Share-based compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Share-based compensation |
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Schedule of effect of share-based compensation on profit or loss |
| | | | | | | | | 2022 | | 2021 | | 2020 | Research and development | | 1,047,398 | | 467,812 | | 354,934 | General and administration | | 2,634,675 | | 710,532 | | 821,479 | Total share-based compensation | | 3,682,073 | | 1,178,344 | | 1,176,413 |
| | | | | | | | | 2022 | | 2021 | | 2020 | Equity sharing certificate plan | | 44,244 | | 4,476 | | 14,644 | Share purchase plan | | — | | 23,498 | | 49,813 | Share option plans | | 3,637,829 | | 1,150,370 | | 1,111,956 | Total share-based compensation | | 3,682,073 | | 1,178,344 | | 1,176,413 |
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Schedule of changes in granting conditions |
The table below describes the changes in granting conditions of the equity sharing certificates and the employee share option plans in 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | Number of | | Number of | | Number of | | | | | | | Equity incentive | | Equity incentive | | Equity incentive | | Number of equity | | | Number of Equity | | units repriced to | | units repriced to | | units repriced to | | incentive units | | | incentive | | CHF 1.00 on | | CHF 0.19 on | | CHF 0.13 on | | exercised under | | | units | | January 4, 2022 | | August 2, 2022 | | October 5, 2022 | | the DSPPP | Equity Sharing Certificate as of December 31 2021 | | 198,750 | | 108,000 | | 198,750 | | 198,750 | | 198,750 | Employee share options as of December 31 2021 | | 8,615,885 | | 8,186,045 | | 8,383,306 | | 8,320,836 | | 8,154,651 | Employee share options granted in 2022 at a strike price above CHF 0.13 | | 4,011,325 | | — | | 3,852,657 | | 3,852,657 | | 3,750,258 | Employee share options granted in 2022 at a strike price of CHF 0.13 | | 5,425,753 | | — | | — | | — | | 5,335,224 | Total | | | | 8,294,045 | | 12,434,713 | | 12,372,243 | | 17,438,883 |
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Schedule of movements in number of subscription rights outstanding |
| | | | | | | | | | | | | | | Average | | | | Average | | | | Average | | | | | subscription | | | | subscription | | | | subscription | | | | | prices / floor | | | | prices / floor | | | | prices / floor | | | | | prices (CHF) | | 2022 | | prices (CHF) | | 2021 | | prices (CHF) | | 2020 | At January 1 | | 1.54 | | 198,750 | | 1.54 | | 198,750 | | 1.54 | | 198,750 | Exercised under the DSPPP | | 0.13 | | (198,750) | | — | | — | | — | | — | At December 31 | | — | | — | | 1.54 | | 198,750 | | 1.54 | | 198,750 |
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Schedule of outstanding subscription rights |
| | | | | | | At December 31, 2021 | | Subscription prices / floor prices (CHF) | Expiry date | | 1.00 / 2.30 | | 2.00 / 2.30 | | Total | 2024 | | 90,750 | | — | | 90,750 | 2027 | | — | | 108,000 | | 108,000 | Total subscription rights | | 90,750 | | 108,000 | | 198,750 |
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Employee share option plans (ESOP) |
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Share-based compensation |
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Schedule of share options granted |
During 2022, the Group granted the following options with vesting over 4 years and a 10-year exercise period at the grant date as described in the table below. Grant conditions relating to the strike price have been amended during the year ended December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of share | | Number of share | | | | | | | | | | | options repriced | | options repriced | | Number of share | | | Strike price at | | Expiry date at | | Number of share | | to CHF 0.19 on | | to CHF 0.13 on | | exercised under the | | | grant date | | grant date | | options granted | | August 2 2022 | | October 5 2022 | | DSPPP | April 12, 2022 | | 1.00 | | April. 11, 2032 | | 3,840,657 | | 3,840,657 | | 3,840,657 | | 3,738,258 | April 12, 2022 | | 1.00 | | Dec. 31, 2031 | | 6,000 | | 6,000 | | 6,000 | | 6,000 | April 12, 2022 | | 1.04 | | Dec. 31, 2031 | | 49,713 | | — | | — | | — | May 2, 2022 | | 1.00 | | May 1, 2032 | | 6,000 | | 6,000 | | 6,000 | | 6,000 | October 5, 2022 | | 0.13 | | Oct. 4, 2032 | | 5,423,076 | | — | | — | | 5,332,547 | October 6, 2022 | | 0.13 | | Oct. 5, 2032 | | 2,677 | | — | | — | | 2,677 | December 29, 2022 | | 0.20 | | June 30,2032 | | 108,955 | | — | | — | | — | Total 2022 | | | | | | 9,437,078 | | 3,852,657 | | 3,852,657 | | 9,085,482 |
During 2021, the Group granted the following options with vesting over 4 years and a 10-year exercise period as described in the table below. Grant conditions relating to the strike price and grant conditions have been amended during the year ended December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of | | Number of | | Number of | | | | | | | | | | | share options | | share options | | share options | | Number of | | | | | | | Number of | | repriced to | | repriced to | | repriced to | | options | | | Strike price at | | Expiry date at | | share options | | CHF 1.00 on | | CHF 0.19 on | | CHF 0.13 on | | exercised under | | | grant date | | grant date | | granted | | Jan. 4 , 2022 | | Aug. 2, 2022 | | Oct. 5, 2022 | | the DSPPP | April 1, 2021 | | 1.99 | | Dec. 31, 2030 | | 27,492 | | — | | — | | — | | — | May 17, 2021 | | 1.45 | | May 16, 2031 | | 1,791,000 | | 1,786,000 | | 1,756,000 | | 1,756,000 | | 1,716,000 | July 1, 2021 | | 1.60 | | June 30, 2031 | | 44,408 | | 30,000 | | 30,000 | | 30,000 | | 30,000 | October 1, 2021 | | 1.45 | | Sept. 30, 2031 | | 6,000 | | 6,000 | | 6,000 | | 6,000 | | 6,000 | Total 2021 | | | | | | 1,868,900 | | 1,822,000 | | 1,792,000 | | 1,792,000 | | 1,752,000 |
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Schedule of movements in number of options outstanding |
| | | | | | | | | | | | | | | Average | | | | Average | | | | Average | | | | | strike price | | | | strike price | | | | strike price | | | | | (CHF) | | 2022 | | (CHF) | | 2021 | | (CHF) | | 2020 | At January 1 | | 2.01 | | 8,615,885 | | 2.16 | | 6,768,460 | | 2.38 | | 5,540,600 | Exercised under the DSPPP | | 0.13 | | (17,240,133) | | — | | — | | — | | — | Granted | | 0.49 | | 9,437,078 | | 1.46 | | 1,868,900 | | 1.16 | | 1,227,860 | Forfeited | | 1.00 | | (35,830) | | 1.93 | | (11,475) | | — | | — | Expired | | — | | — | | 2 | | (10,000) | | — | | — | At December 31 | | 0.55 | | 777,000 | | 2.01 | | 8,615,885 | | 2.16 | | 6,768,460 |
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Schedule of outstanding share options |
| | | | | | | | | | | | | At December 31, 2022 | | Range of strike prices (CHF) | Expiry date | | 0.13 | | 0.14 to 0.99 | | 1.00 to 1.50 | | 1.51 to 2.50 | | 2.51 to 3.00 | | Total | 2025 | | — | | 25,000 | | — | | 4,687 | | — | | 29,687 | 2027 | | 56,655 | | 11,385 | | — | | 7,241 | | — | | 75,281 | 2028 | | 59,530 | | 26,085 | | — | | — | | 5,292 | | 90,907 | 2029 | | — | | — | | 72,013 | | 38,487 | | — | | 110,500 | 2030 | | 10,000 | | — | | 17,362 | | 27,492 | | — | | 54,854 | 2031 | | 40,000 | | — | | 59,480 | | 14,408 | | — | | 113,888 | 2032 | | 192,928 | | 108,955 | | — | | — | | — | | 301,883 | Total | | 359,113 | | 171,425 | | 148,855 | | 92,315 | | 5,292 | | 777,000 |
| | | | | | | | | | | At December 31, 2021 | | Range of strike prices (CHF) | Expiry date | | 1.00 to 1.50 | | 1.51 to 2.00 | | 2.01 to 2.50 | | 2.51 to 3.00 | | Total | 2024 | | — | | 506,351 | | — | | — | | 506,351 | 2025 | | — | | 49,687 | | — | | — | | 49,687 | 2026 | | — | | 95,000 | | 50,000 | | — | | 145,000 | 2027 | | 292,261 | | 1,606,820 | | — | | — | | 1,899,081 | 2028 | | — | | — | | 243,506 | | 2,464,890 | | 2,708,396 | 2029 | | 184,883 | | 68,487 | | — | | — | | 253,370 | 2030 | | 1,189,373 | | 27,492 | | — | | — | | 1,216,865 | 2031 | | 1,792,727 | | 44,408 | | — | | — | | 1,837,135 | Total | | 3,459,244 | | 2,398,245 | | 293,506 | | 2,464,890 | | 8,615,885 |
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Schedule of inputs to option pricing model |
| | | | | | | | | | 2022 | | 2021 | | 2020 | | Weighted average share price per share at the grant date | | CHF 0.41 | | CHF 1.58 | | CHF 1.16 | | Weighted average strike price per share | | CHF 0.49 | | CHF 1.46 | | CHF 1.16 | | Weighted average volatility | | 50.34 | % | 47.07 | % | 40.24 | % | Dividend yield | | — | | — | | — | | Weighted average annual risk-free rate | | 0.75 | % | 0.44 | % | 0.13 | % |
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Deferred Strike Price Payment Plan (DSPPP) |
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Share-based compensation |
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Schedule of movements in number of options outstanding |
| | | | | | | Average | | | | | deferred strike | | | | | price payment | | | | | (CHF) | | 2022 | At January 1 | | — | | — | Granted - exercise of ESOP & ESC | | 0.13 | | 17,438,883 | At December 31 | | 0.13 | | 17,438,883 |
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