is recognised net of estimated rebates or incentives, with a
corresponding refund liability recorded for amounts expected to be payable to customers.
Sales incentives that are earned based on performance in one period but applied to future
purchases are recognised as a reduction of revenue when the related performance conditions
are met.
Significant financing component
The Group applies the practical expedient for short-term advances received from customers.
That is, the promised amount of consideration is not adjusted for the effects of a significant
financing component if the period between the transfer of the promised good or service and
the payment is one year or less.
Warranties
The ARC
EX
system is subject to a standard limited warranty covering defects in materials
and workmanship. This warranty provides assurance that the product complies with agreed
specifications and does not represent a separate performance obligation. Expected warranty
costs will be accounted for separately as a provision in accordance with IAS 37. No warranty
claims were reported in 2025, and no provision has been recognised, as there is no historical
claims experience indicating material warranty obligations.
Government subsidies and grant income
Government subsidies and grant income are recognized where there is reasonable assurance
that the amount will be received, and all attached conditions will be complied with. When the
subsidy or grant 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 or grants are recorded as grants
receivable. The government subsidies and grants 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 generated2.7 Employee Benefit Expenses
Accounting policy:
\n
Short-term employee benefits
\n
Short-term employee benefits include salaries and social security contributions, social
\n
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
\n
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.
\n
Post-employment benefits
\n
Group companies operate various pension schemes. The schemes are funded through
\n
payments to insurance companies or trustee-administered funds, determined by periodic
\n
actuarial calculations. The Group has both defined benefit and defined contribution plans.
\n
Defined contribution plan
\n
A defined contribution plan is a pension plan under which the Group pays fixed contributions
\n
into a separate entity. The Group has no legal or constructive obligations to pay further
\n
contributions if the fund does not hold sufficient assets to pay all benefits to employees
\n
relating to employee services in the current and prior periods. For defined contribution plans,
\n
the Group pays contributions to publicly or privately administered pension insurance plans on
\n
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.2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\nat the date of modification.2.9 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
\n
can be utilized, except:
\n
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\n
from the initial recognition of an asset or liability in a transaction that is not a business
\n
combination and, at the time of the transaction, affects neither the accounting profit nor
\n
taxable profit or loss
\n
\u2022
In respect of deductible temporary differences associated with investments in subsidiaries,
\n
associates and interests in joint ventures, deferred tax assets are recognized only to the
\n
extent that it is probable that the temporary differences will reverse in the foreseeable
\n
future and taxable profit will be available against which the temporary differences can
\n
be utilized
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
\n
to the extent that it is no longer probable that sufficient taxable profit will be available to
\n
allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets
\n
are reassessed at each reporting date and are recognized to the extent that it has become
\n
probable that future taxable profits will allow the deferred tax asset to be recovered.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
\n
in the year when the asset is realized or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the reporting date. 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.Capitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. 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
\n
depreciation and accumulated impairment losses, if any. Such costs includes the cost
\n
of replacing part of the property, plant, and equipment and borrowing costs for long-term
\n
construction projects if the recognition criteria are met. When significant parts of property,
\n
plant and equipment are required to be replaced at intervals, the Group recognizes such parts
\n
as individual assets with specific useful lives and depreciates them accordingly. Likewise,
\n
when a major inspection is performed, its cost is recognized in the carrying amount of the
\n
plant and equipment as a replacement if the recognition criteria are satisfied. All other repair
\n
and maintenance costs are recognized in profit or loss as incurred.
\n\n\n\n\n\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
\n
as follows:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\n
The useful life of leasehold improvements is the same or less than the lease term.
\n
An item of property, plant, and equipment and any significant part initially recognized is
\n
derecognized upon disposal or when no future economic benefits are expected from its use or
\n
disposal. Any gain or loss arising from derecognition of the asset (calculated as the difference
\n
between the net disposal proceeds and the carrying amount of the asset) is included in the
\n
income statement when the asset is derecognized.
\n
The residual values, useful lives, and methods of depreciation of property, plant, and equipment
\nare 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 and 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
\n
of the ARC
\n
EX
\n
System. Inventories are valued at the lower of cost and net realizable value. Costs
\n
incurred in bringing each product to its present location and condition are accounted for as
\n
follows: cost of direct materials and labor and a proportion of manufacturing overheads based
\n
on the normal operating capacity, excluding borrowing costs. The cost is assigned using the
\n
FIFO (\u201cfirst-in-first-out\u201d) method. Net realizable value is the estimated selling price in the
\n
ordinary course of business, less estimated costs of completion and the estimated costs
\nnecessary to make the sale.3.7 Cash and Cash Equivalents
Accounting policy:
Cash and short-term deposits in the statement of financial position
\n
comprise cash at banks and on hand, and short-term deposits with a maturity of three
\n
months or less, that are readily convertible to a known amount of cash and subject to an
\n
insignificant risk of change in value.
\n
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
\n
consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts,
\nas 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
\n
to ordinary equity holders of the parent by the weighted average number of Ordinary shares
\n
outstanding during the year.
\n
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the
\n
parent (after adjusting for interest on the convertible Preference shares) by the weighted
\n
average number of Ordinary shares outstanding during the year plus the weighted average
\n
number of Ordinary shares that would be issued on conversion of all the dilutive potential
\nOrdinary shares into Ordinary shares. 4.2 Financial Liabilities
Accounting policy:
\n
Financial instruments \u2013 initial recognition and subsequent measurement
\n
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\n
provisions of the instrument.
\n
Financial Liabilities
\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
\n
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
\n
instruments in an effective hedge, as appropriate. A financial liability is classified as FVPL
\n
if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
\n
recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses,
\n
including any interest expense, are recognized in profit or loss. Other financial liabilities
\n
are subsequently measured at amortized cost using the effective interest method. Interest
\n
expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or
\n
loss on derecognition is also recognized in profit or loss
\n
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
\n
amortized cost , net of directly attributable transaction costs.
\n
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
Financial liabilities at fair value through profit and loss
\n
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL)
\n
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\n
The Group has not designated any financial liability as at fair value through profit or loss.
\n
Financial liabilities at amortized cost
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans
\n
and borrowings are subsequently measured at amortized cost using the effective interest
\n
rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the liabilities
\n
are derecognized, as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition
\n
and fees or costs that are an integral part of the EIR. The EIR amortization is included as
\n
finance costs in the statement of profit or loss.
\n
Derecognition
\n
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\n
carrying amounts is recognized in the statement of profit or loss.
\n
Offsetting of financial instruments
\n
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
offset the recognized amounts and there is an intention to settle on a net basis, to realize the
\nassets 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
\n
are funded through payments to insurance companies or trustee-administered funds,
\n
determined by periodic actuarial calculations. The Group has both defined benefit and
\n
defined contribution plans.
\n
Defined benefit plan
\n
The Group operates a defined benefit pension plan in Switzerland, which requires contributions
\n
to be made to a separately administered fund. The cost of providing benefits under the defined
\n
benefit plan is determined using the projected unit credit method.
\n
Remeasurements, comprising of actuarial gains and losses, are recognized in the statement
\n
of financial position with a corresponding debit or credit to retained earnings through OCI
\n
in the period in which they occur. Remeasurements are not reclassified to profit or loss in
\n
subsequent periods.
\n
Past service costs are recognized in profit or loss on the earlier of:
\n
\u2022
The date of the plan amendment or curtailment, and
\n
\u2022
The date that the Group recognizes related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit liability or
\n
asset. The Group recognizes the changes in the net defined benefit obligation due to service
\n
costs comprising current service costs, past-service costs, gains and losses on curtailments
\n
and non-routine settlements as part of operating expenses, and the net interest expense or
\nincome 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00166": { "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 and 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 measured at fair
value are recognized in the same line as the related fair value gains or losses, either in other
comprehensive income or in profit or loss).
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
\u00a0
Currency
Stock
\u00a0
Translation
Compensation
Total Other
\u00a0
Differences
Reserve
\u00a0
Reserves
Balance at 1 January 2024
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
599
6,171
6,770
Share-based payment expense: LTIP
\u2013
2,639
2,639
Reclassification of the fair value of forfeited options
\u2013
(1,565)
(1,565)
Currency translation differences
(1,045)
\u2013
(1,045)
Balance at 31 December 2025
(446)
7,245
6,799
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 and 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 measured at fair
value are recognized in the same line as the related fair value gains or losses, either in other
comprehensive income or in profit or loss).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00167": { "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 certain
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:
Share-Based Payments
Note 2.8
Post-Employment Benefits
Note 5.0
Taxes
Note 2.9
2.2 Research & Development Expenses2.7 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.2.8 Share-Based PaymentsSignificant estimate:
The Group measures the cost of equity-settled transactions with
\n
employees by reference to the fair value of the equity instruments at the date at which they are
\n
granted. Estimating fair value for share-based payment transactions requires determination
\n
of the most appropriate valuation model, which is dependent on the terms and conditions
\nof the grant. 2.9 Income TaxSignificant estimate:
The Group has losses before tax which arose in the Netherlands that are
\n
available to offset against future profits of the Dutch entity in which the loss arose. However,
\n
these losses may not be used to offset taxable income elsewhere in the Group. The Group
\n
evaluated and judged that at this moment it is not sufficiently likely that future profits will be
\n
generated in the Dutch entity that can offset a deferred tax asset.
\n
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
\n
There are no NOL
\u2019s. Last fiscal year settled is 2022. Due to expected profits based on the cost-
\n
plus the Swiss deferred tax assets relating to temporary differences have been recognized.
\n
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
\n
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition of
\n\n\n\n\n\n
ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred tax
\n
liability was recognized for the intangible asset (in-process R&D) identified in the PPA and
\n
on the capitalized license fee. The Company recognized a deferred tax asset in the US entity
\n
that offsets the deferred tax liability as allowed under IAS 12, with no impact on previously
\nreported results. 5.0 Post-Employment Benefits: Defined Benefit ObligationThe principal assumptions used in determining post-employment (pension) benefit obligations
for the plan are shown below:
\u00a0
2025
2024
Discount rate
1.25%
0.95%
Salary increase
3.00%
3.00%
Interest credit rate
1.25%
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
\n
below:
\u00a0
2025
2024
Discount rate
\u00a0 \u00a0
+ 25bps
(633)
(605)
- 25bps
682
407
Salary increase
\u00a0 \u00a0
+ 25bps
243
89
- 25bps
(242)
(314)
Interest credit rate
\u00a0 \u00a0
+ 25bps
247
61
- 25bps
(240)
(293)
Mortality base table
\u00a0 \u00a0
Life expectancy + 1 year
129
(19)
Life expectancy - 1 year
(127)
(216)
\n
The sensitivity analyses have been determined based on a method that extrapolates the
\n
impact on the defined benefit obligation as a result of reasonable changes in key assumptions
\n
occurring at the end of the reporting period. The sensitivity analyses are based on a change
\n
in a significant assumption, keeping all other assumptions constant. The sensitivity analyses
\n
may not be representative of an actual change in the defined benefit obligation as it is unlikely
\nthat changes in assumptions would occur in isolation from one another. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 certain
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:
Share-Based Payments
Note 2.8
Post-Employment Benefits
Note 5.0
Taxes
Note 2.9
2.2 Research & Development Expenses2.7 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.2.8 Share-Based PaymentsSignificant estimate:
The Group measures the cost of equity-settled transactions with
\n
employees by reference to the fair value of the equity instruments at the date at which they are
\n
granted. Estimating fair value for share-based payment transactions requires determination
\n
of the most appropriate valuation model, which is dependent on the terms and conditions
\nof the grant. 2.9 Income TaxSignificant estimate:
The Group has losses before tax which arose in the Netherlands that are
\n
available to offset against future profits of the Dutch entity in which the loss arose. However,
\n
these losses may not be used to offset taxable income elsewhere in the Group. The Group
\n
evaluated and judged that at this moment it is not sufficiently likely that future profits will be
\n
generated in the Dutch entity that can offset a deferred tax asset.
\n
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
\n
There are no NOL
\u2019s. Last fiscal year settled is 2022. Due to expected profits based on the cost-
\n
plus the Swiss deferred tax assets relating to temporary differences have been recognized.
\n
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
\n
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition of
\n\n\n\n\n\n
ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred tax
\n
liability was recognized for the intangible asset (in-process R&D) identified in the PPA and
\n
on the capitalized license fee. The Company recognized a deferred tax asset in the US entity
\n
that offsets the deferred tax liability as allowed under IAS 12, with no impact on previously
\nreported results. 5.0 Post-Employment Benefits: Defined Benefit ObligationThe principal assumptions used in determining post-employment (pension) benefit obligations
for the plan are shown below:
\u00a0
2025
2024
Discount rate
1.25%
0.95%
Salary increase
3.00%
3.00%
Interest credit rate
1.25%
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
\n
below:
\u00a0
2025
2024
Discount rate
\u00a0 \u00a0
+ 25bps
(633)
(605)
- 25bps
682
407
Salary increase
\u00a0 \u00a0
+ 25bps
243
89
- 25bps
(242)
(314)
Interest credit rate
\u00a0 \u00a0
+ 25bps
247
61
- 25bps
(240)
(293)
Mortality base table
\u00a0 \u00a0
Life expectancy + 1 year
129
(19)
Life expectancy - 1 year
(127)
(216)
\n
The sensitivity analyses have been determined based on a method that extrapolates the
\n
impact on the defined benefit obligation as a result of reasonable changes in key assumptions
\n
occurring at the end of the reporting period. The sensitivity analyses are based on a change
\n
in a significant assumption, keeping all other assumptions constant. The sensitivity analyses
\n
may not be representative of an actual change in the defined benefit obligation as it is unlikely
\nthat changes in assumptions would occur in isolation from one another. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00169": { "value": "1.7 New Accounting Standards & Developments
1.7.1 New and Amended Standards and Interpretations
The following amendment applied for the first time in 2025:
\u2022
Lack of exchangeability \u2013 Amendments to IAS 21, effective 1 January 2025
This amendment
had no impact on the consolidated financial statements of the Group
in 2025.
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 new and amended standards and
interpretations, if applicable, when they become effective.
\u2022
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and
IFRS 7, effective 1 January 2026.
\u2022
Contracts Referencing Nature-dependent Electricity \u2013 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
Translation to a Hyperinflationary Presentation Currency - Amendments to IAS 21,
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 is being further assessed, 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 this Annual Report.
1.8 Changes in Accounting Policies and Disclosures
1.8.1 Change in Disclosure in the Consolidated Statement of Profit and Loss in 202
4
During the year ended 31 December 2025, the Group reassessed the presentation of certain
operating expense line items in the consolidated statement of profit or loss in accordance
with IAS 1 Presentation of Financial Statements. As a result of this reassessment, patent
and related intellectual property costs are now presented within Research and Development
(\u201cR&D\u201d) expenses, rather than as a separate line item on the face of the consolidated
statement of profit or loss.
Patent and related expenses primarily comprise costs incurred to secure, maintain and
defend intellectual property associated with the Group\u2019s technology platform, including
patent filing, prosecution, maintenance and related advisory fees. Management determined
that these costs are directly attributable to and arise from the Group\u2019s development activities
and are integral to protecting and advancing its product pipeline. Accordingly, presenting
these expenses within R&D better reflects the nature and function of the costs within the
Group\u2019s operations.
The revised presentation enhances the relevance and faithful representation of the Group\u2019s
performance by aligning the classification of intellectual property protection costs with the
underlying research and development activities from which they originate. In addition, this
presentation is consistent with industry practice within the industry, where patent-related
expenditures that support product development are commonly included within R&D expenses,
thereby improving comparability with peers.
The change relates solely to presentation within operating expenses and has no impact on
total operating expenses, operating loss, loss for the year, earnings per share, cash flows
or the financial position of the Group. Comparative information has been re-presented to
conform with the current year presentation.
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
Research & Development expenses
12,442
13,883
1,441
Patent fees & Related Expenses
1,441
\u2013
(1,441)
\n
The following note was restated:
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
2.2 Research & Development expenses
\u00a0 \u00a0 \u00a0
Staff costs
9,260
9,260
\u2013
Outsourced cost
3,182
4,623
1,441
\u00a0
12,442
13,883
1,441
\n
And the following note has been removed:
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
2.5 Patent and Related expenses
\u00a0 \u00a0 \u00a0
Staff costs
\u2013
\u2013
\u2013
Outsourced cost
1,441
\u2013
(1,441)
\u00a0
1,441
\u2013
(1,441)
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00172": { "value": "1.7 New Accounting Standards & Developments
1.7.1 New and Amended Standards and Interpretations
The following amendment applied for the first time in 2025:
\u2022
Lack of exchangeability \u2013 Amendments to IAS 21, effective 1 January 2025
This amendment
had no impact on the consolidated financial statements of the Group
in 2025.
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 new and amended standards and
interpretations, if applicable, when they become effective.
\u2022
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and
IFRS 7, effective 1 January 2026.
\u2022
Contracts Referencing Nature-dependent Electricity \u2013 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
Translation to a Hyperinflationary Presentation Currency - Amendments to IAS 21,
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 is being further assessed, 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 this Annual Report.
1.8 Changes in Accounting Policies and Disclosures
1.8.1 Change in Disclosure in the Consolidated Statement of Profit and Loss in 202
4
During the year ended 31 December 2025, the Group reassessed the presentation of certain
operating expense line items in the consolidated statement of profit or loss in accordance
with IAS 1 Presentation of Financial Statements. As a result of this reassessment, patent
and related intellectual property costs are now presented within Research and Development
(\u201cR&D\u201d) expenses, rather than as a separate line item on the face of the consolidated
statement of profit or loss.
Patent and related expenses primarily comprise costs incurred to secure, maintain and
defend intellectual property associated with the Group\u2019s technology platform, including
patent filing, prosecution, maintenance and related advisory fees. Management determined
that these costs are directly attributable to and arise from the Group\u2019s development activities
and are integral to protecting and advancing its product pipeline. Accordingly, presenting
these expenses within R&D better reflects the nature and function of the costs within the
Group\u2019s operations.
The revised presentation enhances the relevance and faithful representation of the Group\u2019s
performance by aligning the classification of intellectual property protection costs with the
underlying research and development activities from which they originate. In addition, this
presentation is consistent with industry practice within the industry, where patent-related
expenditures that support product development are commonly included within R&D expenses,
thereby improving comparability with peers.
The change relates solely to presentation within operating expenses and has no impact on
total operating expenses, operating loss, loss for the year, earnings per share, cash flows
or the financial position of the Group. Comparative information has been re-presented to
conform with the current year presentation.
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
Research & Development expenses
12,442
13,883
1,441
Patent fees & Related Expenses
1,441
\u2013
(1,441)
\n
The following note was restated:
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
2.2 Research & Development expenses
\u00a0 \u00a0 \u00a0
Staff costs
9,260
9,260
\u2013
Outsourced cost
3,182
4,623
1,441
\u00a0
12,442
13,883
1,441
\n
And the following note has been removed:
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
2.5 Patent and Related expenses
\u00a0 \u00a0 \u00a0
Staff costs
\u2013
\u2013
\u2013
Outsourced cost
1,441
\u2013
(1,441)
\u00a0
1,441
\u2013
(1,441)
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00173": { "value": "1.8 Changes in Accounting Policies and Disclosures
1.8.1 Change in Disclosure in the Consolidated Statement of Profit and Loss in 202
4
During the year ended 31 December 2025, the Group reassessed the presentation of certain
operating expense line items in the consolidated statement of profit or loss in accordance
with IAS 1 Presentation of Financial Statements. As a result of this reassessment, patent
and related intellectual property costs are now presented within Research and Development
(\u201cR&D\u201d) expenses, rather than as a separate line item on the face of the consolidated
statement of profit or loss.
Patent and related expenses primarily comprise costs incurred to secure, maintain and
defend intellectual property associated with the Group\u2019s technology platform, including
patent filing, prosecution, maintenance and related advisory fees. Management determined
that these costs are directly attributable to and arise from the Group\u2019s development activities
and are integral to protecting and advancing its product pipeline. Accordingly, presenting
these expenses within R&D better reflects the nature and function of the costs within the
Group\u2019s operations.
The revised presentation enhances the relevance and faithful representation of the Group\u2019s
performance by aligning the classification of intellectual property protection costs with the
underlying research and development activities from which they originate. In addition, this
presentation is consistent with industry practice within the industry, where patent-related
expenditures that support product development are commonly included within R&D expenses,
thereby improving comparability with peers.
The change relates solely to presentation within operating expenses and has no impact on
total operating expenses, operating loss, loss for the year, earnings per share, cash flows
or the financial position of the Group. Comparative information has been re-presented to
conform with the current year presentation.
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
Research & Development expenses
12,442
13,883
1,441
Patent fees & Related Expenses
1,441
\u2013
(1,441)
\n
The following note was restated:
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
2.2 Research & Development expenses
\u00a0 \u00a0 \u00a0
Staff costs
9,260
9,260
\u2013
Outsourced cost
3,182
4,623
1,441
\u00a0
12,442
13,883
1,441
\n
And the following note has been removed:
\u00a0
Reported:
Restated:
Change
\u00a0
2024
2024
\u00a0
2.5 Patent and Related expenses
\u00a0 \u00a0 \u00a0
Staff costs
\u2013
\u2013
\u2013
Outsourced cost
1,441
\u2013
(1,441)
\u00a0
1,441
\u2013
(1,441)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00174": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Non-current assets
\u00a0 \u00a0
Netherlands
159
105
Switzerland
1,453
2,077
United States of America
8,865
10,336
Non-current assets
10,477
12,518
\n
For the geographical information on revenue from external customer, please refer to Note
2.1 below.
2.1 Revenues & Other Income
\u00a0
2025
2024
United State of America
3,231
77
Europe*
334
\u2013
Rest of the World*
175
\u2013
Total sales of devices
3,740
77
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00239": { "value": "2.1 Revenues & Other Income
Accounting policy:
Sale of ARC
EX
Medical Devices
ONWARD Medical recognises revenue in accordance with IFRS 15 when control of the ARC
EX
medical device is transferred to the customer, at an amount that reflects the consideration
to which the Group expects to be entitled.
Nature of the Arrangement
Contracts with customers consist primarily of the sale of the ARC
EX
system. The Group has
concluded that it acts as principal, as it controls the device prior to transfer to the customer.
The accompanying software is required for the device to function as intended and is provided
as an integral component of the system under a perpetual end-user licence, with no separate
pricing or ongoing service obligation.
Performance Obligations
The sale of the ARC
EX
system represents a single performance obligation, comprising the
hardware and embedded/permitted software necessary to operate the device. No separate
performance obligations are identified, as:
\u2022
the software is not sold separately and cannot be used independently of the device, and
\u2022
standard warranties provided are assurance-type warranties only and do not constitute
a distinct service.
Timing of Revenue Recognition
Revenue primarily consists of the sale of ARC
EX
systems under contractually agreed terms
and conditions. Depending on the contract, the Company obtains a right to payment upon
shipment or delivery of the systems, with payment terms typically ranging from 30 to 90 days.
Revenue is recognised at a point in time when control of the system transfers to the customer,
which generally occurs upon shipment from the Company\u2019s facility. While the transfer of risks
and rewards is not the only criterion, it is typically the main indicator of control and generally
coincides with the transfer of legal title, risk of loss and the customer\u2019s obligation to pay in
accordance with the contract.Variable Consideration, returns and volume rebates
Contracts include limited rights of return, subject to strict conditions. The Group assesses
expected returns at contract inception and recognises variable consideration only to the
extent that it is highly probable that a significant revenue reversal will not occur. Where
applicable, a refund liability and corresponding right-of-return asset are recognised.
Certain customer contracts include volume-based rebates or sales incentives that depend
on achieving specified purchase or performance thresholds. These arrangements give rise
to variable consideration, which the Group estimates based on the expected or most likely
outcome and includes in revenue only to the extent that it is highly probable that a significant
reversal will not occur. Revenue is recognised net of estimated rebates or incentives, with a
corresponding refund liability recorded for amounts expected to be payable to customers.
Sales incentives that are earned based on performance in one period but applied to future
purchases are recognised as a reduction of revenue when the related performance conditions
are met.
Significant financing component
The Group applies the practical expedient for short-term advances received from customers.
That is, the promised amount of consideration is not adjusted for the effects of a significant
financing component if the period between the transfer of the promised good or service and
the payment is one year or less.
Warranties
The ARC
EX
system is subject to a standard limited warranty covering defects in materials
and workmanship. This warranty provides assurance that the product complies with agreed
specifications and does not represent a separate performance obligation. Expected warranty
costs will be accounted for separately as a provision in accordance with IAS 37. No warranty
claims were reported in 2025, and no provision has been recognised, as there is no historical
claims experience indicating material warranty obligations.Government subsidies and grant income
Government subsidies and grant income are recognized where there is reasonable assurance
that the amount will be received, and all attached conditions will be complied with. When the
subsidy or grant 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 or grants are recorded as grants
receivable. The government subsidies and grants 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00175": { "value": "2.1 Revenues & Other Income
Accounting policy:
Sale of ARC
EX
Medical Devices
ONWARD Medical recognises revenue in accordance with IFRS 15 when control of the ARC
EX
medical device is transferred to the customer, at an amount that reflects the consideration
to which the Group expects to be entitled.
Nature of the Arrangement
Contracts with customers consist primarily of the sale of the ARC
EX
system. The Group has
concluded that it acts as principal, as it controls the device prior to transfer to the customer.
The accompanying software is required for the device to function as intended and is provided
as an integral component of the system under a perpetual end-user licence, with no separate
pricing or ongoing service obligation.
Performance Obligations
The sale of the ARC
EX
system represents a single performance obligation, comprising the
hardware and embedded/permitted software necessary to operate the device. No separate
performance obligations are identified, as:
\u2022
the software is not sold separately and cannot be used independently of the device, and
\u2022
standard warranties provided are assurance-type warranties only and do not constitute
a distinct service.
Timing of Revenue Recognition
Revenue primarily consists of the sale of ARC
EX
systems under contractually agreed terms
and conditions. Depending on the contract, the Company obtains a right to payment upon
shipment or delivery of the systems, with payment terms typically ranging from 30 to 90 days.
Revenue is recognised at a point in time when control of the system transfers to the customer,
which generally occurs upon shipment from the Company\u2019s facility. While the transfer of risks
and rewards is not the only criterion, it is typically the main indicator of control and generally
coincides with the transfer of legal title, risk of loss and the customer\u2019s obligation to pay in
accordance with the contract.Variable Consideration, returns and volume rebates
Contracts include limited rights of return, subject to strict conditions. The Group assesses
expected returns at contract inception and recognises variable consideration only to the
extent that it is highly probable that a significant revenue reversal will not occur. Where
applicable, a refund liability and corresponding right-of-return asset are recognised.
Certain customer contracts include volume-based rebates or sales incentives that depend
on achieving specified purchase or performance thresholds. These arrangements give rise
to variable consideration, which the Group estimates based on the expected or most likely
outcome and includes in revenue only to the extent that it is highly probable that a significant
reversal will not occur. Revenue is recognised net of estimated rebates or incentives, with a
corresponding refund liability recorded for amounts expected to be payable to customers.
Sales incentives that are earned based on performance in one period but applied to future
purchases are recognised as a reduction of revenue when the related performance conditions
are met.
Significant financing component
The Group applies the practical expedient for short-term advances received from customers.
That is, the promised amount of consideration is not adjusted for the effects of a significant
financing component if the period between the transfer of the promised good or service and
the payment is one year or less.
Warranties
The ARC
EX
system is subject to a standard limited warranty covering defects in materials
and workmanship. This warranty provides assurance that the product complies with agreed
specifications and does not represent a separate performance obligation. Expected warranty
costs will be accounted for separately as a provision in accordance with IAS 37. No warranty
claims were reported in 2025, and no provision has been recognised, as there is no historical
claims experience indicating material warranty obligations.Government subsidies and grant income
Government subsidies and grant income are recognized where there is reasonable assurance
that the amount will be received, and all attached conditions will be complied with. When the
subsidy or grant 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 or grants are recorded as grants
receivable. The government subsidies and grants 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.
\u00a0
2025
2024
Revenue from sale of devices
3,740
77
Government subsidies
1,634
1,510
Other income
40
152
Total revenues and other income
5,414
1,739
\n
Sales per geography
\u00a0
2025
2024
United State of America
3,231
77
Europe*
334
\u2013
Rest of the World*
175
\u2013
Total sales of devices
3,740
77
\n
*Revenue recorded in Onward Medical NV (in the Netherlands)
For the year ended December 31, 2025, the Group has no customers with individual sales
larger than 10% of the total revenue. All revenue from the sale of devices in 2024 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.
\n \n
Recognized
Grant
Recognized
Recognized
as Grant
received in
Total
as Grant
as Grant
Income
advance as
Grants
Grant
a
Income 2025
Income 2024
cumulative
per 31-12-
before 2024
2025
BESTABLE
e
100
\u2013
(16)
100
\u2013
SWISS LOCAL (one-offs)
b
\u2013
\u2013
22
150
\u2013
EISMEA \u2013 ReverseParalysis
e
292
2
232
36
\u2013
SERI - Reverse Paralysis
b,c
997
4
970
0
\u2013
EISMEA - NEMO BMI
e
187
95
\u2013
0
(13)
SERI \u2013 NEMO BMI
b,c
882
873
\u2013
\u2013
\u2013
Eurostars Impulse
e
500
176
150
174
\u2013
Rewire
e
360
74
50
56
(38)
SH-ARC
e
500
64
-
53
(296)
MJFF SPARKL
e
91
\u2013
91
\u2013
\u2013
PD-HemoN project
d
224
59
11
\u2013
(112)
PD- Bridge Mobility
d
278
22
\u2013
\u2013
\u2013
EISMEA \u2013 Reverse Stroke
e
686
\u2013
\u2013
\u2013
(240)
SERI \u2013 Reverse Stroke
b,c
1,129
265
\u2013
\u2013
(296)
Other
e
\u2013
\u2013
\u2013
(12)
\u2013
Total
1,634
1,510
557
(995)
\n
a: Please refer to the terms and conditions of the subsidies included below.
\n
b: These grants were received by ONWARD Medical SA (In Switzerland)
\n
c: Grant is received in CHF and is converted to EUR using closing rate
\n
d: These grants were received by ONWARD Medical Inc (In the United States of America)
\n
e: These grants were received by ONWARD Medical NV (In the Netherlands)
\n\n\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 \u20ac100k 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 in 2024.
\n
Reverse Paralysis
\n
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a \u20ac3.6
\n
million grant (EIC Transition, 101057450)
to support the development of innovative Brain-
\n
Spine Interface technology aimed at restoring mobility and upper limb function. ONWARD,
\n
along with research partners
EPFL, CEA-Clinatec, and Sint Maartenskliniek, is participating
\n
in this project, of which \u20ac1.3 million was originally allocated to ONWARD and subsequently
\n
adjusted to \u20ac292 thousand. The project commenced on 1 May 2022, and concluded in 2025
\n
as planned. Due to changes in ONWARD\u2019s research footprint, a portion of the work originally
\n
planned in the Netherlands has shifted to Switzerland, affecting the eligibility of certain
\n
costs under the EISMEA framework. To address this, ONWARD successfully negotiated an
\n
amendment with EISMEA to transfer activities and secured replacement funding from the
\n
Swiss State Secretariat for Education, Research, and Innovation (SERI) to cover activities
\n
performed in Switzerland.
\n
NEMO BMI
\n
The EISMEA also awarded a \u20ac3.8 million grant for the development of Motor Brain-Machine
\n
Interfaces (BMIs) (EIC Pathfinder, 101070891). These interfaces translate brain neural signals
\n
into commands for external effectors, with the NEMO BMI project focusing on assistance-
\n
free, portable neuroprosthetics, including a wireless neuronal activity recorder, a real-time
\n
neuronal decoder, and a spinal cord stimulator. The project, involving ONWARD and partners
EPFL, CEA, and IICT, began on 1 October 2022, and activities are expected to continue until
\n
30 September 2026. ONWARD\u2019s share of the original grant was \u20ac1 million and subsequently
\n
adjusted to \u20ac187 thousand. Due to changes in ONWARD\u2019s research footprint, a portion of the
\n
work originally planned in the Netherlands has shifted to Switzerland, affecting the eligibility
\n
of certain costs under the EISMEA framework. To address this, ONWARD successfully
\n
negotiated an amendment with EISMEA to transfer activities and secured replacement
\n
funding from the Swiss State\u20acSecretariat for Education, Research, and Innovation (SERI)
\n
to cover activities performed in Switzerland.
\n
Eurostars Impulse
\n
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\n
\u20ac500 thousand that started 1 December 2022 and ended 30 November 2025, a duration
\n
of 36 months. The Impulse project focuses on closed-loop control of blood pressure for
\n
people with SCI.
\n
ReWIRE
\n
ONWARD has joined other global neuroscience and rehabilitation stakeholders to create
\n
ReWIRE, a groundbreaking initiative aimed at equipping next-generation scientists with the
\n
skills to develop therapeutic solutions for patients with paralysis caused by SCI. ReWIRE
\n
will build on recent technological breakthroughs by leveraging multiple PhD projects that
\n
will drive effective combinatorial treatments for SCI. The project is funded by the European
\n
Research Executive Agency (REA) as part of the Marie Sk\u0142odowska-Curie Actions (MSCA)
\n
Doctoral Networks for an amount of \u20ac360 thousand and started in 1 January 2023 and ends
\n
31 December 2026.
\n
SH-ARC
\n
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\n
\u20ac500 thousand that started 1 April 2023 and ends 31 March 2026, a duration of 36 months.
\n
SH-ARC works to integrate NUSHU sensorised shoes in a clinical-grade neuroprosthesis
\n
that will utilize spinal cord stimulation to alleviate parkinsonian gait deficits.
\n\n\n
MJFF - SPARKL
\n
ONWARD Medical and it\u2019s partner .NeuroRestore have received approximately \u20ac900
\n
thousand from the Michael J. Fox Foundation for Parkinson\u2019s Research. This grant will
\n
support a clinical feasibility study with 6 participants to explore the ability of the ONWARD
\n
ARC
\n
IM
\n
System to address mobility challenges in Parkinson\u2019s disease. ONWARD\u2019s allocation
\n
amounts to \u20ac90 thousand. The study commenced on 01 January 2023, with the first
\n
participant implanted in late 2024, and the project will end 13 December 2025.
\n
PD-HemON
\n
ONWARD Medical and its research partner, .NeuroRestore, have received approximately
\n
\u20ac1.5 million from the US Department of Defense (DoD), Parkinson\u2019s Research Program (PRP)
\n
Investigator-Initiated Research Award (IIRA). This funding will support a clinical feasibility
\n
study with 5 participants to explore the ability of the ONWARD ARCIM System to address
\n
blood pressure instability in Parkinson\u2019s disease. ONWARD will receive \u20ac224 thousand. The
\n
project started on 30 September 2024 and will continue until 29 September 2027.
\n
PD-Bridge Mobility
\n
ONWARD Medical and its research partner, .NeuroRestore, have been award an
\n
approximately \u20ac1.8 million grant from the US Department of Defense (DoD), Parkinson\u2019s
\n
Research Program (PRP), Investigator-Initiated Research Award (IIRA). The funding supports
\n
additional patients in an on-going trial to study ONWARD ARC
\n
IM
\n
Therapy on gait deficits
\n
in Parkinson\u2019s disease. ONWARD will receive \u20ac278 thousand. The project started on 01
\n
September, 2025 and will end on 31 August, 2028.
\n
ReverseStroke
\n
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded an almost
\n
\u20ac3.0 million grant (EIC Pathfinder, 101187647) to support the development of brain-spine
\n
interface technology to restore hand and arm function after subcortical stroke. The five-
\n
year project commenced on March 1st, 2025, and will end on February 1st, 2030. ONWARD
\n
is joined by its EU-based research partners Commissariat \u00e0 L\u2019\u00e9nergie Atomique et aux
\n
\u00c9nergies Alternatives (CEA) and Dessintey of France, and Department of Clinical Sciences,
\n
KI DS, Karolinska Institutet, of Sweden.
The Swiss State Secretariat for Education, Research, and Innovation (SERI) has provided
an additional \u20ac3.0 million to support Swiss-based activities and the Swiss partners \u00c9cole
Polytechnique F\u00e9d\u00e9rale de Lausanne (EPFL), Centre Hospitalie Universitaire Vaudois (CHUV)
and University of Lausanne (UNIL) of Switzerland. ONWARD is receiving
\u20ac1.8 million from
EISMEA and SERI to develop the capability to program and simultaneously control two
investigational ARC
IM
IPGs (implanted neurostimulators), and to further develop its ARC
IM
Lead
for the cervical spinal cord, the spinal cord region responsible for upper extremity function.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00177": { "value": "2.1 Revenues & Other IncomeAccounting policy:Government subsidies and grant income
Government subsidies and grant income are recognized where there is reasonable assurance
that the amount will be received, and all attached conditions will be complied with. When the
subsidy or grant 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 or grants are recorded as grants
receivable. The government subsidies and grants 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.
\u00a0
2025
2024
Revenue from sale of devices
3,740
77
Government subsidies
1,634
1,510
Other income
40
152
Total revenues and other income
5,414
1,739
\n
Sales per geography
\u00a0
2025
2024
United State of America
3,231
77
Europe*
334
\u2013
Rest of the World*
175
\u2013
Total sales of devices
3,740
77
\n
*Revenue recorded in Onward Medical NV (in the Netherlands)
For the year ended December 31, 2025, the Group has no customers with individual sales
larger than 10% of the total revenue. All revenue from the sale of devices in 2024 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.
\n \n
Recognized
Grant
Recognized
Recognized
as Grant
received in
Total
as Grant
as Grant
Income
advance as
Grants
Grant
a
Income 2025
Income 2024
cumulative
per 31-12-
before 2024
2025
BESTABLE
e
100
\u2013
(16)
100
\u2013
SWISS LOCAL (one-offs)
b
\u2013
\u2013
22
150
\u2013
EISMEA \u2013 ReverseParalysis
e
292
2
232
36
\u2013
SERI - Reverse Paralysis
b,c
997
4
970
0
\u2013
EISMEA - NEMO BMI
e
187
95
\u2013
0
(13)
SERI \u2013 NEMO BMI
b,c
882
873
\u2013
\u2013
\u2013
Eurostars Impulse
e
500
176
150
174
\u2013
Rewire
e
360
74
50
56
(38)
SH-ARC
e
500
64
-
53
(296)
MJFF SPARKL
e
91
\u2013
91
\u2013
\u2013
PD-HemoN project
d
224
59
11
\u2013
(112)
PD- Bridge Mobility
d
278
22
\u2013
\u2013
\u2013
EISMEA \u2013 Reverse Stroke
e
686
\u2013
\u2013
\u2013
(240)
SERI \u2013 Reverse Stroke
b,c
1,129
265
\u2013
\u2013
(296)
Other
e
\u2013
\u2013
\u2013
(12)
\u2013
Total
1,634
1,510
557
(995)
\n
a: Please refer to the terms and conditions of the subsidies included below.
\n
b: These grants were received by ONWARD Medical SA (In Switzerland)
\n
c: Grant is received in CHF and is converted to EUR using closing rate
\n
d: These grants were received by ONWARD Medical Inc (In the United States of America)
\n
e: These grants were received by ONWARD Medical NV (In the Netherlands)
\n\n\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 \u20ac100k 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 in 2024.
\n
Reverse Paralysis
\n
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded a \u20ac3.6
\n
million grant (EIC Transition, 101057450)
to support the development of innovative Brain-
\n
Spine Interface technology aimed at restoring mobility and upper limb function. ONWARD,
\n
along with research partners
EPFL, CEA-Clinatec, and Sint Maartenskliniek, is participating
\n
in this project, of which \u20ac1.3 million was originally allocated to ONWARD and subsequently
\n
adjusted to \u20ac292 thousand. The project commenced on 1 May 2022, and concluded in 2025
\n
as planned. Due to changes in ONWARD\u2019s research footprint, a portion of the work originally
\n
planned in the Netherlands has shifted to Switzerland, affecting the eligibility of certain
\n
costs under the EISMEA framework. To address this, ONWARD successfully negotiated an
\n
amendment with EISMEA to transfer activities and secured replacement funding from the
\n
Swiss State Secretariat for Education, Research, and Innovation (SERI) to cover activities
\n
performed in Switzerland.
\n
NEMO BMI
\n
The EISMEA also awarded a \u20ac3.8 million grant for the development of Motor Brain-Machine
\n
Interfaces (BMIs) (EIC Pathfinder, 101070891). These interfaces translate brain neural signals
\n
into commands for external effectors, with the NEMO BMI project focusing on assistance-
\n
free, portable neuroprosthetics, including a wireless neuronal activity recorder, a real-time
\n
neuronal decoder, and a spinal cord stimulator. The project, involving ONWARD and partners
EPFL, CEA, and IICT, began on 1 October 2022, and activities are expected to continue until
\n
30 September 2026. ONWARD\u2019s share of the original grant was \u20ac1 million and subsequently
\n
adjusted to \u20ac187 thousand. Due to changes in ONWARD\u2019s research footprint, a portion of the
\n
work originally planned in the Netherlands has shifted to Switzerland, affecting the eligibility
\n
of certain costs under the EISMEA framework. To address this, ONWARD successfully
\n
negotiated an amendment with EISMEA to transfer activities and secured replacement
\n
funding from the Swiss State\u20acSecretariat for Education, Research, and Innovation (SERI)
\n
to cover activities performed in Switzerland.
\n
Eurostars Impulse
\n
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\n
\u20ac500 thousand that started 1 December 2022 and ended 30 November 2025, a duration
\n
of 36 months. The Impulse project focuses on closed-loop control of blood pressure for
\n
people with SCI.
\n
ReWIRE
\n
ONWARD has joined other global neuroscience and rehabilitation stakeholders to create
\n
ReWIRE, a groundbreaking initiative aimed at equipping next-generation scientists with the
\n
skills to develop therapeutic solutions for patients with paralysis caused by SCI. ReWIRE
\n
will build on recent technological breakthroughs by leveraging multiple PhD projects that
\n
will drive effective combinatorial treatments for SCI. The project is funded by the European
\n
Research Executive Agency (REA) as part of the Marie Sk\u0142odowska-Curie Actions (MSCA)
\n
Doctoral Networks for an amount of \u20ac360 thousand and started in 1 January 2023 and ends
\n
31 December 2026.
\n
SH-ARC
\n
The Eurostars Independent Evaluation Panel has provided a subsidy for a total amount of
\n
\u20ac500 thousand that started 1 April 2023 and ends 31 March 2026, a duration of 36 months.
\n
SH-ARC works to integrate NUSHU sensorised shoes in a clinical-grade neuroprosthesis
\n
that will utilize spinal cord stimulation to alleviate parkinsonian gait deficits.
\n\n\n
MJFF - SPARKL
\n
ONWARD Medical and it\u2019s partner .NeuroRestore have received approximately \u20ac900
\n
thousand from the Michael J. Fox Foundation for Parkinson\u2019s Research. This grant will
\n
support a clinical feasibility study with 6 participants to explore the ability of the ONWARD
\n
ARC
\n
IM
\n
System to address mobility challenges in Parkinson\u2019s disease. ONWARD\u2019s allocation
\n
amounts to \u20ac90 thousand. The study commenced on 01 January 2023, with the first
\n
participant implanted in late 2024, and the project will end 13 December 2025.
\n
PD-HemON
\n
ONWARD Medical and its research partner, .NeuroRestore, have received approximately
\n
\u20ac1.5 million from the US Department of Defense (DoD), Parkinson\u2019s Research Program (PRP)
\n
Investigator-Initiated Research Award (IIRA). This funding will support a clinical feasibility
\n
study with 5 participants to explore the ability of the ONWARD ARCIM System to address
\n
blood pressure instability in Parkinson\u2019s disease. ONWARD will receive \u20ac224 thousand. The
\n
project started on 30 September 2024 and will continue until 29 September 2027.
\n
PD-Bridge Mobility
\n
ONWARD Medical and its research partner, .NeuroRestore, have been award an
\n
approximately \u20ac1.8 million grant from the US Department of Defense (DoD), Parkinson\u2019s
\n
Research Program (PRP), Investigator-Initiated Research Award (IIRA). The funding supports
\n
additional patients in an on-going trial to study ONWARD ARC
\n
IM
\n
Therapy on gait deficits
\n
in Parkinson\u2019s disease. ONWARD will receive \u20ac278 thousand. The project started on 01
\n
September, 2025 and will end on 31 August, 2028.
\n
ReverseStroke
\n
The European Innovation Council and SMEs Executive Agency (EISMEA) awarded an almost
\n
\u20ac3.0 million grant (EIC Pathfinder, 101187647) to support the development of brain-spine
\n
interface technology to restore hand and arm function after subcortical stroke. The five-
\n
year project commenced on March 1st, 2025, and will end on February 1st, 2030. ONWARD
\n
is joined by its EU-based research partners Commissariat \u00e0 L\u2019\u00e9nergie Atomique et aux
\n
\u00c9nergies Alternatives (CEA) and Dessintey of France, and Department of Clinical Sciences,
\n
KI DS, Karolinska Institutet, of Sweden.
The Swiss State Secretariat for Education, Research, and Innovation (SERI) has provided
an additional \u20ac3.0 million to support Swiss-based activities and the Swiss partners \u00c9cole
Polytechnique F\u00e9d\u00e9rale de Lausanne (EPFL), Centre Hospitalie Universitaire Vaudois (CHUV)
and University of Lausanne (UNIL) of Switzerland. ONWARD is receiving
\u20ac1.8 million from
EISMEA and SERI to develop the capability to program and simultaneously control two
investigational ARC
IM
IPGs (implanted neurostimulators), and to further develop its ARC
IM
Lead
for the cervical spinal cord, the spinal cord region responsible for upper extremity function.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00240": { "value": "2.1 Revenues & Other IncomeGovernment subsidies and grant income
Government subsidies and grant income are recognized where there is reasonable assurance
that the amount will be received, and all attached conditions will be complied with. When the
subsidy or grant 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 or grants are recorded as grants
receivable. The government subsidies and grants 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00176": { "value": "2.1 Revenues & Other Income
Accounting policy:
Sale of ARC
EX
Medical Devices
ONWARD Medical recognises revenue in accordance with IFRS 15 when control of the ARC
EX
medical device is transferred to the customer, at an amount that reflects the consideration
to which the Group expects to be entitled.
Nature of the Arrangement
Contracts with customers consist primarily of the sale of the ARC
EX
system. The Group has
concluded that it acts as principal, as it controls the device prior to transfer to the customer.
The accompanying software is required for the device to function as intended and is provided
as an integral component of the system under a perpetual end-user licence, with no separate
pricing or ongoing service obligation.
Performance Obligations
The sale of the ARC
EX
system represents a single performance obligation, comprising the
hardware and embedded/permitted software necessary to operate the device. No separate
performance obligations are identified, as:
\u2022
the software is not sold separately and cannot be used independently of the device, and
\u2022
standard warranties provided are assurance-type warranties only and do not constitute
a distinct service.
Timing of Revenue Recognition
Revenue primarily consists of the sale of ARC
EX
systems under contractually agreed terms
and conditions. Depending on the contract, the Company obtains a right to payment upon
shipment or delivery of the systems, with payment terms typically ranging from 30 to 90 days.
Revenue is recognised at a point in time when control of the system transfers to the customer,
which generally occurs upon shipment from the Company\u2019s facility. While the transfer of risks
and rewards is not the only criterion, it is typically the main indicator of control and generally
coincides with the transfer of legal title, risk of loss and the customer\u2019s obligation to pay in
accordance with the contract.
Variable Consideration, returns and volume rebates
Contracts include limited rights of return, subject to strict conditions. The Group assesses
expected returns at contract inception and recognises variable consideration only to the
extent that it is highly probable that a significant revenue reversal will not occur. Where
applicable, a refund liability and corresponding right-of-return asset are recognised.
Certain customer contracts include volume-based rebates or sales incentives that depend
on achieving specified purchase or performance thresholds. These arrangements give rise
to variable consideration, which the Group estimates based on the expected or most likely
outcome and includes in revenue only to the extent that it is highly probable that a significant
reversal will not occur. Revenue is recognised net of estimated rebates or incentives, with a
corresponding refund liability recorded for amounts expected to be payable to customers.
Sales incentives that are earned based on performance in one period but applied to future
purchases are recognised as a reduction of revenue when the related performance conditions
are met.
Significant financing component
The Group applies the practical expedient for short-term advances received from customers.
That is, the promised amount of consideration is not adjusted for the effects of a significant
financing component if the period between the transfer of the promised good or service and
the payment is one year or less.
\u00a0
2025
2024
Revenue from sale of devices
3,740
77
Government subsidies
1,634
1,510
Other income
40
152
Total revenues and other income
5,414
1,739
\n
Sales per geography
\u00a0
2025
2024
United State of America
3,231
77
Europe*
334
\u2013
Rest of the World*
175
\u2013
Total sales of devices
3,740
77
\n
*Revenue recorded in Onward Medical NV (in the Netherlands)
For the year ended December 31, 2025, the Group has no customers with individual sales
larger than 10% of the total revenue. All revenue from the sale of devices in 2024 occurred in
the United States of America.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00254": { "value": "Warranties
The ARC
EX
system is subject to a standard limited warranty covering defects in materials
and workmanship. This warranty provides assurance that the product complies with agreed
specifications and does not represent a separate performance obligation. Expected warranty
costs will be accounted for separately as a provision in accordance with IAS 37. No warranty
claims were reported in 2025, and no provision has been recognised, as there is no historical
claims experience indicating material warranty obligations.5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting policy:
Group companies operate various pension schemes. The schemes
\n
are funded through payments to insurance companies or trustee-administered funds,
\n
determined by periodic actuarial calculations. The Group has both defined benefit and
\n
defined contribution plans.
\n
Defined benefit plan
\n
The Group operates a defined benefit pension plan in Switzerland, which requires contributions
\n
to be made to a separately administered fund. The cost of providing benefits under the defined
\n
benefit plan is determined using the projected unit credit method.
\n
Remeasurements, comprising of actuarial gains and losses, are recognized in the statement
\n
of financial position with a corresponding debit or credit to retained earnings through OCI
\n
in the period in which they occur. Remeasurements are not reclassified to profit or loss in
\n
subsequent periods.
\n
Past service costs are recognized in profit or loss on the earlier of:
\n
\u2022
The date of the plan amendment or curtailment, and
\n
\u2022
The date that the Group recognizes related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit liability or
\n
asset. The Group recognizes the changes in the net defined benefit obligation due to service
\n
costs comprising current service costs, past-service costs, gains and losses on curtailments
\n
and non-routine settlements as part of operating expenses, and the net interest expense or
\nincome 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00231": { "value": "Warranties
The ARC
EX
system is subject to a standard limited warranty covering defects in materials
and workmanship. This warranty provides assurance that the product complies with agreed
specifications and does not represent a separate performance obligation. Expected warranty
costs will be accounted for separately as a provision in accordance with IAS 37. No warranty
claims were reported in 2025, and no provision has been recognised, as there is no historical
claims experience indicating material warranty obligations.Legal claim contingencies As at 31 December 2025, the Group had no legal claim contingencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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
\u00a0
2025
2024
Staff expenses
7,915
9,260
Operating expenses
4,403
4,623
\u00a0
12,318
13,883
\n
The Company\u2019s research and development expenses consist primarily of costs incurred in the
design and development of its technology platforms, including expenses related to external
suppliers and third-party contractors, as well as employee-related expenses such as salaries,
benefits and share-based compensation. In addition, R&D expenses include costs associated
with securing and maintaining the Company\u2019s intellectual property portfolio, including patent
and related expenses that directly support its development activities.
Research and development expenses decreased during the year as a result of lower external
service costs and reduced employee-related expenses. The decrease is primarily driven by
lower external development costs and a reduction in employee-related expenses, reflecting
the timing and scale of development activities during the year.
In the current year, the Group has reassessed the assumptions and disclosures related to
significant estimates and aligned these with the nature of its current activities and financial
reporting. Significant estimates relating to R&D expenses are no longer considered relevant
and have been removed.
2.3 Clinical & Regulatory Expenses
\u00a0
2025
2024
Staff expenses
3,124
3,011
Operating expenses
2,606
1,743
\u00a0
5,730
4,754
\n
The Company\u2019s clinical and regulatory expenses consist of the employee-related expenses
including salaries and benefits for employees working on clinical trials. In 2025, clinical
expenses were primarily driven by activities supporting the FDA submission for ARC
EX
Home
Use clearance, regulatory efforts related to obtaining the CE mark in Europe, and continued
preparations for the pivotal Empower BP study.
2.4 Marketing & Market Access Expenses
\u00a0
2025
2024
Staff expenses
5,848
2,101
Operating expenses
2,270
1,249
\u00a0
8,118
3,350
\n
The Company\u2019s marketing and market access expenses primarily reflects the investments
\n
in personnel to establish the commercial infrastructure required to support ARC
\n
EX
\n
commercialization across the United States, Europe, and other international markets.
\n
2.5 Quality Assurance Expenses
\u00a0
2025
2024
Staff expenses
1,958
1,693
Operating expenses
404
323
\u00a0
2,362
2,016
\n
Quality assurance expenses consist primarily of quality control and quality assurance
\n
expenses. These expenses include employee expenses, including salary benefits for
\n
personnel, consulting, testing, and travel expenses. During 2025, efforts were primarily
\n
focused on supporting regulatory submissions, including FDA clearance for ARC
\n
EX
\n
home
\n
use, CE mark activities in Europe, and broader quality oversight as the Company continues
\n
to scale its operations.
\n
2.6 General & Administrative Expenses
\u00a0
2025
2024
Staff expenses
7,795
7,249
Depreciation and amortization
1,447
898
Other operating expenses
7,521
4,429
\u00a0
16,763
12,576
\n\n
The Company\u2019s general and administrative expenses consist of employee expenses, including
\n
salary and benefits for personnel and contractors in executive, finance, accounting, tax, and
\n
human resources, as well as operating expenses relating to audit, legal, and supply chain.
\n
General and administrative expenses increased in 2025 as the Company continued to scale
\n
its operating (ARC
\n
EX
\n
manufacturing set-up) and governance infrastructure (order to receipt
\n
process) to support commercial activities. The increase primarily reflects higher personnel
\n
costs, expanded corporate support functions, professional services related to strategic
\n
financing and governance, and a modest increase in Board-related costs.
\n
2.7 Employee Benefit Expenses
\n
Accounting policy:
\n
Short-term employee benefits
\n
Short-term employee benefits include salaries and social security contributions, social
\n
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
\n
employees perform the corresponding services. Outstanding payments at the end of the
\nperiod 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
\u00a0
2025
2024
Wages and salaries
20,423
17,330
Social security costs
2,026
1,507
Pension costs \u2013 defined benefit plan
779
771
Pension costs \u2013 other
81
64
Share-based benefit expenses
2,639
2,720
Other labor costs
692
923
\u00a0
26,640
23,315
\n2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\nat the date of modification.3.0 Intangible AssetsCapitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. Amortization is recorded in operating expenses. During the
period of development, the asset is tested for impairment annually.
\u00a0
Capitalised
In-process
\u00a0
Development cost
R&D
Cost
\u2013
5,850
Accumulated changes
\u2013
(152)
Net book value at 1 January 2024
\u2013
5,698
Foreign currency translation difference
\u2013
361
Net change
\u2013
361
Cost
\u2013
6,211
Accumulated changes
\u2013
(152)
Net book value at 31 December 2024
\u2013
6,059
Reclassification to Capitalized development costs
6,059
(6,059)
Foreign currency translation difference
(692)
-
Amortization for the year
(359)
-
Net change
5,008
(6,059)
Cost
5,519
\u2013
Accumulated changes
(511)
\u2013
Net book value at 31 December 2025
5,008
\u2013
\n
During 2025, intangible assets previously described as in-process research and
development became available for use following regulatory clearance and the
commencement of commercialization activities. Accordingly, amortization of these
assets commenced during the year. These assets are presented within intangible assets
as capitalized development costs.
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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. Amortization is recorded in operating
expenses. During the period of development, the asset is tested for impairment annually.
\u00a0
2025
2024
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,404
2,261
Additions
\u2013
\u2013
Foreign currency translation difference
(275)
143
Reversals
\u2013
\u2013
Amortization for the year
(142)
\u2013
Impairments
\u2013
\u2013
Net change
(417)
143
Cost
2,129
2,404
Accumulated changes
(
142
)
\u2013
Net book value at 31 December
1,987
2,404
\n
During 2025, the licensed technology became available for use following regulatory clearance
and the commencement of commercialization activities. Accordingly, amortisation of the
related intangible assets commenced in the year. 3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term.Cost
\u00a0\u00a0\u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Equipment
Improvements
Devices
\u00a0
Total
At 1 January 2024
1,275
335
\u2013
1,610
Additions
153
\u2013
\u2013
153
Foreign currency translation difference
39
14
\u2013
53
At 31 December 2024
1,467
349
0
1,816
Additions
264
\u2013
168
432
Disposals
\u2013
\u2013
\u2013
\u2013
Foreign currency translation difference
(1)
\u2013
\u2013
(1)
At 31 December 2025
1,730
349
168
2,247
Accumulated Depreciation
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At January 1, 2024
(888)
(113)
\u2013
(1001)
Depreciation for the year
(214)
(129)
\u2013
(343)
At December 31, 2024
(1,102)
(242)
0
(1,344)
Depreciation for the year
(240)
(106)
(22)
(369)
At December 31, 2025
(1,342)
(349)
(22)
(1,713)
\n
Net book value
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At December 31, 2024
365
106
0
471
At December 31, 2025
388
0
146
534
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.Right-of-use assetsKey movements relating to right-of-use assets are presented below:
\u00a0
2025
2024
Net book value at 1 January
1,054
1,483
Additions
69
82
Depreciation for the year
(579)
(560)
Foreign currency translation impact
7
49
Net book value at 31 December
551
1,054
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 generated2.7 Employee Benefit Expenses
Accounting policy:
\n
Short-term employee benefits
\n
Short-term employee benefits include salaries and social security contributions, social
\n
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
\n
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 2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\nat the date of modification.3.0 Intangible AssetsCapitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. 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:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\nThe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00178": { "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
\u00a0
2025
2024
Staff expenses
7,915
9,260
Operating expenses
4,403
4,623
\u00a0
12,318
13,883
\n
The Company\u2019s research and development expenses consist primarily of costs incurred in the
design and development of its technology platforms, including expenses related to external
suppliers and third-party contractors, as well as employee-related expenses such as salaries,
benefits and share-based compensation. In addition, R&D expenses include costs associated
with securing and maintaining the Company\u2019s intellectual property portfolio, including patent
and related expenses that directly support its development activities.
Research and development expenses decreased during the year as a result of lower external
service costs and reduced employee-related expenses. The decrease is primarily driven by
lower external development costs and a reduction in employee-related expenses, reflecting
the timing and scale of development activities during the year.
In the current year, the Group has reassessed the assumptions and disclosures related to
significant estimates and aligned these with the nature of its current activities and financial
reporting. Significant estimates relating to R&D expenses are no longer considered relevant
and have been removed.
2.3 Clinical & Regulatory Expenses
\u00a0
2025
2024
Staff expenses
3,124
3,011
Operating expenses
2,606
1,743
\u00a0
5,730
4,754
\n
The Company\u2019s clinical and regulatory expenses consist of the employee-related expenses
including salaries and benefits for employees working on clinical trials. In 2025, clinical
expenses were primarily driven by activities supporting the FDA submission for ARC
EX
Home
Use clearance, regulatory efforts related to obtaining the CE mark in Europe, and continued
preparations for the pivotal Empower BP study.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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
\u00a0
2025
2024
Staff expenses
7,915
9,260
Operating expenses
4,403
4,623
\u00a0
12,318
13,883
\n
The Company\u2019s research and development expenses consist primarily of costs incurred in the
design and development of its technology platforms, including expenses related to external
suppliers and third-party contractors, as well as employee-related expenses such as salaries,
benefits and share-based compensation. In addition, R&D expenses include costs associated
with securing and maintaining the Company\u2019s intellectual property portfolio, including patent
and related expenses that directly support its development activities.
Research and development expenses decreased during the year as a result of lower external
service costs and reduced employee-related expenses. The decrease is primarily driven by
lower external development costs and a reduction in employee-related expenses, reflecting
the timing and scale of development activities during the year.
In the current year, the Group has reassessed the assumptions and disclosures related to
significant estimates and aligned these with the nature of its current activities and financial
reporting. Significant estimates relating to R&D expenses are no longer considered relevant
and have been removed.
2.3 Clinical & Regulatory Expenses
\u00a0
2025
2024
Staff expenses
3,124
3,011
Operating expenses
2,606
1,743
\u00a0
5,730
4,754
\n
The Company\u2019s clinical and regulatory expenses consist of the employee-related expenses
including salaries and benefits for employees working on clinical trials. In 2025, clinical
expenses were primarily driven by activities supporting the FDA submission for ARC
EX
Home
Use clearance, regulatory efforts related to obtaining the CE mark in Europe, and continued
preparations for the pivotal Empower BP study.
2.4 Marketing & Market Access Expenses
\u00a0
2025
2024
Staff expenses
5,848
2,101
Operating expenses
2,270
1,249
\u00a0
8,118
3,350
\n
The Company\u2019s marketing and market access expenses primarily reflects the investments
\n
in personnel to establish the commercial infrastructure required to support ARC
\n
EX
\n
commercialization across the United States, Europe, and other international markets.
\n
2.5 Quality Assurance Expenses
\u00a0
2025
2024
Staff expenses
1,958
1,693
Operating expenses
404
323
\u00a0
2,362
2,016
\n
Quality assurance expenses consist primarily of quality control and quality assurance
\n
expenses. These expenses include employee expenses, including salary benefits for
\n
personnel, consulting, testing, and travel expenses. During 2025, efforts were primarily
\n
focused on supporting regulatory submissions, including FDA clearance for ARC
\n
EX
\n
home
\n
use, CE mark activities in Europe, and broader quality oversight as the Company continues
\n
to scale its operations.
\n
2.6 General & Administrative Expenses
\u00a0
2025
2024
Staff expenses
7,795
7,249
Depreciation and amortization
1,447
898
Other operating expenses
7,521
4,429
\u00a0
16,763
12,576
\n\n
The Company\u2019s general and administrative expenses consist of employee expenses, including
\n
salary and benefits for personnel and contractors in executive, finance, accounting, tax, and
\n
human resources, as well as operating expenses relating to audit, legal, and supply chain.
\n
General and administrative expenses increased in 2025 as the Company continued to scale
\n
its operating (ARC
\n
EX
\n
manufacturing set-up) and governance infrastructure (order to receipt
\n
process) to support commercial activities. The increase primarily reflects higher personnel
\n
costs, expanded corporate support functions, professional services related to strategic
\n
financing and governance, and a modest increase in Board-related costs.
\n
2.7 Employee Benefit Expenses
\n
Accounting policy:
\n
Short-term employee benefits
\n
Short-term employee benefits include salaries and social security contributions, social
\n
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
\n
employees perform the corresponding services. Outstanding payments at the end of the
\nperiod 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
\u00a0
2025
2024
Wages and salaries
20,423
17,330
Social security costs
2,026
1,507
Pension costs \u2013 defined benefit plan
779
771
Pension costs \u2013 other
81
64
Share-based benefit expenses
2,639
2,720
Other labor costs
692
923
\u00a0
26,640
23,315
2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\nat the date of modification.3.0 Intangible AssetsCapitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. Amortization is recorded in operating expenses. During the
period of development, the asset is tested for impairment annually.
\u00a0
Capitalised
In-process
\u00a0
Development cost
R&D
Cost
\u2013
5,850
Accumulated changes
\u2013
(152)
Net book value at 1 January 2024
\u2013
5,698
Foreign currency translation difference
\u2013
361
Net change
\u2013
361
Cost
\u2013
6,211
Accumulated changes
\u2013
(152)
Net book value at 31 December 2024
\u2013
6,059
Reclassification to Capitalized development costs
6,059
(6,059)
Foreign currency translation difference
(692)
-
Amortization for the year
(359)
-
Net change
5,008
(6,059)
Cost
5,519
\u2013
Accumulated changes
(511)
\u2013
Net book value at 31 December 2025
5,008
\u2013
\n
During 2025, intangible assets previously described as in-process research and
development became available for use following regulatory clearance and the
commencement of commercialization activities. Accordingly, amortization of these
assets commenced during the year. These assets are presented within intangible assets
as capitalized development costs.
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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. Amortization is recorded in operating
expenses. During the period of development, the asset is tested for impairment annually.
\u00a0
2025
2024
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,404
2,261
Additions
\u2013
\u2013
Foreign currency translation difference
(275)
143
Reversals
\u2013
\u2013
Amortization for the year
(142)
\u2013
Impairments
\u2013
\u2013
Net change
(417)
143
Cost
2,129
2,404
Accumulated changes
(
142
)
\u2013
Net book value at 31 December
1,987
2,404
\n
During 2025, the licensed technology became available for use following regulatory clearance
and the commencement of commercialization activities. Accordingly, amortisation of the
related intangible assets commenced in the year. 3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term.Cost
\u00a0\u00a0\u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Equipment
Improvements
Devices
\u00a0
Total
At 1 January 2024
1,275
335
\u2013
1,610
Additions
153
\u2013
\u2013
153
Foreign currency translation difference
39
14
\u2013
53
At 31 December 2024
1,467
349
0
1,816
Additions
264
\u2013
168
432
Disposals
\u2013
\u2013
\u2013
\u2013
Foreign currency translation difference
(1)
\u2013
\u2013
(1)
At 31 December 2025
1,730
349
168
2,247
Accumulated Depreciation
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At January 1, 2024
(888)
(113)
\u2013
(1001)
Depreciation for the year
(214)
(129)
\u2013
(343)
At December 31, 2024
(1,102)
(242)
0
(1,344)
Depreciation for the year
(240)
(106)
(22)
(369)
At December 31, 2025
(1,342)
(349)
(22)
(1,713)
\n
Net book value
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At December 31, 2024
365
106
0
471
At December 31, 2025
388
0
146
534
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.Right-of-use assetsKey movements relating to right-of-use assets are presented below:
\u00a0
2025
2024
Net book value at 1 January
1,054
1,483
Additions
69
82
Depreciation for the year
(579)
(560)
Foreign currency translation impact
7
49
Net book value at 31 December
551
1,054
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00181": { "value": "2.6 General & Administrative Expenses
\u00a0
2025
2024
Staff expenses
7,795
7,249
Depreciation and amortization
1,447
898
Other operating expenses
7,521
4,429
\u00a0
16,763
12,576
\n\n
The Company\u2019s general and administrative expenses consist of employee expenses, including
\n
salary and benefits for personnel and contractors in executive, finance, accounting, tax, and
\n
human resources, as well as operating expenses relating to audit, legal, and supply chain.
\n
General and administrative expenses increased in 2025 as the Company continued to scale
\n
its operating (ARC
\n
EX
\n
manufacturing set-up) and governance infrastructure (order to receipt
\n
process) to support commercial activities. The increase primarily reflects higher personnel
\n
costs, expanded corporate support functions, professional services related to strategic
\nfinancing and governance, and a modest increase in Board-related costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00182": { "value": "2.7 Employee Benefit Expenses
Accounting policy:
\n
Short-term employee benefits
\n
Short-term employee benefits include salaries and social security contributions, social
\n
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
\n
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.
\n
Post-employment benefits
\n
Group companies operate various pension schemes. The schemes are funded through
\n
payments to insurance companies or trustee-administered funds, determined by periodic
\n
actuarial calculations. The Group has both defined benefit and defined contribution plans.
\n
Defined contribution plan
\n
A defined contribution plan is a pension plan under which the Group pays fixed contributions
\n
into a separate entity. The Group has no legal or constructive obligations to pay further
\n
contributions if the fund does not hold sufficient assets to pay all benefits to employees
\n
relating to employee services in the current and prior periods. For defined contribution plans,
\n
the Group pays contributions to publicly or privately administered pension insurance plans on
\n
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.
\u00a0
2025
2024
Wages and salaries
20,423
17,330
Social security costs
2,026
1,507
Pension costs \u2013 defined benefit plan
779
771
Pension costs \u2013 other
81
64
Share-based benefit expenses
2,639
2,720
Other labor costs
692
923
\u00a0
26,640
23,315
\n
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 2025, the
Group employed 137.3 full-time equivalents, including white-collar employees and contractors.
The following table presents a breakdown of the Company\u2019s full-time equivalents as of 31
December 2025 and 2024:
\u00a0
2025
2024
Research & Development
41.0
40.0
Clinical & Regulatory
19.8
14.0
Marketing & Market Access
31.9
14.0
Quality Assurance
11.8
8.6
General & Administrative
32.8
26.0
\u00a0
137.3
102.6
\n
As at 31 December 2025, the Company had 17.4 full-time equivalents employed by its Dutch
entity (2024: 12.4), 91.9 full-time equivalents employed by its Swiss entity (2024: 76.15), and
28 full-time equivalents employed by its U.S. entity (2024: 14).5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting policy:
Group companies operate various pension schemes. The schemes
\n
are funded through payments to insurance companies or trustee-administered funds,
\n
determined by periodic actuarial calculations. The Group has both defined benefit and
\n
defined contribution plans.
\n
Defined benefit plan
\n
The Group operates a defined benefit pension plan in Switzerland, which requires contributions
\n
to be made to a separately administered fund. The cost of providing benefits under the defined
\n
benefit plan is determined using the projected unit credit method.
\n
Remeasurements, comprising of actuarial gains and losses, are recognized in the statement
\n
of financial position with a corresponding debit or credit to retained earnings through OCI
\n
in the period in which they occur. Remeasurements are not reclassified to profit or loss in
\n
subsequent periods.
\n
Past service costs are recognized in profit or loss on the earlier of:
\n
\u2022
The date of the plan amendment or curtailment, and
\n
\u2022
The date that the Group recognizes related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit liability or
\n
asset. The Group recognizes the changes in the net defined benefit obligation due to service
\n
costs comprising current service costs, past-service costs, gains and losses on curtailments
\n
and non-routine settlements as part of operating expenses, and the net interest expense or
\n
income as part of net finance costs in the consolidated statement of profit and loss.
\u00a0
2025
2024
Plan assets
10,054
7,017
Obligation
(14,718)
(11,016)
Net liability
4,664
3,999
\n\n
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
\n
defined benefit plans specify an amount of pension benefit that an employee will receive
\n
upon retirement, typically dependent on one or more factors such as age, years of service,
\n
and compensation. The benefits paid to employees in Switzerland qualify as a defined
\n
benefit plan.
\n
The pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
\n
Pension Fund provides benefits for retirement, disability, and surviving dependents that
\n
meet or exceed the minimum benefits required under the Federal Law on Occupational
\n
Retirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
\n
charge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
\n
is split equally between the employer and the employees. Contributions, which vary by
\n
the age of the employees, range from 6-13% of the covered salary and are credited to the
\n
employees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
\n
capital investments and pursues an investment strategy with a prescribed investment policy.
\n
The Group assumes an average retirement age of 65. Upon retiring (including early and
\n
partial retirement), insured persons are entitled to a lifelong retirement pension if employees
\n
do not choose to withdraw the entire balance, or portion thereof, of their individual retirement
\n
savings accounts in the form of a capital payment.
\n
The Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
\n
from the Group and is governed by a foundation board. In addition, there is a pension fund
\n
commission comprised of two employee and two employer representatives. The duties of
\n
the foundation board, as well as the pension fund commission, are laid out in the BVG and
\n
the specific pension fund rules. They are required by law to act in the best interest of the
\n
participants and are responsible for setting certain policies (e.g. investment, contribution,
\n
and indexation policies) for the Pension Fund. At least four times a year, the foundation
\n
board, as well as the pension fund commission, meet to analyze consequences and decide
\n
on adjustments in the investment strategy.
Pursuant to the BVG, additional employer and employee contributions may be imposed
\n
whenever a significant funding deficit arises in accordance with the BVG. In addition to
\n
investment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk,
\n
and interest rate risk.
\n
In addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
\n
management also provides retirement benefits and risk insurance for death and disability
\n
for components of remuneration in excess of the maximum insurable amount of salary under
\n
the plan described above.
\n
Movement of Net Defined-Benefit Liability
\u00a0
2025
2024
Balance as at 1 January
3,999
2,081
Service costs
828
760
Admin costs
57
47
Past service costs
(106)
(38)
Employee benefit expenses
779
769
Net interest costs/(income)
31
18
Included in statement of profit and loss
810
787
Actuarial gains/(losses)
\u00a0 \u00a0
\u2013 Financial assumptions
(574)
1,104
\u2013 Demographic assumptions
\u2013
\u2013
\u2013 Experience adjustment
943
441
\u2013 Return on assets excluding interest income
202
274
\u00a0
571
1,819
Exchange rate differences
44
(28)
Included in statement of comprehensive income*
615
1,792
Contributions by employer
(760)
(661)
Balance as at 31 December
4,664
3,999
\n
*Excluding deferred tax impact as in Note 2.9
\n\n\n
The principal assumptions used in determining post-employment (pension) benefit obligations
\n
for the plan are shown below:
\u00a0
2025
2024
Discount rate
1.25%
0.95%
Salary increase
3.00%
3.00%
Interest credit rate
1.25%
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
\n
below:
\u00a0
2025
2024
Discount rate
\u00a0 \u00a0
+ 25bps
(633)
(605)
- 25bps
682
407
Salary increase
\u00a0 \u00a0
+ 25bps
243
89
- 25bps
(242)
(314)
Interest credit rate
\u00a0 \u00a0
+ 25bps
247
61
- 25bps
(240)
(293)
Mortality base table
\u00a0 \u00a0
Life expectancy + 1 year
129
(19)
Life expectancy - 1 year
(127)
(216)
\n
The sensitivity analyses have been determined based on a method that extrapolates the
\n
impact on the defined benefit obligation as a result of reasonable changes in key assumptions
\n
occurring at the end of the reporting period. The sensitivity analyses are based on a change
\n
in a significant assumption, keeping all other assumptions constant. The sensitivity analyses
\n
may not be representative of an actual change in the defined benefit obligation as it is unlikely
\n
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:
\u00a0
2025
2024
Within the next 12 months
701
627
Between 2 and 5 years
3,303
2,476
Between 6 and 10 years
4,727
3,503
Total expected payments
8,731
6,606
\n
The average duration of the defined benefit plan obligation at the end of the reporting period
is 18 years (2024: 18 years).
Plan assets allocation
The asset allocation in the Swiss pension plan at 31 December was as follows:
\u00a0
2025
2024
Bonds
6,524
4,553
Equities
\u2013
\u2013
Loans
215
149
Mortgages
1,052
766
Real Estate
2,145
1,441
Cash, derivatives and funds
118
108
\u00a0
10,054
7,017
\n
Plan assets in 2025 and 2024 do not include property occupied by or financial instruments
issued by ONWARD.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00243": { "value": "2.7 Employee Benefit Expenses
Accounting policy:
\n
Short-term employee benefits
\n
Short-term employee benefits include salaries and social security contributions, social
\n
taxes, paid vacation, and bonuses. They are recognized as expenses for the period in which
\n
employees perform the corresponding services. Outstanding payments at the end of the
period are shown as other current liabilities.
\n
Post-employment benefits
\n
Group companies operate various pension schemes. The schemes are funded through
\n
payments to insurance companies or trustee-administered funds, determined by periodic
\n
actuarial calculations. The Group has both defined benefit and defined contribution plans.
\n
Defined contribution plan
\n
A defined contribution plan is a pension plan under which the Group pays fixed contributions
\n
into a separate entity. The Group has no legal or constructive obligations to pay further
\n
contributions if the fund does not hold sufficient assets to pay all benefits to employees
\n
relating to employee services in the current and prior periods. For defined contribution plans,
\n
the Group pays contributions to publicly or privately administered pension insurance plans on
\n
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.2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\nat the date of modification.5.0 Post-Employment Benefits: Defined Benefit Obligation
Accounting policy:
Group companies operate various pension schemes. The schemes
\n
are funded through payments to insurance companies or trustee-administered funds,
\n
determined by periodic actuarial calculations. The Group has both defined benefit and
\n
defined contribution plans.
\n
Defined benefit plan
\n
The Group operates a defined benefit pension plan in Switzerland, which requires contributions
\n
to be made to a separately administered fund. The cost of providing benefits under the defined
\n
benefit plan is determined using the projected unit credit method.
\n
Remeasurements, comprising of actuarial gains and losses, are recognized in the statement
\n
of financial position with a corresponding debit or credit to retained earnings through OCI
\n
in the period in which they occur. Remeasurements are not reclassified to profit or loss in
\n
subsequent periods.
\n
Past service costs are recognized in profit or loss on the earlier of:
\n
\u2022
The date of the plan amendment or curtailment, and
\n
\u2022
The date that the Group recognizes related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit liability or
\n
asset. The Group recognizes the changes in the net defined benefit obligation due to service
\n
costs comprising current service costs, past-service costs, gains and losses on curtailments
\n
and non-routine settlements as part of operating expenses, and the net interest expense or
\nincome 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00183": { "value": "2.7 Employee Benefit Expenses 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 2025, the
Group employed 137.3 full-time equivalents, including white-collar employees and contractors.
The following table presents a breakdown of the Company\u2019s full-time equivalents as of 31
December 2025 and 2024:
\u00a0
2025
2024
Research & Development
41.0
40.0
Clinical & Regulatory
19.8
14.0
Marketing & Market Access
31.9
14.0
Quality Assurance
11.8
8.6
General & Administrative
32.8
26.0
\u00a0
137.3
102.6
\n
As at 31 December 2025, the Company had 17.4 full-time equivalents employed by its Dutch
entity (2024: 12.4), 91.9 full-time equivalents employed by its Swiss entity (2024: 76.15), and
28 full-time equivalents employed by its U.S. entity (2024: 14).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00228": { "value": "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
\n
are funded through payments to insurance companies or trustee-administered funds,
\n
determined by periodic actuarial calculations. The Group has both defined benefit and
\n
defined contribution plans.
\n
Defined benefit plan
\n
The Group operates a defined benefit pension plan in Switzerland, which requires contributions
\n
to be made to a separately administered fund. The cost of providing benefits under the defined
\n
benefit plan is determined using the projected unit credit method.
\n
Remeasurements, comprising of actuarial gains and losses, are recognized in the statement
\n
of financial position with a corresponding debit or credit to retained earnings through OCI
\n
in the period in which they occur. Remeasurements are not reclassified to profit or loss in
\n
subsequent periods.
\n
Past service costs are recognized in profit or loss on the earlier of:
\n
\u2022
The date of the plan amendment or curtailment, and
\n
\u2022
The date that the Group recognizes related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit liability or
\n
asset. The Group recognizes the changes in the net defined benefit obligation due to service
\n
costs comprising current service costs, past-service costs, gains and losses on curtailments
\n
and non-routine settlements as part of operating expenses, and the net interest expense or
\n
income as part of net finance costs in the consolidated statement of profit and loss.
\u00a0
2025
2024
Plan assets
10,054
7,017
Obligation
(14,718)
(11,016)
Net liability
4,664
3,999
\n\n
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically,
\n
defined benefit plans specify an amount of pension benefit that an employee will receive
\n
upon retirement, typically dependent on one or more factors such as age, years of service,
\n
and compensation. The benefits paid to employees in Switzerland qualify as a defined
\n
benefit plan.
\n
The pension plan for Swiss employees (\u201cthe Pension Fund\u201d) is a defined benefit plan. The
\n
Pension Fund provides benefits for retirement, disability, and surviving dependents that
\n
meet or exceed the minimum benefits required under the Federal Law on Occupational
\n
Retirement, Survivors\u2019 and Disability Insurance (\u201cBVG\u201d), including the legal coordination
\n
charge, which is also insured. The monthly premium to fund the Pension Fund\u2019s benefits
\n
is split equally between the employer and the employees. Contributions, which vary by
\n
the age of the employees, range from 6-13% of the covered salary and are credited to the
\n
employees\u2019 individual retirement savings accounts. The Pension Fund is responsible for
\n
capital investments and pursues an investment strategy with a prescribed investment policy.
\n
The Group assumes an average retirement age of 65. Upon retiring (including early and
\n
partial retirement), insured persons are entitled to a lifelong retirement pension if employees
\n
do not choose to withdraw the entire balance, or portion thereof, of their individual retirement
\n
savings accounts in the form of a capital payment.
\n
The Pension Fund is administered by Allianz Suisse, Switzerland, which is legally separate
\n
from the Group and is governed by a foundation board. In addition, there is a pension fund
\n
commission comprised of two employee and two employer representatives. The duties of
\n
the foundation board, as well as the pension fund commission, are laid out in the BVG and
\n
the specific pension fund rules. They are required by law to act in the best interest of the
\n
participants and are responsible for setting certain policies (e.g. investment, contribution,
\n
and indexation policies) for the Pension Fund. At least four times a year, the foundation
\n
board, as well as the pension fund commission, meet to analyze consequences and decide
\n
on adjustments in the investment strategy.
Pursuant to the BVG, additional employer and employee contributions may be imposed
\n
whenever a significant funding deficit arises in accordance with the BVG. In addition to
\n
investment risk, the Pension Fund is exposed to actuarial risk, longevity risk, currency risk,
\n
and interest rate risk.
\n
In addition to the pension plan for Swiss employees, a defined benefit plan for Swiss
\n
management also provides retirement benefits and risk insurance for death and disability
\n
for components of remuneration in excess of the maximum insurable amount of salary under
\n
the plan described above.
\n
Movement of Net Defined-Benefit Liability
\u00a0
2025
2024
Balance as at 1 January
3,999
2,081
Service costs
828
760
Admin costs
57
47
Past service costs
(106)
(38)
Employee benefit expenses
779
769
Net interest costs/(income)
31
18
Included in statement of profit and loss
810
787
Actuarial gains/(losses)
\u00a0 \u00a0
\u2013 Financial assumptions
(574)
1,104
\u2013 Demographic assumptions
\u2013
\u2013
\u2013 Experience adjustment
943
441
\u2013 Return on assets excluding interest income
202
274
\u00a0
571
1,819
Exchange rate differences
44
(28)
Included in statement of comprehensive income*
615
1,792
Contributions by employer
(760)
(661)
Balance as at 31 December
4,664
3,999
\n
*Excluding deferred tax impact as in Note 2.9
\n\n\n
The principal assumptions used in determining post-employment (pension) benefit obligations
\n
for the plan are shown below:
\u00a0
2025
2024
Discount rate
1.25%
0.95%
Salary increase
3.00%
3.00%
Interest credit rate
1.25%
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
\n
below:
\u00a0
2025
2024
Discount rate
\u00a0 \u00a0
+ 25bps
(633)
(605)
- 25bps
682
407
Salary increase
\u00a0 \u00a0
+ 25bps
243
89
- 25bps
(242)
(314)
Interest credit rate
\u00a0 \u00a0
+ 25bps
247
61
- 25bps
(240)
(293)
Mortality base table
\u00a0 \u00a0
Life expectancy + 1 year
129
(19)
Life expectancy - 1 year
(127)
(216)
\n
The sensitivity analyses have been determined based on a method that extrapolates the
\n
impact on the defined benefit obligation as a result of reasonable changes in key assumptions
\n
occurring at the end of the reporting period. The sensitivity analyses are based on a change
\n
in a significant assumption, keeping all other assumptions constant. The sensitivity analyses
\n
may not be representative of an actual change in the defined benefit obligation as it is unlikely
\n
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:
\u00a0
2025
2024
Within the next 12 months
701
627
Between 2 and 5 years
3,303
2,476
Between 6 and 10 years
4,727
3,503
Total expected payments
8,731
6,606
\n
The average duration of the defined benefit plan obligation at the end of the reporting period
is 18 years (2024: 18 years).
Plan assets allocation
The asset allocation in the Swiss pension plan at 31 December was as follows:
\u00a0
2025
2024
Bonds
6,524
4,553
Equities
\u2013
\u2013
Loans
215
149
Mortgages
1,052
766
Real Estate
2,145
1,441
Cash, derivatives and funds
118
108
\u00a0
10,054
7,017
\n
Plan assets in 2025 and 2024 do not include property occupied by or financial instruments
issued by ONWARD.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00255": { "value": "2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\nat the date of modification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00184": { "value": "2.8 Share-Based Payments
Accounting policy:
Employees (including senior executives) of the Group receive remuneration
\n
in the form of share-based payments, whereby employees render services as consideration
\n
for equity instruments (equity-settled transactions).
\n
Equity-settled transactions
\n
The cost of equity-settled transactions is determined by the fair value at the date when the
\n
grant is made using an appropriate valuation model.
\n
That cost is recognized, together with a corresponding increase in other reserves in equity,
\n
over the period in which the performance and/or service conditions are fulfilled in employee
\n
benefits expense. The cumulative expense recognized for equity-settled transactions at each
\n
reporting date until the vesting date reflects the extent to which the vesting period has expired
\n
and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
The statement of profit or loss expense or credit for a period represents the movement in
\n
cumulative expense recognized as at the beginning and end of that period and is recognized
\n
in operating expenses.
\n
No expense is recognized for awards that do not ultimately vest, except for equity-settled
\n
transactions for which vesting is conditional upon a market or non-vesting condition. These
\n
are treated as vesting irrespective of whether or not the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognized is
\n
the expense had the terms not been modified, if the original terms of the award are met. An
\n
additional expense is recognized for any modification that increases the total fair value of the
\n
share-based payment transaction or is otherwise beneficial to the employee as measured
\n
at the date of modification.
\n
Significant estimate:
The Group measures the cost of equity-settled transactions with
\n
employees by reference to the fair value of the equity instruments at the date at which they are
\n
granted. Estimating fair value for share-based payment transactions requires determination
\n
of the most appropriate valuation model, which is dependent on the terms and conditions
\n
of the grant.
\n\n\n
Long-term incentive plan (LTIP)
\n
The LTIP plan is aimed at aligning the employee\u2019s interest with the interests of the Shareholders
\n
and to allow the employee to participate in the long-term growth of the Company. The LTIP is an
\n
omnibus plan with the flexibility to issue different types of equity incentives. ONWARD awarded
\n
options over its Ordinary Shares to participants (referred to as the \u201cAward\u201d or \u201cGrant\u2019) on the
\n
Grant Dates as specified in the table below. Each option represents the right to receive one
\n
Ordinary Share of ONWARD against payment of the exercise price. The options expire 10 years
\n
after the Grant Date and become exercisable on vesting. The Grant is subject to continued
\n
provision of services to the Company under a graded vesting schedule, with 25% of the Grant
\n
vesting on the first anniversary of the Grant Date, and the remaining 75% of the Grant vesting
\n
in equal, monthly tranches over the three years following the first anniversary of the Grant Date
\n
(i.e., 2.083% per month). The number of options that will vest and become unconditional is only
\n
subject to a continued service condition. All options granted have the same conditions. Options
\n
do not settle automatically and are exercised at the option of the participant.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Number
\u00a0\u00a0\u00a0
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
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2022
1/4/2022
Stock
169,800
EUR 7.64
1/4/2032
EUR4.18
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2022
26/9/2022
Stock
166,350
EUR 5.70
26/9/2032
EUR 3.19
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2023
3/1/2023
Stock
978,050
EUR 6.12
3/1/2033
EUR 3.37
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2023
28/2/2023
Stock
132,000
EUR 4.95
28/2/2033
EUR 2.73
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2023
3/7/2023
Stock
308,175
EUR 5.18
3/7/2033
EUR 2.85
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2024
15/1/2024
Stock
710,975
EUR 2.94
15/1/2034
EUR 1.60
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2024
1/7/2024
Stock
460,688
EUR 5.08
1/7/2034
EUR 2.85
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2024
5/12/2024
Stock
704,625
EUR 4.77
4/12/2034
EUR 2.68
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2025
1/5/2025
Stock
100,000
EUR 4.19
1/5/2035
EUR 2.37
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2025
1/7/2025
Stock
632,487
EUR 4.49
1/7/2035
EUR 2.53
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
2025
12/8/2025
Stock
32,000
EUR 4.11
12/8/2035
EUR 2.34
\u00a0\u00a0
Options
\u00a0\u00a0\u00a0\u00a0
\n
This fair value per option has been applied to the options granted for the recognition of the
share-based payment expense recognized:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Share-based payment expense
2,639
2,720
\u00a0
2,639
2,720
\n
The table below summarizes the number and weighted average exercise prices (WAEP) of,
and movements in, share options during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2025
2024
2024
\u00a0
Number
WAEP
Number
WAEP
Outstanding at 1 January
3,553,606
EUR 5.43
1,828,650
EUR 6.85
Granted during the year
764,487
EUR 4.43
1,876,288
EUR 4.15
Forfeited during the year
(679,762)
EUR 5.65
(151,332)
EUR 6.65
Exercised during the year
(79,694)
EUR 4.23
\u2013
\u2013
Outstanding at 31 December
3,558,637
EUR 5.20
3,553,606
EUR 5.43
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
WAEP
Exercisable at 31 December 2025
1,588,520
EUR 6.00
Exercisable at 31 December 2024
950,137
EUR 7.22
\n
The weighted average remaining contractual life for the share options outstanding at 31
December 2025 was 8.11 years (2024: 8.69 years).
The weighted average fair value of options granted during the year was EUR 2.50 (2024: EUR 2.31).
The range of exercise prices for options outstanding at the end of the year was EUR 2.94 to
EUR 9.70 (2024: EUR 2.94 to EUR 9.70).
The fair value of the awarded options was determined by applying a Binomial Option Pricing
Model that allows for exercising 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:
\u00a0
2025\u2013
08
2025\u20130
7
2025\u201305
2024\u2013
12
2024\u20130
7
2024\u201301
Fair value on date of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
measurement (EUR)
2.34
2.53
2.37
2.68
2.85
1.60
Share price (EUR)
4.11
4.49
4.19
4.77
5.08
2.94
Exercise price (EUR)
4.11
4.49
4.19
4.77
5.08
2.94
Expected volatility
60.3%
59.5%
59.8%
61.4%
59.1%
57.0%
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
2.7%
2.6%
2.4%
2.1%
2.6%
2.23%
Time to expiration
10
10
10
10
10
10
\na: Vesting period is 1 \u2013 4 years and depends on the vesting date of the specific tranche. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00185": { "value": "2.9 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
\n
can be utilized, except:
\n
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\n
from the initial recognition of an asset or liability in a transaction that is not a business
\n
combination and, at the time of the transaction, affects neither the accounting profit nor
\n
taxable profit or loss
\n
\u2022
In respect of deductible temporary differences associated with investments in subsidiaries,
\n
associates and interests in joint ventures, deferred tax assets are recognized only to the
\n
extent that it is probable that the temporary differences will reverse in the foreseeable
\n
future and taxable profit will be available against which the temporary differences can
\n
be utilized
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
\n
to the extent that it is no longer probable that sufficient taxable profit will be available to
\n
allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets
\n
are reassessed at each reporting date and are recognized to the extent that it has become
\n
probable that future taxable profits will allow the deferred tax asset to be recovered.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
\n
in the year when the asset is realized or the liability is settled, based on tax rates (and tax
\n
laws) that have been enacted or substantively enacted at the reporting date.
\n
Significant estimate:
The Group has losses before tax which arose in the Netherlands that are
\n
available to offset against future profits of the Dutch entity in which the loss arose. However,
\n
these losses may not be used to offset taxable income elsewhere in the Group. The Group
\n
evaluated and judged that at this moment it is not sufficiently likely that future profits will be
\n
generated in the Dutch entity that can offset a deferred tax asset.
\n
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
\n
There are no NOL
\u2019s. Last fiscal year settled is 2022. Due to expected profits based on the cost-
\n
plus the Swiss deferred tax assets relating to temporary differences have been recognized.
\n
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
\n
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition of
\n\n\n\n\n\n
ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred tax
\n
liability was recognized for the intangible asset (in-process R&D) identified in the PPA and
\n
on the capitalized license fee. The Company recognized a deferred tax asset in the US entity
\n
that offsets the deferred tax liability as allowed under IAS 12, with no impact on previously
\n
reported results.
\u00a0
2025
2024
Current income tax
(241)
(294)
Adjustments of current income tax of previous year
5
(45)
Deferred income tax
(75)
379
Total corporate income tax in profit and loss
(311)
40
Current income Tax charge at tax rate of 25.8%
10,674
9,227
Tax rate differences in foreign jurisdictions
(219)
(156)
Adjustments of current income tax of previous year
(5)
(45)
Non-deductible expenses
(567)
(553)
Net operating losses and temporary differences not recognized
(10,956)
(8,960)
Impact of FDII deduction
43
\u2013
Recognition of previous non recognized deferred tax assets
744
575
Other
(25)
(48)
\u00a0
(311)
40
\n
The effective tax rate was 0.1% in 2025 (2024: 0.4%), which is lower than the statutory income
\n
tax rate of 25.8% (2024: 25.8%) in the Netherlands. The difference is primarily due to the net
\n
operating losses and temporary differences for which no deferred tax asset can be recognized.
\n
The uncertainty is based on insufficient evidence of future sources of income to support the
\n
realization of a deferred tax asset due to the Company being loss-making with limited tax
\n
planning opportunities. As the Group has entered its commercial phase, it will continue to
\n
review its transfer pricing framework to ensure it remains appropriate and aligned with the
\n
Group\u2019s evolving operations.
Recognized deferred tax assets and liabilities
2025
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,485)
(1,485)
Right of use assets
\u2013
(77)
(77)
Lease liability
84
\u2013
84
Post-employment benefits
653
\u2013
653
Losses available for offset against future
1,137
\u2013
1,137
Taxable income
\u00a0 \u00a0 \u00a0
Set-off of deferred tax
(1,215)
1,215
\u2013
Net deferred tax asset / (liability)
659
(347)
312
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
\u00a0
\u2013
\u2013
Taxable income
1,483
\u2013
1,483
Set-off of deferred tax
(1,631)
1,631
\u2013
Net deferred tax asset / (liability)
568
(303)
265
\u00a0
2025
2024
Opening balance at January 1
265
(321)
Recognized in profit & loss
(75)
379
Remeasurement (gain)/loss on actuarial gains and losses in OCI
80
255
Foreign currency translation difference
42
(48)
Net deferred tax asset /(liability) at December 31
312
265
\n\n
Of the estimated amount of tax losses carried forward and available as at 31 December 2025,
\n
a deferred tax asset of EUR 1,137k has been recognized to offset the reversal of temporary
\n
differences in the US. For the remaining unused operating losses in the Netherlands of
\n
EUR 211M (2024: EUR 148M) and in the US of EUR 20M (2024: EUR 27M) no deferred tax is
\n
recognized. These losses can be carried forward indefinitely subject to local tax rules, except
\n
for approximately EUR 3M of losses in the US, which can be carried forward for 20 years
\n
(ultimately by 2037).
\n
No deferred tax liability has been recorded for the Swiss subsidiary due to the applicable tax
\n
treaty between Switzerland and the Netherlands, which eliminates potential tax consequences
\n
on undistributed earnings. Similarly, no deferred tax liability has been recognized for the U.S.
\n
subsidiary, as it has negative retained earnings, and there are no undistributed profits that
\n
could result in taxable temporary differences.
\n
The Company offsets tax assets and liabilities if it has a legally enforceable right to set off
\n
current tax assets and current tax liabilities, and the deferred tax assets and deferred tax
\nliabilities relate to income taxes levied by the same tax authority. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00186": { "value": "2.9 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
\n
can be utilized, except:
\n
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\n
from the initial recognition of an asset or liability in a transaction that is not a business
\n
combination and, at the time of the transaction, affects neither the accounting profit nor
\n
taxable profit or loss
\n
\u2022
In respect of deductible temporary differences associated with investments in subsidiaries,
\n
associates and interests in joint ventures, deferred tax assets are recognized only to the
\n
extent that it is probable that the temporary differences will reverse in the foreseeable
\n
future and taxable profit will be available against which the temporary differences can
\n
be utilized
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
\n
to the extent that it is no longer probable that sufficient taxable profit will be available to
\n
allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets
\n
are reassessed at each reporting date and are recognized to the extent that it has become
\n
probable that future taxable profits will allow the deferred tax asset to be recovered.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
\n
in the year when the asset is realized or the liability is settled, based on tax rates (and tax
\n
laws) that have been enacted or substantively enacted at the reporting date.
\n
Significant estimate:
The Group has losses before tax which arose in the Netherlands that are
\n
available to offset against future profits of the Dutch entity in which the loss arose. However,
\n
these losses may not be used to offset taxable income elsewhere in the Group. The Group
\n
evaluated and judged that at this moment it is not sufficiently likely that future profits will be
\n
generated in the Dutch entity that can offset a deferred tax asset.
\n
All Switzerland operations have a cost-plus agreement. The taxable amounts are settled.
\n
There are no NOL
\u2019s. Last fiscal year settled is 2022. Due to expected profits based on the cost-
\n
plus the Swiss deferred tax assets relating to temporary differences have been recognized.
\n
NOL
\u2019s in the US entity prior to 2018 can be carried forward for 20 years. NOL
\u2019s after 2018
\n
can be carried forward indefinitely, limited to 80% of taxable income. On the acquisition of
\n\n\n\n\n\n
ONWARD Medical Inc. (formerly known as NeuroRecovery Technologies Inc) a deferred tax
\n
liability was recognized for the intangible asset (in-process R&D) identified in the PPA and
\n
on the capitalized license fee. The Company recognized a deferred tax asset in the US entity
\n
that offsets the deferred tax liability as allowed under IAS 12, with no impact on previously
\n
reported results.
\u00a0
2025
2024
Current income tax
(241)
(294)
Adjustments of current income tax of previous year
5
(45)
Deferred income tax
(75)
379
Total corporate income tax in profit and loss
(311)
40
Current income Tax charge at tax rate of 25.8%
10,674
9,227
Tax rate differences in foreign jurisdictions
(219)
(156)
Adjustments of current income tax of previous year
(5)
(45)
Non-deductible expenses
(567)
(553)
Net operating losses and temporary differences not recognized
(10,956)
(8,960)
Impact of FDII deduction
43
\u2013
Recognition of previous non recognized deferred tax assets
744
575
Other
(25)
(48)
\u00a0
(311)
40
\n
The effective tax rate was 0.1% in 2025 (2024: 0.4%), which is lower than the statutory income
\n
tax rate of 25.8% (2024: 25.8%) in the Netherlands. The difference is primarily due to the net
\n
operating losses and temporary differences for which no deferred tax asset can be recognized.
\n
The uncertainty is based on insufficient evidence of future sources of income to support the
\n
realization of a deferred tax asset due to the Company being loss-making with limited tax
\n
planning opportunities. As the Group has entered its commercial phase, it will continue to
\n
review its transfer pricing framework to ensure it remains appropriate and aligned with the
\n
Group\u2019s evolving operations.
Recognized deferred tax assets and liabilities
2025
Assets
Liabilities
Net
Intangible assets, including Goodwill
\u2013
(1,485)
(1,485)
Right of use assets
\u2013
(77)
(77)
Lease liability
84
\u2013
84
Post-employment benefits
653
\u2013
653
Losses available for offset against future
1,137
\u2013
1,137
Taxable income
\u00a0 \u00a0 \u00a0
Set-off of deferred tax
(1,215)
1,215
\u2013
Net deferred tax asset / (liability)
659
(347)
312
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
\u00a0
\u2013
\u2013
Taxable income
1,483
\u2013
1,483
Set-off of deferred tax
(1,631)
1,631
\u2013
Net deferred tax asset / (liability)
568
(303)
265
\u00a0
2025
2024
Opening balance at January 1
265
(321)
Recognized in profit & loss
(75)
379
Remeasurement (gain)/loss on actuarial gains and losses in OCI
80
255
Foreign currency translation difference
42
(48)
Net deferred tax asset /(liability) at December 31
312
265
\n\n
Of the estimated amount of tax losses carried forward and available as at 31 December 2025,
\n
a deferred tax asset of EUR 1,137k has been recognized to offset the reversal of temporary
\n
differences in the US. For the remaining unused operating losses in the Netherlands of
\n
EUR 211M (2024: EUR 148M) and in the US of EUR 20M (2024: EUR 27M) no deferred tax is
\n
recognized. These losses can be carried forward indefinitely subject to local tax rules, except
\n
for approximately EUR 3M of losses in the US, which can be carried forward for 20 years
\n
(ultimately by 2037).
\n
No deferred tax liability has been recorded for the Swiss subsidiary due to the applicable tax
\n
treaty between Switzerland and the Netherlands, which eliminates potential tax consequences
\n
on undistributed earnings. Similarly, no deferred tax liability has been recognized for the U.S.
\n
subsidiary, as it has negative retained earnings, and there are no undistributed profits that
\n
could result in taxable temporary differences.
\n
The Company offsets tax assets and liabilities if it has a legally enforceable right to set off
\n
current tax assets and current tax liabilities, and the deferred tax assets and deferred tax
\nliabilities relate to income taxes levied by the same tax authority. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00256": { "value": "2.9 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
\n
can be utilized, except:
\n
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\n
from the initial recognition of an asset or liability in a transaction that is not a business
\n
combination and, at the time of the transaction, affects neither the accounting profit nor
\n
taxable profit or loss
\n
\u2022
In respect of deductible temporary differences associated with investments in subsidiaries,
\n
associates and interests in joint ventures, deferred tax assets are recognized only to the
\n
extent that it is probable that the temporary differences will reverse in the foreseeable
\n
future and taxable profit will be available against which the temporary differences can
\n
be utilized
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
\n
to the extent that it is no longer probable that sufficient taxable profit will be available to
\n
allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets
\n
are reassessed at each reporting date and are recognized to the extent that it has become
\n
probable that future taxable profits will allow the deferred tax asset to be recovered.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
\n
in the year when the asset is realized or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00257": { "value": "2.9 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
\n
can be utilized, except:
\n
\u2022
When the deferred tax asset relating to the deductible temporary difference arises
\n
from the initial recognition of an asset or liability in a transaction that is not a business
\n
combination and, at the time of the transaction, affects neither the accounting profit nor
\n
taxable profit or loss
\n
\u2022
In respect of deductible temporary differences associated with investments in subsidiaries,
\n
associates and interests in joint ventures, deferred tax assets are recognized only to the
\n
extent that it is probable that the temporary differences will reverse in the foreseeable
\n
future and taxable profit will be available against which the temporary differences can
\n
be utilized
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
\n
to the extent that it is no longer probable that sufficient taxable profit will be available to
\n
allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets
\n
are reassessed at each reporting date and are recognized to the extent that it has become
\n
probable that future taxable profits will allow the deferred tax asset to be recovered.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
\n
in the year when the asset is realized or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00188": { "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.Capitalised development costs / In-process R&DFollowing initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. Amortization is recorded in operating
expenses. During the period of development, the asset is tested for impairment annually.Impairment Assessment
The in-process research and development (\u201cIPR&D\u201d) 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 IPR&D is dependent on the successful development
and regulatory approval of the Group\u2019s neurostimulation technologies across its platforms.
As part of the NRT acquisition, ONWARD also assumed exclusive license agreements with
the Regents of the University of California (\u201cUCLA\u201d) and the California Institute of Technology
(\u201cCaltech\u201d). Pursuant to these agreements, the occurrence of the IPO triggered change-of-
control provisions resulting in additional payments, as well as ongoing annual license fees.
These payments are recognised as a separate class of intangible assets.
In accordance with the Group\u2019s accounting policies, goodwill, IPR&D and license-related
\n
intangible assets are subject to impairment review at least annually, or more frequently if
\n
indicators of impairment arise.
\n
As of 31 December 2025, management performed its annual impairment assessment in
\n
accordance with IAS 36 by evaluating whether any indicators of impairment were present. This
\n
assessment considered both external and internal factors, including the Group\u2019s progress into
\n
the commercial phase, regulatory approvals obtained, and the Group\u2019s market capitalisation.
\n
At year-end, the Group\u2019s market capitalisation significantly exceeded the carrying value of
\n
its goodwill and intangible assets.
\n
The Group continues to operate as a single cash-generating unit (\u201cCGU\u201d), reflecting the
\n
high degree of integration across its technology platforms, development activities, and
\n
commercialisation efforts. While revenue streams and regulatory pathways may differ across
\n
platforms, substantial operational and financial interdependencies remain, supporting the
\n
assessment of a single CGU.
\n
Based on this assessment, management concluded that the recoverable amount of the CGU
\n
exceeded its carrying amount as of 31 December 2025. Accordingly, no impairment charge was
\n
recognised during the year. As the recoverable amount was supported by observable market
\nevidence, the impairment assessment did not involve significant estimation uncertainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.Capitalised development costs / In-process R&DFollowing initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00190": { "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.Capitalised development costs / In-process R&DFollowing initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00187": { "value": "3.0 Intangible Assets
\u00a0
2025
2024
Goodwill
1,738
1,962
In-process R&D
\u2013
6,059
Capitalised development costs
5,008
\u2013
License fees
1,987
2,404
Net book value at 31 December
8,733
10,425
\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
2025
2024
Cost
1,962
1,845
Accumulated changes
\u2013
\u2013
Net book value at 1 January
1,962
1,845
Additions
\u00a0 \u00a0
Foreign currency translation difference
(224)
117
Impairments
\u2013
\u2013
Net change
(224)
117
Cost
1,738
1,962
Accumulated changes
\u2013
\u2013
Net book value at 31 December
1,738
1,962
\n
Capitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. Amortization is recorded in operating expenses. During the
period of development, the asset is tested for impairment annually.
\u00a0
Capitalised
In-process
\u00a0
Development cost
R&D
Cost
\u2013
5,850
Accumulated changes
\u2013
(152)
Net book value at 1 January 2024
\u2013
5,698
Foreign currency translation difference
\u2013
361
Net change
\u2013
361
Cost
\u2013
6,211
Accumulated changes
\u2013
(152)
Net book value at 31 December 2024
\u2013
6,059
Reclassification to Capitalized development costs
6,059
(6,059)
Foreign currency translation difference
(692)
-
Amortization for the year
(359)
-
Net change
5,008
(6,059)
Cost
5,519
\u2013
Accumulated changes
(511)
\u2013
Net book value at 31 December 2025
5,008
\u2013
\n
During 2025, intangible assets previously described as in-process research and
development became available for use following regulatory clearance and the
commencement of commercialization activities. Accordingly, amortization of these
assets commenced during the year. These assets are presented within intangible assets
as capitalized development costs.
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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. Amortization is recorded in operating
expenses. During the period of development, the asset is tested for impairment annually.
\u00a0
2025
2024
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,404
2,261
Additions
\u2013
\u2013
Foreign currency translation difference
(275)
143
Reversals
\u2013
\u2013
Amortization for the year
(142)
\u2013
Impairments
\u2013
\u2013
Net change
(417)
143
Cost
2,129
2,404
Accumulated changes
(
142
)
\u2013
Net book value at 31 December
1,987
2,404
\n
During 2025, the licensed technology became available for use following regulatory clearance
and the commencement of commercialization activities. Accordingly, amortisation of the
related intangible assets commenced in the year.
Impairment Assessment
The in-process research and development (\u201cIPR&D\u201d) 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 IPR&D is dependent on the successful development
and regulatory approval of the Group\u2019s neurostimulation technologies across its platforms.
As part of the NRT acquisition, ONWARD also assumed exclusive license agreements with
the Regents of the University of California (\u201cUCLA\u201d) and the California Institute of Technology
(\u201cCaltech\u201d). Pursuant to these agreements, the occurrence of the IPO triggered change-of-
control provisions resulting in additional payments, as well as ongoing annual license fees.
These payments are recognised as a separate class of intangible assets.
In accordance with the Group\u2019s accounting policies, goodwill, IPR&D and license-related
\n
intangible assets are subject to impairment review at least annually, or more frequently if
\n
indicators of impairment arise.
\n
As of 31 December 2025, management performed its annual impairment assessment in
\n
accordance with IAS 36 by evaluating whether any indicators of impairment were present. This
\n
assessment considered both external and internal factors, including the Group\u2019s progress into
\n
the commercial phase, regulatory approvals obtained, and the Group\u2019s market capitalisation.
\n
At year-end, the Group\u2019s market capitalisation significantly exceeded the carrying value of
\n
its goodwill and intangible assets.
\n
The Group continues to operate as a single cash-generating unit (\u201cCGU\u201d), reflecting the
\n
high degree of integration across its technology platforms, development activities, and
\n
commercialisation efforts. While revenue streams and regulatory pathways may differ across
\n
platforms, substantial operational and financial interdependencies remain, supporting the
\n
assessment of a single CGU.
\n
Based on this assessment, management concluded that the recoverable amount of the CGU
\n
exceeded its carrying amount as of 31 December 2025. Accordingly, no impairment charge was
\n
recognised during the year. As the recoverable amount was supported by observable market
\nevidence, the impairment assessment did not involve significant estimation uncertainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00192": { "value": "3.0 Intangible Assets
\u00a0
2025
2024
Goodwill
1,738
1,962
In-process R&D
\u2013
6,059
Capitalised development costs
5,008
\u2013
License fees
1,987
2,404
Net book value at 31 December
8,733
10,425
\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
2025
2024
Cost
1,962
1,845
Accumulated changes
\u2013
\u2013
Net book value at 1 January
1,962
1,845
Additions
\u00a0 \u00a0
Foreign currency translation difference
(224)
117
Impairments
\u2013
\u2013
Net change
(224)
117
Cost
1,738
1,962
Accumulated changes
\u2013
\u2013
Net book value at 31 December
1,738
1,962
\nIn accordance with the Group\u2019s accounting policies, goodwill, IPR&D and license-related
intangible assets are subject to impairment review at least annually, or more frequently if
\n
indicators of impairment arise.
\n
As of 31 December 2025, management performed its annual impairment assessment in
\n
accordance with IAS 36 by evaluating whether any indicators of impairment were present. This
\n
assessment considered both external and internal factors, including the Group\u2019s progress into
\n
the commercial phase, regulatory approvals obtained, and the Group\u2019s market capitalisation.
\n
At year-end, the Group\u2019s market capitalisation significantly exceeded the carrying value of
\n
its goodwill and intangible assets.
\n
The Group continues to operate as a single cash-generating unit (\u201cCGU\u201d), reflecting the
\n
high degree of integration across its technology platforms, development activities, and
\n
commercialisation efforts. While revenue streams and regulatory pathways may differ across
\n
platforms, substantial operational and financial interdependencies remain, supporting the
\n
assessment of a single CGU.
\n
Based on this assessment, management concluded that the recoverable amount of the CGU
\n
exceeded its carrying amount as of 31 December 2025. Accordingly, no impairment charge was
\n
recognised during the year. As the recoverable amount was supported by observable market
evidence, the impairment assessment did not involve significant estimation uncertainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00191": { "value": "3.0 Intangible Assets
\u00a0
2025
2024
Goodwill
1,738
1,962
In-process R&D
\u2013
6,059
Capitalised development costs
5,008
\u2013
License fees
1,987
2,404
Net book value at 31 December
8,733
10,425
\nCapitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. Amortization is recorded in operating expenses. During the
period of development, the asset is tested for impairment annually.
\u00a0
Capitalised
In-process
\u00a0
Development cost
R&D
Cost
\u2013
5,850
Accumulated changes
\u2013
(152)
Net book value at 1 January 2024
\u2013
5,698
Foreign currency translation difference
\u2013
361
Net change
\u2013
361
Cost
\u2013
6,211
Accumulated changes
\u2013
(152)
Net book value at 31 December 2024
\u2013
6,059
Reclassification to Capitalized development costs
6,059
(6,059)
Foreign currency translation difference
(692)
-
Amortization for the year
(359)
-
Net change
5,008
(6,059)
Cost
5,519
\u2013
Accumulated changes
(511)
\u2013
Net book value at 31 December 2025
5,008
\u2013
\n
During 2025, intangible assets previously described as in-process research and
development became available for use following regulatory clearance and the
commencement of commercialization activities. Accordingly, amortization of these
assets commenced during the year. These assets are presented within intangible assets
as capitalized development costs.
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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. Amortization is recorded in operating
expenses. During the period of development, the asset is tested for impairment annually.
\u00a0
2025
2024
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,404
2,261
Additions
\u2013
\u2013
Foreign currency translation difference
(275)
143
Reversals
\u2013
\u2013
Amortization for the year
(142)
\u2013
Impairments
\u2013
\u2013
Net change
(417)
143
Cost
2,129
2,404
Accumulated changes
(
142
)
\u2013
Net book value at 31 December
1,987
2,404
\n
During 2025, the licensed technology became available for use following regulatory clearance
and the commencement of commercialization activities. Accordingly, amortisation of the
related intangible assets commenced in the year.
Impairment Assessment
The in-process research and development (\u201cIPR&D\u201d) 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 IPR&D is dependent on the successful development
and regulatory approval of the Group\u2019s neurostimulation technologies across its platforms.
As part of the NRT acquisition, ONWARD also assumed exclusive license agreements with
the Regents of the University of California (\u201cUCLA\u201d) and the California Institute of Technology
(\u201cCaltech\u201d). Pursuant to these agreements, the occurrence of the IPO triggered change-of-
control provisions resulting in additional payments, as well as ongoing annual license fees.
These payments are recognised as a separate class of intangible assets.
In accordance with the Group\u2019s accounting policies, goodwill, IPR&D and license-related
\n
intangible assets are subject to impairment review at least annually, or more frequently if
\n
indicators of impairment arise.
\n
As of 31 December 2025, management performed its annual impairment assessment in
\n
accordance with IAS 36 by evaluating whether any indicators of impairment were present. This
\n
assessment considered both external and internal factors, including the Group\u2019s progress into
\n
the commercial phase, regulatory approvals obtained, and the Group\u2019s market capitalisation.
\n
At year-end, the Group\u2019s market capitalisation significantly exceeded the carrying value of
\n
its goodwill and intangible assets.
\n
The Group continues to operate as a single cash-generating unit (\u201cCGU\u201d), reflecting the
\n
high degree of integration across its technology platforms, development activities, and
\n
commercialisation efforts. While revenue streams and regulatory pathways may differ across
\n
platforms, substantial operational and financial interdependencies remain, supporting the
\n
assessment of a single CGU.
\n
Based on this assessment, management concluded that the recoverable amount of the CGU
\n
exceeded its carrying amount as of 31 December 2025. Accordingly, no impairment charge was
\n
recognised during the year. As the recoverable amount was supported by observable market
\nevidence, the impairment assessment did not involve significant estimation uncertainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00194": { "value": "3.0 Intangible AssetsCapitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. Amortization is recorded in operating expenses. During the
period of development, the asset is tested for impairment annually.
\u00a0
Capitalised
In-process
\u00a0
Development cost
R&D
Cost
\u2013
5,850
Accumulated changes
\u2013
(152)
Net book value at 1 January 2024
\u2013
5,698
Foreign currency translation difference
\u2013
361
Net change
\u2013
361
Cost
\u2013
6,211
Accumulated changes
\u2013
(152)
Net book value at 31 December 2024
\u2013
6,059
Reclassification to Capitalized development costs
6,059
(6,059)
Foreign currency translation difference
(692)
-
Amortization for the year
(359)
-
Net change
5,008
(6,059)
Cost
5,519
\u2013
Accumulated changes
(511)
\u2013
Net book value at 31 December 2025
5,008
\u2013
\n
During 2025, intangible assets previously described as in-process research and
development became available for use following regulatory clearance and the
commencement of commercialization activities. Accordingly, amortization of these
assets commenced during the year. These assets are presented within intangible assets
as capitalized development costs.
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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. Amortization is recorded in operating
expenses. During the period of development, the asset is tested for impairment annually.
\u00a0
2025
2024
Cost
2,404
2,261
Accumulated changes
\u2013
\u2013
Net book value at 1 January
2,404
2,261
Additions
\u2013
\u2013
Foreign currency translation difference
(275)
143
Reversals
\u2013
\u2013
Amortization for the year
(142)
\u2013
Impairments
\u2013
\u2013
Net change
(417)
143
Cost
2,129
2,404
Accumulated changes
(
142
)
\u2013
Net book value at 31 December
1,987
2,404
\n
During 2025, the licensed technology became available for use following regulatory clearance
and the commencement of commercialization activities. Accordingly, amortisation of the
related intangible assets commenced in the year. 3.1 Property, Plant & EquipmentDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term.Cost
\u00a0\u00a0\u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Equipment
Improvements
Devices
\u00a0
Total
At 1 January 2024
1,275
335
\u2013
1,610
Additions
153
\u2013
\u2013
153
Foreign currency translation difference
39
14
\u2013
53
At 31 December 2024
1,467
349
0
1,816
Additions
264
\u2013
168
432
Disposals
\u2013
\u2013
\u2013
\u2013
Foreign currency translation difference
(1)
\u2013
\u2013
(1)
At 31 December 2025
1,730
349
168
2,247
Accumulated Depreciation
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At January 1, 2024
(888)
(113)
\u2013
(1001)
Depreciation for the year
(214)
(129)
\u2013
(343)
At December 31, 2024
(1,102)
(242)
0
(1,344)
Depreciation for the year
(240)
(106)
(22)
(369)
At December 31, 2025
(1,342)
(349)
(22)
(1,713)
\n
Net book value
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At December 31, 2024
365
106
0
471
At December 31, 2025
388
0
146
534
\nRight-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
\u00a0
2025
2024
Net book value at 1 January
1,054
1,483
Additions
69
82
Depreciation for the year
(579)
(560)
Foreign currency translation impact
7
49
Net book value at 31 December
551
1,054
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.Capitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00261": { "value": "Capitalised development costs / 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 regulatory clearance and the commencement of
commercialization activities, in-process R&D is reclassified to capitalized development costs.
Following initial recognition of the development expenditure as an asset (capitalized
development costs), 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 calculated on a straight-line basis over the estimated useful lives of
the In-process R&D of 15 years. 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 is complete and the asset is available for use. It is amortized over
the period of expected future benefit. Amortization is calculated on a straight-line basis over
the estimated useful lives of the license fee of 15 years. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\nThe useful life of leasehold improvements is the same or less than the lease term.Right-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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00262": { "value": "3.1 Property, Plant & Equipment
Accounting policy:
Property, plant, and equipment is stated at cost, net of accumulated
\n
depreciation and accumulated impairment losses, if any. Such costs includes the cost
\n
of replacing part of the property, plant, and equipment and borrowing costs for long-term
\n
construction projects if the recognition criteria are met. When significant parts of property,
\n
plant and equipment are required to be replaced at intervals, the Group recognizes such parts
\n
as individual assets with specific useful lives and depreciates them accordingly. Likewise,
\n
when a major inspection is performed, its cost is recognized in the carrying amount of the
\n
plant and equipment as a replacement if the recognition criteria are satisfied. All other repair
\n
and maintenance costs are recognized in profit or loss as incurred.
\n\n\n\n\n\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
\n
as follows:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\n
The useful life of leasehold improvements is the same or less than the lease term.
\n
An item of property, plant, and equipment and any significant part initially recognized is
\n
derecognized upon disposal or when no future economic benefits are expected from its use or
\n
disposal. Any gain or loss arising from derecognition of the asset (calculated as the difference
\n
between the net disposal proceeds and the carrying amount of the asset) is included in the
\n
income statement when the asset is derecognized.
\n
The residual values, useful lives, and methods of depreciation of property, plant, and equipment
\nare reviewed at each financial year end and adjusted prospectively, if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00193": { "value": "3.1 Property, Plant & Equipment
Accounting policy:
Property, plant, and equipment is stated at cost, net of accumulated
\n
depreciation and accumulated impairment losses, if any. Such costs includes the cost
\n
of replacing part of the property, plant, and equipment and borrowing costs for long-term
\n
construction projects if the recognition criteria are met. When significant parts of property,
\n
plant and equipment are required to be replaced at intervals, the Group recognizes such parts
\n
as individual assets with specific useful lives and depreciates them accordingly. Likewise,
\n
when a major inspection is performed, its cost is recognized in the carrying amount of the
\n
plant and equipment as a replacement if the recognition criteria are satisfied. All other repair
\n
and maintenance costs are recognized in profit or loss as incurred.
\n\n\n\n\n\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
\n
as follows:
\n
\u2022
Office equipment
3 years
\n
\u2022
Demonstration / evaluation equipment
3 years
\n
\u2022
Leasehold improvements
5 years
\n
The useful life of leasehold improvements is the same or less than the lease term.
\n
An item of property, plant, and equipment and any significant part initially recognized is
\n
derecognized upon disposal or when no future economic benefits are expected from its use or
\n
disposal. Any gain or loss arising from derecognition of the asset (calculated as the difference
\n
between the net disposal proceeds and the carrying amount of the asset) is included in the
\n
income statement when the asset is derecognized.
\n
The residual values, useful lives, and methods of depreciation of property, plant, and equipment
\n
are reviewed at each financial year end and adjusted prospectively, if appropriate.
\n
Cost
\u00a0\u00a0\u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Equipment
Improvements
Devices
\u00a0
Total
At 1 January 2024
1,275
335
\u2013
1,610
Additions
153
\u2013
\u2013
153
Foreign currency translation difference
39
14
\u2013
53
At 31 December 2024
1,467
349
0
1,816
Additions
264
\u2013
168
432
Disposals
\u2013
\u2013
\u2013
\u2013
Foreign currency translation difference
(1)
\u2013
\u2013
(1)
At 31 December 2025
1,730
349
168
2,247
Accumulated Depreciation
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At January 1, 2024
(888)
(113)
\u2013
(1001)
Depreciation for the year
(214)
(129)
\u2013
(343)
At December 31, 2024
(1,102)
(242)
0
(1,344)
Depreciation for the year
(240)
(106)
(22)
(369)
At December 31, 2025
(1,342)
(349)
(22)
(1,713)
\n
Net book value
\u00a0 \u00a0 \u00a0
Demo /
\u00a0
\u00a0
Office
Leasehold
Evaluation
\u00a0
Total
\u00a0
Equipment
Improvements
Devices
At December 31, 2024
365
106
0
471
At December 31, 2025
388
0
146
534
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 and 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00195": { "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 and 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 2025 for a period of one year (ending October 2026).
Key movements relating to right-of-use assets are presented below:
\u00a0
2025
2024
Net book value at 1 January
1,054
1,483
Additions
69
82
Depreciation for the year
(579)
(560)
Foreign currency translation impact
7
49
Net book value at 31 December
551
1,054
\n
The office buildings are leased for office space. Subsequent to 31 December 2025, the Group
agreed in principle to extend the Lausanne office lease. As no legally enforceable extension
option existed at year-end, the potential extension was not considered in the lease term and
therefore has not been reflected in the financial statements as of 31 December 2025. Refer
also to Note 5.3.
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:
\u00a0
2025
2024
Less than one year
552
633
One to five years
54
527
More than five years
\u2013
\u2013
Total lease liability
606
1,160
\n
Movement of the lease liability:
\u00a0
2025
2024
Balance as at 1 January
1,115
1,619
Additions
69
82
Interest accretion
37
56
Repayments
(637)
(616)
Foreign currency impact
7
(26)
Total lease liability
591
1,115
\n
The incremental borrowing rate applied is 4% for the Lausanne office and is 7.4% for the
Eindhoven office. The Group had total cash outflows for leases of \u20ac637k in 2025 (EUR 616k
in 2024).
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 2025:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
Runway Growth loan
1,587
1
0
,
289
7,872
\u2013
19,748
Lease liability
552
54
\u2013
\u2013
606
Warrants issued to Runway Growth
370
\u2013
\u2013
\u2013
370
Trade payable
3,083
\u2013
\u2013
\u2013
3,083
Total
5,592
1
0
,
343
7,872
\u2013
23,807
\n
As at 31 December 2024:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00269": { "value": "3.3 Inventories
Accounting policy:
Inventories consist of raw materials, work-in-progress and finished goods
\n
of the ARC
\n
EX
\n
System. Inventories are valued at the lower of cost and net realizable value. Costs
\n
incurred in bringing each product to its present location and condition are accounted for as
\n
follows: cost of direct materials and labor and a proportion of manufacturing overheads based
\n
on the normal operating capacity, excluding borrowing costs. The cost is assigned using the
\n
FIFO (\u201cfirst-in-first-out\u201d) method. Net realizable value is the estimated selling price in the
\n
ordinary course of business, less estimated costs of completion and the estimated costs
\nnecessary to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00196": { "value": "3.3 Inventories
Accounting policy:
Inventories consist of raw materials, work-in-progress and finished goods
\n
of the ARC
\n
EX
\n
System. Inventories are valued at the lower of cost and net realizable value. Costs
\n
incurred in bringing each product to its present location and condition are accounted for as
\n
follows: cost of direct materials and labor and a proportion of manufacturing overheads based
\n
on the normal operating capacity, excluding borrowing costs. The cost is assigned using the
\n
FIFO (\u201cfirst-in-first-out\u201d) method. Net realizable value is the estimated selling price in the
\n
ordinary course of business, less estimated costs of completion and the estimated costs
\n
necessary to make the sale.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Raw Materials
656
102
Work in progress
0
\u2013
Finished goods
147
\u2013
\u00a0
803
102
\n
As at 31 December 2025, the Group had inventory of Raw materials amounting to EUR 656k.
\n
The increase in stock of raw materials is directly attributable to increase in commercial
\noperations during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00197": { "value": "3.4 Indirect Tax Receivables
The tax receivables consist of refundable VAT amounting to EUR 381k (2024: EUR 125k) and
\n
are collectable within 12 months. The increase in the receivable is a direct result of increase in
\n
expenses during the year. The VAT returns are filed on a quarterly basis and claims received
\nthroughout the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00198": { "value": "3.5 Trade Receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Trade receivables
1,195
160
\u00a0
1,195
160
\n\n
Trade receivables represent amounts due from customers, are non-interest bearing, and are
\n
generally due for settlement within 30 days in accordance with the agreed credit terms. The
\nbalance is shown net of the allowance for expected credit losses of EUR 148k (2024:EUR -).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00209": { "value": "3.5 Trade Receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Trade receivables
1,195
160
\u00a0
1,195
160
\n\n
Trade receivables represent amounts due from customers, are non-interest bearing, and are
\n
generally due for settlement within 30 days in accordance with the agreed credit terms. The
\nbalance is shown net of the allowance for expected credit losses of EUR 148k (2024:EUR -).3.7 Cash and Cash Equivalents
Accounting policy:
Cash and short-term deposits in the statement of financial position
\n
comprise cash at banks and on hand, and short-term deposits with a maturity of three
\n
months or less, that are readily convertible to a known amount of cash and subject to an
\n
insignificant risk of change in value.
\n
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
\n
consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts,
\n
as they are considered an integral part of the Group\u2019s cash management.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Cash at bank
9,055
12,043
Short-term deposits
59,055
48,000
Cash and cash equivalents
68,110
60,043
Cash and cash equivalents
68,110
60,043
\n
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term
\n
deposits are made for varying periods of between one day and three months, depending on
\n
the immediate cash requirements of the Group, and earn interest at the respective short
\n
term deposit rates.
\n
As part of the loan agreement with Runway Growth Capital LLC, the Group has pledged
\n
the majority of the bank and deposit accounts as collateral to secure its outstanding debt
\n
obligations. This serves as security for compliance with the loan covenants outlined in the
\n
agreement. In the event of a breach of these covenants, the lender may have the right to
\n
enforce its security interest over these assets. Management actively monitors compliance
\n
with all covenants to mitigate the risk of default.
\n
As at 31 December 2025, there were no fixed term deposits for periods exceeding three months.
\n
At 31 December 2025, the Group had no bank overdrafts. All cash is freely at the disposal of
\n
the company.
\n
3.8 Trade Payables
\n
Trade payables and accrued expenses are non-interest bearing and are normally settled on
\n
30-90 day terms. The increase in trade payables to EUR 3,083k (2024: EUR 1,269k) is mainly
\n
because of large amounts payable due at the end of 2025 that were settled shortly after
\n
financial year end.
\n\n\n
3.9 Other Payables
\n
The other payables can be broken down as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Wage tax and social security
484
144
Grants received in advance
995
441
Bonus
3,511
3,095
Invoices to be received
1,070
1,194
Other
818
555
Grant-related payables
\u2013
1,359
\u00a0
6,878
6,788
\nThe decrease in Other Payables is due to repayment of grant amounts due to EISMEA4.2 Financial Liabilities
Accounting policy:
\n
Financial instruments \u2013 initial recognition and subsequent measurement
\n
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\n
provisions of the instrument.
\n
Financial Liabilities
\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
\n
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
\n
instruments in an effective hedge, as appropriate. A financial liability is classified as FVPL
\n
if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
\n
recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses,
\n
including any interest expense, are recognized in profit or loss. Other financial liabilities
\n
are subsequently measured at amortized cost using the effective interest method. Interest
\n
expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or
\n
loss on derecognition is also recognized in profit or loss
\n
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
\n
amortized cost , net of directly attributable transaction costs.
\n
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
Financial liabilities at fair value through profit and loss
\n
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL)
\n
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\n
The Group has not designated any financial liability as at fair value through profit or loss.
\n
Financial liabilities at amortized cost
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans
\n
and borrowings are subsequently measured at amortized cost using the effective interest
\n
rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the liabilities
\n
are derecognized, as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition
\n
and fees or costs that are an integral part of the EIR. The EIR amortization is included as
\n
finance costs in the statement of profit or loss.
\n
Derecognition
\n
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\n
carrying amounts is recognized in the statement of profit or loss.
\n
Offsetting of financial instruments
\n
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
offset the recognized amounts and there is an intention to settle on a net basis, to realize the
\n
assets and settle the liabilities simultaneously. No offsetting is currently applied.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Current financial liabilities
370
437
Warrants issued to Runway Growth
370
437
Non-current financial liabilities
13,074
13,972
Innovation loan
\u2013
\u2013
Runway Growth loan
13,074
13,972
Total financial liabilities
13,444
14,409
\n
Innovation loan
\n
On 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of EUR
\n
10M payable according to a set payment scheme. The loan was advanced in installments
\n
based on progress. This loan was repaid in 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Loan as per January 1
\u2013
15,255
Loan amount received
\u2013
\u2013
Interest accrued during the year
\u2013
767
Loan amount repaid during the year
\u2013
(16,022)
Net book value at December 31
\u2013
\u2013
\n
The loan carried interest at 10%.
Runway Growth Loan
\n
In 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD Medical
\n
S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan Agreement\u201d)
\n
with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). The loan was used to (i)
\n
repay all of the Company\u2019s outstanding debt, (ii) fund the Company\u2019s upcoming commercial
\n
and clinical activities, and (iii) support for working capital and general corporate purposes.
\n
The facility comprises five separate credit tranches. An initial tranche of \u20ac16.0 million was
\n
made available upon execution of the Loan Agreement and was drawn in full at that time.
\n
Three additional committed tranches, consisting of \u20ac14.0 million, up to \u20ac5.0 million, and up
\n
to \u20ac7.5 million, are available to the Company until 31 July 2026, subject to the achievement of
\n
specified milestones and minimum quarterly revenue and EBITDA performance thresholds
\n
as set out in the Loan Agreement. Compliance with the revenue and EBITDA performance
\n
thresholds are tested as of the last day of each fiscal quarter and liquidity is tested monthly.
\n
Failure to meet the applicable milestones or financial performance criteria would limit the
\n
Company\u2019s ability to draw further amounts under these tranches. Management monitors
\n
compliance with these conditions on an ongoing basis as part of its liquidity planning. A fifth
\n
tranche of up to \u20ac10.0 million is uncommitted and may be made available in the first quarter
\n
of 2027 at the sole discretion of the lender.
\n
Amounts drawn under the facility bear interest at a rate equal to the Term Secured Overnight
\n
Financing Rate (SOFR) for a three-month interest period (currently 4.25% (2024: 6%), subject
\n
to a floor of 4.25%), plus a margin of 6.50%. The obligations under the Loan Agreement are
\n
secured by a security interest over substantially all of the assets of ONWARD Medical N.V.
\n
and its subsidiaries.
\n
As noted above, the loan documents provide for a number of affirmative and negative
\n
covenants by the Company customary for financings of this type, most notably financial
\n
covenants relating to revenue, earnings before interest taxes, depreciation and amortization
\n
(EBITDA) and minimum liquidity targets. Revenue and EBITDA is measured quarterly and
\n
liquidity monthly. In December 2024, an amendment was agreed upon stipulating that,
\n
for 2025, compliance with aforementioned covenants would not be required, provided the
\n
Company maintains the specified minimum cash-to-debt ratio monitored on a monthly basis.
\n\n\n
This amendment was extended in December 2025 for a further 6 months, ending 30 June
\n
2026, on the same basis.
\n
As of the reporting date, the Company was in compliance with all covenants. Management
\n
actively monitors covenant compliance to ensure ongoing adherence. The loan is classified
\n
as non-current since earliest maturity date is 15 June 2027, provided that if the Extension
\n
Milestone is satisfied, the maturity date shall automatically be extended to 15 June 2028.
\n
Certain Intellectual Property (patents registered) have been pledged to Runway Growth in
\n
case of default of repayment of the loan. These patents have not been capitalized as at 31
\n
December 2025. The loan was revalued at the closing rate on 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Loan opening balance
13,972
\u2013
Loan amount received
\u2013
14,116
Transaction cost amortisation
467
212
Interest accrued during the period
1,655
944
Interest paid
(1,661)
(861)
Foreign currency translation difference
(1,359)
\u2013
Warrants issued to Runway Growth
\u2013
(439)
Closing balance
13,074
13,972
\n
Warrants issued to Runway Growth
\n
In connection with the debt financing entered into by the Company, the Company issued
\n
warrants to the lender that entitle the lender to purchase ordinary shares in the capital of the
\n
Company. The exercise price per share was determined based on the lowest 30-day volume
\n
weighted average price (VWAP) observed between 9 April 2024 and the signing date of the
\n
debt financing, resulting in an exercise price of \u20ac4.83 per share. The number of shares subject
\n
to the warrants corresponds to five percent (5.00%) of the principal amount drawn under the
\n
facility, calculated initially upon the first drawdown and subsequently upon each additional
loan advance, divided by the applicable exercise price. The warrants may be exercised either
through a cash exercise, whereby the warrant holder pays the aggregate exercise price in
cash to the Company, or on a cashless basis, in which case the Company issues a number
of shares determined by reference to the fair value of the warrants at the time of exercise.
The exercise period of the warrants is ten (10) years, commencing on the date immediately
following the expiry of a ninety (90) calendar day waiting period after the closing date of the
financing. As the warrants became exercisable ninety days after closing, the Company does
not have the unconditional right to defer settlement of the warrant liability for at least twelve
months after the reporting date. Accordingly, the lender warrants continue to be classified
as current liabilities.
\n\n \u00a0 \u00a0\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2025
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
\u00a0\u00a0\u00a0\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 Dec 2025
31 Dec 2024
Fair value on date of measurement (EUR)
2.24
2.64
Share price (EUR)
4.49
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
60.1%
61.2%
Vesting period in years
0.00
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.8%
2.40%
Time to expiration
8.7
9.7
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Lender warrants issued
437
439
Fair value adjustment recognised in profit and loss
(67)
(2)
Closing balance
370
437
\n
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 2025:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
Runway Growth loan
1,587
1
0
,
289
7,872
\u2013
19,748
Lease liability
552
54
\u2013
\u2013
606
Warrants issued to Runway Growth
370
\u2013
\u2013
\u2013
370
Trade payable
3,083
\u2013
\u2013
\u2013
3,083
Total
5,592
1
0
,
343
7,872
\u2013
23,807
\n
As at 31 December 2024:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
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
\n
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
With the start of initial commercial sales, the Group now records trade receivables. Given
the limited scale of activity to date, trade receivables are modest and credit risk is assessed
as low. Credit risk for the year continues to primarily relate to cash, cash equivalents, and
deposits held with banks and financial institutions. The Group places surplus funds only
with internationally reputable commercial banks and financial institutions. Short-term and
fixed-term deposits are entered into in accordance with internal approval policies. The Group
maintains banking relationships with ING, Belfius, UBS, First American Bank, Deutsche
Bank, Banque Cantonale Vaudoise (BCV) and JPMorgan Chase. The use of multiple financial
institutions is intended to limit concentration risk and mitigate potential losses arising from
a counterparty\u2019s inability to meet its obligations.
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.
Currency risk sensitivity
The Company is exposed to foreign currency risk primarily from monetary assets and liabilities
denominated in currencies other than its functional currency. The most significant exposures
relate to the U.S. dollar (USD) and Swiss franc (CHF).
A 10% strengthening or weakening of the euro against these currencies at the reporting date
would have increased or decreased profit before tax by the amounts shown below, assuming
all other variables remain constant.
Currency
FX movement
Effect on profit before tax
USD
+10%
\u20ac0.2 million increase
USD
-10%
\u20ac0.2 million decrease
CHF
+10%
\u20ac0.3 million increase
CHF
-10%
\u20ac0.3 million decrease
\n
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 (2025: 4.25% (2024:6.00%), subject to a 4.25% floor),
plus a margin of 6.50%.
Interest rate sensitivity
The Company is exposed to interest rate risk primarily in relation to its interest-bearing cash
balances and variable-rate borrowings. Interest rate risk arises from the potential impact of
changes in market interest rates on the Company\u2019s financial income and expense.
At 31 December 2025, the Company held interest-bearing cash and cash equivalents of \u20ac68.1
million and had outstanding interest-bearing borrowings of \u20ac 13.0 million. Assuming all other
variables remain constant, a reasonably possible change in market interest rates of 100 basis
points would have the following impact on profit before tax based on the net exposure at the
reporting date.
This sensitivity analysis reflects the effect of changes in interest rates on interest income and
interest expense for financial instruments held at the reporting date and assumes that the
change in interest rates had occurred at the beginning of the reporting period.
Interest rate movement
Effect on profit before tax
Increase of 100 basis points
\u20ac0.6 million increase
Decrease of 100 basis points
\u20ac0.6 million decrease
\n4.4 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:
\u00a0
Carrying
Estimated
2025
Amount
Fair Value
Financial liabilities
\u00a0\u00a0
Runway Growth loan (Level 2)
13,074
14,6
84
Lender Warrants (Level 3)
370
370
Total financial liabilities
13,444
1
5,054
\u00a0
Carrying
Estimated
2024
Amount
Fair Value
Financial liabilities
\u00a0\u00a0
Runway Growth loan (Level 2)
13,972
16,818
Lender Warrants (Level 3)
437
437
Total financial liabilities
14,409
17,255
\n
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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00201": { "value": "3.6 Other Current Assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Advance payments
1,941
2,137
Grants and other receivables
1,341
714
Rental guarantee
305
302
\u00a0
3,587
3,153
\n
The Group provided a guarantee of EUR 305k (2024: EUR 302k) to fulfil collateral requirements
\n
relating to the Lausanne office rental agreement. This guarantee places no restriction on
\n
the cash position and is payable on demand if the Company fails to meet its commitments.
\n
Advance payments mostly relate to prepaid D&O insurance and advance paid to suppliers
\n
for production and components. The increase in grants and other receivables is mainly due
\n
to finalising the replacement funding agreement with SERI for the NEMO grant and addition
\nof the ReverseStroke grant, refer to Note 2.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00200": { "value": "3.6 Other Current Assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Advance payments
1,941
2,137
Grants and other receivables
1,341
714
Rental guarantee
305
302
\u00a0
3,587
3,153
\n
The Group provided a guarantee of EUR 305k (2024: EUR 302k) to fulfil collateral requirements
\n
relating to the Lausanne office rental agreement. This guarantee places no restriction on
\n
the cash position and is payable on demand if the Company fails to meet its commitments.
\n
Advance payments mostly relate to prepaid D&O insurance and advance paid to suppliers
\n
for production and components. The increase in grants and other receivables is mainly due
\n
to finalising the replacement funding agreement with SERI for the NEMO grant and addition
\nof the ReverseStroke grant, refer to Note 2.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00199": { "value": "3.6 Other Current Assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Advance payments
1,941
2,137
Grants and other receivables
1,341
714
Rental guarantee
305
302
\u00a0
3,587
3,153
\n
The Group provided a guarantee of EUR 305k (2024: EUR 302k) to fulfil collateral requirements
\n
relating to the Lausanne office rental agreement. This guarantee places no restriction on
\n
the cash position and is payable on demand if the Company fails to meet its commitments.
\n
Advance payments mostly relate to prepaid D&O insurance and advance paid to suppliers
\n
for production and components. The increase in grants and other receivables is mainly due
\n
to finalising the replacement funding agreement with SERI for the NEMO grant and addition
\nof the ReverseStroke grant, refer to Note 2.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00319": { "value": "3.7 Cash and Cash Equivalents
Accounting policy:
Cash and short-term deposits in the statement of financial position
\n
comprise cash at banks and on hand, and short-term deposits with a maturity of three
\n
months or less, that are readily convertible to a known amount of cash and subject to an
\n
insignificant risk of change in value.
\n
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
\n
consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts,
\nas they are considered an integral part of the Group\u2019s cash management.4.2 Financial Liabilities
Accounting policy:
\n
Financial instruments \u2013 initial recognition and subsequent measurement
\n
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\n
provisions of the instrument.
\n
Financial Liabilities
\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
\n
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
\n
instruments in an effective hedge, as appropriate. A financial liability is classified as FVPL
\n
if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
\n
recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses,
\n
including any interest expense, are recognized in profit or loss. Other financial liabilities
\n
are subsequently measured at amortized cost using the effective interest method. Interest
\n
expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or
\n
loss on derecognition is also recognized in profit or loss
\n
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
\n
amortized cost , net of directly attributable transaction costs.
\n
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
Financial liabilities at fair value through profit and loss
\n
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL)
\n
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\n
The Group has not designated any financial liability as at fair value through profit or loss.
\n
Financial liabilities at amortized cost
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans
\n
and borrowings are subsequently measured at amortized cost using the effective interest
\n
rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the liabilities
\n
are derecognized, as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition
\n
and fees or costs that are an integral part of the EIR. The EIR amortization is included as
\n
finance costs in the statement of profit or loss.
\n
Derecognition
\n
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\n
carrying amounts is recognized in the statement of profit or loss.
\n
Offsetting of financial instruments
\n
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
offset the recognized amounts and there is an intention to settle on a net basis, to realize the
\nassets 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00272": { "value": "3.7 Cash and Cash Equivalents
Accounting policy:
Cash and short-term deposits in the statement of financial position
\n
comprise cash at banks and on hand, and short-term deposits with a maturity of three
\n
months or less, that are readily convertible to a known amount of cash and subject to an
\n
insignificant risk of change in value.
\n
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
\n
consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts,
\nas they are considered an integral part of the Group\u2019s cash management.Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\nprovisions of the instrument.Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00270": { "value": "3.7 Cash and Cash Equivalents
Accounting policy:
Cash and short-term deposits in the statement of financial position
\n
comprise cash at banks and on hand, and short-term deposits with a maturity of three
\n
months or less, that are readily convertible to a known amount of cash and subject to an
\n
insignificant risk of change in value.
\n
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
\n
consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts,
\nas they are considered an integral part of the Group\u2019s cash management.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00202": { "value": "3.7 Cash and Cash Equivalents
Accounting policy:
Cash and short-term deposits in the statement of financial position
\n
comprise cash at banks and on hand, and short-term deposits with a maturity of three
\n
months or less, that are readily convertible to a known amount of cash and subject to an
\n
insignificant risk of change in value.
\n
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
\n
consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts,
\n
as they are considered an integral part of the Group\u2019s cash management.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Cash at bank
9,055
12,043
Short-term deposits
59,055
48,000
Cash and cash equivalents
68,110
60,043
Cash and cash equivalents
68,110
60,043
\n
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term
\n
deposits are made for varying periods of between one day and three months, depending on
\n
the immediate cash requirements of the Group, and earn interest at the respective short
\n
term deposit rates.
\n
As part of the loan agreement with Runway Growth Capital LLC, the Group has pledged
\n
the majority of the bank and deposit accounts as collateral to secure its outstanding debt
\n
obligations. This serves as security for compliance with the loan covenants outlined in the
\n
agreement. In the event of a breach of these covenants, the lender may have the right to
\n
enforce its security interest over these assets. Management actively monitors compliance
\n
with all covenants to mitigate the risk of default.
\n
As at 31 December 2025, there were no fixed term deposits for periods exceeding three months.
\n
At 31 December 2025, the Group had no bank overdrafts. All cash is freely at the disposal of
\nthe company.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00203": { "value": "3.8 Trade Payables
Trade payables and accrued expenses are non-interest bearing and are normally settled on
\n
30-90 day terms. The increase in trade payables to EUR 3,083k (2024: EUR 1,269k) is mainly
\n
because of large amounts payable due at the end of 2025 that were settled shortly after
\n
financial year end.
\n\n\n
3.9 Other Payables
\n
The other payables can be broken down as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Wage tax and social security
484
144
Grants received in advance
995
441
Bonus
3,511
3,095
Invoices to be received
1,070
1,194
Other
818
555
Grant-related payables
\u2013
1,359
\u00a0
6,878
6,788
The decrease in Other Payables is due to repayment of grant amounts due to EISMEA", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00204": { "value": "3.9 Other Payables
The other payables can be broken down as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Wage tax and social security
484
144
Grants received in advance
995
441
Bonus
3,511
3,095
Invoices to be received
1,070
1,194
Other
818
555
Grant-related payables
\u2013
1,359
\u00a0
6,878
6,788
The decrease in Other Payables is due to repayment of grant amounts due to EISMEA", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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
(2024: EUR 18,000,000) divided into 75,000,000 (2024: 75,000,000) Ordinary Shares and
75,000,000 (2024: 75,000,000) Preferred Shares with a nominal value of EUR 0.12 each.
In October 2025, the Company raised EUR 50.8 million (gross proceeds) by way of an
accelerated bookbuild offering and a public offering in France. A total of 11,300,000 new
ordinary shares were issued at the price of EUR 4.50 per share. Transaction costs of EUR
3,24 million was recognised in Equity decreasing share premium.
At 31 December 2025, 56,008,257 Ordinary Shares were outstanding (31 December 2024:
44,628,834
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
\u00a0
Currency
Stock
\u00a0
Translation
Compensation
Total Other
\u00a0
Differences
Reserve
\u00a0
Reserves
Balance at 1 January 2024
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
599
6,171
6,770
Share-based payment expense: LTIP
\u2013
2,639
2,639
Reclassification of the fair value of forfeited options
\u2013
(1,565)
(1,565)
Currency translation differences
(1,045)
\u2013
(1,045)
Balance at 31 December 2025
(446)
7,245
6,799
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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
(2024: EUR 18,000,000) divided into 75,000,000 (2024: 75,000,000) Ordinary Shares and
75,000,000 (2024: 75,000,000) Preferred Shares with a nominal value of EUR 0.12 each.
In October 2025, the Company raised EUR 50.8 million (gross proceeds) by way of an
accelerated bookbuild offering and a public offering in France. A total of 11,300,000 new
ordinary shares were issued at the price of EUR 4.50 per share. Transaction costs of EUR
3,24 million was recognised in Equity decreasing share premium.
At 31 December 2025, 56,008,257 Ordinary Shares were outstanding (31 December 2024:
44,628,834
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00207": { "value": "Other Reserves
\u00a0
Currency
Stock
\u00a0
Translation
Compensation
Total Other
\u00a0
Differences
Reserve
\u00a0
Reserves
Balance at 1 January 2024
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
599
6,171
6,770
Share-based payment expense: LTIP
\u2013
2,639
2,639
Reclassification of the fair value of forfeited options
\u2013
(1,565)
(1,565)
Currency translation differences
(1,045)
\u2013
(1,045)
Balance at 31 December 2025
(446)
7,245
6,799
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00299": { "value": "4.1 Earnings Per Share (EPS)
Accounting policy:
Basic EPS is calculated by dividing the profit for the year attributable
\n
to ordinary equity holders of the parent by the weighted average number of Ordinary shares
\n
outstanding during the year.
\n
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the
\n
parent (after adjusting for interest on the convertible Preference shares) by the weighted
\n
average number of Ordinary shares outstanding during the year plus the weighted average
\n
number of Ordinary shares that would be issued on conversion of all the dilutive potential
\nOrdinary shares into Ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00208": { "value": "4.1 Earnings Per Share (EPS)
Accounting policy:
Basic EPS is calculated by dividing the profit for the year attributable
\n
to ordinary equity holders of the parent by the weighted average number of Ordinary shares
\n
outstanding during the year.
\n
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the
\n
parent (after adjusting for interest on the convertible Preference shares) by the weighted
\n
average number of Ordinary shares outstanding during the year plus the weighted average
\n
number of Ordinary shares that would be issued on conversion of all the dilutive potential
\n
Ordinary shares into Ordinary shares.
\n
The objective of determining diluted EPS is to reflect the maximum possible dilutive
\n
effect arising from potential Ordinary shares outstanding during the period. The Group is
\n
currently loss-making and there are currently no anti-dilutive potential Ordinary shares to
\n
be considered. Therefore, diluted EPS is disregarded for 2025. The share options granted
\n
under the LTIP (refer to Note 2.9) could have a potential dilutive effect in the future but had
\n
no impact in 2025.
\n
There have been no other transactions involving Ordinary shares or potential Ordinary shares
\n
between the reporting date and the date of authorization of these financial statements.
\n
The following tables reflect the income and share data used in the EPS calculation:
\n
Profit (Loss) Attributable to Ordinary Shareholders
\u00a0
2025
2024
Profit (loss) for the year, attributable to equity holders of the parent
(41,787)
(35,725)
\n
Weighted-Average Number of Ordinary Shares
\u00a0
2025
2024
\u00a0
Thousands
Thousands
Weighted average number of ordinary shares for basic EPS
46,671
44,629
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00355": { "value": "4.2 Financial LiabilitiesOffsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00354": { "value": "4.2 Financial LiabilitiesDerecognition
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\ncarrying amounts is recognized in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00331": { "value": "4.2 Financial Liabilities
Accounting policy:
\n
Financial instruments \u2013 initial recognition and subsequent measurement
\n
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\n
provisions of the instrument.
\n
Financial Liabilities
\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
\n
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
\n
instruments in an effective hedge, as appropriate. A financial liability is classified as FVPL
\n
if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
\n
recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses,
\n
including any interest expense, are recognized in profit or loss. Other financial liabilities
\n
are subsequently measured at amortized cost using the effective interest method. Interest
\n
expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or
\n
loss on derecognition is also recognized in profit or loss
\n
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
\n
amortized cost , net of directly attributable transaction costs.
\n
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
Financial liabilities at fair value through profit and loss
\n
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL)
\n
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\n
The Group has not designated any financial liability as at fair value through profit or loss.
\n
Financial liabilities at amortized cost
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans
\n
and borrowings are subsequently measured at amortized cost using the effective interest
\n
rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the liabilities
\n
are derecognized, as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition
\n
and fees or costs that are an integral part of the EIR. The EIR amortization is included as
\n
finance costs in the statement of profit or loss.
\n
Derecognition
\n
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\n
carrying amounts is recognized in the statement of profit or loss.
\n
Offsetting of financial instruments
\n
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
offset the recognized amounts and there is an intention to settle on a net basis, to realize the
\nassets and settle the liabilities simultaneously. No offsetting is currently applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00300": { "value": "4.2 Financial Liabilities
Accounting policy:
\n
Financial instruments \u2013 initial recognition and subsequent measurement
\n
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\n
provisions of the instrument.
\n
Financial Liabilities
\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
\n
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
\n
instruments in an effective hedge, as appropriate. A financial liability is classified as FVPL
\n
if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
\n
recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses,
\n
including any interest expense, are recognized in profit or loss. Other financial liabilities
\n
are subsequently measured at amortized cost using the effective interest method. Interest
\n
expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or
\n
loss on derecognition is also recognized in profit or loss
\n
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
\n
amortized cost , net of directly attributable transaction costs.
\n
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
Financial liabilities at fair value through profit and loss
\n
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL)
\n
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\n
The Group has not designated any financial liability as at fair value through profit or loss.
\n
Financial liabilities at amortized cost
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans
\n
and borrowings are subsequently measured at amortized cost using the effective interest
\n
rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the liabilities
\n
are derecognized, as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition
\n
and fees or costs that are an integral part of the EIR. The EIR amortization is included as
\n
finance costs in the statement of profit or loss.
\n
Derecognition
\n
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\n
carrying amounts is recognized in the statement of profit or loss.
\n
Offsetting of financial instruments
\n
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
offset the recognized amounts and there is an intention to settle on a net basis, to realize the
\nassets and settle the liabilities simultaneously. No offsetting is currently applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00212": { "value": "4.2 Financial Liabilities
Accounting policy:
\n
Financial instruments \u2013 initial recognition and subsequent measurement
\n
A financial instrument is any contract that gives rise to a financial asset of one entity and
\n
a financial liability or equity instrument of another entity. Financial assets and financial
\n
liabilities are initially recognized when the Company becomes a party to the contractual
\n
provisions of the instrument.
\n
Financial Liabilities
\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
\n
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
\n
instruments in an effective hedge, as appropriate. A financial liability is classified as FVPL
\n
if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
\n
recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses,
\n
including any interest expense, are recognized in profit or loss. Other financial liabilities
\n
are subsequently measured at amortized cost using the effective interest method. Interest
\n
expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or
\n
loss on derecognition is also recognized in profit or loss
\n
All financial liabilities are recognized initially at fair value and, in the case of liabilities at
\n
amortized cost , net of directly attributable transaction costs.
\n
The Group\u2019s financial liabilities include trade payables, other payables, loans, and borrowings.
\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
Financial liabilities at fair value through profit and loss
\n
\u2022
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss (FVPL)
\n
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\n
The Group has not designated any financial liability as at fair value through profit or loss.
\n
Financial liabilities at amortized cost
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans
\n
and borrowings are subsequently measured at amortized cost using the effective interest
\n
rate (\u201cEIR\u201d) method. Gains and losses are recognized in the profit or loss when the liabilities
\n
are derecognized, as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition
\n
and fees or costs that are an integral part of the EIR. The EIR amortization is included as
\n
finance costs in the statement of profit or loss.
\n
Derecognition
\n
A financial liability is derecognized when the obligation under the liability is discharged or
\n
cancelled or expires. When an existing financial liability is replaced by another from the same
\n
lender on substantially different terms, or the terms of an existing liability are substantially
\n
modified, such an exchange or modification is treated as the derecognition of the original
\n\n\n\n\n\n
liability and the recognition of a new liability at fair value. The difference in the respective
\n
carrying amounts is recognized in the statement of profit or loss.
\n
Offsetting of financial instruments
\n
Financial assets and financial liabilities are offset and the net amount is reported in the
\n
consolidated statement of financial position if there is a currently enforceable legal right to
\n
offset the recognized amounts and there is an intention to settle on a net basis, to realize the
\n
assets and settle the liabilities simultaneously. No offsetting is currently applied.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Current financial liabilities
370
437
Warrants issued to Runway Growth
370
437
Non-current financial liabilities
13,074
13,972
Innovation loan
\u2013
\u2013
Runway Growth loan
13,074
13,972
Total financial liabilities
13,444
14,409
\n
Innovation loan
\n
On 5 February 2016, the Group was granted a loan from RVO NL (Dutch Government) of EUR
\n
10M payable according to a set payment scheme. The loan was advanced in installments
\n
based on progress. This loan was repaid in 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Loan as per January 1
\u2013
15,255
Loan amount received
\u2013
\u2013
Interest accrued during the year
\u2013
767
Loan amount repaid during the year
\u2013
(16,022)
Net book value at December 31
\u2013
\u2013
\n
The loan carried interest at 10%.
Runway Growth Loan
\n
In 2024 the Company and its subsidiaries, ONWARD Medical, Inc. and ONWARD Medical
\n
S.A., signed a loan agreement in the amount of up to EUR 52.5 million (the \u201cLoan Agreement\u201d)
\n
with U.S.-based lender Runway Growth Capital LLC (the \u201cLender\u201d). The loan was used to (i)
\n
repay all of the Company\u2019s outstanding debt, (ii) fund the Company\u2019s upcoming commercial
\n
and clinical activities, and (iii) support for working capital and general corporate purposes.
\n
The facility comprises five separate credit tranches. An initial tranche of \u20ac16.0 million was
\n
made available upon execution of the Loan Agreement and was drawn in full at that time.
\n
Three additional committed tranches, consisting of \u20ac14.0 million, up to \u20ac5.0 million, and up
\n
to \u20ac7.5 million, are available to the Company until 31 July 2026, subject to the achievement of
\n
specified milestones and minimum quarterly revenue and EBITDA performance thresholds
\n
as set out in the Loan Agreement. Compliance with the revenue and EBITDA performance
\n
thresholds are tested as of the last day of each fiscal quarter and liquidity is tested monthly.
\n
Failure to meet the applicable milestones or financial performance criteria would limit the
\n
Company\u2019s ability to draw further amounts under these tranches. Management monitors
\n
compliance with these conditions on an ongoing basis as part of its liquidity planning. A fifth
\n
tranche of up to \u20ac10.0 million is uncommitted and may be made available in the first quarter
\n
of 2027 at the sole discretion of the lender.
\n
Amounts drawn under the facility bear interest at a rate equal to the Term Secured Overnight
\n
Financing Rate (SOFR) for a three-month interest period (currently 4.25% (2024: 6%), subject
\n
to a floor of 4.25%), plus a margin of 6.50%. The obligations under the Loan Agreement are
\n
secured by a security interest over substantially all of the assets of ONWARD Medical N.V.
\n
and its subsidiaries.
\n
As noted above, the loan documents provide for a number of affirmative and negative
\n
covenants by the Company customary for financings of this type, most notably financial
\n
covenants relating to revenue, earnings before interest taxes, depreciation and amortization
\n
(EBITDA) and minimum liquidity targets. Revenue and EBITDA is measured quarterly and
\n
liquidity monthly. In December 2024, an amendment was agreed upon stipulating that,
\n
for 2025, compliance with aforementioned covenants would not be required, provided the
\n
Company maintains the specified minimum cash-to-debt ratio monitored on a monthly basis.
\n\n\n
This amendment was extended in December 2025 for a further 6 months, ending 30 June
\n
2026, on the same basis.
\n
As of the reporting date, the Company was in compliance with all covenants. Management
\n
actively monitors covenant compliance to ensure ongoing adherence. The loan is classified
\n
as non-current since earliest maturity date is 15 June 2027, provided that if the Extension
\n
Milestone is satisfied, the maturity date shall automatically be extended to 15 June 2028.
\n
Certain Intellectual Property (patents registered) have been pledged to Runway Growth in
\n
case of default of repayment of the loan. These patents have not been capitalized as at 31
\n
December 2025. The loan was revalued at the closing rate on 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Loan opening balance
13,972
\u2013
Loan amount received
\u2013
14,116
Transaction cost amortisation
467
212
Interest accrued during the period
1,655
944
Interest paid
(1,661)
(861)
Foreign currency translation difference
(1,359)
\u2013
Warrants issued to Runway Growth
\u2013
(439)
Closing balance
13,074
13,972
\n
Warrants issued to Runway Growth
\n
In connection with the debt financing entered into by the Company, the Company issued
\n
warrants to the lender that entitle the lender to purchase ordinary shares in the capital of the
\n
Company. The exercise price per share was determined based on the lowest 30-day volume
\n
weighted average price (VWAP) observed between 9 April 2024 and the signing date of the
\n
debt financing, resulting in an exercise price of \u20ac4.83 per share. The number of shares subject
\n
to the warrants corresponds to five percent (5.00%) of the principal amount drawn under the
\n
facility, calculated initially upon the first drawdown and subsequently upon each additional
loan advance, divided by the applicable exercise price. The warrants may be exercised either
through a cash exercise, whereby the warrant holder pays the aggregate exercise price in
cash to the Company, or on a cashless basis, in which case the Company issues a number
of shares determined by reference to the fair value of the warrants at the time of exercise.
The exercise period of the warrants is ten (10) years, commencing on the date immediately
following the expiry of a ninety (90) calendar day waiting period after the closing date of the
financing. As the warrants became exercisable ninety days after closing, the Company does
not have the unconditional right to defer settlement of the warrant liability for at least twelve
months after the reporting date. Accordingly, the lender warrants continue to be classified
as current liabilities.
\n\n \u00a0 \u00a0\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2025
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
\u00a0\u00a0\u00a0\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 Dec 2025
31 Dec 2024
Fair value on date of measurement (EUR)
2.24
2.64
Share price (EUR)
4.49
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
60.1%
61.2%
Vesting period in years
0.00
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.8%
2.40%
Time to expiration
8.7
9.7
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Lender warrants issued
437
439
Fair value adjustment recognised in profit and loss
(67)
(2)
Closing balance
370
437
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00330": { "value": "Financial liabilities at fair value through profit or loss (FVPL)
Financial liabilities at fair value through profit or loss include financial liabilities held for
\n
trading and financial liabilities designated upon initial recognition as at fair value through
\n
profit or loss.
\n
Financial liabilities are classified as held for trading if they are incurred for the purpose of
\n
repurchasing in the near term. This category also includes derivative financial instruments
\n
entered into by the Group that are not designated as hedging instruments in hedge
\n
relationships as defined by IFRS 9. Separated embedded derivatives are also classified as
\n
held for trading unless they are designated as effective hedging instruments.
\n
Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.
\n
Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
\nThe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00233": { "value": "Warrants issued to Runway Growth
In connection with the debt financing entered into by the Company, the Company issued
\n
warrants to the lender that entitle the lender to purchase ordinary shares in the capital of the
\n
Company. The exercise price per share was determined based on the lowest 30-day volume
\n
weighted average price (VWAP) observed between 9 April 2024 and the signing date of the
\n
debt financing, resulting in an exercise price of \u20ac4.83 per share. The number of shares subject
\n
to the warrants corresponds to five percent (5.00%) of the principal amount drawn under the
\n
facility, calculated initially upon the first drawdown and subsequently upon each additional
loan advance, divided by the applicable exercise price. The warrants may be exercised either
through a cash exercise, whereby the warrant holder pays the aggregate exercise price in
cash to the Company, or on a cashless basis, in which case the Company issues a number
of shares determined by reference to the fair value of the warrants at the time of exercise.
The exercise period of the warrants is ten (10) years, commencing on the date immediately
following the expiry of a ninety (90) calendar day waiting period after the closing date of the
financing. As the warrants became exercisable ninety days after closing, the Company does
not have the unconditional right to defer settlement of the warrant liability for at least twelve
months after the reporting date. Accordingly, the lender warrants continue to be classified
as current liabilities.
\n\n \u00a0 \u00a0\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2025
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
\u00a0\u00a0\u00a0\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 Dec 2025
31 Dec 2024
Fair value on date of measurement (EUR)
2.24
2.64
Share price (EUR)
4.49
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
60.1%
61.2%
Vesting period in years
0.00
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.8%
2.40%
Time to expiration
8.7
9.7
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Lender warrants issued
437
439
Fair value adjustment recognised in profit and loss
(67)
(2)
Closing balance
370
437
\n5.1 Commitments & ContingenciesGuarantees
The Group has provided a guarantee to Wincasa for EUR 305k as collateral for the lease of
the office space in Lausanne and paid a deposit of EUR 8k to SPACES for the lease of the
office space in Eindhoven.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00210": { "value": "Warrants issued to Runway Growth
In connection with the debt financing entered into by the Company, the Company issued
\n
warrants to the lender that entitle the lender to purchase ordinary shares in the capital of the
\n
Company. The exercise price per share was determined based on the lowest 30-day volume
\n
weighted average price (VWAP) observed between 9 April 2024 and the signing date of the
\n
debt financing, resulting in an exercise price of \u20ac4.83 per share. The number of shares subject
\n
to the warrants corresponds to five percent (5.00%) of the principal amount drawn under the
\n
facility, calculated initially upon the first drawdown and subsequently upon each additional
loan advance, divided by the applicable exercise price. The warrants may be exercised either
through a cash exercise, whereby the warrant holder pays the aggregate exercise price in
cash to the Company, or on a cashless basis, in which case the Company issues a number
of shares determined by reference to the fair value of the warrants at the time of exercise.
The exercise period of the warrants is ten (10) years, commencing on the date immediately
following the expiry of a ninety (90) calendar day waiting period after the closing date of the
financing. As the warrants became exercisable ninety days after closing, the Company does
not have the unconditional right to defer settlement of the warrant liability for at least twelve
months after the reporting date. Accordingly, the lender warrants continue to be classified
as current liabilities.
\n\n \u00a0 \u00a0\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2025
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
\u00a0\u00a0\u00a0\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 Dec 2025
31 Dec 2024
Fair value on date of measurement (EUR)
2.24
2.64
Share price (EUR)
4.49
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
60.1%
61.2%
Vesting period in years
0.00
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.8%
2.40%
Time to expiration
8.7
9.7
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Lender warrants issued
437
439
Fair value adjustment recognised in profit and loss
(67)
(2)
Closing balance
370
437
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00211": { "value": "Warrants issued to Runway Growth
In connection with the debt financing entered into by the Company, the Company issued
\n
warrants to the lender that entitle the lender to purchase ordinary shares in the capital of the
\n
Company. The exercise price per share was determined based on the lowest 30-day volume
\n
weighted average price (VWAP) observed between 9 April 2024 and the signing date of the
\n
debt financing, resulting in an exercise price of \u20ac4.83 per share. The number of shares subject
\n
to the warrants corresponds to five percent (5.00%) of the principal amount drawn under the
\n
facility, calculated initially upon the first drawdown and subsequently upon each additional
loan advance, divided by the applicable exercise price. The warrants may be exercised either
through a cash exercise, whereby the warrant holder pays the aggregate exercise price in
cash to the Company, or on a cashless basis, in which case the Company issues a number
of shares determined by reference to the fair value of the warrants at the time of exercise.
The exercise period of the warrants is ten (10) years, commencing on the date immediately
following the expiry of a ninety (90) calendar day waiting period after the closing date of the
financing. As the warrants became exercisable ninety days after closing, the Company does
not have the unconditional right to defer settlement of the warrant liability for at least twelve
months after the reporting date. Accordingly, the lender warrants continue to be classified
as current liabilities.
\n\n \u00a0 \u00a0\n \n
Issue
Type of
Number of
Exercise
Expiration
Financial Year
Date
Security
Warrants
Price
Date
2025
2/7/2024
Lender
165,631
EUR 4.83
2/7/2034
Warrants
\u00a0\u00a0\u00a0\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 Dec 2025
31 Dec 2024
Fair value on date of measurement (EUR)
2.24
2.64
Share price (EUR)
4.49
5.18
Exercise price (EUR)
4.83
4.83
Expected volatility
60.1%
61.2%
Vesting period in years
0.00
0.00
Expected dividend
\u2013
\u2013
Risk-free interest rate
2.8%
2.40%
Time to expiration
8.7
9.7
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Lender warrants issued
437
439
Fair value adjustment recognised in profit and loss
(67)
(2)
Closing balance
370
437
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00216": { "value": "4.3 Financial Risk Management Objectives & PoliciesCredit risk
With the start of initial commercial sales, the Group now records trade receivables. Given
the limited scale of activity to date, trade receivables are modest and credit risk is assessed
as low. Credit risk for the year continues to primarily relate to cash, cash equivalents, and
deposits held with banks and financial institutions. The Group places surplus funds only
with internationally reputable commercial banks and financial institutions. Short-term and
fixed-term deposits are entered into in accordance with internal approval policies. The Group
maintains banking relationships with ING, Belfius, UBS, First American Bank, Deutsche
Bank, Banque Cantonale Vaudoise (BCV) and JPMorgan Chase. The use of multiple financial
institutions is intended to limit concentration risk and mitigate potential losses arising from
a counterparty\u2019s inability to meet its obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
Currency risk sensitivity
The Company is exposed to foreign currency risk primarily from monetary assets and liabilities
denominated in currencies other than its functional currency. The most significant exposures
relate to the U.S. dollar (USD) and Swiss franc (CHF).
A 10% strengthening or weakening of the euro against these currencies at the reporting date
would have increased or decreased profit before tax by the amounts shown below, assuming
all other variables remain constant.
Currency
FX movement
Effect on profit before tax
USD
+10%
\u20ac0.2 million increase
USD
-10%
\u20ac0.2 million decrease
CHF
+10%
\u20ac0.3 million increase
CHF
-10%
\u20ac0.3 million decrease
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 (2025: 4.25% (2024:6.00%), subject to a 4.25% floor),
plus a margin of 6.50%.
Interest rate sensitivity
The Company is exposed to interest rate risk primarily in relation to its interest-bearing cash
balances and variable-rate borrowings. Interest rate risk arises from the potential impact of
changes in market interest rates on the Company\u2019s financial income and expense.
At 31 December 2025, the Company held interest-bearing cash and cash equivalents of \u20ac68.1
million and had outstanding interest-bearing borrowings of \u20ac 13.0 million. Assuming all other
variables remain constant, a reasonably possible change in market interest rates of 100 basis
points would have the following impact on profit before tax based on the net exposure at the
reporting date.
This sensitivity analysis reflects the effect of changes in interest rates on interest income and
interest expense for financial instruments held at the reporting date and assumes that the
change in interest rates had occurred at the beginning of the reporting period.
Interest rate movement
Effect on profit before tax
Increase of 100 basis points
\u20ac0.6 million increase
Decrease of 100 basis points
\u20ac0.6 million decrease
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 2025:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
Runway Growth loan
1,587
1
0
,
289
7,872
\u2013
19,748
Lease liability
552
54
\u2013
\u2013
606
Warrants issued to Runway Growth
370
\u2013
\u2013
\u2013
370
Trade payable
3,083
\u2013
\u2013
\u2013
3,083
Total
5,592
1
0
,
343
7,872
\u2013
23,807
\n
As at 31 December 2024:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 2025:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
Runway Growth loan
1,587
1
0
,
289
7,872
\u2013
19,748
Lease liability
552
54
\u2013
\u2013
606
Warrants issued to Runway Growth
370
\u2013
\u2013
\u2013
370
Trade payable
3,083
\u2013
\u2013
\u2013
3,083
Total
5,592
1
0
,
343
7,872
\u2013
23,807
\n
As at 31 December 2024:
\u00a0
Less than
\u00a0\u00a0
More than
\u00a0
\u00a0
1 Year
1-3 Years
3-5 Years
5 Years
Total
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
\n
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
With the start of initial commercial sales, the Group now records trade receivables. Given
the limited scale of activity to date, trade receivables are modest and credit risk is assessed
as low. Credit risk for the year continues to primarily relate to cash, cash equivalents, and
deposits held with banks and financial institutions. The Group places surplus funds only
with internationally reputable commercial banks and financial institutions. Short-term and
fixed-term deposits are entered into in accordance with internal approval policies. The Group
maintains banking relationships with ING, Belfius, UBS, First American Bank, Deutsche
Bank, Banque Cantonale Vaudoise (BCV) and JPMorgan Chase. The use of multiple financial
institutions is intended to limit concentration risk and mitigate potential losses arising from
a counterparty\u2019s inability to meet its obligations.
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.
Currency risk sensitivity
The Company is exposed to foreign currency risk primarily from monetary assets and liabilities
denominated in currencies other than its functional currency. The most significant exposures
relate to the U.S. dollar (USD) and Swiss franc (CHF).
A 10% strengthening or weakening of the euro against these currencies at the reporting date
would have increased or decreased profit before tax by the amounts shown below, assuming
all other variables remain constant.
Currency
FX movement
Effect on profit before tax
USD
+10%
\u20ac0.2 million increase
USD
-10%
\u20ac0.2 million decrease
CHF
+10%
\u20ac0.3 million increase
CHF
-10%
\u20ac0.3 million decrease
\n
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 (2025: 4.25% (2024:6.00%), subject to a 4.25% floor),
plus a margin of 6.50%.
Interest rate sensitivity
The Company is exposed to interest rate risk primarily in relation to its interest-bearing cash
balances and variable-rate borrowings. Interest rate risk arises from the potential impact of
changes in market interest rates on the Company\u2019s financial income and expense.
At 31 December 2025, the Company held interest-bearing cash and cash equivalents of \u20ac68.1
million and had outstanding interest-bearing borrowings of \u20ac 13.0 million. Assuming all other
variables remain constant, a reasonably possible change in market interest rates of 100 basis
points would have the following impact on profit before tax based on the net exposure at the
reporting date.
This sensitivity analysis reflects the effect of changes in interest rates on interest income and
interest expense for financial instruments held at the reporting date and assumes that the
change in interest rates had occurred at the beginning of the reporting period.
Interest rate movement
Effect on profit before tax
Increase of 100 basis points
\u20ac0.6 million increase
Decrease of 100 basis points
\u20ac0.6 million decrease
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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:
\u00a0
Carrying
Estimated
2025
Amount
Fair Value
Financial liabilities
\u00a0\u00a0
Runway Growth loan (Level 2)
13,074
14,6
84
Lender Warrants (Level 3)
370
370
Total financial liabilities
13,444
1
5,054
\u00a0
Carrying
Estimated
2024
Amount
Fair Value
Financial liabilities
\u00a0\u00a0
Runway Growth loan (Level 2)
13,972
16,818
Lender Warrants (Level 3)
437
437
Total financial liabilities
14,409
17,255
\n
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 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 2025 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 70.0%. The impact in profit and loss can
vary from a gain of EUR 44k to a loss of EUR 35k.
\u00a0 \u00a0 \u00a0
Volatility
Exercise Multiple
50.0%
60.1%
70.0%
2.0
326
342
354
2.2
346
370*
390
2.4
362
383
405
\n*This is the fair value of the Lender Warrants as recognized at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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:
\u00a0
Carrying
Estimated
2025
Amount
Fair Value
Financial liabilities
\u00a0\u00a0
Runway Growth loan (Level 2)
13,074
14,6
84
Lender Warrants (Level 3)
370
370
Total financial liabilities
13,444
1
5,054
\u00a0
Carrying
Estimated
2024
Amount
Fair Value
Financial liabilities
\u00a0\u00a0
Runway Growth loan (Level 2)
13,972
16,818
Lender Warrants (Level 3)
437
437
Total financial liabilities
14,409
17,255
\n
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 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 2025 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 70.0%. The impact in profit and loss can
vary from a gain of EUR 44k to a loss of EUR 35k.
\u00a0 \u00a0 \u00a0
Volatility
Exercise Multiple
50.0%
60.1%
70.0%
2.0
326
342
354
2.2
346
370*
390
2.4
362
383
405
\n*This is the fair value of the Lender Warrants as recognized at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00356": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00226": { "value": "4.5 Financial Income & ExpenseAccounting policyBorrowing 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00225": { "value": "4.5 Financial Income & ExpenseAccounting policyBorrowing 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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00222": { "value": "4.5 Financial Income & ExpenseAccounting policyBorrowing 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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00374": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
\u00a0
2025
2024
Interest income from deposits
580
791
Interest on loans
(2,122)
(1,923)
Interest on post-employment benefits
(31)
(18)
Other interest expenses
(26)
\u2013
Interest on lease liabilities
(37)
(56)
Exchange (losses)/ gains
1,044
372
Bank charges
(35)
(20)
Fair value adjustment of Lender Warrants
67
2
Transaction costs on lender warrants
\u2013
(51)
Net Finance expense
(560)
(903)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00227": { "value": "4.5 Financial Income & ExpenseAccounting policyBorrowing 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00229": { "value": "5.1 Commitments & Contingencies
Legal claim contingencies
As at 31 December 2025, the Group had no legal claim contingencies.
Guarantees
The Group has provided a guarantee to Wincasa for EUR 305k as collateral for the lease of
the office space in Lausanne and paid a deposit of EUR 8k to SPACES for the lease of the
office space in Eindhoven.
Royalties
The Group has entered into three license agreements with EPFL that will pay out royalties
in case the Company is able to generate revenues in the future for products directly linked
to these licenses. The royalty scheme with EPFL is based on net sales. To date, no royalties
have been paid as there is no product generating revenue.
On 27 September 2019, Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
into a license agreement with the Regents of the University of California acting through
Technology Development Group UCLA campus granting an exclusive license on certain
patents in certain fields of neuromodulation and spinal cord stimulation, and a non-exclusive
license on certain other patent rights. Various revenue milestone payments are due under
the exclusive license and royalty payments are due under the non-exclusive license. The
agreement contains various milestone and diligence obligations ranging from USD 10k to
USD 50k payable upon entering a phase III clinical trial, regulatory approval, and/or first
commercial sale. All milestone related payments due to UCLA were paid at 31 December
2025. Royalties are reported and paid on a quarterly basis and is included in Cost of Goods
Sold for 2025. During the upcoming years, royalty obligations are expected to be determined
as a percentage of net revenues as defined in the agreement, ranging from 2% to 3%, subject
to the geographical location of commercial sales.
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, an amount of EUR 131k is included in
trade payables at 31 December 2025 for the second tranche due. Royalties are reported and
paid on a quarterly basis and is included in Cost of Goods Sold for 2025. During the upcoming
years, royalty obligations are expected to be determined as a percentage of
net revenues
as defined in the agreement, ranging from 2% to 4%, subject to the geographical location of
commercial sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00230": { "value": "Legal claim contingencies As at 31 December 2025, the Group had no legal claim contingencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00232": { "value": "Guarantees
The Group has provided a guarantee to Wincasa for EUR 305k as collateral for the lease of
the office space in Lausanne and paid a deposit of EUR 8k to SPACES for the lease of the
office space in Eindhoven.
Royalties
The Group has entered into three license agreements with EPFL that will pay out royalties
in case the Company is able to generate revenues in the future for products directly linked
to these licenses. The royalty scheme with EPFL is based on net sales. To date, no royalties
have been paid as there is no product generating revenue.
On 27 September 2019, Neurorecovery Technologies Inc. (now ONWARD Medical Inc.) entered
into a license agreement with the Regents of the University of California acting through
Technology Development Group UCLA campus granting an exclusive license on certain
patents in certain fields of neuromodulation and spinal cord stimulation, and a non-exclusive
license on certain other patent rights. Various revenue milestone payments are due under
the exclusive license and royalty payments are due under the non-exclusive license. The
agreement contains various milestone and diligence obligations ranging from USD 10k to
USD 50k payable upon entering a phase III clinical trial, regulatory approval, and/or first
commercial sale. All milestone related payments due to UCLA were paid at 31 December
2025. Royalties are reported and paid on a quarterly basis and is included in Cost of Goods
Sold for 2025. During the upcoming years, royalty obligations are expected to be determined
as a percentage of net revenues as defined in the agreement, ranging from 2% to 3%, subject
to the geographical location of commercial sales.
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, an amount of EUR 131k is included in
trade payables at 31 December 2025 for the second tranche due. Royalties are reported and
paid on a quarterly basis and is included in Cost of Goods Sold for 2025. During the upcoming
years, royalty obligations are expected to be determined as a percentage of
net revenues
as defined in the agreement, ranging from 2% to 4%, subject to the geographical location of
commercial sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
\u00a0
Salary,
\u00a0 \u00a0 \u00a0
\u00a0
bonuses
Pension
\u00a0 \u00a0
\u00a0
and other
premiums
\u00a0 \u00a0
\u00a0
(short-term
(post-
Share-
\u00a0
\u00a0
employee
employment
based
\u00a0
2025
benefits)
benefits)
payment
Total
Management Team, excluding CEO
2,850
151
499
3,500
CEO
938
117
824
1,879
Non-Executive Directors
534
\u2013
227
761
\u00a0
4,322
268
1,550
6,140
\u00a0
Salary,
\u00a0 \u00a0 \u00a0
\u00a0
bonuses
Pension
\u00a0 \u00a0
\u00a0
and other
premiums
\u00a0 \u00a0
\u00a0
(short-term
(post-
Share-
\u00a0
\u00a0
employee
employment
based
\u00a0
2024
benefits)
benefits)
payment
Total
Management Team, excluding CEO
2,311
77
618
3,007
CEO
1,211
72
757
2,040
Non-Executive Directors
691
\u2013
352
1,043
\u00a0
4,213
149
1,727
6,089
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReports_Label_00236": { "value": "5.3 Events After the Reporting Period
Subsequent to 31 December 2025, the Group reached an agreement in principle with the
\n
landlord to extend the lease for the office in Lausanne, Switzerland, for an additional five-
\n
year period. As this extension was not contractually agreed or legally enforceable at the
\n
reporting date, it was not included in the determination of the lease term or lease liability as
\n
at 31 December 2025. The lease extension will be accounted for in the period in which the
\n
agreement becomes legally enforceable.
\n
In addition, the Group granted 1,302,500 stock options to employees, including the CEO, with
\n
an exercise price of EUR 4.37. The conditions of the existing plan as explained in Note 2.9
\napplies to this grant.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9845007A2CC4C8BFSB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }