ObsEva SA

2023 Q1 Form 10-K Financial Statement

#000155837023005276 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $8.400M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $783.0K
Receivables $252.0K
Other Receivables
Total Short-Term Assets $15.99M
YoY Change -74.82%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $324.0K
YoY Change 12.5%
Total Long-Term Assets $551.0K
YoY Change -97.84%
TOTAL ASSETS
Total Short-Term Assets $15.99M
Total Long-Term Assets $551.0K
Total Assets $16.54M
YoY Change -81.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $2.040M
YoY Change -85.2%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $2.790M
YoY Change 306.71%
Total Short-Term Liabilities $7.186M
YoY Change -69.43%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $292.0K
YoY Change -95.93%
Total Long-Term Liabilities $292.0K
YoY Change -99.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.186M
Total Long-Term Liabilities $292.0K
Total Liabilities $8.061M
YoY Change -85.77%
SHAREHOLDERS EQUITY
Retained Earnings -$472.8M
YoY Change 6.74%
Common Stock $8.800M
YoY Change 35.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.483M
YoY Change
Total Liabilities & Shareholders Equity $16.54M
YoY Change -81.41%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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OBSEVA SA
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Chemin des Aulx, 12
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Common shares, par value CHF 1/13 per share
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-282000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14958000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54734000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2496000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
150000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
36000
CY2022 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
6958000
CY2022Q4 obsv Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of asset impairments, revenue recognition, depreciation and amortization, stock-based compensation, income taxes, the fair value of warrant and derivative liabilities, and accounting for project development and certain accruals. These estimates are sometimes complex, sensitive to changes in assumptions and require fair value determinations using Level 3 fair value measurements. Actual results may differ materially from those estimates.</p>
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8424000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54734000
CY2022Q4 us-gaap Restricted Cash Current
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6534000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14958000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54734000
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, and other receivables. As of December 31, 2022, the Company’s cash is held by one institution in the U.S. and two institutions in Switzerland. Periodically, the Company maintains deposits in financial institutions in excess of government insured limits. On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by California and federal regulatory agencies. As a result of these actions, the Federal Deposit Insurance Corporation (FDIC) established Silicon Valley Bridge Bank, N.A. (the “Bridge Bank”) as successor to SVB. On March 12, 2023, the U.S. Treasury, Federal Reserve and FDIC rolled out emergency measures to fully protect all depositors of SVB </span><span style="white-space:pre-wrap;">and, on March 13, 2023, we had full access to our cash on deposit with SVB. As a result, we do not anticipate any losses with respect to such balances. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As part of our cash management process, we perform periodic evaluations of the relative credit standing of these financial institutions. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' financial conditions. </p>
CY2022 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Derivative Liability</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company analyzes the conversion feature of convertible notes for derivative accounting consideration under ASC 815-15, <i style="font-style:italic;">Derivatives and Hedging</i>. ASC 815-15 requires that the conversion features are bifurcated and separately accounted for as a derivative instrument on the balance sheet at fair value. Any unrealized change in fair value, as determined at each measurement period, is recorded as a component of the statement of operations and comprehensive loss and the associated carrying amount on the balance sheet is adjusted by the change. The Company values the derivative liability using a lattice-binomial option pricing model (“Binomial Model”). The convertible notes are initially fair valued using the Binomial Lattice model and with the straight debt fair value calculated using the discounted cash flow method. The fair value of the derivative liability is the difference between the fair value of the convertible notes and the straight debt fair value.   The fair value determined by the Binomial Model is affected by the Company’s share price as well as assumptions regarding a number of highly complex and subjective variables. The fair value measurement of the derivative liability is classified as Level 3 under the fair value hierarchy as it has been valued using certain unobservable inputs. These inputs include: (1) share price as of the valuation date, (2) expected volatility, (3) risk-free rate, and (4) credit spread. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Upon conversion of a convertible note where the embedded conversion option has been bifurcated and accounted for as a derivative liability, the Company records the shares at fair value, relieves all related notes, derivatives and debt discounts and recognizes a net gain or loss on debt extinguishment.</p>
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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NumberOfOperatingSegments
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CY2022 obsv Revenue From Assignment Of Vendor Contracts
RevenueFromAssignmentOfVendorContracts
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CY2022Q4 obsv License Revenue Upfront Payment Received
LicenseRevenueUpfrontPaymentReceived
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CY2022Q4 obsv License Revenue Future Milestone Payments Upon Achievement Of Certain Development Regulatory Milestones And Sales Milestones
LicenseRevenueFutureMilestonePaymentsUponAchievementOfCertainDevelopmentRegulatoryMilestonesAndSalesMilestones
98000000
CY2021Q3 obsv License Revenue Upfront Payment Received
LicenseRevenueUpfrontPaymentReceived
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CY2021Q4 us-gaap Long Term Debt
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CY2020Q4 us-gaap Long Term Debt
LongTermDebt
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CY2022 us-gaap Repayments Of Convertible Debt
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CY2022 obsv Gain Loss On Debt Extinguishment
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CY2021 obsv Gain Loss On Debt Extinguishment
GainLossOnDebtExtinguishment
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CY2022 obsv Long Term Debt Decrease From Conversion Of Debt
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5961000
CY2022 us-gaap Line Of Credit Facility Increase Accrued Interest
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CY2021 us-gaap Line Of Credit Facility Increase Accrued Interest
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CY2022 us-gaap Interest Paid
InterestPaid
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CY2021 us-gaap Interest Paid
InterestPaid
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CY2022Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt
LongTermDebt
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CY2022Q4 us-gaap Long Term Debt Current
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2790000
CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Warrants And Rights Outstanding Measurement Input
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CY2021 us-gaap Operating Lease Expense
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CY2021 us-gaap Operating Lease Payments
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CY2022 us-gaap Sublease Income
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CY2021 us-gaap Sublease Income
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CY2022Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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200000
CY2022Q3 obsv Percentage Of Employees Authorized For Termination
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CY2021 us-gaap Defined Benefit Plan Service Cost
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CY2022 us-gaap Defined Benefit Plan Interest Cost
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CY2021 us-gaap Defined Benefit Plan Interest Cost
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CY2022 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2021 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2021 us-gaap Defined Benefit Plan Plan Assets Contributions By Plan Participant
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CY2021 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2021 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2022 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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CY2022 obsv Defined Benefit Plan Amortization Of Prior Service Cost Credit Due To Reduction In Service Years
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CY2022 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2021 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2020Q4 us-gaap Defined Benefit Plan Benefit Obligation
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CY2022 us-gaap Defined Benefit Plan Service Cost
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CY2021 us-gaap Defined Benefit Plan Service Cost
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1703000
CY2022 us-gaap Defined Benefit Plan Interest Cost
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56000
CY2021 us-gaap Defined Benefit Plan Interest Cost
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22000
CY2022 obsv Defined Benefit Plan Changes In Assumptions
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CY2021 obsv Defined Benefit Plan Changes In Assumptions
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CY2022 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2021 us-gaap Defined Benefit Plan Actuarial Gain Loss
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248000
CY2021 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
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CY2022 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
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855000
CY2021 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
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CY2022 us-gaap Defined Benefit Plan Benefit Obligation Payment For Settlement
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CY2022 us-gaap Defined Benefit Plan Curtailments
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CY2022 us-gaap Defined Benefit Plan Plan Amendments
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CY2021 us-gaap Defined Benefit Plan Plan Amendments
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CY2021Q4 us-gaap Defined Benefit Plan Benefit Obligation
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CY2021Q4 us-gaap Defined Benefit Plan Accumulated Benefit Obligation
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CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
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CY2020Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2022 obsv Defined Benefit Plan Plan Assets Increase Decrease For Expected Return Loss
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108000
CY2021 obsv Defined Benefit Plan Plan Assets Increase Decrease For Expected Return Loss
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CY2021 us-gaap Defined Benefit Plan Plan Assets Contributions By Plan Participant
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CY2022 us-gaap Defined Benefit Plan Contributions By Employer
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CY2021 us-gaap Defined Benefit Plan Actual Return On Plan Assets
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CY2021 us-gaap Defined Benefit Plan Plan Assets Benefits Paid
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CY2021 us-gaap Defined Benefit Plan Plan Assets Foreign Currency Translation Gain Loss
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CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2021Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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CurrentFederalTaxExpenseBenefit
164000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
14000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
49000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
213000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.063
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.106
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.044
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.315
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.334
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.012
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.105
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29879000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-52979000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92080998
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75281838
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.70
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38474655
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20414870
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-29900000
CY2022 obsv Cash Used To Fund Operations
CashUsedToFundOperations
23100000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-472800000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8400000
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
1200000

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