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Financial instruments and risks | 12 Months Ended
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Dec. 31, 2025
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,
|  | 2025 |  | 2024
Financial assets at amortized cost |  |  |  |
Cash and cash equivalents |  | $ | 70,289 |  |  | $ | 80,226 |
Accounts receivable |  | 15,001 |  |  | 7,436 |
Other financial non-current assets |  | 1,995 |  |  | 994 |
Total financial assets at amortized cost |  | $ | 87,285 |  |  | $ | 88,656 |
Financial assets at fair value through statement of loss |  |  |  |
Equity investment |  | 1,977 |  |  | — |
Total financial assets |  | $ | 87,285 |  |  | $ | 88,656 |
Financial liabilities at amortized cost |  |  |  |
Accounts payable |  | 8,960 |  |  | 5,220 |
Accrued expenses |  | 20,736 |  |  | 13,217 |
Lease liabilities |  | 15,287 |  |  | 16,793 |
Borrowings |  | 47,733 |  |  | 13,237 |
Total financial liabilities at amortized cost |  | 92,716 |  |  | 48,467 |
Financial liabilities at fair value through statement of loss |  |  |  |
Warrant obligations |  | 1,412 |  |  | 444 |
Total financial liabilities |  | $ | 94,128 |  |  | $ | 48,911 |
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 12 – “Accounts receivable” for expected credit loss provisions on accounts receivable. In September 2025, the Company signed a stock purchase and subscription agreement to acquire a non-controlling minority equity interest in A.D.A.M. Innovations, formerly known as Genesis Healthcare, in two tranches totaling $2.0 million. The Company acquired shares totaling $0.5 million in September 2025 and shares totaling $1.5 million in October 2025. These financial assets are initially measured at fair value and subsequently re-measured at fair value at each reporting date. Changes in fair values for these financial assets are recorded through profit or loss in accordance with IFRS 9 Financial Instruments. As of December 31, 2025 purchase price approximated fair value and no changes in fair value had been recorded in the Consolidated Statements of Loss. Fair value measurement As of December 31, 2025 and 2024, the carrying amount was a reasonable approximation of fair value for the following financial assets and liabilities: Financial assets •Cash and cash equivalents •Accounts receivable •Other non-current assets—lease deposits Financial liabilities •Accounts payable •Accrued liabilities •Borrowings 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.” The Company also has warrant obligations related to the Perceptive Credit Agreement, which are measured as a level 2 valuation. Refer to Note 23 — “Borrowings”. The Company also holds a minority equity interest in A.D.A.M. Innovations, which is measured as a level 2 valuation. Recurring fair-value measurements The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2025 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 27,528 |  |  | $ | — |  |  | $ | — |
Equity Investments: |  |  |  |  |  |
Equity investments |  | — |  |  | 1,977 |  |  | — |
Total financial assets |  | $ | 27,528 |  |  | $ | 1,977 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |
Warrant obligation: |  |  |  |  |  |
Perceptive Credit Holdings warrants |  | $ | — |  |  | $ | 1,412 |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | 1,412 |  |  | $ | — |
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2024 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |
Money market funds |  | $ | 39,586 |  |  | $ | — |  |  | $ | — |
Total financial assets |  | $ | 39,586 |  |  | $ | — |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |
Warrant obligation: |  |  |  |  |  |
Perceptive Credit Holdings warrants |  | $ | — |  |  | $ | 474 |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | 474 |  |  | $ | — |
In 2025 and 2024 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 borrowings and accounts payable. The Company’s principal financial assets include cash and cash equivalents 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 12 – “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 amounted to $24.4 million and $26.1 million as of December 31, 2025 and 2024, 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 borrowings. The Company has $50.0 million of outstanding term loans under the Perceptive Credit Agreement, see Note 23 – “Borrowings” fo r additional information. Short term liquidity is managed based on projected cash flows. As of December 31, 2025 and 2024, the Company’s liquidity consisted of $70.3 million and $80.2 million in cash and cash equivalents, respectively. In 2025 the Company has sold, from its treasury shares, 228,238 ordinary shares for total gross proceeds of $1.1 million under the Company’s ATM program. In 2026, as described in Note 28 - “Events After the Reporting Period”, the Company has sold, from its treasury shares, 2,795,485 ordinary shares for total gross proceeds of $14.3 million under the Company’s ATM program and signed an amendment to the Perceptive Credit Agreement which provided an additional $25.0 million available for draw. On the basis of the current operating performance and liquidity position, Board of Directors 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 tables 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, 2025 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 15,287 |  |  | $ | 2,992 |  |  | $ | 11,839 |  |  | $ | 1,463 |  |  | $ | 16,294 |
Accounts payable |  | 8,960 |  |  | 8,960 |  |  | — |  |  | — |  |  | 8,960 |
Accrued expenses |  | 20,736 |  |  | 20,736 |  |  | — |  |  | — |  |  | 20,736 |
Borrowings |  | 47,733 |  |  | 5,125 |  |  | 61,958 |  |  | — |  |  | 67,083 |
Total contractual liabilities |  | $ | 92,716 |  |  | $ | 37,813 |  |  | $ | 73,797 |  |  | $ | 1,463 |  |  | $ | 113,073 |
|  | Net carrying amount |  | Within 1 year |  | Between 1 and 5 years |  | After 5 years |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 16,793 |  |  | $ | 2,739 |  |  | $ | 12,518 |  |  | $ | 4,469 |  |  | $ | 19,726 |
Accounts payable |  | 5,220 |  |  | 5,220 |  |  | — |  |  | — |  |  | 5,220 |
Accrued expenses |  | 13,217 |  |  | 13,217 |  |  | — |  |  | — |  |  | 13,217 |
Borrowings |  | 13,237 |  |  | 1,622 |  |  | 20,405 |  |  | — |  |  | 22,027 |
Total contractual liabilities |  | $ | 48,467 |  |  | $ | 22,798 |  |  | $ | 32,923 |  |  | $ | 4,469 |  |  | $ | 60,190 |
The Company has made adjustments to previously reported future maturities of borrowings as of December 31, 2024 to incorporate contractual cash interest payments of $1.6 million within 1 year and $5.4 million between 1 and 5 years to correct for immaterial misstatements. 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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2023
Currency |  | Spot rate |  | Average rate
USD/CHF |  | 0.79208 |  |  | 0.90740 |  |  | 0.83064 |  |  | 0.88064 |  |  | 0.89855 |
USD/EUR |  | 0.85092 |  |  | 0.96530 |  |  | 0.88644 |  |  | 0.92455 |  |  | 0.92478 |
USD/GBP |  | 0.74179 |  |  | 0.79870 |  |  | 0.75887 |  |  | 0.78267 |  |  | 0.80428 |
USD/BRL |  | 5.49560 |  |  | 6.17360 |  |  | 5.58911 |  |  | 5.39155 |  |  | 4.97372 |
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, 2025, 2024, and 2023 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,
|  | 2025 |  | 2024 |  | 2023
Increase / (decrease) in USD/CHF exchange rate by 10% |  | (2,101) |  | / | 2,101 |  | 562 |  | / | (562) |  | 3,034 |  | / | (3,034)
Increase / (decrease) in EUR/CHF exchange rate by 10% |  | 1,020 |  | / | (1,020) |  | (75) |  | / | 75 |  | 508 |  | / | (508)
Increase / (decrease) in GBP/CHF exchange rate by 10% |  | 36 |  | / | (36) |  | 25 |  | / | (25) |  | (23) |  | / | 23
The Company’s exposure to foreign currency changes for all other currencies is not material. 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, 2025 and 2024 the sensitivity of the Company’s equity to such changes, measured against the USD, was as follows (in USD thousands):
|  | December 31,
|  | 2025 |  | 2024
Increase / (decrease) in USD/CHF exchange rate by 10% |  | (2,561) | / | 2,561 |  | (1,520) | / | 1,520
Increase / (decrease) in USD/EUR exchange rate by 10% |  | (663) | / | 663 |  | 2,244 | / | (2,244)
Increase / (decrease) in USD/GBP exchange rate by 10% |  | (95) | / | 95 |  | 61 | / | (61)
Interest rate risk The Company’s cash and cash equivalents 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 the Company’s cash and cash equivalents balances. As of December 31, 2025 and 2024, the Company currently has $50.0 million and $15.0 million, respectively, of debt outstanding under the Perceptive Credit Agreement. Based on the terms of the Perceptive Credit Agreement, the monthly interest expense fluctuates based on the Term SOFR reference rate that is two business days prior to the first day of the preceding calendar month. Given the Company’s outstanding debt under this agreement, the Company is subject to interest rate risk related to debt obligations if the SOFR were to move significantly. Based on the borrowings exposed to floating interest rates at year-end, an increase in interest rates of 100 basis points would cause an increase in cash interest costs on an annualized basis of $0.5 million and $0.2 million as of December 31, 2025 and 2024, respectively.

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