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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 234,738 $ 250,867
Accounts receivable, net 22,918 20,316
Inventory 18,042 18,387
Prepaid expenses 5,928 8,370
Other current assets 5,523 9,450
Total current assets 287,149 307,390
Property and equipment, net 0 5,075
Operating lease right-of-use assets 1,393 8,354
Other long-term assets 1,216 1,161
Total assets 289,758 321,980
Current liabilities    
Accounts payable 8,119 18,029
Accrued expenses and other current liabilities 53,925 62,440
Total current liabilities 62,044 80,469
Deferred royalty obligation, long-term 340,170 320,093
Senior secured term loans 115,206 113,632
Operating lease liabilities, long-term 1,127 7,995
Other long-term liabilities 9,394 2,433
Total liabilities 527,941 524,622
Commitments and contingencies (See Note 12)
Shareholders’ (deficit) equity    
Common shares, at CHF $0.08 par value Issued shares: 99,453,858 at June 30, 2024 and 89,041,946 December 31, 2023; outstanding shares: 96,469,641 at June 30, 2024 and 82,293,137 at December 31, 2023 9,763 8,425
Additional paid-in capital 1,382,493 1,283,892
Treasury shares (205) (220)
Accumulated other comprehensive loss (702) (1,421)
Accumulated deficit (1,629,532) (1,493,318)
Total shareholders’ (deficit) equity (238,183) (202,642)
Total liabilities and shareholders’ (deficit) equity $ 289,758 $ 321,980