Share-based compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-based compensation |
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| Share-based compensation plans outstanding |
The following table summarizes equity-settled share option grants for plans that existed during the period: | | | | | | | | | Number of | | | | | | | options awarded | | | | Contractual | Plan | | (since inception) | | Vesting conditions | | life of options | Share option plan C1 | | 6,775,250 | | 4 years’ service from grant date | | 10 years | 2016 SOIP: | | | | | | | Executives and directors | | 5,869,455 | | 1 year, 3 year and 4 years’ service from the date of grant, quarterly and annually | | 10 years | Employees | | 1,888,258 | | 4 years’ service from the date of grant, annually | | 10 years |
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| Summary of share options |
The number and weighted-average exercise prices (in CHF) of options under the share option programs for Plans C1 and the 2016 SOIP are as follows: | | | | | | | | | | | Weighted- | | Weighted- | | | | | average | | average | | | Number of | | exercise price | | remaining | | | options | | (CHF) | | term (years) | Outstanding at January 1, 2023 | | 4,261,017 | | 5.65 | | 7.6 | Forfeited during the year | | (824,084) | | 5.34 | | — | Exercised during the year | | (42,037) | | 1.52 | | — | Granted during the year | | 1,554,281 | | 1.75 | | — | Outstanding at December 31, 2023 | | 4,949,177 | | 4.11 | | 7.2 | Exercisable at December 31, 2023 | | 3,022,345 | | 4.88 | | 6.4 | Outstanding at January 1, 2024 | | 4,949,177 | | 4.11 | | 7.2 | Forfeited during the year | | (135,118) | | 3.28 | | — | Expired during the year | | (205,634) | | 5.41 | | | Exercised during the year | | (4,278) | | 3.11 | | — | Granted during the year | | 406,680 | | 3.40 | | — | Outstanding at December 31, 2024 | | 5,010,827 | | 4.50 | | 6.3 | Exercisable at December 31, 2024 | | 4,097,932 | | 4.79 | | 5.9 | Outstanding at January 1, 2025 | | 5,010,827 | | 4.50 | | 6.3 | Forfeited during the year | | (69,422) | | 3.46 | | — | Expired during the year | | (89,722) | | 3.77 | | — | Exercised during the year | | (41,140) | | 0.23 | | — | Granted during the year | | 708,021 | | 2.09 | | — | Outstanding at December 31, 2025 | | 5,518,564 | | 4.25 | | 5.9 | Exercisable at December 31, 2025 | | 4,815,928 | | 4.54 | | 5.5 |
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| Outstanding options, exercise price range and expiry dates |
The outstanding stock options as of December 31, 2025 have the following range of exercise prices: | | | | | | | | | Weighted- | | | | | average | | | | | remaining | | | Total options | | term (years) | Range of exercise prices | | | | | CHF 0.15 | | 15,625 | | 0.40 | CHF 9.53 | | 109,665 | | 1.50 | USD 2.03 to USD 3.00 | | 2,031,586 | | 7.65 | USD 3.00 to USD 6.00 | | 1,885,863 | | 5.43 | USD 6.00 to USD 9.00 | | 1,356,455 | | 4.54 | USD 9.00 to USD 12.30 | | 119,370 | | 2.06 | Total outstanding options | | 5,518,564 | | |
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| Weighted-average assumptions |
| | | | | | | | | | For the Year Ended | | | | December 31, | | | | 2025 | | 2024 | | 2023 | | Exercise price (USD) | | 1.84-2.91 | | 3.39-4.23 | | 2.03-3.11 | | Share price (USD and weighted average) | | 2.40 | | 3.99 | | 2.08 | | Risk-free interest rate | | 4.2-4.5 | % | 3.7-4.2 | % | 4.0-4.6 | % | Expected volatility | | 56-85 | % | 82-107 | % | 72-86 | % | Expected term (in years) | | 6.25-8.25 | | 5.5-6 | | 5.5-6 | | Dividend yield | | — | | — | | — | |
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| Summary of non-vested share awards (restricted share and restricted share units) |
A summary of share awards (restricted share and restricted share units) activity as of December 31, 2025 and changes during the year then ended is presented below: | | | | | | | | | | | | | Contractual | | | Number of | | | | life of non- | | | share awards granted | | | | vested share | Grantee type | | (since inception) | | Vesting conditions | | awards | Restricted share units | | | | | | | Directors | | 431,875 | | 1 year and 3 years' service from date of grant, annually | | 10 years | Executives | | 2,189,707 | | 1 year and 3 years' service from the date of grant, quarterly | | 10 years | Employees | | 1,571,569 | | 3 years’ service from the date of grant, annually | | 10 years |
| | | | | | | | | Weighted- | | | | | average | | | Number of | | grant date fair | | | shares | | value (CHF) | Non-vested at January 1, 2023 | | 216,486 | | 3.06 | Forfeited during the year | | (134,947) | | 2.05 | Exercised during the year | | (55,503) | | 2.37 | Granted during the year | | 1,187,570 | | 1.89 | Vested during the year | | (265,366) | | 2.46 | Non-vested at December 31, 2023 | | 1,003,743 | | 1.97 | Vested and exercisable at December 31, 2023 | | 298,883 | | 4.08 | Non-vested at December 31, 2023 | | 1,003,743 | | 1.97 | Forfeited during the year | | (97,841) | | 3.26 | Exercised during the year | | (99,018) | | 2.54 | Granted during the year | | 1,094,876 | | 4.04 | Vested during the year | | (1,064,554) | | 3.05 | Non-vested at December 31, 2024 | | 822,740 | | 3.12 | Vested and exercisable at December 31, 2024 | | 1,377,903 | | 3.25 | Non-vested at December 31, 2024 | | 822,740 | | 3.12 | Forfeited during the year | | (176,609) | | 3.16 | Exercised during the year | | (127,537) | | 2.96 | Cancelled during the year | | (34,612) | | 2.04 | Granted during the year | | 1,477,623 | | 2.34 | Vested during the year | | (1,309,210) | | 2.55 | Non-vested at December 31, 2025 | | 763,816 | | 2.62 | Vested and exercisable at December 31, 2025 | | 2,575,692 | | 2.91 |
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