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Financial instruments and risks (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract] |
Summary of Financial Instruments | The Company holds the following financial instruments (in USD thousands):
|  | December 31,
|  | 2023 |  | 2022
Financial assets at amortized cost |  |  |  |
Cash and cash equivalents |  | $ | 123,251 |  |  | $ | 161,305 |
Term deposits |  | — |  |  | 17,307 |
Accounts receivable |  | 13,557 |  |  | 6,649 |
Other financial non-current assets |  | 1,382 |  |  | 965 |
Total financial assets at amortized cost |  | $ | 138,190 |  |  | $ | 186,226 |
Financial assets at fair value through statement of loss |  |  |  |
Total financial assets |  | $ | 138,190 |  |  | $ | 186,226 |
Financial liabilities at amortized cost |  |  |  |
Accounts payable |  | 5,391 |  |  | 6,181 |
Accrued expenses |  | 17,808 |  |  | 14,505 |
Lease liabilities |  | 18,601 |  |  | 16,743 |
Total financial liabilities at amortized cost |  | 41,800 |  |  | 37,429 |
Financial liabilities at fair value through statement of loss |  |  |  |
Total financial liabilities |  | $ | 41,800 |  |  | $ | 37,429 |
Summary of Maturity Profile of Financial Liabilities | The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted cash flows (in USD thousands):
|  | Net carrying amount |  | Within 1 year |  | Between 1 and 5 years |  | After 5 years |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 18,601 |  |  | $ | 3,195 |  |  | $ | 9,729 |  |  | $ | 6,364 |  |  | $ | 19,288 |
Accounts payable |  | 5,391 |  |  | 5,391 |  |  |  |  |  |  | 5,391 |
Accrued expenses |  | 17,808 |  |  | 17,808 |  |  |  |  |  |  | 17,808 |
Total contractual liabilities |  | $ | 41,800 |  |  | $ | 26,394 |  |  | $ | 9,729 |  |  | $ | 6,364 |  |  | $ | 42,487 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 16,743 |  |  | $ | 2,950 |  |  | $ | 8,862 |  |  | $ | 6,421 |  |  | $ | 18,233 |
Accounts payable |  | 6,181 |  |  | 6,181 |  |  | — |  |  | — |  |  | 6,181 |
Accrued expenses |  | 14,505 |  |  | 14,505 |  |  | — |  |  | — |  |  | 14,505 |
Total contractual liabilities |  | $ | 37,429 |  |  | $ | 23,636 |  |  | $ | 8,862 |  |  | $ | 6,421 |  |  | $ | 38,919 |
Summary of Significant Foreign Exchange Rates | The significant exchange rates that have been applied to these consolidated financial statements are listed below:
| December 31, |  | For the twelve months ended December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021
Currency | Spot rate |  | Spot rate |  | Average rate |  | Average rate |  | Average rate
USD/CHF | 0.84110 |  |  | 0.92447 |  |  | 0.89855 |  |  | 0.95500 |  |  | 0.91437 |
USD/EUR | 0.90580 |  |  | 0.93414 |  |  | 0.92478 |  |  | 0.95146 |  |  | 0.84579 |
USD/GBP | 0.78440 |  |  | 0.82761 |  |  | 0.80428 |  |  | 0.81177 |  |  | 0.72707 |
USD/BRL | 4.85250 |  |  | 5.28600 |  |  | 4.97372 |  |  | 5.16678 |  |  | 5.39288 |
Summary of Loss Before Tax to Changes in Foreign Exchange Rates | The sensitivity of the Company’s income to possible changes in foreign exchange rates is measured at the local entity level as it depends on the functional currency of each entity. As of December 31, 2023, 2022, and 2021 the Company was exposed principally to movements in four cross currency pairs. The sensitivity of the Company’s loss before tax to such changes was as follows (in USD thousands):
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Increase / (decrease) in USD/CHF exchange rate by 10% |  | 3,034 |  | / | (3,034) |  | 6,614 |  | / | (6,614) |  | 19,499 |  | / | (19,499)
Increase / (decrease) in EUR/CHF exchange rate by 10% |  | 508 |  | / | (508) |  | (94) |  | / | 94 |  | 648 |  | / | (648)
Increase / (decrease) in GBP/CHF exchange rate by 10% |  | (23) |  | / | 23 |  | (83) |  | / | 83 |  | (18) |  | / | 18
Increase / (decrease) in USD/EUR exchange rate by 10% |  | (513) |  | / | 513 |  | 503 |  | / | (503) |  | 726 |  | / | (726)
Summary of Equity to Changes in Foreign Exchange Rates | As of December 31, 2023 and 2022 the sensitivity of the Company’s equity to such changes, measured against the USD, was as follows (in USD thousands):
|  | December 31,
|  | 2023 |  | 2022
Increase / (decrease) in USD/CHF exchange rate by 10% |  | (1,552) | / | 1,552 |  | 14,198 | / | (14,198)
Increase / (decrease) in USD/EUR exchange rate by 10% |  | 383 | / | (383) |  | (44) | / | 44
Increase / (decrease) in USD/GBP exchange rate by 10% |  | 18 | / | (18) |  | 50 | / | (50)

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