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Financial instruments and risks | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract] |
Financial instruments and risks | Financial instruments and risks A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 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 |
The Company’s exposure to various risks associated with the financial instruments is discussed below in “Financial risk management.” The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. See Note 13 - “Accounts receivable” for expected credit loss provisions on accounts receivable. Fair value measurement As of December 31, 2023 and 2022, the carrying amount was a reasonable approximation of fair value for the following financial assets and liabilities: Financial assets •Cash and cash equivalents •Term deposits •Accounts receivable •Other non-current assets—lease deposits and lease receivable Financial liabilities •Accounts payable •Accrued liabilities •Lease liabilities Fair value measurement methodology The Company measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate econo mic benefits by using the asset or by sell ing it to another market participant. The Company uses valuation techniques to measure fair value maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated 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: Level 1—Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2—Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Management determines the policies and procedures for both recurring fair value measurement and for non-recurring measurement with the involvement of experts and external consultants when needed. The Company holds money market funds which are classified as cash equivalents which are measured as a level 1 valuation. Refer to Note 11 - “Cash and cash equivalents”. In 2023 and 2022 there were no significant changes in the business or economic circumstances that affect the fair value of the Company’s financial assets and financial liabilities. There were also no transfers between categories. Financial risk management Financial risks Senior management reg ularly reviews th e Company’s cash forecast and related risks. They also perform the risk assessment, define any necessary measures and ensure the monitoring of the internal control system. The Company’s principal financial liabilities include accounts payable and lease liabilities. The Company’s principal financial assets include cash and cash equivalents, term deposits and short-term investments and accounts receivable. In the course of its business, the Company is exposed to a number of financial risks including credit and counterparty risk, funding and liquidity risk and market risk (i.e. foreign currency risk and interest rate risk). This note presents the Company’s objectives, policies, and processes for managing these risks. Credit and counterparty risk management Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily accounts receivable. Concentration risk arises when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. The Company’s policy with regard to assessing and providing for expected credit losses on accounts receivable is set out in Note 13 - “Accounts receivable.” Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy. Financial transactions are predominantly entered into with investment grade financial institutions and in principle the Company requires a minimum long-term rating of A3/A- for its cash investments and term deposits. The Company may deviate from this requirement from time to time for operational reasons. The highest exposure to a single financial counterparty within cash and cash equivalents and term deposits and short-term investments amounted t o $43.7 million and $57.3 million as of December 31, 2023 and 2022, respectively. Other non-current financial assets include cash deposits for leases. Funding and liquidity risk management Funding and liquidity risk is the risk that a company may encounter difficulties in meeting its obligations associated with financial liabilities that are settled by delivering cash or other financial assets. Such risk may result from inadequate market depth or disruption or refinancing problems. The Company views equity funding as its primary source of liquidity only partly complemented with revenue generated from the sale of the platform, applications, products, and services and some borrowings. The Company has no outstanding borrowing facilities. Short term liquidity is managed based on projected cash flows. As of December 31, 2023 and 2022, the Company’s liquidity consisted of $123.3 million and $161.3 million in cash and cash equivalents, respectively. On the basis of the current operating performance and liquidity position, management believes that the available cash balances will be sufficient for operating activities, working capital, interest, capital expenditures and scheduled debt repayments for the next 12 months. 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 |
Market risk Market risk includes currency risk and interest rate risk. Currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in 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 |
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)
The Company’s exposure to foreign currency changes for all other currencies is not material. The significant increase/decrease between USD/CHF resulted from the Company’s IPO, which occurred in USD. The Company does not use derivative financial instruments to hedge exposures and under no circumstances may enter into derivative instruments for speculative purposes. The sensitivity of the Company’s reported equity or net assets to possible changes in foreign exchange rates is measured at the consolidated level as it depends on the presentation currency selected for the consolidated financial statements. Such effects are reported not in income but in the currency translation account within other reserves. 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)
Interest rate risk The Company’s cash and cash equivalents and term deposits are subject to market risk associated with interest rate fluctuations. Fixed rate securities may have their market value adversely affected due to a rise in interest rates. The C ompany concluded that fluctuations in the interest rate did not have a material impact on our cash equivalents and term deposit balances.

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