XML 48 R38.htm IDEA: XBRL DOCUMENT v3.22.2.2
Senior secured term loan facility and warrants (Tables)
 9 Months Ended
Sep. 30, 2022
Financial Instruments [Abstract]  
Schedule of key inputs used for valuation The warrant obligation has been recorded at an initial fair value of USD 4.0 million on August 15, 2022 and is remeasured to fair value on a quarterly basis. Key inputs for the valuation of the warrant obligation as of August 15, 2022 were as follows:
As of
August 15, 2022
Exercise price in USD8.30 
Share price in USD
10.33 
Risk-free interest rate2.9 %
Expected volatility
87 %
Expected term (months)60 months
Dividend yield— 
Black-Scholes value in USD7.51 
The Company used an independent valuation firm to assist in calculating the fair value of the warrant obligations, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligations as of September 30, 2022 were as follows:
As of
September 30, 2022
Exercise price in USD8.30 
Share price in USD
4.82 
Risk-free interest rate4.2 %
Expected volatility80 %
Expected term (months)58.5 months
Dividend yield— 
Black-Scholes value in USD2.68 
Key inputs for the valuations as of August 15, 2022 and December 31, 2021 were as follows:
Deerfield First Tranche
As of
August 15, 2022 December 31, 2021
Exercise price at 130% of the IPO price of 19.00, in USD
24.70 24.70 
Forced conversion price, in USD 67.93 67.93 
Share price in USD10.33 20.20 
Risk-free interest rate3.2 %1.0 %
Expected volatility85 %77 %
Expected term (months)32.5 months40 months
Dividend yield— — 
Recovery rate5 %5 %
Implied bond yield12.0 %8.8 %

Deerfield Second Tranche
As of
August 15, 2022December 31, 2021
Exercise price in USD 28.07 28.07 
Forced conversion price, in USD 77.19 77.19 
Share price in USD10.33 20.20 
Risk-free interest rate3.2 %1.0 %
Expected volatility85 %77 %
Expected term (months)32.5 months40 months
Dividend yield— — 
Recovery rate5 %5 %
Implied bond yield12.0 %8.8 %
Schedule of borrowings
Transaction costs have been allocated to the above two components. Transaction costs associated to the warrant obligation have been charged directly to the unaudited condensed consolidated interim statement of operations, while transaction costs associated to the residual loan have been deducted from the loan. See further illustration in table below:

in KUSD
Warrant obligation
                                       Residual loan
                                             Total
Loan Principal3,957 116,043 120,000 
Transaction costs
(245)(7,187)(7,432)
Carrying value of loan at issuance108,856 
The following table summarizes the interest expense recorded on the convertible loan for the three and nine months ended September 30, 2022 and 2021:
Three months ended September 30,Nine months ended September 30,
(in KUSD)2022202120222021
Deerfield First Tranche 1,132 2,142 5,664 6,184 
Deerfield Second Tranche404 819 2,020 1,209 
Total1,536 2,961 7,684 7,393 
The table below provides a rollforward of the Company’s debt obligation relating to the royalty purchase agreement.
(in KUSD)
January 1, 2022225,477 
Less: royalty payments5,656 
Plus: interest expense17,356 
Less: cumulative catch-up adjustment, Financial income (expense), net16,033 
September 30, 2022221,144 
January 1, 2021— 
Proceeds from the sale of future royalties225,000 
Less: transaction costs6,998 
Less: royalty payments213 
Plus: interest expense6,752 
Plus: cumulative catch-up adjustment, Financial expense936 
December 31, 2021225,477