Interests in associates

6 Months Ended

Jun. 30, 2026

22. Interests in associates

On April 2, 2024, the Group received an equity interest of 20% in Neurosterix US Holdings LLC domiciliated in the US and parent company of Neurosterix Pharma Sàrl as part of Neurosterix transaction (note 21). Neurosterix’s Group primarily operates in Switzerland and uses Swiss franc as functional currency and US Dollars as presentation currency. The carrying amount of the equity-accounted investment in Neurosterix’s Group has changed as follow :


		For the three months			For the six months
		ended June 30,			ended June 30,
		2026		2025	2026		2025
Beginning of the period		2,618,541		6,239,691	3,847,796		7,087,142
Share of the net loss for the period of Neurosterix’s Group		(1,101,534)		(1,231,845)	(2,330,789)		(2,079,296)
End of period		1,517,007		5,007,846	1,517,007		5,007,846

The 20% equity interest in Neurosterix US Holdings LLC received by the Group on April 2, 2024 was initially valued at CHF 9.43 million using a financial valuation of the Neurosterix’s Group. From April 2, 2024 to June 30, 2026, the carrying amount of the equity-accounted investment in Neurosterix’s Group decreased by CHF 7.9 million primarily due to the share of net loss in accordance with IAS 28. The loss recognized primarily reflects expenditures related to research and development and general and administrative activities, which are incurred in the ordinary course of Neurosterix operations. As of June 30, 2026, the equity-accounted investment in Neurosterix’s Group is not impaired.