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v3.23.3

Leases | 9 Months Ended
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Sep. 30, 2023
Presentation of leases for lessee [abstract] |
Leases | Leases The table below provides a rollforward of the Company's right-of-use assets as of September 30, 2023 and 2022, respectively.
(in KUSD) |  |  |  |  |  |
Right-of-Use Assets |  | Properties (Offices) |  | Vehicles |  | Total
Cost |  |  |  |  |  |
January 1, 2023 |  | 9,311 |  |  | 134 |  |  | 9,445 |
Additions |  | 4,833 |  |  | — |  |  | 4,833 |
Lease termination |  | — |  |  | (56) |  |  | (56) |
Modification of lease terms |  | (948) |  |  | — |  |  | (948) |
Exchange difference |  | (23) |  |  | — |  |  | (23) |
September 30, 2023 |  | 13,173 |  |  | 78 |  |  | 13,251 |
Accumulated depreciation |  |  |  |  |  |
January 1, 2023 |  | (2,642) |  |  | (83) |  |  | (2,725) |
Depreciation charge |  | (1,265) |  |  | (24) |  |  | (1,289) |
Lease termination |  | — |  |  | 34 |  |  | 34 |
Modification of lease terms |  | 997 |  |  | — |  |  | 997 |
Exchange difference |  | 4 |  |  | — |  |  | 4 |
September 30, 2023 |  | (2,906) |  |  | (73) |  |  | (2,979) |
Net book amount as of September 30, 2023 |  | 10,267 |  |  | 5 |  |  | 10,272 |
Cost |  |  |  |  |  |
January 1, 2022 |  | 9,005 |  |  | 134 |  |  | 9,139 |
Additions |  | 1,234 |  |  | — |  |  | 1,234 |
Exchange difference |  | (911) |  |  | — |  |  | (911) |
September 30, 2022 |  | 9,328 |  |  | 134 |  |  | 9,462 |
Accumulated depreciation |  |  |  |  |  |
January 1, 2022 |  | (1,925) |  |  | (50) |  |  | (1,975) |
Depreciation charge |  | (871) |  |  | (25) |  |  | (896) |
Exchange difference |  | 117 |  |  | — |  |  | 117 |
September 30, 2022 |  | (2,679) |  |  | (75) |  |  | (2,754) |
Net book amount as of September 30, 2022 |  | 6,649 |  |  | 59 |  |  | 6,708 |
On September 1, 2023, the Company modified the terms of its existing lease for its office in Switzerland. The existing lease contract was originally scheduled to expire on June 15, 2024 and has been cancelled and replaced by the new lease. The new lease also includes a reduction in the amount of office space being occupied. The modified lease commenced on September 1, 2023 and expires November 30, 2028, and includes a renewal option for five additional years through November 2033. The Company is reasonably certain it will exercise the extension option and therefore has accounted for the modified lease as a ten-year lease term. Total rent payments through November 30, 2033 are USD 1.5 million. On January 30, 2023, the Company expanded the square footage of its existing lease related to its U.K. office. The lease commenced on January 30, 2023 and expires on January 27, 2031, and includes an option to terminate early on January 26, 2026. The Company is reasonably certain it will not terminate the lease early and therefore will account for the lease using an eight-year lease term. Total rent payments including service charges through January 27, 2031 are USD 7.6 million. Depreciation of right-of-use assets have been charged to the following categories in the unaudited condensed consolidated interim statement of operations. Depreciation expense for S&M expenses was not material for any of the periods presented.
|  | Three months ended September 30, |  | Nine months ended September 30,
(in KUSD) |  | 2023 |  | 2022 |  | 2023 |  | 2022
R&D expenses |  | 388 |  |  | 228 |  |  | 1,111 |  |  | 711 |
G&A expenses |  | 55 |  |  | 62 |  |  | 178 |  |  | 185 |
|  | 443 |  |  | 290 |  |  | 1,289 |  |  | 896 |
The table below provides a rollforward of the Company's lease liabilities as of September 30, 2023 and 2022, respectively.
(in KUSD) |  |  |  |  |  |
Lease liabilities |  | Properties (Offices) |  | Vehicles |  | Total
January 1, 2023 |  | 7,607 |  |  | 54 |  |  | 7,661 |
Additions |  | 4,833 |  |  | — |  |  | 4,833 |
Modification of lease terms |  | 3 |  |  | — |  |  | 3 |
Cash outflow (including interest) |  | (1,222) |  |  | (27) |  |  | (1,249) |
Interest |  | 382 |  |  | 1 |  |  | 383 |
Exchange difference |  | (115) |  |  | (23) |  |  | (138) |
September 30, 2023 |  | 11,488 |  |  | 5 |  |  | 11,493 |
January 1, 2022 |  | 7,898 |  |  | 125 |  |  | 8,023 |
Additions |  | 1,234 |  |  | — |  |  | 1,234 |
Cash outflow (including interest) |  | (901) |  |  | — |  |  | (901) |
Interest |  | 144 |  |  | — |  |  | 144 |
Exchange difference |  | (978) |  |  | (65) |  |  | (1,043) |
September 30, 2022 |  | 7,397 |  |  | 60 |  |  | 7,457 |
September 30, 2023 |  |  |  |  |  |
Lease liabilities (short-term) |  | 1,412 |  |  | 5 |  |  | 1,417 |
Lease liabilities (long-term) |  | 10,076 |  |  | — |  |  | 10,076 |
Total lease liabilities |  | 11,488 |  |  | 5 |  |  | 11,493 |
September 30, 2022 |  |  |  |  |  |
Lease liabilities (short-term) |  | 801 |  |  | 34 |  |  | 835 |
Lease liabilities (long-term) |  | 6,596 |  |  | 26 |  |  | 6,622 |
Total lease liabilities |  | 7,397 |  |  | 60 |  |  | 7,457 |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2023-03-23 + Details
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