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Interest in joint venture | 9 Months Ended
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Sep. 30, 2022
Interests In Other Entities [Abstract] |
Interest in joint venture | On December 14, 2020, the Company announced the formation of a new joint venture company, Overland ADCT BioPharma, with Overland Pharmaceuticals (“Overland”), a fully integrated biopharmaceutical company backed by Hillhouse Capital. Overland ADCT BioPharma will develop and commercialize one of the Company’s ADC products, ZYNLONTA, and three of the Company’s ADC product candidates, ADCT-601, ADCT-602 and ADCT-901, in greater China and Singapore. The table below provides a rollforward of the Company’s interest in Overland ADCT BioPharma as of September 30, 2022 and 2021, respectively.
(in KUSD) |  |
Interest in joint venture |  |
January 1, 2022 |  | 41,236 |
Share of results in joint venture |  | (6,549) |
September 30, 2022 |  | 34,687 |
January 1, 2021 |  | 47,908 |
Share of results in joint venture |  | (3,906) |
September 30, 2021 |  | 44,002 |
As of September 30, 2022, the deferred gain of USD 23.5 million arising from the Company’s contribution for its equity investment in the joint venture remained unchanged from December 31, 2021. The Company’s carrying value of its investment in a joint venture increases or decreases in relation to the Company’s proportionate share of comprehensive income or loss of the joint venture. When the Company’s share of losses of a joint venture exceeds the Company’s interest in that joint venture less the carrying value of the deferred gain described above, the Company ceases to recognize its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. The tables below provide summarized financial information for Overland ADCT BioPharma that is material to the Company. The following information reflects the amounts presented in the financial statements of Overland ADCT BioPharma and not the Company’s share of those amounts.
(in KUSD) |  | As of |  |  |  |
Summarized Balance Sheet |  | September 30, 2022 |  | December 31, 2021 |  |  |  |
Cash and cash equivalents |  | 24,445 |  |  | 39,318 |  |  |  |  |
Prepaid and other current assets |  | 516 |  |  | 15 |  |  |  |  |
Intangible assets |  | 48,040 |  |  | 48,040 |  |  |  |  |
Total liabilities |  | 3,711 |  |  | 2,828 |  |  |  |  |
Net assets |  | 69,290 |  |  | 84,545 |  |  |  |  |
Summarized Statement of Comprehensive Loss |  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating expenses |  | 4,950 |  |  | 4,465 |  |  | 14,317 |  |  | 8,120 |
Net loss |  | 4,346 |  |  | 4,511 |  |  | 13,009 |  |  | 7,972 |

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- Definition The disclosure of joint ventures. [Refer: Joint ventures [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2022-03-24 -Paragraph 17 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2022-en-r&anchor=para_17_b&doctype=Standard -URIDate 2022-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2022-03-24 -Paragraph 16 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2022-en-r&anchor=para_16_b&doctype=Standard -URIDate 2022-03-24 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2022-03-24 -Paragraph B4 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B4_b&doctype=Appendix&subtype=B -URIDate 2022-03-24 + Details
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