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Convertible loans (Tables) | 9 Months Ended
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Sep. 30, 2023
Financial Instruments [Abstract] |
Schedule of Derivative Option and Convertible Loan | The following table summarizes the changes in fair value (expense) income of the embedded conversion option derivatives during the three and nine months September 30, 2022:
| Three months ended September 30, | Nine months ended September 30,
(in KUSD) |  | 2022 |  | 2022
Deerfield First Tranche (1) |  | (2,822) |  |  | 15,556 |
Deerfield Second Tranche - after FDA approval (1) |  | (1,838) |  |  | 10,094 |
Total |  | (4,660) |  |  | 25,650 |
(1) The fair value (expense) income recognized during the three and nine months ended September 30, 2022 represents the changes in fair value up until the point of exchange on August 15, 2022.
Schedule of key inputs used for valuation | 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, 2023 and December 31, 2022 were as follows:
| As of |  | As of
| September 30, 2023 |  | December 31, 2022
Exercise price in USD | 8.30 |  |  | 8.30 |
Share price in USD | 0.90 |  |  | 3.84 |
Risk-free interest rate | 4.7 | % |  | 4.0 | %
Expected volatility | 80.8 | % |  | 80.0 | %
Expected term (months) | 46.5 months |  | 55.5 months
Dividend yield | — |  |  | — |
Black-Scholes value in USD | 0.15 |  |  | 1.89 |
Key inputs for the valuations as of August 15, 2022 was as follows: Deerfield First Tranche
| As of
| August 15, 2022 |
Exercise price at 130% of the IPO price of 19.00, in USD | 24.70 |  |
Forced conversion price, in USD | 67.93 |  |
Share price in USD | 10.33 |  |
Risk-free interest rate | 3.2 | % |
Expected volatility | 85 | % |
Expected term (months) | 32.5 |
Dividend yield | — |  |
Recovery rate | 5 | % |
Implied bond yield | 12.0 | % |
Deerfield Second Tranche
|  | As of
|  | August 15, 2022 |
Exercise price in USD |  | 28.07 |  |
Forced conversion price, in USD |  | 77.19 |  |
Share price in USD |  | 10.33 |  |
Risk-free interest rate |  | 3.2 | % |
Expected volatility |  | 85 | % |
Expected term (months) |  | 32.5 |
Dividend yield |  | — |  |
Recovery rate |  | 5 | % |
Implied bond yield |  | 12.0 | % |
Schedule of borrowings | The following table summarizes the interest expense recorded on the convertible loan for the three and nine months ended September 30, 2022:
|  | Three months ended September 30, |  | Nine months ended September 30, |  |
(in KUSD) |  | 2022 |  | 2022 |  |  |  |
Deerfield First Tranche |  | 1,132 |  |  | 5,664 |  |  |  |  |
Deerfield Second Tranche |  | 404 |  |  | 2,020 |  |  |  |  |
Total |  | 1,536 |  |  | 7,684 |  |  |  |  |
The table below provides a rollforward of the Company’s debt obligation relating to the royalty purchase agreement.
(in KUSD) |  |
January 1, 2022 |  | 225,477 |
Less: royalty payments |  | 10,998 |
Plus: interest expense |  | 23,200 |
Less: cumulative catch-up adjustment, Financial income |  | 15,402 |
December 31, 2022 |  | 222,277 |
Plus: Additional proceeds from the sale of future royalties |  | 75,000 |
Less: Transaction costs |  | 1,898 |
Less: royalty payments |  | 7,611 |
Plus: interest expense |  | 19,662 |
Plus: cumulative catch-up adjustment, Financial expense |  | 4,851 |
September 30, 2023 |  | 312,281 |

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