Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entity Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Registration Statement | false |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2020 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-39670 |
Entity Registrant Name | PURETECH HEALTH PLC |
Entity Incorporation, State or Country Code | X0 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Document Accounting Standard | International Financial Reporting Standards |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001782999 |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity Address, Address Line One | 6 Tide Street |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02210 |
Entity Address, Country | US |
Entity Common Stock, Shares Outstanding | 285,885,025 |
Business Contact | |
Document and Entity Information [Line Items] | |
Contact Personnel Name | Daphne Zohar |
Entity Address, Address Line One | 6 Tide Street |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02210 |
Entity Address, Country | US |
City Area Code | 617 |
Local Phone Number | 482-2333 |
American Depositary Shares | |
Document and Entity Information [Line Items] | |
Security Exchange Name | NASDAQ |
Trading Symbol | PRTC |
Title of 12(b) Security | American Depositary Shares, each representing 10 ordinary shares, par value £0.01 per share |
Common shares [member] | |
Document and Entity Information [Line Items] | |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Title of 12(b) Security | Ordinary shares, par value £0.01 per share* |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Contract revenue | $ 8,341 | $ 8,688 | $ 16,371 |
Grant revenue | 3,427 | 1,119 | 4,377 |
Total revenue | 11,768 | 9,807 | 20,748 |
Operating expenses: | |||
General and administrative expenses | (49,440) | (59,358) | (47,365) |
Research and development expenses | (81,859) | (85,848) | (77,402) |
Operating income/(loss) | (119,531) | (135,399) | (104,019) |
Other income/(expense): | |||
Gain on deconsolidation | 0 | 264,409 | 41,730 |
Gain/(loss) on investments held at fair value | 232,674 | (37,863) | (34,615) |
Loss realized on sale of investments | (54,976) | 0 | 0 |
Loss on impairment of intangible asset | 0 | 0 | (30) |
Gain/(loss) on disposal of assets | (30) | (82) | 4,060 |
Gain on loss of significant influence | 0 | 445,582 | 10,287 |
Other income/(expense) | 1,065 | 121 | (278) |
Other income/(expense) | 178,732 | 672,167 | 21,154 |
Finance income/(costs): | |||
Finance income | 1,183 | 4,362 | 3,358 |
Finance income/(costs) – subsidiary preferred shares | 0 | (1,458) | (106) |
Finance income/(costs) – contractual | (2,946) | (2,576) | 34 |
Finance income/(costs) – fair value accounting | (4,351) | (46,475) | 22,631 |
Net finance income/(costs) | (6,115) | (46,147) | 25,917 |
Share of net income/(loss) of associates accounted for using the equity method | (34,117) | 30,791 | (11,490) |
Impairment of investment in associate | 0 | (42,938) | 0 |
Income/(loss) before taxes | 18,969 | 478,474 | (68,438) |
Taxation | (14,401) | (112,409) | (2,221) |
Income/(Loss) for the year | 4,568 | 366,065 | (70,659) |
Items that are or may be reclassified as profit or loss | |||
Foreign currency translation differences | 469 | (10) | (214) |
Unrealized gain/(loss) on investments held at fair value | 0 | 0 | (26) |
Total other comprehensive income/(loss) | 469 | (10) | (240) |
Total comprehensive income/(loss) for the year | 5,037 | 366,055 | (70,899) |
Income/(loss) attributable to: | |||
Owners of the Company | 5,985 | 421,144 | (43,654) |
Non-controlling interests | (1,417) | (55,079) | (27,005) |
Comprehensive income/(loss) attributable to: | |||
Owners of the Company | 6,454 | 421,134 | (43,894) |
Non-controlling interests | $ (1,417) | $ (55,079) | $ (27,005) |
Earnings/(loss) per share: | |||
Basic earnings/(loss) per share | $ 0.02 | $ 1.49 | $ (0.16) |
Diluted earnings/(loss) per share | $ 0.02 | $ 1.44 | $ (0.16) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property and equipment, net | $ 22,777 | $ 21,455 |
Right of use asset, net | 20,098 | 22,383 |
Intangible assets, net | 899 | 625 |
Investments held at fair value | 530,161 | 714,905 |
Investments in associates | 0 | 10,642 |
Lease receivable – long-term | 1,700 | 2,082 |
Deferred tax assets | 0 | 142 |
Other non-current assets | 11 | 99 |
Total non-current assets | 575,645 | 772,333 |
Current assets | ||
Trade and other receivables | 2,558 | 1,977 |
Prepaid expenses | 5,405 | 1,946 |
Lease receivable – short-term | 381 | 350 |
Other financial assets | 2,124 | 2,124 |
Short-term investments | 0 | 30,088 |
Cash and cash equivalents | 403,881 | 132,360 |
Total current assets | 414,348 | 168,845 |
Total assets | 989,994 | 941,178 |
Equity | ||
Share capital | 5,417 | 5,408 |
Share premium | 288,978 | 287,962 |
Merger reserve | 138,506 | 138,506 |
Translation reserve | 469 | 0 |
Other reserve | (24,050) | (18,282) |
Retained earnings/(accumulated deficit) | 260,429 | 254,444 |
Equity attributable to the owners of the Company | 669,748 | 668,038 |
Non-controlling interests | (16,209) | (17,640) |
Total equity | 653,539 | 650,398 |
Non-current liabilities | ||
Deferred revenue | 0 | 1,220 |
Deferred tax liability | 108,626 | 115,445 |
Lease liability, non-current | 32,088 | 34,914 |
Long-term loan | 14,818 | 0 |
Total non-current liabilities | 155,531 | 151,579 |
Current liabilities | ||
Deferred revenue | 1,472 | 5,474 |
Lease liability, current | 3,261 | 2,929 |
Trade and other payables | 21,826 | 19,842 |
Subsidiary | ||
Notes payable | 26,455 | 1,455 |
Warrant liability | 8,206 | 7,997 |
Preferred shares | 118,972 | 100,989 |
Other current liabilities | 732 | 515 |
Total current liabilities | 180,924 | 139,201 |
Total liabilities | 336,455 | 290,780 |
Total equity and liabilities | $ 989,994 | $ 941,178 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Adjustment for the initial application of IFRS 16 | Cumulative Effect, Period of Adoption, Adjusted Balance | Issued capital [member] | Issued capital [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Share premium [member] | Share premium [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Merger reserve [member] | Merger reserve [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Translation reserve [member] | Translation reserve [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Other reserves [member] | Other reserves [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings/ (accumulated deficit) [member] | Retained earnings/ (accumulated deficit) [member]Adjustment for the initial application of IFRS 16 | Retained earnings/ (accumulated deficit) [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Total parent equity [member] | Total parent equity [member]Adjustment for the initial application of IFRS 16 | Total parent equity [member]Cumulative Effect, Period of Adoption, Adjusted Balance | Non-controlling interests [member] | Non-controlling interests [member]Cumulative Effect, Period of Adoption, Adjusted Balance |
Balance Share Capital (in shares) at Dec. 31, 2017 | 237,429,696 | ||||||||||||||||||||
Equity at beginning of period at Dec. 31, 2017 | $ 71,844 | $ 4,679 | $ 181,588 | $ 138,506 | $ 224 | $ 17,178 | $ (124,745) | $ 217,430 | $ (145,586) | ||||||||||||
Net income/(loss) | (70,659) | (43,654) | (43,654) | (27,005) | |||||||||||||||||
Foreign currency exchange | (214) | (214) | (214) | ||||||||||||||||||
Unrealized gain on investments | (26) | (26) | (26) | ||||||||||||||||||
Total comprehensive income/(loss) for the year | (70,899) | (214) | (43,680) | (43,894) | (27,005) | ||||||||||||||||
Deconsolidation of subsidiary | $ 55,783 | (4) | 619 | 615 | 55,168 | ||||||||||||||||
Issuance of placing shares (in shares) | 45,000,000 | ||||||||||||||||||||
Issuance of placing shares | $ 97,493 | 696 | 96,797 | 97,493 | |||||||||||||||||
Exercise of share-based awards | 64,171 | ||||||||||||||||||||
Exercise of share-based awards | $ 122 | 122 | 122 | ||||||||||||||||||
Subsidiary dividends | (8) | (8) | (8) | ||||||||||||||||||
Equity settled share-based payments | $ 12,637 | 3,749 | 3,749 | 8,888 | |||||||||||||||||
Adjustment for initial application of IFRS 16 | $ 999 | $ 999 | $ 999 | ||||||||||||||||||
Balance Share Capital (in shares) at Dec. 31, 2018 | 282,493,867 | 282,493,867 | |||||||||||||||||||
Equity at end of period at Dec. 31, 2018 | $ 166,972 | $ 167,971 | 5,375 | $ 5,375 | 278,385 | $ 278,385 | 138,506 | $ 138,506 | 10 | $ 10 | 20,923 | $ 20,923 | (167,692) | $ (166,693) | 275,507 | $ 276,506 | (108,535) | $ (108,535) | |||
Net income/(loss) | 366,065 | 421,144 | 421,144 | (55,079) | |||||||||||||||||
Foreign currency exchange | (10) | (10) | (10) | ||||||||||||||||||
Unrealized gain on investments | 0 | ||||||||||||||||||||
Total comprehensive income/(loss) for the year | 366,055 | (10) | 421,144 | 421,134 | (55,079) | ||||||||||||||||
Deconsolidation of subsidiary | $ 97,178 | 97,178 | |||||||||||||||||||
Exercise of share-based awards | 237,090 | ||||||||||||||||||||
Exercise of share-based awards | $ 504 | 5 | 499 | 504 | |||||||||||||||||
Subsidiary note conversion and changes in NCI ownership interest | (20,631) | 23,049 | |||||||||||||||||||
Purchase of subsidiary non-controlling interest through issuance of shares (in shares) | 2,126,338 | ||||||||||||||||||||
Purchase of subsidiary’s non-controlling interest through issuance of shares | 28 | 9,078 | (33,145) | (24,039) | 24,039 | ||||||||||||||||
Revaluation of deferred tax assets related to share-based awards | $ 3,061 | 3,061 | 3,061 | ||||||||||||||||||
Equity settled share-based payments | $ 14,468 | 12,785 | 12,785 | 1,683 | |||||||||||||||||
Vesting of restricted stock units (RSU) | 513,324 | ||||||||||||||||||||
Vesting of restricted stock units (RSU) | $ (1,280) | (1,280) | (1,280) | ||||||||||||||||||
Other | $ 23 | 5 | (7) | (2) | 25 | ||||||||||||||||
Balance Share Capital (in shares) at Dec. 31, 2019 | 285,370,619 | ||||||||||||||||||||
Equity at end of period at Dec. 31, 2019 | $ 650,398 | 5,408 | 287,962 | 138,506 | 0 | (18,282) | 254,444 | 668,038 | (17,640) | ||||||||||||
Net income/(loss) | 4,568 | 5,985 | 5,985 | (1,417) | |||||||||||||||||
Foreign currency exchange | 469 | 469 | 469 | ||||||||||||||||||
Unrealized gain on investments | 0 | ||||||||||||||||||||
Total comprehensive income/(loss) for the year | $ 5,037 | 469 | 5,985 | 6,454 | (1,417) | ||||||||||||||||
Exercise of share-based awards | 514,406 | ||||||||||||||||||||
Exercise of share-based awards | $ 1,036 | 9 | 1,016 | 1,025 | 11 | ||||||||||||||||
Subsidiary note conversion and changes in NCI ownership interest | 2,418 | (20,631) | |||||||||||||||||||
Revaluation of deferred tax assets related to share-based awards | (684) | (684) | (684) | ||||||||||||||||||
Equity settled share-based payments | 10,627 | 7,805 | 7,805 | 2,822 | |||||||||||||||||
Settlement of restricted stock units | (12,888) | (12,888) | (12,888) | ||||||||||||||||||
Other | $ 13 | 13 | |||||||||||||||||||
Balance Share Capital (in shares) at Dec. 31, 2020 | 285,885,025 | ||||||||||||||||||||
Equity at end of period at Dec. 31, 2020 | $ 653,539 | $ 5,417 | $ 288,978 | $ 138,506 | $ 469 | $ (24,050) | $ 260,429 | $ 669,748 | $ (16,210) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Income/(loss) for the year | $ 4,568 | $ 366,065 | $ (70,659) |
Non-cash items: | |||
Depreciation and amortization | 6,645 | 6,665 | 2,778 |
Impairment of intangible assets | 0 | 0 | 30 |
Impairment of investment in associate | 0 | 42,938 | 0 |
Equity settled share-based payment expense | 10,718 | 14,468 | 12,637 |
(Gain)/loss on investments held at fair value | (232,674) | 37,863 | 20,307 |
Realized loss on sale of investments | 54,976 | 0 | 0 |
(Gain)/loss on short-term investments | 0 | 0 | (843) |
Gain on deconsolidation | 0 | 264,409 | 41,730 |
Gain on loss of significant influence | 0 | (445,582) | (10,287) |
Conversion of debt to equity | 0 | 0 | 349 |
Disposal of assets | 66 | 140 | 161 |
Share of net (income)/loss of associates accounted for using the equity method | 34,117 | (30,791) | 11,491 |
Income taxes, net | 14,402 | 112,077 | 1,723 |
Unrealized (gain)/loss on foreign currency transactions | 0 | 0 | (271) |
Finance costs, net | 6,114 | 46,229 | (8,446) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (529) | 747 | 467 |
Other financial assets | 0 | (48) | (1,327) |
Prepaid expenses and other current assets | (3,371) | (25) | 774 |
Deferred revenues | (5,223) | 186 | 4,841 |
Trade and other payables | 605 | 11,166 | 5,094 |
Other liabilities | (7) | 3,002 | 115 |
Income taxes paid | (20,737) | 0 | 0 |
Interest received | 1,155 | 3,648 | 0 |
Interest paid | (2,651) | (2,495) | 0 |
Net cash used in operating activities | (131,827) | (98,156) | (72,796) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (5,170) | (12,138) | (4,365) |
Proceeds from sale of property and equipment | 0 | 0 | 125 |
Purchases of intangible assets | (254) | (400) | (125) |
Purchase of associate preferred shares held at fair value | (10,000) | (13,670) | (3,500) |
Purchase of investments held at fair value | (1,150) | (1,556) | 0 |
Sale of investments held at fair value | 350,586 | 9,294 | 0 |
Receipt of payment of sublease | 350 | 191 | 0 |
Purchase of convertible note | 0 | (6,480) | 0 |
Cash derecognized upon loss of control over subsidiary | 0 | (16,036) | (13,390) |
Purchases of short-term investments | 0 | (69,541) | (166,452) |
Proceeds from maturity of short-term investments | 30,116 | 173,995 | 148,062 |
Net cash provided by/(used in) investing activities | 364,478 | 63,659 | (39,645) |
Cash flows from financing activities: | |||
Receipt of PPP loan | 68 | 0 | 0 |
Issuance of long term loan | 14,720 | 0 | 0 |
Proceeds from issuance of convertible notes | 25,000 | 1,606 | 6,147 |
Payment of lease liability | (2,908) | (1,678) | 0 |
Repayment of long-term debt | 0 | (178) | (185) |
Distribution to Tal shareholders | 0 | (112) | 0 |
Exercise of stock options | 1,036 | 504 | 0 |
Proceeds from the issuance of shares and subsidiary preferred shares | 0 | 0 | 152,030 |
Settlement of RSU's | (12,888) | 0 | 0 |
Vesting of restricted stock units | 0 | (1,280) | 0 |
Issuance of preferred shares of subsidiaries | 13,750 | 51,048 | 0 |
Issuance of warrants in subsidiary | 92 | 0 | 0 |
Buyback of shares | 0 | 0 | (35) |
Distribution to shareholders on dissolution of subsidiary | 0 | 0 | (1,062) |
Subsidiary dividend payments | 0 | 0 | (8) |
Net cash provided by financing activities | 38,869 | 49,910 | 156,887 |
Effect of exchange rates on cash and cash equivalents | 0 | (104) | (44) |
Net increase in cash and cash equivalents | 271,520 | 15,309 | 44,402 |
Cash and cash equivalents at beginning of year | 132,360 | 117,051 | 72,649 |
Cash and cash equivalents at end of year | 403,881 | 132,360 | 117,051 |
Supplemental disclosure of non-cash investment and financing activities: | |||
Purchase of non controlling interest in consideration for issuance of shares and options | 0 | 9,106 | 0 |
Purchase of intangible asset and investment held at fair value in consideration for issuance of warrant liability and assumption of other long and short-term liabilities | 0 | 15,894 | 0 |
Leasehold improvements purchased through lease incentives (deducted from Right of Use Asset) | 0 | 10,680 | 0 |
Conversion of subsidiary convertible note into preferred share liabilities | 0 | 4,894 | 0 |
Conversion of subsidiary convertible note into subsidiary common stock (NCI) | 0 | 2,418 | 0 |
Supplemental disclosure of cash paid for income taxes: | |||
Cash paid for income taxes | $ 20,737 | $ 176 | $ 92 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting policies Description of Business PureTech Health plc (“PureTech,” the “Parent” or the “Company”) is a public company incorporated, domiciled and registered in the United Kingdom (“UK”). The registered number is 09582467 and the registered address is 8th Floor, 20 Farringdon Street, London EC4A 3AE, United Kingdom. PureTech’s group financial statements consolidate those of the Company and its subsidiaries (together referred to as the “Group”). The Parent company financial statements present financial information about the Company as a separate entity and not about its Group. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these group financial statements. Basis of Presentation The consolidated financial statements of the Group are presented as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. The Group financial statements have been approved by the Directors on April 14, 2021 and are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the EU. The Consolidated Financial Statements also comply fully with IFRSs as issued by the International Accounting Standards Board (IASB). IFRSs as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the EU differs in certain respects from IFRS as issued by the IASB. However, the differences have no impact for the periods presented. For presentation of the Consolidated Statements of Comprehensive Income/(Loss), the Company uses a classification based on the function of expenses, rather than based on their nature, as it is more representative of the format used for internal reporting and management purposes and is consistent with international practice. Certain amounts in the Consolidated Financial Statements and accompanying notes may not add due to rounding. All percentages have been calculated using unrounded amounts. Basis of Measurement The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: investments held at fair value and liabilities classified as fair value through the profit or loss. Use of Judgments and Estimates In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Significant estimation applied in determining the following: • Financial instruments valuations (Note 16): when estimating the fair value of subsidiary convertible notes and subsidiary preferred shares carried at fair value through profit and loss (FVTPL) and investments held at fair value, at initial recognition and upon subsequent measurement. This includes determining the appropriate valuation methodology and making certain estimates of the future earnings potential of the subsidiary businesses, appropriate discount rate and earnings multiple to be applied, marketability and other industry and company specific risk factors. See Note 16 for the sensitivity analysis for key estimates used in these valuations. • Valuation of share based payments (Note 8): when estimating the fair value of share based payment on grant date. This includes making certain estimates regarding the expected life of the share-based award, share price volatility, risk free interest rate as well as other covariance of comparable public companies and other market data to predict distribution of relative share performance. Significant judgement is also applied in determining the following: • Revenue recognition (Note 3): when determining the correct amount of revenue to be recognized. This includes making certain judgements when determining the appropriate accounting treatment of key customer contract terms in accordance with the applicable accounting standards. In particular, judgement is required to determine the performance obligations in a contract (if promised goods and services are distinct or not) and timing of revenue recognition (on delivery or over a period of time). • Subsidiary preferred shares liability classification (Note 15): when determining the classification of financial instruments in terms of liability or equity. These judgements include an assessment of whether the financial instrument include any embedded derivative features, whether they include contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party, and whether that obligation will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. Further information about these critical judgements and estimates is included below under Financial Instruments. • When the power to control the subsidiaries exists (please refer to Notes 5 and 6 and accounting policy below Subsidiaries). This judgement includes an assessment of whether the Company has (i) power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the investor’s returns. The Company considers among others its voting shares, representation on the board, rights to appoint management, investee dependence on the Company etc. If the power to control investees exists we consolidate the financial statements of such investee in the consolidated financial statements of the Group. Upon issuance of new shares in a subsidiary and a resulting change in any shareholders or governance agreements, the Group reassesses its ability to control the investee based on the revised board composition and revised subsidiary governance and management structure. When such new circumstances result in the Group losing its power to control the investee, the investee is deconsolidated. • Whether the Company has significant influence over financial and operating policies of investees in order to determine if the Company should account for its investment as an associate based on IAS 28 or based on IFRS 9, Financial Instruments (please refer to Note 5). This judgement includes, among others, an assessment whether the Company has representation on the board of directors of the investee, whether the Company participates in the policy making processes of the investee, whether there is any interchange of managerial personnel, whether there is any essential technical information provided to the investee and if there are any transactions between the Company and the investee. • Upon determining that the Company does have significant influence over the financial and operating policies of an investee, if the Company holds more than a single instrument issued by its equity-accounted investee, judgement is required to determine whether the additional instrument forms part of the investment in the associate, which is accounted for under IAS 28 and scoped out of IFRS 9, or it is a separate financial instrument that falls in the scope of IFRS 9 (please refer to Notes 5 and 6). This judgement includes an assessment of the characteristics of the financial instrument of the investee held by the Company and whether such financial instrument provides access to returns underlying an ownership interest. • Where the company has other investments in an equity accounted investee that are not accounted for under IAS 28, judgement is required in determining if such investments constitute Long-Term Interests for the purposes of IAS 28 (please refer to Notes 5 and 6). This determination is based on the individual facts and circumstances and characteristics of each investment, but is driven, among other factors, by the intention and likelihood to settle the instrument through redemption or repayment in the foreseeable future, and whether or not the investment is likely to be converted to common stock or other equity instruments (please also refer to accounting policy with regard to Investments in Associates below). When considering the individual facts and circumstances of the Group’s investment in its associate's preferred stock in the manner described above, including the long-term nature of such investment, the ability of the Group to convert its preferred stock investment to an investment in common shares and the likelihood of such conversion, as well the fact that there is no planned redemption or other settlement of the preferred stock by the investee in the foreseeable future, we concluded that such investment is considered a Long Term Interest. As of December 31, 2020 the Group had cash and cash equivalents of $403.9 million. Considering the Group’s and the Company's financial position as of December 31, 2020 and its principal risks and opportunities, a going concern analysis has been prepared for at least the twelve-month period from the date of signing the Consolidated Financial Statements ("the going concern period") utilizing realistic scenarios and applying a severe but plausible downside scenario. Even under the downside scenario, the analysis demonstrates the Group and the Company continue to maintain sufficient liquidity headroom and continues to comply with all financial obligations. On February 9, 2021, the Group sold 1,000,000 common shares of Karuna for aggregate proceeds of $118.0 million, further strengthening the liquidity headroom of the Group. Therefore, the Directors believe the Group and the Company is adequately resourced to continue in operational existence for at least the twelve-month period from the date of signing the Consolidated Financial Statements, irrespective of uncertainty regarding the duration and severity of the COVID-19 pandemic and the global macroeconomic impact of the pandemic. Accordingly, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements and the PureTech Health plc Financial Statements. Basis of consolidation The consolidated financial information as of December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018 comprises an aggregation of financial information of the Company and the consolidated financial information of PureTech Health LLC (“PureTech LLC”). Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Subsidiaries As used in these financial statements, the term subsidiaries refers to entities that are controlled by the Group. Financial results of subsidiaries of the Group as of December 31, 2020 are reported within the Internal segment, Controlled Founded Entities segment or the Parent Company and Other segment (please refer to Note 4). Under applicable accounting rules, the Group controls an entity when it is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights and board interest and holding. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. A list of all current and former subsidiaries organized with respect to classification as of December 31, 2020 and the Group’s total voting percentage, based on outstanding voting common and preferred shares as of December 31, 2020, 2019 and 2018, is outlined below. All current subsidiaries are domiciled within the United States and conduct business activities solely within the United States. Voting percentage at December 31, through the holdings in 2020 2019 2018 Subsidiary Common Preferred Common Preferred Common Preferred Subsidiary operating companies Alivio Therapeutics, Inc. 1,2 — 91.9 — 91.9 — 92.0 Entrega, Inc. (indirectly held through Enlight) 1,2 — 83.1 — 83.1 — 83.1 Follica, Incorporated 1,2,5 28.7 56.7 28.7 56.7 4.4 79.2 PureTech LYT (formerly Ariya Therapeutics, Inc.) 8 — 100.0 — 100.0 — 100.0 PureTech LYT-100 — 100.0 — 100.0 — 100.0 PureTech Management, Inc. 3 100.0 — 100.0 — 100.0 — PureTech Health LLC 3 100.0 — 100.0 — 100.0 — Sonde Health, Inc. 1,2 — 51.8 — 64.1 — 96.4 Vedanta Biosciences, Inc. 1,2 — 59.3 — 61.8 — 74.3 Vedanta Biosciences Securities Corp. (indirectly held through Vedanta) 1,2 — 59.3 — 61.8 — 74.3 Deconsolidated former subsidiary operating companies Akili Interactive Labs, Inc. 2,7 — 41.9 — 41.9 — 41.9 Gelesis, Inc. 1,2,9 4.9 20.2 5.7 20.2 7.3 18.4 Karuna Pharmaceuticals, Inc. 1,2,10 12.6 — 28.4 — — 71.0 Vor Biopharma Inc. 1,2,11 — 16.4 — 47.5 — 93.2 Nontrading holding companies Endra Holdings, LLC (held indirectly through Enlight) 2 86.0 — 86.0 — 86.0 — Ensof Holdings, LLC (held indirectly through Enlight) 2 86.0 — 86.0 — 86.0 — PureTech Securities Corp. 2 100.0 — 100.0 — 100.0 — PureTech Securities II Corp. 2 100.0 — — — — — Inactive subsidiaries Appeering, Inc. 2 — 100.0 — 100.0 — 100.0 Commense Inc. 2,6 — 99.1 — 99.1 — 99.1 Enlight Biosciences, LLC 2 86.0 — 86.0 — 86.0 — Ensof Biosystems, Inc. (held indirectly through Enlight) 1,2 57.7 28.3 57.7 28.3 57.7 28.3 Knode Inc. (indirectly held through Enlight) 2 — 86.0 — 86.0 — 86.0 Libra Biosciences, Inc. 2 — 100.0 — 100.0 — 100.0 Mandara Sciences, LLC 2 98.3 — 98.3 — 98.3 — Tal Medical, Inc. 1,2 — 100.0 — 100.0 — 64.5 1 The voting percentage is impacted by preferred shares that are classified as liabilities, which results in the ownership percentage not being the same as the ownership percentage used in allocations to non-controlling interests disclosed in Note 18. The allocation of losses/profits to the noncontrolling interest is based on the holdings of subordinated stock that provide ownership rights in the subsidiaries. The ownership of liability classified preferred shares are quantified in Note 15. 2 Registered address is Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801, USA. 3 Registered address is 2711 Centerville Rd., Suite 400, Wilmington, DE 19808, USA. 4 The Company’s interests in its subsidiaries are predominantly in the form of preferred shares, which have a liquidation preference over the common stock, are convertible into common stock at the holder’s discretion or upon certain liquidity events, are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. In the case of Enlight, Mandara and PureTech Health LLC, the holdings are membership interests in an LLC. The holders of common stock are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. 5 On July 19, 2019, all of the outstanding notes, plus accrued interest, issued by Follica to PureTech converted into 15,216,214 shares of Series A-3 Preferred Shares and 12,777,287 shares of common share pursuant to a Series A-3 Note Conversion Agreement between Follica and the noteholders. Please refer to Note 16. 6 Commense turned inactive during 2019. 7 On May 8, 2018, PureTech lost control of Akili, Akili was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Akili through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Note 5 for further details about the accounting for the investment in Akili subsequent to deconsolidation. 8 On July 18, 2018, Calix Biopharma, Inc., Glyph Biosciences, Inc., and Nybo Therapeutics, Inc. merged into Ariya Therapeutics, Inc. Thus, the Group no longer holds an interest in Calix, Glyph and Nybo but rather owns 100.0 percent voting interest of Ariya. 9 As of December 31, 2018, PureTech maintained control of Gelesis. On July 1, 2019 PureTech lost control of Gelesis and Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Notes 5 and 6 for further details about the accounting for the investments in Gelesis subsequent to deconsolidation. 10 On March 15, 2019, PureTech lost control of Karuna, Karuna was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Karuna through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Note 5 for further details about the accounting for the investment in Karuna subsequent to deconsolidation. 11 On February 12, 2019, PureTech lost control of Vor, Vor was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Vor through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss).See Note 5 for further details about the accounting for the investment in Vor subsequent to deconsolidation. Change in subsidiary ownership and loss of control Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Where the Group loses control of a subsidiary, the assets and liabilities are derecognized along with any related non-controlling interest (“NCI”). Any interest retained in the former subsidiary is measured at fair value when control is lost. Any resulting gain or loss is recognized as profit or loss in the Consolidated Statements of Comprehensive Income/(Loss). Associates As used in these financial statements, the term associates are those entities in which the Group has no control but maintains significant influence over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of an entity, unless it can be clearly demonstrated that this is not the case. The Group evaluates if it maintains significant influence over associates by assessing if the Group has lost the power to participate in the financial and operating policy decisions of the associate. Application of the equity method to associates Associates are accounted for using the equity method (equity accounted investees) and are initially recognized at cost, or if recognized upon deconsolidation they are initially recorded at fair value at the date of deconsolidation. The consolidated financial statements include the Group’s share of the total comprehensive income and equity movements of equity accounted investees, from the date that significant influence commences until the date that significant influence ceases. To the extent the Group holds interests in associates that are not providing access to returns underlying ownership interests, the instrument held by PureTech is accounted for in accordance with IFRS 9 as investments held at fair value. When the Group’s share of losses exceeds its equity method investment in the investee, losses are applied against Long-Term Interests, which are investments accounted for under IFRS 9. Investments are determined to be Long-Term Interests when they are long-term in nature and in substance they form part of the Group's net investment in that associate. This determination is impacted by many factors, among others, whether settlement by the investee through redemption or repayment is planned or likely in the foreseeable future, whether the investment can be converted and/or is likely to be converted to common stock or other equity instrument and other factors regarding the nature of the investment. Whilst this assessment is dependent on many specific facts and circumstances of each investment, typically conversion features whereby the investment is likely to convert to common stock or other equity instruments would point to the investment being a Long-Term Interest. Similarly, where the investment is not planned or likely to be settled through redemption or repayment in the foreseeable future, this would indicate that the investment is a Long-Term Interest. When the net investment in the associate, which includes the Group’s investments in other long-term interests, is reduced to nil, recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. The Group has also adopted the amendments to IAS 28 Investments in Associates that addresses the dual application of IAS 28 and IFRS 9 (see below) when equity method losses are applied against Long-Term Interests (LTI). The amendments provide the annual sequence in which both standards are to be applied in such a case. The Group has applied the equity method losses to the LTIs presented as part of Investments held at fair value subsequent to remeasuring such investments to their fair value at balance sheet date. Change in Accounting Policy As of January 1, 2019, the Group has adopted new accounting policies for the accounting for leases. See updated accounting policy for leases (IFRS 16) below. Financial Instruments Classification The Group classifies its financial assets in the following measurement categories: • Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and • Those to be measured at amortized cost. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will are recorded in profit or loss. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. As of balance sheet dates, none of the Company's financial assets are accounted for as FVOCI. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets that are carried at FVTPL are expensed. Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The Group had no debt instruments carried at amortized cost as of balance sheet date. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. Financial Assets The Group’s financial assets consist of cash and cash equivalents, trade and other receivables, debt and equity securities, other deposits and investments in associates’ preferred shares. The Group’s financial assets are classified into the following categories: investments held at fair value, trade and other receivables, short-term investments and cash and cash equivalents. The Group determines the classification of financial assets at initial recognition depending on the purpose for which the financial assets were acquired. Investments held at fair value are investments in equity instruments that are not held for trading. Such investments consist of the Group's minority interest holdings where the Group has no significant influence or preferred share investments in the Group's associates that are not providing access to returns underlying ownership interests. These financial assets are initially measured at fair value and subsequently re-measured at fair value at each reporting date. The Company elects if the gain or loss will be recognized in Other Comprehensive Income/(Loss) or through profit and loss on an instrument by instrument basis. The Company has elected to record the changes in fair values for the financial assets falling under this category through profit and loss. Please refer to Note 5. Short-term investments are short-term government treasury bonds carried at fair value with changes in fair value recorded through profit and loss in financing income. Changes in the fair value of financial assets at FVTPL are recognized in other income/(expense) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable. Trade and other receivables are non-derivative financial assets with fixed and determinable payments that are not quoted on active markets. These financial assets are carried at the amounts expected to be received less any expected lifetime losses. Such losses are determined taking into account previous experience, credit rating and economic stability of counterparty and economic conditions. When a trade receivable is determined to be uncollectible, it is written off against the available provision. Trade and other receivables are included in current assets, unless maturities are greater than 12 months after the end of the reporting period. Financial Liabilities The Group’s financial liabilities consist of trade and other payables, subsidiary notes payable, preferred shares, and warrant liability. Warrant liabilities are initially recognized at fair value. After initial recognition, these financial liabilities are re-measured at FVTPL using an appropriate valuation technique. Subsidiary notes payable without embedded derivatives are accounted for at amortized cost. The majority of the Group’s subsidiaries have preferred shares and notes payable with embedded derivatives, which are classified as current liabilities. When the Group has preferred shares and notes with embedded derivatives that qualify for bifurcation, the Group has elected to account for the entire instrument as FVTPL after determining under IFRS 9 that the instrument qualifies to be accounted for under such FVTPL method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. Equity Instruments Issued by the Group Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions, in accordance with IAS 32: 1. They include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavorable to the Group; and 2. Where the instrument will or may be settled in the Group’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Group’s own equity instruments or is a derivative that will be settled by the Group exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the financial instrument is classified as a financial liability. Where the instrument so classified takes the legal form of the Group’s own shares, the amounts presented in the financial information for share capital and merger reserve account exclude amounts in relation to those shares. Changes in the fair value of liabilities at FVTPL are recognized in Net finance income (costs) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable. IFRS 15, Revenue from Contracts with Customers The standard establishes a five-step principle-based approach for revenue recognition and is based on the concept of recognizing an amount that reflects the consideration for performance obligations only when they are satisfied and the control of goods or services is transferred. The majority of the Group’s contract revenue is generated from licenses and services, some of which are part of collaboration arrangements. Management reviewed contracts where the Group received consideration in order to determine whether or not they should be accounted for in accordance with IFRS 15. To date, PureTech has entered into transactions that generate revenue and meet the scope of either IFRS 15 or IAS 20 Accounting for Government Grants. Contract revenue is recognized at either a point-in-time or over time, depending on the nature of the services and existence of acceptance clauses. The Group accounts for agreements that meet the definition of IFRS 15 by applying the following five step model: • Identify the contract(s) with a customer – A contract with a customer exists when (i) the Group enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to those goods or services, (ii) the contract has commercial substance and, (iii) the Group determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. • Identify the performance obligations in the contract – Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from the Group, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. • Determine the transaction price – The transaction price is determined based on the consideration to which the Group will be entitled in exchange for transferring goods or services to the customer. To the extent the transaction price includes variable consideration, the Group estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Group’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. • Allocate the transaction price to the performance obligations in the contract – If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis. • Recognize revenue when (or as) the Group satisfies a performance obligation – The Group satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer. Revenue generated from services agreements (typically where licenses and related services were combined into one performance obligation) is determined to be recognized over time when it can be determined that the services meet one of the following: (a) the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; (b) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or (c) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. It was determined that the Group has contracts that meet criteria (a), since the customer simultaneously receives and consumes the benefits provided by the |
New Standards and Interpretatio
New Standards and Interpretations Not Yet Adopted | 12 Months Ended |
Dec. 31, 2020 | |
New Standards and Interpretations Not Yet Adopted [Abstract] | |
New Standards and Interpretations Not Yet Adopted | New Standards and Interpretations Not Yet Adopted A number of new standards, interpretations, and amendments to existing standards are effective for annual periods commencing on or after January 1, 2021 and have not been applied in preparing the consolidated financial information. The Company’s assessment of the impact of these new standards and interpretations is set out below. Effective January 1, 2023, the definition of accounting estimates has been amended as an amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively only to future transactions and future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. This amendment is not expected to have an impact on the Company's financial statements. Effective January 1, 2023, IAS 1 has been amended to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The Company does not expect this amendment will have a material impact on its financial statements. None of the other new standards, interpretations, and amendments are applicable to the Company’s financial statements and therefore will not have an impact on the Company. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [abstract] | |
Revenue | Revenue Revenue recorded in the Consolidated Statement of Comprehensive Income/(Loss) consists of the following: For the years ended December 31, 2020 $000s 2019 $000s 2018 $000s Contract revenue 8,341 8,688 16,371 Grant income 3,427 1,119 4,377 Total revenue 11,768 9,807 20,748 All amounts recorded in contract revenue were generated in the United States. Primarily all of the Company’s contracts as of December 31, 2020, 2019 and 2018 were determined to have a single performance obligation which consists of a combined deliverable of license to intellectual property and research and development services. Therefore, for such contracts, revenue is recognized over time based on the inputs method which is a faithful depiction of the transfer of goods and services. Progress is measured based on costs incurred to date as compared to total projected costs. Payments for such contracts are primarily made up front at the inception of the contract (or upon achieving a milestone event) and to a much lesser extent payments are made periodically over the contract term. During the year ended December 31, 2020, the Company received a $2.0 million milestone payment from Karuna Therapeutics, Inc. following initiation of its KarXT Phase 3 clinical study pursuant to the Exclusive Patent License Agreement between PureTech and Karuna. This milestone was recognized as revenue during the year ended December 31, 2020 Disaggregated Revenue The Group disaggregates contract revenue in a manner that depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Group disaggregates revenue based on contract revenue or grant revenue, and further disaggregates contract revenue based on the transfer of control of the underlying performance obligations. Timing of contract revenue recognition 2020 $000s 2019 $000s 2018 $000s Transferred at a point in time – Licensing Income 1 2,054 — 12,000 Transferred over time 2 6,286 8,688 4,371 8,341 8,688 16,371 1 2020 – Attributed to Parent Company and Other; 2018 – attributed to Controlled Founded Entities segment. See note 4, Segment information. 2 2020 – Attributed to Internal segment ($3,560 thousand) and Controlled founded entities segment ($2,726 thousand); 2019 – Attributed to Internal segment ($6,064 thousand), Controlled founded entities segment ($2,487 thousand) and Parent Company and Other ($137 thousand); 2018 – Attributed to Internal segment ($2,110 thousand), Controlled founded entities segment ($2,233 thousand) and Parent Company and Other ($29 thousand). See Note 4, Segment Information. Customers over 10% of revenue* 2020 $000s 2019 $000s 2018 $000s Janssen Biotech, Inc. — — 12,000 BMEB Services LLC — — 1,415 Roche Holding AG 1,518 4,973 — Eli Lilly and Company 896 1,433 — Boehringer Ingelheim International GMBH 2,043 1,091 — Imbrium Therapeutics L.P. 1,736 1,013 — Karuna Therapeutics, Inc. 2,000 — — 8,193 8,510 13,415 An estimation uncertainty arises due to management’s application of the inputs method in recognizing revenue overtime. In doing so, the total cost to satisfy the performance obligation includes a significant estimate by management in its budgets and projected cash flows. The sensitivity of this calculation for the years ended December 31, 2020, 2019 and 2018 is detailed below: For the year ended December 31, 2020 Budgeted costs to complete +10% (10) % Revenue (535) 654 For the year ended December 31, 2019 Budgeted costs to complete +10% (10) % Revenue (951) 738 For the year ended December 31, 2018 Budgeted costs to complete +10% (10) % Revenue (265) 323 Contract Balances Accounts receivables represent rights to consideration in exchange for products or services that have been transferred by the Group, when payment is unconditional and only the passage of time is required before payment is due. Accounts receivables do not bear interest and are recorded at the invoiced amount. Accounts receivable are included within Trade and other receivables on the Consolidated Statement of Financial Position. Contract liabilities represent the Group’s obligation to transfer products or services to a customer for which consideration has been received, or for which an amount of consideration is due from the customer. Contract liabilities are included within deferred revenue on the Consolidated Statement of Financial Position. Contract Balances 2020 $000s 2019 $000s Accounts receivable 711 1,699 Deferred revenue – long term 0 1,220 Deferred revenue – short term 1,472 5,474 During the year ended December 31, 2020, $5.3 million of revenue was recognized on deferred revenue outstanding at December 31, 2019. Remaining performance obligations represent the transaction price of unsatisfied or partially satisfied performance obligations within contracts with an original expected contract term that is greater than one year and for which fulfillment of the contract has started as of the end of the reporting period. The aggregate amount of transaction consideration allocated to remaining performance obligations as of December 31, 2020 was $1.7 million. The following table summarizes when the Group expects to recognize the remaining performance obligations as revenue. The Group will recognize revenue associated with these performance obligations as transfer of control occurs: Less than 1 Year Greater than 1 Year Total Remaining Performance Obligation 1,713 — 1,713 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information [Abstract] | |
Segment Information | Segment Information Basis for Segmentation The Directors are the Group’s strategic decision-makers. The Group’s operating segments are reported based on the financial information provided to the Directors at least quarterly for the purposes of allocating resources and assessing performance. The Group has determined that each entity is representative of a single operating segment as the Directors monitor the financial results at this level. When identifying the reportable segments the Group has determined that it is appropriate to aggregate multiple operating segments into a single reportable segment given the high level of operational and financial similarities across the entities. The Group has identified four reportable segments which are outlined below. Substantially, all of the revenue and profit generating activities of the Group are generated within the U.S. and accordingly, no geographical disclosures are provided. During the year ended December 31, 2019, the Company deconsolidated three of its subsidiaries which resulted in a change to the composition of its reportable segments. The Company has revised in the 2019 financial statements the 2018 financial information to conform to the presentation as of and for the period ending December 31, 2019. The change in segments reflects how the Company’s Board of Directors reviews the Group’s results, allocates resources and assesses performance. Internal The Internal segment (the “Internal segment”), is advancing Wholly Owned Programs designed to harness key immunological, fibrotic and lymphatic system mechanisms. These novel classes of immunomodulatory drugs are designed to treat serious diseases, including lung dysfunction, immuno-oncology, lymphatic, neurological and neuropsychological disorders. The Internal segment is comprised of the technologies that are wholly owned and will be advanced through either PureTech Health funding or non-dilutive sources of financing in the near-term. The operational management of the Internal segment is conducted by the PureTech Health team, which is responsible for the strategy, business development, and research and development. As of December 31, 2020, this segment included PureTech LYT (formerly Ariya Therapeutics) and PureTech LYT-100. Controlled Founded Entities The Controlled Founded Entity segment (the “Controlled Founded Entity segment”) is comprised of the Group’s subsidiaries that are currently consolidated operational subsidiaries that either have, or have plans to hire, independent management teams and currently have already raised, or are currently in the process of raising, third-party dilutive capital. These subsidiaries have active research and development programs and either have entered into or plan to seek a strategic partnership with an equity or debt investment partner, who will provide additional industry knowledge and access to networks, as well as additional funding to continue the pursued growth of the company. As of December 31, 2020, this segment included Alivio Therapeutics, Inc., Entrega Inc., Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc. Non-Controlled Founded Entities The Non-Controlled Founded Entities segment (the “Non-Controlled Founded Entities segment”) is comprised of the entities in respect of which PureTech Health (i) no longer holds majority voting control as a shareholder and no longer has the right to elect a majority of the members of the subsidiaries’ Board of Directors. Upon deconsolidation of an entity the segment disclosure is restated to reflect the change on a retrospective basis, as this constitutes a change in the composition of its reportable segments. The Non-Controlled Founded Entities segment included Akili Interactive Labs, Inc. (“Akili”), Vor Biopharma Inc. (“Vor”), Karuna Therapeutics, Inc. (“Karuna”), and Gelesis Inc. (“Gelesis”). The Non-Controlled Founded Entities segment incorporates the operational results of the aforementioned entities to the date of deconsolidation. Following the date of deconsolidation, the Company accounts for its investment in each entity at the parent level, and therefore the results associated with investment activity following the date of deconsolidation is included in the Parent Company and Other segment (the “Parent Company and Other segment”). Parent Company and Other Segment The Parent Company and Other segment includes activities that are not directly attributable to the operating segments, such as the activities of the Parent, corporate support functions and certain research and development support functions that are not directly attributable to a strategic business segment as well as the elimination of intercompany transactions. This segment also captures the accounting for the Company’s holdings in entities for which control has been lost, which is inclusive of the following items: gain on deconsolidation, gain or loss on investments held at fair value, gain on loss of significant influence, and the share of net income/ (loss) of associates accounted for using the equity method. As of December 31, 2020, this segment included PureTech Health plc, PureTech Health LLC, PureTech Management, Inc., PureTech Securities Corp. and PureTech Securities II Corp., as well as certain other dormant, inactive and shell entities. Information About Reportable Segments: 2020 Internal Controlled Founded Entities Non-Controlled Founded Parent Company & Consolidated Consolidated Statements of Comprehensive Income/(Loss) Contract revenue 3,560 2,726 — 2,054 8,341 Grant revenue 32 3,395 — — 3,427 Total revenue 3,592 6,121 — 2,054 11,768 General and administrative expenses (2,112) (15,061) — (32,267) (49,440) Research and development expenses (41,583) (40,043) — (234) (81,859) Total operating expense (43,695) (55,104) — (32,500) (131,299) Other income/(expense): Gain/(loss) on investments held at fair value — — — 232,674 232,674 Loss realized on sale of investments — — — (54,976) (54,976) Gain/(loss) on disposal of assets (15) (15) — — (30) Other income/(expense) — 100 — 965 1,065 Total other income/(expense) (15) 85 — 178,662 178,732 Net finance income/(costs) 19 (5,204) — (930) (6,115) Share of net income/(loss) of associates accounted for using the equity method — — — (34,117) (34,117) Income/(loss) before taxes (40,098) (54,102) — 113,170 18,969 Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets (36,770) (44,181) — 121,644 40,694 Finance income/(costs) – subsidiary preferred shares — — — — — Finance income/(costs) – IFRS 9 fair value accounting — (4,351) — — (4,351) Share-based payment expense (2,491) (2,822) — (5,405) (10,718) Depreciation of tangible assets (838) (1,560) — (1,547) (3,945) Amortization of ROU assets — (1,186) — (1,523) (2,709) Amortization of intangible assets — (1) — — (1) Taxation — (1) — (14,400) (14,401) Income/(loss) for the year (40,098) (54,103) — 98,769 4,568 Other comprehensive income/(loss) — — — 469 469 Total comprehensive income/(loss) for the year (40,098) (54,103) — 99,238 5,037 Total comprehensive income/(loss) attributable to: Owners of the Company (40,098) (52,701) — 99,253 6,454 Non-controlling interests — (1,402) — (15) (1,417) Consolidated Statements of Financial Position: Total assets 87,917 68,731 — 833,347 989,994 Total liabilities 117,964 212,542 — 5,949 336,455 Net assets/(liabilities) (30,047) (143,812) — 827,397 653,539 2019 Internal Controlled Founded Entities Non-Controlled Founded Parent Company & Consolidated Consolidated Statements of Comprehensive Income/(Loss) Contract revenue 6,064 2,487 — 137 8,688 Grant revenue 15 1,104 — — 1,119 Total revenue 6,079 3,591 — 137 9,807 General and administrative expenses (2,385) (14,436) (10,439) (32,098) (59,358) Research and development expenses (25,977) (42,780) (15,555) (1,536) (85,848) Total operating expense (28,362) (57,216) (25,994) (33,634) (145,206) Other income/(expense): Gain on deconsolidation — — — 264,409 264,409 Gain/(loss) on investments held at fair value — — — (37,863) (37,863) Gain/(loss) on disposal of assets 17 (39) — (60) (82) Gain on loss of significant influence — — — 445,582 445,582 Other income/(expense) — 166 — (45) 121 Other income/(expense) 17 127 — 672,023 672,167 Net finance income/(costs) — (16,947) (30,141) 941 (46,147) Share of net income/(loss) of associate accounted for using the equity method — — — 30,791 30,791 Impairment of investment in associate — — — (42,938) (42,938) Income/(loss) before taxes (22,266) (70,445) (56,135) 627,320 478,474 (Loss)/income before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets (21,889) (48,996) (21,873) 640,298 547,540 Finance income/(costs) – subsidiary preferred shares — 107 (1,564) (1) (1,458) Finance income/(costs) – IFRS 9 fair value accounting — (17,294) (28,737) (444) (46,475) Share-based payment expense (5) (1,678) (3,543) (9,242) (14,468) Depreciation of tangible assets (376) (1,531) (207) (1,114) (3,228) Amortization of ROU assets — (1,060) (83) (2,177) (3,320) Amortization of intangible assets 4 7 (128) — (117) Taxation — (134) (162) (112,113) (112,409) Income/(loss) for the year (22,266) (70,579) (56,297) 515,207 366,065 Other comprehensive income/(loss) — — (10) — (10) Total comprehensive income/(loss) for the year (22,266) (70,579) (56,307) 515,207 366,055 Total comprehensive income/(loss) attributable to: Owners of the Company (7,002) (54,717) (32,353) 515,207 421,133 Non-controlling interests (15,264) (15,862) (23,953) — (55,079) Consolidated Statements of Financial Position: Total assets 17,614 41,612 — 881,952 941,178 Total liabilities 12,076 132,935 — 145,768 290,779 Net (liabilities)/assets 5,538 (91,324) — 736,184 650,399 2018 Internal Controlled Founded Entities Non-Controlled Founded Parent Company & Consolidated Consolidated Statements of Comprehensive Loss Contract revenue 2,110 14,233 — 29 16,371 Grant revenue 86 4,271 20 — 4,377 Total revenue 2,195 18,504 20 29 20,748 General and administrative expenses (1,498) (10,212) (16,385) (19,270) (47,365) Research and development expenses (8,929) (36,930) (29,851) (1,692) (77,402) Total operating expense (10,427) (47,142) (46,236) (20,962) (124,768) Other income/(expense): Gain on deconsolidation — — — 41,730 41,730 Gain/(loss) on investments held at fair value — — — (34,615) (34,615) Gain/(loss) on disposal of assets — — — 4,054 4,054 Gain on loss of significant influence — — — 10,287 10,287 Other income/(expense) — 104 (405) (302) Other income/(expense) — — 104 21,051 21,155 Net finance income/(costs) 5,341 5,945 14,631 25,918 Share of net income/(loss) of associate accounted for using the equity method — — — (11,490) (11,490) Income/(loss) before taxes (8,232) (23,297) (40,167) 3,258 (68,438) (Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets (8,210) (24,344) (38,761) (4,235) (75,550) Finance income/(costs) – subsidiary preferred shares — — — (106) (106) Finance income/(costs) – IAS 39 fair value accounting — 5,341 5,516 11,775 22,632 Share-based payment expense (11) (2,465) (6,262) (3,899) (12,637) Depreciation of tangible assets (7) (1,823) (390) (256) (2,476) Amortization of intangible assets (4) (6) (270) (22) (302) Taxation — (381) (185) (1,655) (2,221) Income/(loss) for the year (8,454) (26,206) (41,239) 5,239 (70,659) Other comprehensive income/(loss) — (214) — (26) (240) Total comprehensive income/(loss) for the year (8,454) (26,420) (41,239) 5,213 (70,899) Total comprehensive income/(loss) attributable to: Owners of the Company (1,139) (15,710) (32,260) 5,213 (43,894) Non-controlling interests (7,315) (10,710) (8,980) — (27,005) Consolidated Statements of Financial Position: Total assets 2,984 15,603 35,934 387,240 441,761 Total liabilities 13,366 60,992 202,161 (1,731) 274,787 Net (liabilities)/assets (10,381) (45,389) (166,227) 388,970 166,973 |
Investments held at fair value
Investments held at fair value | 12 Months Ended |
Dec. 31, 2020 | |
Investments held at fair value [Abstract] | |
Investments held at fair value | Investments held at fair value Investments held at fair value include both unlisted and listed securities held by PureTech. These investments, which include Akili, Vor, Karuna, Gelesis (other than the investment in common shares – please refer to Note 6), resTORbio and other insignificant investments, are initially measured at fair value and are subsequently re-measured at fair value at each reporting date. Interests in these investments were accounted for as shown below: Investments held at fair value $000's Balance as of January 1, 2019 169,755 Deconsolidation of subsidiaries (Vor, Karuna and Gelesis (Note 6)) 138,571 Reclassification of Karuna investment to investment in associate (118,006) Gain on Karuna investment at initial public offering 1 40,633 Cash purchase of Gelesis convertible notes (please refer to Note 6) 6,480 Cash purchase of Gelesis preferred shares (please refer to Note 6) 8,020 Reclassification of Karuna investment at loss of significant influence 557,243 Sale of resTORbio shares (9,295) Loss – fair value through profit and loss 1 (78,496) Balance as of December 31, 2019 and January 1, 2020 714,905 Sale of Karuna shares (347,538) Sale of resTORbio shares (3,048) Loss realised on sale of investments (54,976) Cash purchase of Gelesis preferred shares (please refer to Note 6) 10,000 Cash purchase of Vor preferred shares 1,150 Gain/(loss) – fair value through profit and loss 232,674 Balance as of December 31, 2020 before allocation of share in associate loss to long-term interest 553,167 Share of associate loss allocated to long-term interest (please refer to Note 6) (23,006) Balance as of December 31, 2020 after allocation of share in associate loss to long-term interest 2 530,161 1 The net amount of these two items is a loss of $37.9 million which is reported on the line Gain/(loss) on investments held at fair value in the Consolidated Statements of Comprehensive Income/(Loss). 2 Fair value of investments accounted for at fair value, does not take into consideration contribution from milestones that occurred after December 31, 2020, the value of the Group's consolidated Founded Entities (Vedanta, Follica, Sonde, Akili, Alivio, and Entrega), the Internal segment, or cash and cash equivalents. Vor Vor was founded by PureTech through an initial Series A-1 Preferred Shares financing and raised funds through issuance of convertible notes. As of December 31, 2018, PureTech maintained control of Vor and the subsidiary’s financial results were fully consolidated in the Group’s consolidated financial statements. On February 12, 2019, Vor completed a Series A-2 Preferred Shares financing round with PureTech and several new third party investors. The financing provided for the purchase of 62,819,866 shares of Vor Series A-2 Preferred Shares at the purchase price of $0.40 per share. As a result of the issuance of Series A-2 preferred shares to third-party investors, PureTech’s ownership percentage and corresponding voting rights dropped from 79.5 percent to 47.5 percent, and PureTech simultaneously gave up control on Vor’s Board of Directors, both of which triggered a loss of control over the entity. As of February 12, 2019, Vor was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Vor through the deconsolidation date being included in the Consolidated Statement of Comprehensive Income/(Loss). While the Company no longer controlled Vor, it was concluded that PureTech still had significant influence over Vor by virtue of its large, albeit minority, ownership stake and its continued representation on Vor’s Board of Directors. During the year ended December 31, 2019, the Company recognized a $6.4 million gain on the deconsolidation of Vor, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Comprehensive Income/(Loss). As PureTech did not hold common shares in Vor upon deconsolidation and the preferred shares it holds do not have equity-like features, the voting percentage attributable to common shares is nil. Therefore, PureTech had no basis to account for its investment in Vor under IAS 28. The preferred shares held by PureTech fall under the guidance of IFRS 9 and are treated as a financial asset held at fair value through the Consolidated Statement of Comprehensive Income/(Loss). The fair value of the preferred shares at deconsolidation was $12.0 million. During the year ended December 31, 2019, the Company recognized a gain of $0.6 million that was recorded on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). Please refer to Note 16 for information regarding the valuation of these instruments. On February 12, 2020, PureTech participated in the second closing of Vor’s Series A-2 Preferred Share financing. For consideration of $0.7 million, PureTech received 1,625,000 A-2 shares. On June 30, 2020, PureTech participated in the first closing of Vor’s Series B Preferred Share financing. For consideration of $0.5 million, PureTech received 961,538 shares. Upon the conclusion of such Vor financings PureTech no longer has significant influence over Vor. During the year ended December 31, 2020 PureTech recognized a fair value gain of $19.1 million in respect of its investment in Vor that was recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). Please refer to Note 16 for information regarding the valuation of these instruments. Gelesis As of July 1, 2019, Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss). At the date of deconsolidation, PureTech recorded a $156.0 million gain on the deconsolidation of Gelesis, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Income/(Loss). The preferred shares and warrants held by PureTech fall under the guidance of IFRS 9 and are treated as financial assets held at fair value, where changes to the fair value of the preferred shares and warrant are recorded through the Consolidated Statement of Income/(Loss). The fair value of the preferred shares and warrants at deconsolidation was $49.2 million. Please refer to Note 6 for information regarding the Company's investment in Gelesis as an associate. On August 12, 2019, Gelesis issued a convertible promissory note to the Company in the amount of $2.0 million. On October 7, 2019, Gelesis issued an amended and restated convertible note (the “Gelesis Note”) to the Company in the principal amount of up to $6.5 million. The Gelesis Note was payable in installments, with $2.0 million of the note drawn down upon execution of the original note in August 2019 and an additional $3.3 million and $1.2 million drawn down on October 7, 2019 and November 5, 2019, respectively. The Gelesis Note was convertible upon the occurrence of Gelesis’ next qualified equity financing, or at the demand of the Company at any date after December 31, 2019. The Gelesis Note fell under the guidance of IFRS 9 and was treated as a financial asset held at fair with all movements to the value of the note recorded through the Consolidated Statement of Income/(Loss). On December 5, 2019, Gelesis closed its Series 3 Growth Preferred Stock financing, at which point all outstanding principal and interest under the Gelesis Note converted into shares of Series 3 Growth Preferred Stock. In addition to the shares issued upon conversion of the Gelesis Note, PureTech purchased $8.0 million of Series 3 Growth Preferred Stock in the December financing. On April 1, 2020, PureTech participated in the 2nd closing of Gelesis’s Series 3 Growth Preferred Share financing. For consideration of $10.0 million, PureTech received 579,038 Series 3 Growth shares. During the years ended December 31, 2020 and 2019, the Company recognized in respect of the investments in Gelesis held at fair value a gain of $7.1 million and a loss of $18.7 million, respectively, that were recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statements of Comprehensive Income/(Loss). The loss recorded in 2019 was primarily as a result of the Gelesis Series 3 Growth financing, which was executed with terms that resulted in a decrease in fair value across all other classes of preferred shares. Additionally, due to the equity method based investment in Gelesis being reduced to zero, the Company allocated a portion of its share in the net loss in Gelesis for the year ended December 31, 2020, totaling $23.0 million, to its preferred share investments in Gelesis, which are considered to be long-term interests in Gelesis . Please refer to Note 16 for information regarding the valuation of these instruments. Karuna Karuna was founded by PureTech and raised funding through Preferred Share financings as well as convertible note issuances. As of December 31, 2018, PureTech maintained control of Karuna and Karuna's financial statements were fully consolidated in the Group’s consolidated financial statements. On March 15, 2019, Karuna completed the closing of a Series B Preferred Share financing with PureTech and several new third party investors. The financing provided for the purchase of 5,285,102 shares of Karuna Series B Preferred Shares at a purchase price of $15.14 per share. As a result of the issuance of the preferred shares to third-party investors, PureTech’s ownership percentage and corresponding voting rights related to Karuna dropped from 70.9 percent to 44.3 percent, and PureTech simultaneously lost control over Karuna’s Board of Directors, both of which triggered a loss of control over the entity. As of March 15, 2019, Karuna was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Karuna through the deconsolidation date being included in the Group’s Consolidated Statement of Comprehensive Income/(Loss). At the date of deconsolidation, PureTech recorded a $102.0 million gain on the deconsolidation of Karuna, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Comprehensive Income/(Loss). While the Company no longer controls Karuna, it was concluded that PureTech still had significant influence over Karuna by virtue of its large, albeit minority, ownership stake and its continued representation on Karuna’s Board of Directors. PureTech still had the power to participate in the financial and operating policy decisions of the entity, although it did not control these policies. As PureTech had significant influence over Karuna, the entity was accounted for as an associate under IAS 28. Upon the date of deconsolidation, PureTech held both preferred and common shares in Karuna and a warrant issued by Karuna to PureTech. The preferred shares and warrant held by PureTech fell under the guidance of IFRS 9 and were treated as financial assets held at fair value, and all movements to the value of preferred shares held by PureTech were recorded through the Consolidated Statement of Comprehensive Income/(Loss), in accordance with IFRS 9. The fair value of the preferred shares and warrant at deconsolidation was $72.4 million. Subsequent to deconsolidation, PureTech purchased an additional $5.0 million of Karuna Series B Preferred shares. Due to the immaterial investment in common shares and overwhelmingly large losses by Karuna, the common share investment accounted for under the equity method was remeasured to nil immediately following both the deconsolidation and the exercise of the warrant in the first half of 2019. On June 28, 2019, Karuna priced its IPO. PureTech’s ownership percentage and corresponding voting rights related to Karuna dropped from 44.3 percent percent to 31.6 percent; however, PureTech retained significant influence due to its continued presence on the board and its large, albeit minority, equity stake in the company. Upon completion of the IPO, the Karuna preferred shares held by PureTech converted to common shares. In light of PureTech’s common share holdings in Karuna and corresponding voting rights, PureTech had re-established a basis to account for its investment in Karuna under IAS 28. The preferred shares investment held at fair value was therefore reclassified to investment in associate upon completion of the conversion. During the year ended December 31, 2019 and up to June 28, 2019, the Company recognized a gain of $40.6 million that was recorded on the line item Gain on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss) related to the preferred shares that increased in value between the date of deconsolidation and the date of Karuna’s IPO. As of December 2, 2019 it was concluded that the Company no longer exerted significant influence over Karuna owing to the resignation of the PureTech designee from Karuna’s board of directors, with PureTech retaining no ability to reappoint representation. Furthermore, PureTech is not involved in any manner, or has any influence, on the management of Karuna, or on any of its decision making processes and has no ability to do so. As such, PureTech lost the power to participate in the financial and operating policy decisions of Karuna. As a result, Karuna is no longer deemed an Associate and does not meet the scope of equity method accounting, resulting in the investment being accounted for as an investment held at fair value. As of December 2, 2019 the Company's interest in Karuna was 28.4 percent. For the period of June 28, 2019 through December 2, 2019, PureTech’s investment in Karuna was subject to equity method accounting. In accordance with IAS 28, the Company’s investment was adjusted by the share of losses generated by Karuna (weighted average of 31.4 percent based on common stock ownership interest), which resulted in a net loss of associates accounted for using the equity method of $6.3 million during the year ended December 31, 2019. Upon PureTech’s loss of significant influence, the investment in Karuna was reclassified to an investment held at fair value. This change led PureTech to recognize a gain on loss of significant influence of $445.6 million that was recorded to the Consolidated Statement of Comprehensive Income/(Loss) on the line item Gain on loss of significant influence during the year ended December 31, 2019. The investment in Karuna after the recording of the gain on loss of significant influence was $557.2 million, which was reclassified from Investments in associates to Investments held at fair value. Additionally, from December 2, 2019 PureTech recorded a $0.7 million loss on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss) for the year ended December 31, 2019. On January 22, 2020, PureTech sold 2,100,000 shares of Karuna common shares for aggregate proceeds of $200.9 million. On May 26, 2020, PureTech sold an additional 555,500 Karuna common shares for aggregate proceeds of $45.0 million. On August 26, 2020, PureTech sold 1,333,333 common shares of Karuna for aggregate proceeds of $101.6 million. As a result of the sales, Puretech recorded a loss of $54.8 million attributable to blockage discount included in the sales price, to the line item Loss Realized on Sale of Investment within the Consolidated Statement of Comprehensive Income/(Loss). Additionally, during the year ended December 31, 2020 PureTech recognized a fair value gain of $191.2 million in respect of its investment in Karuna that was recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). As of December 31, 2020 PureTech held a 12.6 percent interest in Karuna. Please refer to Note 16 for information regarding the valuation of these instruments. Akili On May 8, 2018, Akili completed the first closing of a Series C Preferred Stock financing in which PureTech Health did not invest. As a result of the issuance of the preferred shares to third-party investors, following the first close of the Series C financing, PureTech’s ownership percentage and corresponding voting rights related to Akili dropped from 61.8 percent to 41.9 percent, triggering a loss of control over the entity. As of May 2018, Akili was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Akili through May 2018 being included in the Group’s Consolidated Statements of Comprehensive Income/(Loss). As a result of the deconsolidation, PureTech recognized a $41.7 million gain on the deconsolidation during the year ended December 31, 2018, which was recorded to the Consolidated Statement of Comprehensive Income/(Loss) on the line item Gain on the deconsolidation of subsidiary. As PureTech did not hold common shares in Akili upon deconsolidation and the preferred shares it holds do not have equity-like features, the voting percentage attributable to common shares is nil. Therefore, PureTech had no basis to account for its investment in Akili under IAS 28. The preferred shares held by PureTech Health fall under the guidance of IFRS 9 and are treated as a financial asset held at fair value and all movements to the value of the preferred shares is recorded through the Consolidated Statements of Comprehensive Income/(Loss), in accordance with IFRS 9. During the years ended December 31, 2020 and 2019, the Company recognized a gain of $14.4 million and $11.5 million, respectively, that was recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statements of Comprehensive Income/(Loss) in respect of PureTech's investment in Akili. Please refer to Note 16 for information regarding the valuation of these instruments. resTORbio On January 26, 2018, resTORbio, Inc., closed its initial public offering. Prior to the resTORbio IPO, PureTech Health recorded a loss of $14.3 million during the year ended December 31, 2018 to the Consolidated Statement of Comprehensive Income/(Loss) within Gain/(Loss) on investments held at Fair Value to adjust the fair value related to its resTORbio Series A Preferred Share investment. Upon completion of the public offering, the resTORbio Series A Preferred Shares held by PureTech Health converted to common shares. In light of PureTech’s common shares holdings in resTORbio and corresponding voting rights, the preferred shares investment held at fair value was reclassified to investment in associate upon the completion of the conversion. For the period of January 1, 2018 through November 5, 2018, PureTech’s investment in resTORbio was subject to equity method accounting. In accordance with IAS 28, PureTech’s investment was adjusted by the share of profits and losses generated by resTORbio (34.9 percent based on common stock ownership interest) in that period, which resulted in a net loss from associates of $11.5 million recorded to the Consolidated Statement of Comprehensive Income/(Loss) in the line item Share of net loss of associates during the year ended December 31, 2018. As of November 6, 2018, it was that concluded the Company no longer exerted significant influence over resTORbio, as PureTech lost the power to participate in the financial and operating policy decisions of resTORbio. As a result, resTORbio was no longer deemed an Associate and did not meet the scope of equity method accounting, resulting in the investment being accounted for as an investment held at fair value. This change led PureTech to recognize a gain on loss of significant influence of $10.3 million that was recorded to the Consolidated Statement of Comprehensive Income/(Loss) on the line item Gain on loss of significant influence during the year ended December 31, 2018. Additionally, PureTech recorded a loss of $33.0 million for the adjustment to fair value in connection with its investment in resTORbio to the Consolidated Statement of Comprehensive Income/(Loss) on the line item Gain/(loss) on investments held at fair value during the year ended December 31, 2018. On November 15, 2019, resTORbio announced that top line data from the Protector 1 Phase 3 study evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint and the Company has stopped the development of RTB101 in this indication. As a result of ceasing the development of RTB101, resTORbio’s share price witnessed a decline in price. In November and December 2019, PureTech Health sold 7,680,700 common shares of resTORbio for aggregate proceeds of $9.3 million. Immediately following the sale of common shares, PureTech Health held 2,119,696 common shares, or 5.8 percent, of resTORbio. During the year ended December 31, 2019 PureTech recorded a loss of $71.9 million for the adjustment to fair value of its investment in resTORbio to the Consolidated Statement of Comprehensive Income/(Loss) in the line item Gain/(loss) on investments held at fair value. On April 30, 2020, PureTech sold its remaining 2,119,696 resTORbio common shares, for aggregate proceeds of $3.0 million. As a result of the sale, the Company recorded a loss of $0.2 million attributable to blockage discount included in the sales price, to the line item Loss realized on sale of investments within the Consolidated Statement of Comprehensive Income/(Loss). Additionally, during the year ended December 31, 2020, the Company recognized a gain of $0.1 million that was recorded on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). Please refer to Note 16 for information regarding the valuation of these instruments. Gain on deconsolidation The following table summarizes the gain on deconsolidation recognized by the Company: 2020 $000s 2019 $000s 2018 $000s Year ended December 31, Gain on deconsolidation of Akili — — 41,730 Gain on deconsolidation of Vor — 6,357 — Gain on deconsolidation of Karuna — 102,038 — Gain on deconsolidation of Gelesis [Note 6] — 156,014 — Total gain on deconsolidation — 264,409 41,730 |
Investments in Associates
Investments in Associates | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Associates [Abstract] | |
Investments in Associates | Investments in Associates Gelesis Gelesis was founded by PureTech and raised funding through preferred shares financings as well as issuances of warrants and loans. As of December 31, 2018, PureTech maintained control of Gelesis and the subsidiary’s financial results were fully consolidated in the Group’s consolidated financial statements. On July 1, 2019, the Gelesis Board of Directors was restructured, resulting in two of the three PureTech representatives resigning from the Board with PureTech retaining no ability to reappoint directors to these board seats. As a result of this restructuring, PureTech lost control over Gelesis’ Board of Directors, which triggered a loss of control over the entity. At the deconsolidation date, PureTech held a 25.2 percent voting interest in Gelesis. As of July 1, 2019, Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). At the date of deconsolidation, PureTech recorded a $156.0 million gain on the deconsolidation of Gelesis, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). While the Company no longer controls Gelesis, it was concluded that PureTech still has significant influence over Gelesis by virtue of its large, albeit minority, ownership stake and its continued representation on Gelesis’ Board of Directors. PureTech still has the power to participate in the financial and operating policy decisions of the entity, although it does not control these policies. As PureTech has significant influence over Gelesis, the entity is accounted for as an associate under IAS 28, starting at the date of deconsolidation. Upon the date of deconsolidation, PureTech held preferred shares and common shares of Gelesis and a warrant issued by Gelesis to PureTech. PureTech’s investment in common shares of Gelesis is subject to equity method accounting with an initial investment of $16.4 million. In accordance with IAS 28, PureTech’s investment was adjusted by the share of profits and losses generated by Gelesis subsequent to the date of deconsolidation. See table below for the Group's share in the profits and losses of Gelesis for the periods presented. The preferred shares and warrant held by PureTech fall under the guidance of IFRS 9 and are treated as financial assets held at fair value, where changes to the fair value of the preferred shares and warrant are recorded through the Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss), in accordance with IFRS 9. The fair value of the preferred shares and warrant at deconsolidation was $49.2 million. See Note 5 for changes in the fair value subsequent to deconsolidation date. Impairment loss for the year ended December 31, 2019 Following the issuance of the Gelesis Series 3 Preferred Shares at a higher valuation than the previous round with some favorable liquidation provisions primarily to PureTech and also to the other Series 3 preferred share investors, which resulted in adjustments to the fair values of other preferred shares, warrant classes and Gelesis common stock, the Company assessed the investment in common shares held in Gelesis for impairment. Management compared the recoverable amount of the investment to its carrying amount as of December 31, 2019, which resulted in an impairment loss to the Investment in Gelesis. The recoverable amount was estimated based on the fair value of the Gelesis common shares held by PureTech, which are considered to be within Level 3 of the fair value hierarchy. The costs of disposal are immaterial for the calculation of Gelesis investment’s recoverable amount. During the year ended December 31, 2019, the total fair value of common shares was determined utilizing a hybrid valuation approach with significant unobservable inputs within the PureTech valuation framework (refer to Note 16). The multi-scenario hybrid valuation approach utilized the recent transaction method within an option pricing framework and an IPO scenario within a probability-weighted-expected return framework to determine the value allocation for the common share class of Gelesis. The fair value of the common shares was determined as the calculated business enterprise value allocated to the outstanding common shares treated as call options within the OPM or the value of common shares within the PWERM. The PWERM maintained a 75.0 percent probability of occurrence while the OPM maintained a 25.0 percent probability of occurrence. The probability weighted term to exit was 1.57 years. The discount rate utilized was 20.0 percent while the risk-free rate and volatility utilized were 1.62 percent and 56.0 percent, respectively. The impairment loss amounted to $42.9 million and was recorded to Impairment of investment in associate within the Consolidated Statement of Comprehensive Income/(Loss) for the year ended December 31, 2019. As of December 31, 2019 the investment in Gelesis was $10.6 million, which is equal to the fair value of the common shares held by PureTech. During the year ended December 31, 2020 the Group recorded its share in the losses of Gelesis and its investment in associates accounted for under the equity method was reduced to zero. Since the Group has investments in Gelesis preferred shares that are deemed to be Long-term interests, the Company continued recognizing its share in Gelesis losses while applying such losses to its preferred share investment in Gelesis accounted for as an investment held at fair value. Karuna For the period of June 28, 2019 through December 2, 2019, PureTech’s investment in Karuna was subject to equity method accounting. In accordance with IAS 28, the Company’s investment was adjusted by the share of losses generated by Karuna (weighted average of 31.4 percent based on common stock ownership interest), which resulted in a net loss of $6.3 million during the year ended December 31, 2019 recorded in the line item Share of net income/(loss) of associates. Starting December 2, 2019, due to the loss of significant influence in Karuna on such date, the Company is accounting for the investment in Karuna as an investment held at fair value. See Note 5 for further detail on the Group's investment in Karuna. resTORbio For the period of January 1, 2018 through November 5, 2018, PureTech’s investment in resTORbio was subject to equity method accounting. In accordance with IAS 28, PureTech’s investment was adjusted by the share of profits and losses generated by resTORbio (34.9 percent based on common stock ownership interest) during that period, which resulted in a net loss from associates of $11.5 million that was recorded to the Consolidated Statement of Comprehensive Income/(Loss) in the line item Share of net income/(loss) of associates during the year ended December 31, 2018. See Note 5 for further detail on the Group's investment in resTORbio. The following table summarizes the activity related to the investment in associates balance for the years ended December 31, 2020, 2019 and 2018. Investment in Associates $000's As of January 1, 2018 — Investment upon initial public offering of resTORbio 115,210 Cash investment in Associate 3,500 Share of net loss of resTORbio accounted for using the equity method (11,490) Gain on loss of significant influence of resTORbio 10,287 Reclassification of resTORbio investment upon loss of significant influence (117,507) As of December 31, 2018 and January 1, 2019 — Reclassification of Karuna investment at initial public offering 118,006 Investment in Gelesis upon deconsolidation 16,444 Share of net loss of Karuna accounted for using the equity method (6,345) Share of net profit of Gelesis accounted for using the equity method 37,136 Impairment of investment in Gelesis (42,938) Reclassification of investment in Karuna upon loss of significant influence (111,661) As of December 31, 2019 and January 1, 2020 10,642 Share of net loss in Gelesis (34,117) Share of other comprehensive income in Gelesis 469 Share of losses recorded against long term interests 23,006 As of December 31, 2020 — Summarized financial information The following table summarizes the financial information of Gelesis as included in its own financial statements, adjusted for fair value adjustments at deconsolidation and differences in accounting policies. The table also reconciles the summarized financial information to the carrying amount of the Company’s interest in Gelesis. The information for the year ended December 31, 2019 includes the results of Gelesis only for the period July 1, 2019 to December 31, 2019, as Gelesis was consolidated prior to this period. 2020 $000s 2019 $000s As of and for the year ended December 31, Percentage ownership interest 47.9 % 49.3 % Non-current assets 372,184 369,336 Current assets 92,875 40,079 Non-current liabilities (133,743) (82,406) Current liabilities (300,748) (216,852) Non controlling interests and options issued to third parties (6,577) (1,542) Net assets attributable to shareholders of Gelesis Inc. 23,989 108,615 Group's share of net assets 11,481 53,580 Goodwill 8,216 — Impairment (42,702) (42,938) Recorded against Long-term Interests 23,006 — Investment in associate — 10,642 Revenue 21,442 — Income/(loss) from continuing operations (100%) (71,157) 74,573 Total comprehensive income/(loss) (100%) (70,178) 74,573 Group's share in income/(loss) from continuing operations (34,117) 37,136 Group's share of total comprehensive income/(loss) (33,648) 37,136 |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Operating Expenses [Abstract] | |
Operating Expenses | Operating Expenses Total operating expenses were as follows: For the years ending December 31, 2020 $000s 2019 $000s 2018 $000s General and administrative 49,440 59,358 47,365 Research and development 81,859 85,848 77,402 Total operating expenses 131,299 145,206 124,767 The average number of persons employed by the Group during the year, analyzed by category, was as follows: For the years ending December 31, 2020 2019 2018 General and administrative 43 39 55 Research and development 95 90 90 Total 138 129 145 The aggregate payroll costs of these persons were as follows: 2020 $000s 2019 $000s 2018 $000s For the years ending December 31, General and administrative 22,943 24,468 22,939 Research and development 20,674 20,682 20,109 Total 43,616 45,150 43,048 Detailed operating expenses were as follows: 2020 $000s 2019 $000s 2018 $000s For the years ending December 31, Salaries and wages 29,403 27,703 27,274 Healthcare benefits 1,866 1,511 1,465 Payroll taxes 1,629 1,468 1,672 Share-based payments 10,718 14,468 12,637 Total payroll costs 43,616 45,150 43,048 Other selling, general and administrative expenses 26,497 34,890 24,426 Other research and development expenses 61,186 65,166 57,293 Total other operating expenses 87,683 100,056 81,719 Total operating expenses 131,299 145,206 124,767 Auditors remuneration: For the years ending December 31, 2020 $000s 2019 $000s 2018 $000s Audit of these financial statements 1,145 870 652 Audit of the financial statements of subsidiaries 291 290 200 Audit-related assurance services 490 163 162 Non-audit related services 173 778 159 Total 2,099 2,101 1,173 Please refer to Note 8 for further disclosures related to share-based payments and Note 24 for management’s remuneration disclosures. |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payments [Abstract] | |
Share-based Payments | Share-based Payments Share-based payments includes stock options, restricted stock units (“RSUs”) and performance-based RSUs in which the expense is recognized based on the grant date fair value of these awards. Share-based Payment Expense The Group share-based payment expense for the years ended December 31, 2020, 2019 and 2018, were comprised of charges related to the PureTech Health plc incentive stock and stock option issuances and subsidiary stock plans. The following table provides the classification of the Group’s consolidated share-based payment expense as reflected in the Consolidated Statement of Income/(Loss): For the years ending December 31, 2020 $000s 2019 $000s 2018 $000s General and administrative 7,650 10,677 5,293 Research and development 3,068 3,791 7,344 Total 10,718 14,468 12,637 Ariya Stock Option Exchange In conjunction with the acquisition of the remaining minority interests of PureTech LYT (previously named Ariya Therapeutics, Inc.) (Please refer to Note 18), PureTech Health exchanged subsidiary stock options previously granted to the co-inventors and advisors of PureTech LYT with stock options to purchase 2,147,965 of the Company's ordinary shares under the PureTech Health Performance Share Plan. As this was an exchange of awards within the consolidated group, whereby the Company's stock options were replacing Ariya's stock options, the exchange is accounted for as a modification of the original award and the incremental fair value on the date of the replacement is amortized over the remaining vesting period of the awards. The Performance Share Plan In June 2015, the Group adopted the Performance Stock Plan (“PSP”). Under the PSP and subsequent amendments, awards of ordinary shares may be made to the Directors, senior managers and employees of, and other individuals providing services to the Company and its subsidiaries up to a maximum authorized amount of 10.0 percent of the total ordinary shares outstanding. The shares have various vesting terms over a period of service between two and four years, provided the recipient remains continuously engaged as a service provider. The share-based awards granted under the PSP are equity settled and expire 10 years from the grant date. As of the years ended December 31, 2020, 2019 and 2018, the Company had issued share-based awards to purchase an aggregate of 5,835,993, 5,409,751 and 5,657,602 shares, respectively, under this plan. RSUs RSU activity for the years ended December 31, 2020, 2019 and 2018 is detailed as follows: Number of Shares/Units Wtd Avg Grant Date Fair Value (GBP) Outstanding (Non-vested) at January 1, 2018 5,589,416 1.09 RSUs Granted in Period 2,860,778 1.54 Vested (513,324) 1.06 Forfeited (1,338,087) 1.06 Outstanding (Non-vested) at December 31, 2018 and January 1, 2019 6,598,783 1.29 RSUs Granted in Period 1,775,569 2.95 Vested (3,738,005) 1.10 Forfeited — — Outstanding (Non-vested) at December 31, 2019 and January 1, 2020 4,636,347 2.08 RSUs Granted in Period 1,759,011 1.80 Vested (2,781,687) 1.54 Forfeited (191,089) 2.37 Outstanding (Non-vested) at December 31, 2020 3,422,582 2.46 Each RSU entitles the holder to one ordinary share on vesting and the RSU awards are based on a cliff vesting schedule over a three-year requisite service period in which the Company recognizes compensation expense on a graded basis for the RSUs. Following vesting, each recipient will be required to make a payment of one pence per ordinary share on settlement of the RSUs. Vesting of the RSUs is subject to the satisfaction of performance and market conditions. The grant date fair value of the market condition awards is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. The Company recognizes the estimated fair value of these performance-based awards as share-based compensation expense over the performance period based upon its determination of whether it is probable that the performance targets will be achieved. The Company assesses the probability of achieving the performance targets at each reporting period. Cumulative adjustments, if any, are recorded to reflect subsequent changes in the estimated outcome of performance-related conditions. The fair value of the market and performance-based awards is based on the Monte Carlo simulation analysis utilizing a Geometric Brownian Motion process with 100,000 simulations to value those shares. The model considers share price volatility, risk-free rate and other covariance of comparable public companies and other market data to predict distribution of relative share performance. The performance and market conditions attached to the 2020 RSU awards are based on the achievement of total shareholder return (“TSR”), with 50.0 percent of the shares under award vesting based on the achievement of absolute TSR targets, 12.5 percent of the shares under the award vesting based on TSR as compared to the FTSE 250 Index, 12.5 percent of the shares under the award vesting based on TSR as compared to the MSCI Europe Health Care Index, and 25.0 percent of the shares under the award vesting based on the achievement of strategic targets. The RSU award performance criteria have changed over time as the criteria is continually evaluated by the Group’s Remuneration Committee. In 2017, the Company granted certain executives RSUs that vested based on service, market and performance conditions, as described above. The vesting of all RSUs was achieved by December 31, 2019 where all service, market and performance conditions were met. The remuneration committee of PureTech's board of directors approved the achievement of the vesting conditions as of December 31, 2019 and reached the decision to cash settle the 2017 RSUs. The settlement value was determined based on the 3 day average closing price of the shares. The settlement value was $12.5 million. The settlement value did not exceed the fair value at settlement date and as such the cash settlement was treated as an equity transaction, whereby the full repurchase cash settlement amount was charged to equity in Other reserves. In 2018, the Company granted certain executives RSUs that vested based on service, market and performance conditions, as described above. The remuneration committee of PureTech's board of directors approved the achievement of certain vesting conditions as of July 2020 and reached the decision to cash settle a portion of the 2018 RSUs to certain executives. The settlement value was determined based on the 3 day average closing price of the shares. The settlement value was $0.4 million. The settlement value did not exceed the fair value at settlement date and as such the cash settlement was treated as an equity transaction, whereby the full repurchase cash settlement amount was charged to equity in Other reserves. The Company incurred share-based payment expenses for performance and market based RSUs of $5.7 million, $2.2 million and $2.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Stock Options Stock option activity for the years ended December 31, 2020, 2019 and 2018 is detailed as follows: Number of Options Wtd Average Exercise Price (GBP) Wtd Average of Wtd Average Stock Price at Exercise (GBP) Outstanding at January 1, 2018 2,343,085 1.22 Granted 2,796,820 1.57 Exercised (64,171) 1.20 1.56 Forfeited — — Options Exercisable at December 31, 2018 and January 1, 2019 1,195,929 1.26 7.92 Outstanding at at December 31, 2018 and January 1, 2019 5,075,734 1.40 8.78 Granted 3,634,183 0.84 Exercised (237,090) 1.98 2.81 Forfeited — — Options Exercisable at December 31, 2019 and January 1, 2020 4,349,921 0.93 8.34 Outstanding at at December 31, 2019 and January 1, 2020 8,472,827 1.16 8.55 Granted 4,076,982 3.14 Exercised (514,410) 1.52 2.88 Forfeited (1,119,313) 1.88 Options Exercisable at December 31, 2020 5,447,405 0.98 7.46 Outstanding at December 31, 2020 10,916,086 1.81 8.38 The fair value of the stock options awarded by the Company was estimated at the grant date using the Black-Scholes option valuation model, considering the terms and conditions upon which options were granted, with the following weighted-average assumptions: At December 31, 2020 2019 2018 Expected volatility 41.25 % 35.68 % 44.18 % Expected terms (in years) 6.11 5.81 6.08 Risk-free interest rate 0.53 % 1.85 % 2.79 % Expected dividend yield — — — Grant date fair value $1.72 $2.23 $0.96 Share price at grant date $4.30 $2.57 $2.05 The Company incurred share-based payment expense for the stock options of $2.1 million, $9.2 million and $1.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. The significant decrease for the year ended December 31, 2020, as compared to the year ended December 31, 2019, is largely attributable to the exchange of the Ariya awards with the Company's stock options in the year ended December 31, 2019, which resulted in an additional expense recorded in such year, as described above. For shares outstanding as of December 31, 2020, the range of exercise prices is detailed as follow: Range of Exercise Prices (GBP) Options Wtd Wtd Average of 0.01 2,122,965 — 8.76 1.00 to 2.00 4,703,639 1.47 6.99 2.00 to 3.00 1,539,482 2.51 9.45 3.00 to 4.00 2,550,000 3.51 9.97 Total 10,916,086 1.81 8.38 For shares exercisable at December 31, 2020, utilizing the closing share price on December 31, 2020, the estimated tax obligation associated with the share-based payments transferable to the tax authority on the employee's behalf was $6.9 million. PureTech LLC Incentive Stock Issuance In May 2015 and August 2014, the directors of PureTech Health LLC approved the issuance of shares to the management team, directors and advisors of PureTech Health LLC, subject to vesting restrictions. The share-based awards granted under the 2016 PureTech LLC Incentive Stock Issuance Plan are equity settled and expire 10 years from the grant date. No additional shares will be granted under this compensation arrangement. The fair value of the shares awarded was estimated as of the date of grant. The Company incurred an expense of $0.2 million in share-based payment expense for the year ended December 31, 2018, related to PureTech Health LLC incentive compensation. No share-based payment expense was incurred related to PureTech Health LLC incentive compensation for the years ended December 31, 2020, and 2019, respectively. As of December 31, 2020, all shares related to the pre-IPO incentive compensation plan had fully vested. Subsidiary Plans Certain subsidiaries of the Group have adopted stock option plans. A summary of stock option activity by number of shares in these subsidiaries is presented in the following table: Outstanding as of January 1, 2020 Granted During the Year Exercised During the Year Expired During the Year Forfeited During the Year Outstanding as of December 31, 2020 Alivio 3,698,244 189,924 — — — 3,888,168 Entrega 972,000 — — — (10,000) 962,000 Follica 1,309,040 — — — — 1,309,040 Sonde 1,829,004 363,830 — — — 2,192,834 Vedanta 1,450,100 493,951 (813) — (201,350) 1,741,888 Outstanding as of January 1, 2019 Granted During the Year Exercised During the Year Expired During the Year Forfeited During the Year Outstanding as of December 31, 2019 Gelesis 3,681,732 — — (110,386) (3,571,346)¹ — Alivio 2,393,750 1,329,494 (3,125) — (21,875) 3,698,244 PureTech LYT 2,180,000 — — — (2,180,000)² — Commense 540,416 — — — (540,416) — Entrega 914,000 58,000 — — — 972,000 Follica 1,229,452 79,588 — — — 1,309,040 Karuna 1,949,927 — — — (1,949,927)¹ — Sonde 22,500 1,806,504 — — — 1,829,004 Vedanta 1,373,750 154,193 — — (77,843) 1,450,100 1 These shares represent the options outstanding on the date of deconsolidation of Karuna and Gelesis. 2 These shares represent the options outstanding on the date of exchange to PureTech stock options. Outstanding as of January 1, 2018 Granted During the Year Exercised During the Year Expired During the Year Forfeited During the Year Outstanding as of December 31, 2018 Gelesis 2,728,232 953,500 — — — 3,681,732 Alivio 2,393,750 — — — — 2,393,750 Akili 2,385,355 — — — (2,385,355)¹ — PureTech LYT — 2,180,000 — — — 2,180,000 Commense 418,750 121,666 — — — 540,416 Entrega 867,750 60,000 — (3,750) (10,000) 914,000 Follica 1,271,302 — — (41,850) — 1,229,452 Karuna 855,427 1,111,000 — (4,125) (12,375) 1,949,927 Knode 32,500 — — (32,500) — — Sonde 35,000 — — (6,250) (6,250) 22,500 Tal 1,663,806 — — (30,250) (2,750) 1,630,806 The Sync Project 1,080,000 — — — (1,080,000) — Vedanta 1,194,014 278,786 — (24,800) (74,250) 1,373,750 1 These shares represent the options outstanding on the date of Akili’s deconsolidation. The weighted-average exercise prices and remaining contractual life for the options outstanding as of December 31, 2020 were as follows: Outstanding at December 31, 2020 Number of options Weighted-average exercise price $ Weighted-average contractual life outstanding Alivio 3,888,168 0.21 7.65 Entrega 962,000 0.70 2.80 Follica 1,309,040 0.89 6.29 Sonde 2,192,834 0.19 8.76 Vedanta 1,741,888 7.48 6.15 The weighted average exercise prices for the options granted for the years ended December 31, 2020, 2019 and 2018 were as follows: For the years ended December 31, 2020 $ 2019 $ 2018 $ Alivio 0.47 0.49 — PureTech LYT — — 0.03 Commense — — 1.34 Entrega — — 1.95 Follica — 0.03 — Karuna — — 9.42 Sonde 0.18 0.20 — Vedanta 19.59 19.13 14.66 The weighted average exercise prices for options forfeited during the year ended December 31, 2020 were as follows: Forfeited during the year ended December 31, 2020 Number of options Weighted-average exercise price $ Vedanta 201,350 16.03 The weighted average exercise prices for options exercisable as of December 31, 2020 were as follows: Exercisable at December 31, Number of Options Weighted-average exercise price $ Exercise Price Range Alivio 3,888,168 0.04 0.03-0.49 Entrega 918,164 0.64 0.03-2.36 Follica 1,273,326 0.89 0.03-1.40 Sonde 774,238 0.20 0.13-0.20 Vedanta 1,119,289 11.64 0.02-19.94 Significant Subsidiary Plans Vedanta 2010 Stock Incentive Plan In 2010, the Board of Directors for Vedanta approved the 2010 Stock Incentive Plan (the “Vedanta Plan”). Through subsequent amendments, as of December 31, 2020, it allowed for the issuance of 2,145,867 share-based compensation awards through incentive share options, nonqualified share options, and restricted shares to employees, directors, and nonemployees providing services to Vedanta. At December 31, 2020, 178,929 shares remained available for issuance under the Vedanta Plan. The options granted under Vedanta Plan are equity settled and expire 10 years from the grant date. Typically, the awards vest in four years but vesting conditions can vary based on the discretion of Vedanta’s Board of Directors. Options granted under the Vedanta Plan are exercisable at a price per share not less than the fair market value of the underlying ordinary shares on the date of grant. The estimated fair value of options, including the effect of estimated forfeitures, is recognized over the options’ vesting period. The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following range of assumptions: Assumption/Input 2020 2019 2018 Expected award life (in years) 6.00-10.00 5.86-6.07 6.03-6.16 Expected award price volatility 89.24%-95.46% 89.24%-95.46% 91.60%-92.56% Risk free interest rate 0.32%-0.87% 1.73%-1.88% 2.65%-2.78% Expected dividend yield — — — Grant date fair value $13.09-$16.54 $14.12-$15.61 $11.21-$11.26 Share price at grant date $19.59 $18.71-$19.94 $14.66 Vedanta incurred share-based compensation expense of $2.4 million, $1.7 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Gelesis 2016 Stock Incentive Plan In September 2016, the Directors of Gelesis approved the 2016 Stock Incentive Plan (the “2016 Gelesis Plan”) which provides for the grant of incentive stock options, nonqualified stock options, and restricted stock to employees, directors, and nonemployees providing services to Gelesis. At 30 June 2019, 329,559 shares remained available for issuance under the Gelesis Plan. The options granted under the 2016 Gelesis Plan are equity settled and expire 10 years from the grant date. Typically, the awards vest in four years but vesting conditions can vary based on the discretion of Gelesis Board of Directors. Options granted under the 2016 Gelesis Plan are exercisable at a price per share not less than the fair market value of the underlying ordinary shares on the date of grant. The estimated fair value of options, including the effect of estimated forfeitures, is recognized over the options’ vesting period. The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Assumption/Input 2020 2019 2018 Expected award life (in years) — 0 6.22 Expected award price volatility — % — % 64.58 % Risk free interest rate — % — % 2.79 % Expected dividend yield — — — Grant date fair value $— $— $7.84 Share price at grant date $— $— $12.82 Gelesis used an average historical share price volatility based on an analysis of reported data for a peer group of comparable companies which were selected based upon industry similarities. As there is not sufficient historical share exercise data to calculate the expected term of the options, Gelesis elected to use the “simplified” method for all options granted at the money to value share option grants. Under this approach, the weighted average expected life is presumed to be the average of the vesting term and the contractual term of the option. Gelesis incurred share-based compensation expense of $2.4 million for the six month period prior to deconsolidation ended June 30, 2019 and $3.9 million for the year ended December 31, 2018. Karuna Pharmaceuticals, Inc. 2009 Stock Incentive Plan In 2009, the Board of Directors for Karuna Pharmaceuticals, Inc. approved the 2009 Stock Incentive Plan (the “Karuna 2009 Plan”). It allowed for the issuance of 1,000,000 share-based compensation awards through stock options, restricted stock units and other stock-based awards under the Karuna 2009 Plan to employees, officers, directors, consultants and advisors of Karuna. At 15 March 2019, 106,865 shares remained available for issuance under the Karuna 2009 Plan. The options granted under the Karuna 2009 Plan are equity settled and expire 10 years from the grant date. Typically, the awards vest in four years but vesting conditions can vary based on the discretion of Karuna’s Board of Directors. Options granted under the Karuna 2009 Plan are exercisable at a price per share not less than the fair market value of the underlying ordinary shares on the date of grant. The estimated fair value of options, including the effect of estimated forfeitures, is recognized over the options’ vesting period. The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Assumption/Input 2020 2019 2018 Expected award life (in years) — 0 6.07 Expected award price volatility — % — % 50.28 % Risk free interest rate — % — % 1.95 % Expected dividend yield — — — Grant date fair value $— $— $3.51 Share price at grant date $— $— $7.08 Karuna incurred share-based compensation expense of $1.2 million for the period prior to deconsolidation ended March 15, 2019 and $1.9 million for the years ended December 31, 2018. Other Plans |
Finance Cost Net
Finance Cost Net | 12 Months Ended |
Dec. 31, 2020 | |
Finance Cost Net [Abstract] | |
Finance Cost, net | Finance Cost, net The following table shows the breakdown of finance income and costs: 2020 $000s 2019 $000s 2018 $000s For the year ended December 31 Finance income Interest from financial assets not at fair value through profit or loss 1,183 4,362 3,358 Total finance income 1,183 4,362 3,358 Finance costs Contractual interest expense on notes payable (96) (149) (388) Interest expense on other borrowings (496) — (4) Interest expense on lease liability (2,354) (2,495) — Gain on forgiveness of debt — — 289 Gain/(loss) on foreign currency exchange — 68 137 Total finance income/(costs) – contractual (2,946) (2,576) 34 Gain/(loss) from change in fair value of warrant liability (117) (11,890) 82 Gain/(loss) from change in fair value of preferred shares and convertible notes (4,234) (34,585) 22,549 Total finance income/(costs) – fair value accounting (4,351) (46,475) 22,631 Total finance income/(costs) – subsidiary preferred shares — (1,458) (106) Total finance income/(costs) (4,351) (47,933) 22,525 Finance income/(costs), net (6,115) (46,147) 25,917 |
Earnings_(Loss) per Share
Earnings/(Loss) per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Earnings/(Loss) per Share | Earnings/(Loss) per Share The basic and diluted loss per share has been calculated by dividing the income/(loss) for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the years ended December 31, 2020, 2019 and 2018, respectively. Earnings/(Loss) Attributable to Owners of the Company: 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Income/(loss) for the year, attributable to the owners of the Company 5,985 5,985 421,144 421,144 (43,654) (43,654) Income/(loss) attributable to ordinary shareholders 5,985 5,985 421,144 421,144 (43,654) (43,654) Weighted-Average Number of Ordinary Shares: 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Issued ordinary shares at January 1, 285,370,619 285,370,619 282,493,867 282,493,867 236,897,579 236,897,579 Effect of shares issued 233,048 233,048 932,600 932,600 36,950,688 36,950,688 Effect of dilutive shares (please refer to Note 8) — 7,252,246 — 8,355,866 — — Weighted average number of ordinary shareholders at December 31, 285,603,667 292,855,913 283,426,467 291,782,333 273,848,267 273,848,267 Earnings/(Loss) per Share: 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Basic and diluted earnings/(loss) per share 0.02 0.02 1.49 1.44 (0.16) (0.16) |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Property and Equipment | Property and Equipment Cost Laboratory and Manufacturing Equipment Furniture and Computer Equipment and Leasehold Improvements Construction in Total Balance as of January 1, 2019 7,306 488 1,431 4,924 239 14,388 Additions, net of transfers 3,374 1,126 175 13,494 4,649 22,818 Disposals (183) (168) (9) (45) — (405) Deconsolidation of subsidiaries (3,076) — (137) (754) (4,190) (8,157) Reclassifications (25) 6 48 36 (76) (11) Exchange differences (11) — — 1 24 14 Balance as of December 31, 2019 7,385 1,452 1,508 17,656 646 28,647 Additions, net of transfers 1,536 — 51 399 3,347 5,332 Disposals (642) — (40) — — (682) Reclassifications 141 — — — (141) — Balance as of December 31, 2020 8,420 1,452 1,519 18,054 3,852 33,297 Accumulated depreciation and impairment loss Laboratory and Manufacturing Equipment Furniture and Computer Equipment and Leasehold Improvements Construction in Total Balance as of January 1, 2018 (2,360) (175) (534) (807) — (3,876) Depreciation (1,032) (60) (296) (1,088) (2,476) Disposals 114 2 74 20 — 210 Deconsolidation of subsidiaries — — — — — Reclassifications — — — — — — Exchange differences 56 — — 21 — 77 Balance as of January 1, 2019 (3,222) (233) (756) (1,854) — (6,065) Depreciation (1,328) (144) (312) (1,448) — (3,232) Disposals 102 138 5 20 — 265 Deconsolidation of subsidiaries 1,457 — 53 319 — 1,829 Reclassifications 15 — (20) 6 — 1 Exchange differences 8 — — 2 — 10 Balance as of December 31, 2019 (2,968) (239) (1,030) (2,955) — (7,192) Depreciation (1,572) (215) (297) (1,860) — (3,944) Disposals 576 — 40 — — 616 Balance as of December 31, 2020 (3,965) (454) (1,287) (4,815) — (10,520) Property and Equipment, net Laboratory and Manufacturing Equipment Furniture and Computer Equipment and Leasehold Improvements Construction in Total Balance as of December 31, 2019 4,417 1,213 478 14,701 646 21,455 Balance as of December 31, 2020 4,456 998 232 13,239 3,852 22,777 Depreciation of property and equipment is included in the General and administrative expenses and Research and development expenses line items in the Consolidated Statements of Comprehensive Income/(Loss). The Company recorded depreciation expense of $3.9 million, $3.2 million and $2.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of licenses of intellectual property acquired by the Group through various agreements with third parties and are recorded at the value of the consideration transferred. Information regarding the cost and accumulated amortization of intangible assets is as follows: Cost Licenses Balance as of January 1, 2019 5,067 Additions 400 Deconsolidation of subsidiary (4,842) Balance as of December 31, 2019 625 Additions 275 Balance as of December 31, 2020 900 Accumulated amortization Licenses Balance as of January 1, 2019 (1,987) Amortization (117) Deconsolidation of subsidiary 2,104 Balance as of December 31, 2019 — Amortization (1) Balance as of December 31, 2020 (1) Intangible assets, net Licenses Balance as of December 31, 2019 625 Balance as of December 31, 2020 899 These intangible asset licenses represent in-process-research-and-development assets since they are still being developed and are not ready for their intended use. As such, these assets are not yet amortized but tested for impairment annually. The Company tested such assets for impairment as of balance sheet date and concluded that none were impaired. During the year ended December 31, 2019, Vor, Karuna and Gelesis were deconsolidated and as such $2.7 million in net assets were derecognized. Amortization expense was included in the Research and development expenses line item in the accompanying Consolidated Statements of Comprehensive Income/(Loss). Amortization expense, recorded using the straight-line method, was approximately $0.0 million, $0.1 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Financial Assets [Abstract] | |
Other Financial Assets | Other Financial Assets Other financial assets consist of restricted cash held, which represents amounts that are reserved as collateral against letters of credit with a bank that are issued for the benefit of a landlord in lieu of a security deposit for office space leased by the Group. Information regarding restricted cash was as follows: 2020 $000s 2019 $000s As of December 31, Restricted cash 2,124 2,124 Total other financial assets 2,124 2,124 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
Equity | Equity Total equity for PureTech as of December 31, 2020, and 2019 was as follows: December 31, 2020 $000s December 31, 2019 $000s Equity Share capital, £0.01 par value, issued and paid 285,885,025 and 285,370,619 as of December 31, 2020 and 2019, respectively 5,417 5,408 Merger Reserve 138,506 138,506 Share premium 288,978 287,962 Translation reserve 469 — Other reserves (24,050) (18,282) Retained earnings/(accumulated deficit) 260,429 254,444 Equity attributable to owners of the Group 669,748 668,038 Non-controlling interests (16,209) (17,640) Total equity 653,539 650,398 Changes in share capital and share premium relate primarily to incentive options exercises during the period. Shareholders are entitled to vote on all matters submitted to shareholders for a vote. Each ordinary share is entitled to one vote. Each ordinary share is entitled to receive dividends when and if declared by the Company’s Directors. The Company has not declared any dividends in the past. On June 18, 2015, the Company acquired the entire issued share capital of PureTech LLC in return for 159,648,387 Ordinary Shares. This was accounted for as a common control transaction at cost. It was deemed that the share capital was issued in line with movements in share capital as shown prior to the transaction taking place. In addition, the merger reserve records amounts previously recorded as share premium. Other reserves comprise the cumulative credit to share-based payment reserves corresponding to share-based payment expenses recognized through Consolidated Statements of Comprehensive Income/(Loss) as well as other additions that flow directly through equity such as the excess or deficit from changes in ownership of subsidiaries while control is maintained by the Group. |
Subsidiary Preferred Shares
Subsidiary Preferred Shares | 12 Months Ended |
Dec. 31, 2020 | |
Subsidiary Preferred Shares [Abstract] | |
Subsidiary Preferred Shares | Subsidiary Preferred Shares IFRS 9 addresses the classification, measurement, and recognition of financial liabilities. Preferred shares issued by subsidiaries and affiliates often contain redemption and conversion features that are assessed under IFRS 9 in conjunction with the host preferred share instrument.This balance represents subsidiary preferred shares issued to third parties. The subsidiary preferred shares are redeemable upon the occurrence of a contingent event, other than full liquidation of the Company, that is not considered to be within the control of the Company. Therefore these subsidiary preferred shares are classified as liabilities. These liabilities are measured at fair value through profit and loss. The preferred shares are convertible into ordinary shares of the subsidiaries at the option of the holder and mandatorily convertible into ordinary shares upon a subsidiary listing in a public market at a price above that specified in the subsidiary’s charter or upon the vote of the holders of subsidiary preferred shares specified in the charter. Under certain scenarios the number of ordinary shares receivable on conversion will change and therefore, the number of shares that will be issued is not fixed. As such the conversion feature is considered to be an embedded derivative that normally would require bifurcation. However, since the preferred share liabilities are measured at fair value through profit and loss no bifurcation is required. The preferred shares are entitled to vote with holders of common shares on an as converted basis. The Group recognizes the preferred share balance upon the receipt of cash financing or upon the conversion of notes into preferred shares at the amount received or carrying balance of any notes and derivatives converted into preferred shares. The balance as of December 31, 2020 and 2019 represents the fair value of the instruments for all subsidiary preferred shares. The following summarizes the subsidiary preferred share balance: 2020 $000s 2019 $000s As of December 31, Entrega 1,291 3,222 Follica 12,792 11,663 Sonde 12,821 7,212 Vedanta Biosciences 92,068 78,892 Total subsidiary preferred share balance 118,972 100,989 As is customary, in the event of any voluntary or involuntary liquidation, dissolution or winding up of a subsidiary, the holders of subsidiary preferred shares which are outstanding shall be entitled to be paid out of the assets of the subsidiary available for distribution to shareholders and before any payment shall be made to holders of ordinary shares. A merger, acquisition, sale of voting control or other transaction of a subsidiary in which the shareholders of the subsidiary immediately before the transaction do not own a majority of the outstanding shares of the surviving company shall be deemed to be a liquidation event. Additionally, a sale, lease, transfer or other disposition of all or substantially all of the assets of the subsidiary shall also be deemed a liquidation event. As of December 31, 2020 and 2019, the minimum liquidation preference reflects the amounts that would be payable to the subsidiary preferred holders upon a liquidation event of the subsidiaries, which is as follows: 2020 $000s 2019 $000s As of December 31, Entrega 2,216 2,216 Follica 6,405 6,405 Sonde 12,000 7,250 Vedanta Biosciences 86,161 77,161 Total minimum liquidation preference 106,782 93,032 For the years ended December 31, 2020 and 2019 the Group recognized the following changes in the value of subsidiary preferred shares: $000s Balance as of January 1, 2019 217,519 Adjustment to preferred shares due to adoption of IFRS 9 — Issuance of new preferred shares 51,048 Conversion of convertible notes 4,894 Increase in value of preferred shares measured at fair value 33,636 Finance costs 1,458 Deconsolidation of subsidiary (207,346) Other (108) Cash Distribution (112) Balance as December 31, 2019 and January 1, 2020 100,989 Issuance of new preferred shares 13,750 Increase in value of preferred shares measured at fair value 4,234 Balance as December 31, 2020 118,972 2020 In January 2020 and April 2020, Sonde Health issued and sold shares of Series A-2 preferred shares for aggregate proceeds of $4.8 million, of which none was contributed by PureTech. In April 2020 and July 2020, Vedanta issued and sold shares of Series C-2 preferred shares for aggregate proceeds of $9.0 million, of which none was contributed by PureTech. 2019 On March 15, 2019, Karuna was deconsolidated. As of deconsolidation, the fair value of Karuna’s preferred share liability was $31.7 million. On April 4, 2019, Sonde Health issued and sold shares of Series A-2 preferred shares for aggregate proceeds of $11.1 million, of which $5.3 million was contributed by outside investors. Approximately $5.8 million of outstanding principal and interest on convertible promissory notes issued by Sonde to PureTech converted into Series A-2 preferred shares in this financing in accordance with their terms. On August 29, 2019, Sonde sold an additional 1,052,632 shares of its Series A-2 preferred shares for aggregate proceeds of $2.0 million. It has been determined that these shares are liability classified and contain a liability classified embedded derivative. This embedded derivative is a conversion feature which can result in settlement in a variable number of shares. The instrument is not bifurcated and is measured in whole at fair value through the profit and loss. In April 2019, Gelesis completed further closings of its Series 2 Growth financing issuing 799,894 shares for proceeds of $10.2 million, of which $8.6 million was contributed by outside investors and $1.7 million was contributed by PureTech. In March and May 2019, Vedanta completed a second and third closing of its Series C preferred shares financing for aggregate proceeds of $18.7 million. PureTech Health did not participate in either closing. It has been determined that these shares are liability classified and contain a liability classified embedded derivative. This embedded derivative is a conversion feature which can result in settlement in a variable number of shares. The instrument is not bifurcated and is measured in whole at fair value through the profit and loss. On July 1, 2019, Gelesis was deconsolidated. As of deconsolidation, the fair value of Gelesis’ preferred share liability was $175.6 million. On July 19, 2019, all of the outstanding notes, plus accrued interest, issued by Follica converted into 17,639,204 shares of Series A-3 Preferred Shares and 14,200,044 shares of common share pursuant to a Series A-3 Note Conversion Agreement between Follica and the noteholders. Third parties held 2,422,990 A-3 preferred shares following the conversion. It has been determined that these shares are liability classified and contain a liability classified embedded derivative. This embedded derivative is a conversion feature which can result in settlement in a variable number of shares. The instrument is not bifurcated and is measured in whole at fair value through the profit and loss. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Financial Instruments | Financial Instruments The Group’s financial instruments consist of financial liabilities, including preferred shares, convertible notes, warrants and loans payable, as well as financial assets classified as assets held at fair value. Fair Value Process For financial instruments measured at fair value under IFRS 9 the change in the fair value is reflected through profit and loss. Using the guidance in IFRS 13, the total business enterprise value and allocatable equity of each entity within the Group was determined using a discounted cash flow income approach, replacement cost/asset approach, market scenario approach, or market backsolve approach through a recent arm’s length financing round. The approaches, in order of strongest fair value evidence, are detailed as follows: Valuation Method Description Market – Backsolve The market backsolve approach benchmarks the original issue price (OIP) of the company’s latest funding transaction as current value. Market – Scenario The market scenario method is based on guideline transaction prices and multiples of similar public and private companies in initial public offerings and mergers and acquisitions. Income Based – DCF The income approach is used to estimate fair value based on the income streams, such as cash flows or earnings, that an asset or business can be expected to generate. Asset/Cost The asset/cost approach considers reproduction or replacement cost as an indicator of value. During the years ended December 31, 2020 and 2019 at each measurement date, the total fair value of preferred shares, warrants and convertible note instruments, including embedded conversion rights that are not bifurcated, was determined using the following allocation methods: option pricing model (“OPM”), probability-weighted expected return method (“PWERM”) or Hybrid allocation framework. The methods are detailed as follows: Allocation Method Description OPM The OPM model treats preferred stock as call options on the enterprise’s equity value, with exercise prices based on the liquidation preferences of the preferred stock. Current Value The enterprise value determined as of the valuation date is allocated to different classes of security based upon their rights and preferences. Common Stock Equivalent Every share is treated equally and the equity value derived is allocated assuming full conversion of preferred shares into common stock at the applicable conversion rate. PWERM Under a PWERM, share value is based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise, as well as the rights of each share class. Hybrid The hybrid method (“HM”) is a combination of the PWERM and OPM. Under the hybrid method, multiple liquidity scenarios are weighted based on the probability of the scenarios occurrence, similar to the PWERM, while also utilizing the OPM to estimate the allocation of value in one or more of the scenarios. Valuation policies and procedures are regularly monitored by the Company’s finance group. Fair value measurements, including those categorized within Level 3, are prepared and reviewed on their issuance date and then on an annual basis and any third-party valuations are reviewed for reasonableness and compliance with the fair value measurements guidance under IFRS. The Group measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Fair Value Description Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument’s valuation. Whilst the Group considers the methodologies and assumptions adopted in fair value measurements as supportable, reasonable and robust, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investment existed and the differences could be significant. COVID-19 Consideration At December 31, 2020, the Group assessed certain key assumptions within the valuation of its unquoted instruments and considered the impact of the COVID-19 pandemic on all unobservable inputs (Level 3). The assumptions considered with respect to COVID-19 included but were not limited to the following: exit scenarios and timing, discount rates, revenue assumptions as well as volatilities. The Group views any impact of the COVID-19 pandemic on its unquoted instruments as immaterial as of December 31, 2020. Subsidiary Preferred Shares Liability and Subsidiary Convertible Notes The following table summarizes the changes in the Group’s subsidiary preferred shares and convertible note liabilities measured at fair value, which were categorized as Level 3 in the fair value hierarchy: Subsidiary Preferred Shares Subsidiary Convertible Balance at January 1, 2018 215,635 11,343 Value at issuance 54,537 5,824 Conversion 7,930 (7,581) Deconsolidation of preferred shares (36,517) — Change in fair value (24,066) (128) Balance at December 31, 2018 and January 1, 2019 217,519 9,458 Value at issuance 51,048 1,607 Conversion to preferred 4,894 (4,894) Conversion to common — (2,418) Deconsolidation (207,346) (5,017) Change in fair value 33,636 1,389 Finance Costs 1,458 — Other (112) — Cash distribution (108) — Balance at December 31, 2019 and January 1, 2020 100,989 125 Value at issuance 13,750 25,000 Change in fair value 4,234 — Balance at December 31, 2020 118,972 25,125 The change in fair value of preferred shares and convertible notes are recorded in Finance income/(costs) – fair value accounting in the Consolidated Statements of Comprehensive Income/(Loss). The table below sets out information about the significant unobservable inputs used at December 31, 2020 in the fair value measurement of the Group’s material subsidiary preferred shares liabilities categorized as Level 3 in the fair value hierarchy: Fair Value at December 31, 2020 Valuation Technique Unobservable Inputs Weighted Average Sensitivity to Decrease in Input 92,068 Market – Backsolve & Hybrid allocation Estimated time to exit 0.88 Fair value increase Discount rate 30.0% Volatility 95.0% 14,083 Income – DCF & OPM allocation Estimated time to exit 2.89 Fair value increase Discount rate 19.7% Terminal value growth rate (2.8)% Fair value decrease Volatility 56.8% Fair value increase 12,821 Cost Approach & OPM allocation Estimated time to exit 2.00 Fair value increase Discount rate 29.4% Volatility 40.0% Subsidiary Preferred Shares Sensitivity The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s subsidiary preferred shares liabilities, as well as that with respect to the enterprise value of the underlying subsidiary in general (Please refer to Note 15): Input Subsidiary Preferred Share Liability As of December 31, 2020 Sensitivity Range Financial Liability Increase/(Decrease) Subsidiary Enterprise Value -2 % (2,146) +2% 2,194 Time to Liquidity ' -6 Months 5,815 ' +6 Months (5,437) Discount Rate -5 % 12,227 +5% (5,779) Financial Assets Held at Fair Value Karuna Valuation Karuna (Nasdaq: KRTX) is a listed entity on an active exchange and as such the fair value for the year ended December 31, 2020 was calculated utilizing the quoted common share price. Please refer to Note 5 for further details. Akili, Gelesis and Vor Valuation In accordance with IFRS 9, the Company accounts for its preferred share investments in Akili, Gelesis and Vor as financial assets held at fair value through the profit and loss. During the year ended December 31, 2020, the Company recorded its investment at fair value and recognized a gain of $41.3 million that was recorded to the Consolidated Statements of Comprehensive Income/(Loss) on the line item Gain/(loss) on investments held at fair value. The following table summarizes the changes in the Group’s investments held at fair value, which were categorized as Level 3 in the fair value hierarchy: $'000s Balance at January 1, 2018 1,449 Deconsolidation of Akili 70,748 Gain/(Loss) on changes in fair value 12,966 Balance at December 31, 2018 and January 1, 2019 85,163 Deconsolidation of Vor 12,028 Deconsolidation of Karuna 77,373 Deconsolidation of Gelesis 49,170 Reclass of Karuna to Associate (118,006) Gain/(Loss) on changes in fair value 48,867 Issuance of note receivable 6,480 Conversion of note receivable (6,630) Balance at December 31, 2019 and January 1, 2020 154,445 Cash purchase of Gelesis preferred shares (please refer to Note 6) 10,000 Cash purchase of Vor preferred shares 1,150 Gain/(Loss) on changes in fair value 41,297 Balance as of December 31, 2020 before allocation of associate gain/(loss) to long-term interest 206,892 Share of associate loss allocated to long-term interest (please refer to Note 6) (23,006) Balance as of December 31, 2020 after allocation of associate gain/(loss) to long-term interest 183,886 The change in fair value of investments held at fair value are recorded in Gain/(loss) on investments held at fair value in the Consolidated Statements of Comprehensive Income/(Loss). The table below sets out information about the significant unobservable inputs used at December 31, 2020 in the fair value measurement of the Group’s material investments held at fair value categorized as Level 3 in the fair value hierarchy: Fair Value at December 31, 2020 Valuation Technique Unobservable Inputs Weighted Average Sensitivity to Decrease in Input 204,379 Market – Scenario & Hybrid allocation Estimated time to exit 1.73 Fair value increase Exit valuation multiples 2.19 Fair value decrease Discount rate 28.0% Fair value increase Discount for lack of marketability ("DLOM") 10.0% Volatility 65.0% The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s investments held at fair value, as well as that with respect to the enterprise value of the underlying investee in general (Please refer to Note 5): Input Investments Held at Fair Value As of December 31, 2020 Sensitivity Range Financial Asset Increase/ (Decrease) Investee Enterprise Value -2 % (3,915) +2% 3,886 Time to Liquidity ' -6 Months 22,828 ' +6 Months (20,005) Discount Rate -5 % 11,691 +5% (10,689) Warrants Warrants issued by subsidiaries within the Group are classified as liabilities, as they will be settled in a variable number of shares and are not fixed-for-fixed. The following table summarizes the changes in the Group’s subsidiary warrant liabilities, which were categorized as Level 3 in the fair value hierarchy: Subsidiary Warrant Liability Balance at January 1, 2018 13,095 Change in fair value (83) Balance at December 31, 2018 and January 1, 2019 13,012 Warrant Issuance 4,706 Gelesis Deconsolidation (21,611) Change in fair value 11,890 Balance at December 31, 2019 and January 1, 2020 7,997 Warrant Issuance 92 Change in fair value 117 Balance at December 31, 2020 8,206 The change in fair value of warrants are recorded in Finance income/(costs) – fair value accounting in the Consolidated Statements of Comprehensive Income/(Loss). In June 2019, Gelesis amended their existing license and patent agreement with One S.r.l. As a result of the amendment Gelesis issued One S.r.l. a warrant equal to 2.7 percent of as converted shares following the next financing round. The fair value of the warrant was $4.7 million at issuance. On July 1, 2019, Gelesis deconsolidated and warrant liability of $21.6 million relating to Series A-1, A-3, A-4 and One S.r.l. warrants was derecognized. In connection with various amendments to its 2010 Loan and Security Agreement, Follica issued Series A-1 preferred share warrants at various dates in 2013 and 2014. Each of the warrants has an exercise price of $0.14 and a contractual term of ten years from the date of issuance. In 2017, in conjunction with the issuance of convertible notes, the exercise price of the warrants was adjusted to $0.07 per share. The change in the fair value of the subsidiary warrants was recorded in finance costs, net in the Consolidated Statements of Comprehensive Income/(Loss). The $8.2 million warrant liability at December 31, 2020 was largely attributable to the outstanding Follica preferred share warrants. In connection with the September 2, 2020 Oxford Finance LLC loan issuance, Vedanta also issued Oxford Finance LLC 12,886 Series C-2 preferred share warrants with an exercise price of $23.28 per share, expiring September 2030. The table below sets out the weighted average of significant unobservable inputs used at December 31, 2020 with respect to determining the fair value of the Group's warrants categorized as Level 3 in the fair value hierarchy: Assumption/Input Warrants Expected term 2.65 Expected volatility 54.9 % Risk free interest rate 0.1 % Expected dividend yield — % Estimated fair value of the convertible preferred shares $3.09 Exercise price of the warrants $0.27 The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s warrant liabilities: Input Warrant Liability As at December 31 Sensitivity Range Financial Liability Increase/(Decrease) Discount Rate -5 % 7,279 +5% (3,321) Fair Value Measurement and Classification The fair value of financial instruments by category at December 31, 2020 and 2019: 2020 Carrying Amount Fair Value Financial Assets Financial Liabilities Level 1 Level 2 Level 3 Total Financial assets: U.S. treasuries 1 — — — — — — Money Markets 2 394,143 — 394,143 — — 394,143 Investments held at fair value 3 553,167 — 346,275 — 206,892 553,167 Trade and other receivables 4 2,558 — — 2,558 — 2,558 Total financial assets 949,867 — 740,417 2,558 206,892 949,867 Financial liabilities: Subsidiary warrant liability — 8,206 — — 8,206 8,206 Subsidiary preferred shares — 118,972 — — 118,972 118,972 Subsidiary notes payable — 26,455 — 1,330 25,125 26,455 Total financial liabilities — 153,633 — 1,330 152,303 153,633 1 Issued by governments and government agencies, as applicable, all of which are investment grade. 2 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. 3 Balance prior to share of associate loss allocated to long-term interest (please refer to Note 6). 4 Outstanding receivables are owed primarily by corporations and government agencies, virtually all of which are investment grade. 2019 Carrying Amount Fair Value Financial Assets Financial Liabilities Level 1 Level 2 Level 3 Total Financial assets: U.S. treasuries 1 30,088 — 30,088 — — 30,088 Money Markets 2 106,586 — 106,586 — — 106,586 Investments held at fair value 714,905 — 560,460 — 154,445 714,905 Loans and receivables: Trade and other receivables 3 1,977 — — 1,977 — 1,977 Total financial assets 853,556 — 697,134 1,977 154,445 853,556 Financial liabilities: Subsidiary warrant liability — 7,997 — — 7,997 7,997 Subsidiary preferred shares — 100,989 — — 100,989 100,989 Subsidiary notes payable — 1,455 — 1,455 — 1,455 Total financial liabilities — 110,441 — 1,455 108,986 110,441 1 Issued by governments and government agencies, as applicable, all of which are investment grade. 2 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. 3 Outstanding receivables are owed primarily by corporations and government agencies, virtually all of which are investment grade. |
Subsidiary Notes Payable
Subsidiary Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Subsidiary Notes Payable [Abstract] | |
Subsidiary Notes Payable | Subsidiary Notes Payable The subsidiary notes payable are comprised of loans and convertible notes. During the years ended December 31, 2020 and 2019, the financial instruments for Knode and Appeering did not contain embedded derivatives and therefore these instruments continue to be held at amortized cost. The notes payable consist of the following: 2020 $000s 2019 $000s December 31, Loans 1,330 1,330 Convertible notes 25,125 125 Total subsidiary notes payable 26,455 1,455 Loans In October 2010, Follica entered into a loan and security agreement with Lighthouse Capital Partners VI, L.P. The loan is secured by Follica’s assets, including Follica’s intellectual property and bears interest at a rate of 12.0 percent. The outstanding loan balance totaled approximately $1.3 million and $1.3 million as of December 31, 2020 and 2019. The accrued interest on such loan balance is presented as Other current liabilities and totaled approximately $0.5 million and $0.4 million as of December 31, 2020 and 2019, respectively. Convertible Notes Convertible Notes outstanding were as follows: Karuna $000s Follica $000s Vedanta $000s Knode $000s Appeering $000s Total $000s January 1, 2019 2,838 6,495 — 50 75 9,458 Gross principal 1,607 — — — — 1,607 Change in fair value 572 817 — — — 1,389 Conversion to preferred — (4,894) — — — (4,894) Conversion to common — (2,418) — — — (2,418) Deconsolidation (5,017) — — — — (5,017) December 31, 2019 and January 1, 2020 — — — 50 75 125 Gross principal — — 25,000 — — 25,000 Change in fair value — — — — — — December 31, 2020 — — 25,000 50 75 25,125 On March 15, 2019, Karuna was deconsolidated in conjunction with the closing of a Series B Preferred Stock financing and the outstanding convertible note liability of $5.0 million was derecognized. In May 2017 and September 2017, Follica received $0.5 million and $0.6 million, respectively, from an existing third-party investor through the issuance of convertible notes. The notes bore interest at an annual rate of 10.0 percent, matured 30 days after demand by the holder, were convertible into equity upon a qualifying financing event, and required payment of at least five times the outstanding principal and accrued interest upon a change of control transaction. On July 19, 2019, all of the outstanding notes, plus accrued interest, issued by Follica converted into 17,639,204 shares of Series A-3 Preferred Stock and 14,200,044 shares of common shares pursuant to a Series A-3 Note Conversion Agreement between Follica and the noteholders. Third parties held 2,422,990 A-3 preferred shares and 1,981,944 common shares following the conversion. The preferred shares are classified as financial liabilities at fair value through the profit and loss. The common shares are accounted for as Non-controlling interests. See Note 18 for further details on such change in non-controlling interests. On December 30, 2020, Vedanta issued a $25.0 million convertible promissory note to an investor. The note bears interest at an annual rate of 6.0 percent and matures on the first anniversary of the note. Prepayment of the note is not allowed and there is no conversion discount feature on the note. The note mandatorily converts in a Qualified equity financing and a Qualified Public Offering at the current price of the financing or offering, all as defined in the note purchase agreement. In addition, the note allows for optional conversion immediately prior to a Non Qualified public offering, Non Qualified Equity financing, or a Corporate transaction. In the case of a Non qualified financing or a Corporate transaction the note will convert to the preferred shares issued at the time of the last financing round at the price at such financing round. In the event of no conversion prior to a change in control transaction, the note is repaid at one and a half times the outstanding principal plus accrued interest. |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Non-Controlling Interests [Abstract] | |
Non-controlling Interest | Non-Controlling Interest During the year ended December 31, 2019, the Company deconsolidated three of its subsidiaries which resulted in a change to the composition of its reportable segments. The Company has revised in the 2019 financial statements the 2018 financial information to conform to the presentation as of and for the period ending December 31, 2019. Please refer to Note 4 “Segment Information” for further details regarding reportable segments. The following table summarizes the changes in the equity classified non-controlling ownership interest in subsidiaries by reportable segment: Internal $000s Controlled Founded Entities $000s Non-Controlled Founded $000s Parent Company & Other Total Balance at January 1, 2018 (1,484) (18,869) (125,758) 525 (145,586) Share of comprehensive loss (7,315) (10,710) (8,980) — (27,005) Deconsolidation of subsidiary — — 55,168 — 55,168 Equity settled share-based payments — 2,476 6,345 67 8,888 Balance at December 31, 2018 and January 1, 2019 (8,799) (27,103) (73,225) 592 (108,535) Share of comprehensive loss (15,264) (15,862) (23,953) — (55,079) Deconsolidation of subsidiary — — 97,178 — 97,178 Subsidiary note conversion and changes in NCI ownership interest — 23,049 — — 23,049 Equity settled share-based payments — 1,683 — — 1,683 Purchase of minority interest 24,039 — — — 24,039 Other 24 — — 1 25 Balance at December 31, 2019 and January 1, 2020 — (18,233) — 593 (17,640) Share of comprehensive loss — (1,402) — (15) (1,417) Equity settled share-based payments — 2,822 — — 2,822 Other — 30 — (6) 24 Balance as of December 31, 2020 — (16,783) — 573 (16,210) The following tables summarize the financial information related to the Group’s subsidiaries with material non-controlling interests, aggregated for interests in similar entities, and before and after intra group eliminations. 2020 For the year ended December 31 Internal Controlled Founded Entities Non-Controlled Founded Intra-group eliminations $000s Total $000s Statement of Comprehensive Loss Total revenue — 5,224 — 5,224 Income/(loss) for the year — (55,942) — 1,073 (54,869) Other comprehensive income/(loss) — — — — Total comprehensive income/(loss) for the year — (55,942) — 1,073 (54,869) Statement of Financial Position Total assets — 68,346 — (7) 68,339 Total liabilities — 200,430 — (14,621) 185,809 Net assets/(liabilities) — (132,084) — 14,615 (117,470) As of December 31, 2020, Controlled Founded Entities with non-controlling interests primarily include Alivio Therapeutics, Inc., Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc. Ownership interests of the non-controlling interests in Alivio Therapeutics, Inc., Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc are 8.1 percent, 19.9 percent, 4.5 percent and 0.4 percent, respectively. In addition, Non-controlling interests include the amounts recorded for subsidiary stock options, with the vast majority comprising of Vedanta stock options. 2019 For the year ended December 31 Internal Controlled Founded Entities Non-Controlled Founded $000s 1 Statement of Comprehensive Loss Total revenue 6,079 1,968 — Income/(loss) for the year (24,289) (26,250) (47,905) Other comprehensive income/(loss) — — (10) Total comprehensive income/(loss) for the year (24,289) (26,250) (47,915) Statement of Financial Position Total assets 17,614 5,290 — Total liabilities 11,510 50,554 — Net Liabilities 6,104 (45,264) — 1 Non-Controlled Founded Entities non-controlling interest calculation does not include equity method accounting, fair value method accounting or the gain on the deconsolidation of subsidiary related to Vor, Karuna, Gelesis, resTORbio or Akili, which is recorded within PureTech Health, LLC. Please refer to Note 5. 2018 For the year ended December 31 Internal Controlled Founded Entities Non-Controlled Founded $000s 1 Statement of Comprehensive Loss Total revenue 2,195 18,504 20 Income/(loss) for the year (8,454) (26,206) (41,239) Other comprehensive income/(loss) — (214) (214) Total comprehensive income/(loss) for the year (8,454) (26,420) (41,453) 1 Non-Controlled Founded Entities non-controlling interest calculation does not include equity method accounting, fair value method accounting or the gain on the deconsolidation of subsidiary related to resTORbio or Akili, which is recorded within PureTech Health, LLC. Please refer to Note 5. On July 19, 2019 PureTech and a third party investor converted their convertible debt in Follica to Follica Preferred shares (presented as liabilities) and Follica common shares. The amount of convertible debt converted by the third party investor into Follica common shares amounted to $2.4 million (see also Note 16). As a result of the conversion Follica NCI share (in Follica common stock) was reduced from 68 percent to 19.9 percent, which resulted in a reduction in the NCI share in Follica’s shareholders’ deficit of $19.9 million. The excess of the change in the book value of NCI ($19.9 million noted above) over the contribution made by NCI ($2.4 million) amounted to $17.5 million and was recorded as a loss directly in shareholders’ equity. During 2019 a subsidiary of the Company fully funded by the Company ceased its operations and became inactive. This resulted in a change in the NCI share in the subsidiary deficit. As a result the Company recorded a loss directly in equity of $3.1 million. On October 1, 2019, PureTech acquired the remaining 10.0 percent of minority non-controlling interests of PureTech LYT, Inc. (previously named Ariya Therapeutics, Inc.), increasing its ownership from 90.0 percent to 100.0 percent. In consideration for the acquisition of minority interests, PureTech issued 2,126,338 shares of common shares. The fair value of the shares issued in consideration for the minority non-controlling interest amounted to $9.1 million. The carrying amount of the non-controlling interest at the acquisition was a $24.0 million deficit and the excess of the consideration paid over the book value of the non-controlling interest of approximately $33.1 million was recorded directly in shareholders’ equity. |
Trade And Other Payables
Trade And Other Payables | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other payables [abstract] | |
Trade and Other Payables | Trade and Other Payables Information regarding Trade and other payables was as follows: 2020 $000s 2019 $000s As of December 31 Trade payables 8,871 11,098 Accrued expenses 9,090 8,651 Income tax payable 1,260 93 Other 2,606 — Total trade and other payables 21,826 19,842 |
Long-term loan
Long-term loan | 12 Months Ended |
Dec. 31, 2020 | |
Long-term loan [Abstract] | |
Long-term loan | Long-term loan In September 2020, Vedanta entered into a $15.0 million loan and security agreement with Oxford Finance LLC. The loan is secured by Vedanta's assets, including equipment, inventory and intellectual property. The loan bears a floating interest rate of 7.7 percent plus the greater of (i) 30 day U.S. Dollar LIBOR reported in the Wall Street Journal or (ii) 0.17 percent. The loan matures September 2025 and requires interest only payments for the initial 24 months. The loan also carries a Final fee upon full repayment of 7.0 percent of the original principal or $1.1 million. For loan consideration, Vedanta also issued Oxford Finance LLC 12,886 Series C-2 preferred share warrants with an exercise price of $23.28 per share, expiring September 2030. The outstanding loan balance totaled approximately $14.8 million as of December 31, 2020. The following table summarizes long-term loan obligations as at December 31, 2020 and 2019: Long-term loan 2020 $000s 2019 $000s Balance at January 1, — — Net loan proceeds 14,720 — Accrued interest 496 — Interest paid (296) — Reclassification of accrued interest to other current liabilities (102) — Balance at December 31, 14,818 — The following table summarizes Vedanta's principal payments for the long-term loan as of December 31, 2020: Balance Type 2021 2022 2023 2024 2025 Total Principal — 1,491 4,721 5,112 3,676 15,000 Unamortized loan discount and issuance costs — — — — — (182) Total — 1,491 4,721 5,112 3,676 14,818 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The activity related to the Group’s right of use asset and lease liability for the year ended December 31, 2020 and 2019 is as follows: Right of use asset, net 2020 $000s 2019 $000s Balance at January 1, 22,383 10,353 Additions — 19,434 Subleases — (2,580) Depreciation (2,699) (3,237) Adjustments 414 — Deconsolidated — (1,587) Balance at December 31, 20,098 22,383 Total lease liability 2020 $000s 2019 $000s Balance at January 1, 37,843 10,995 Additions — 30,305 Cash paid for rent (principal + interest) (5,263) (4,173) Interest expense 2,354 2,495 Adjustments 414 — Deconsolidated — (1,779) Balance at December 31, 35,348 37,843 The following details the short term and long-term portion of the lease liability as at December 31, 2020 and 2019: Total lease liability 2020 $000s 2019 $000s Short-term Portion of Lease Liability 3,261 2,929 Long-term Portion of Lease Liability 32,088 34,914 Total Lease Liability 35,348 37,843 The following table details the future maturities of the lease liability, showing the undiscounted lease payments to be paid after the reporting date: 2020 $000s Less than one year 5,422 One to two years 5,609 Two to three years 6,275 Three to four years 6,489 Four to five years 5,101 More than five years 16,452 Total undiscounted lease maturities 45,348 Interest 10,000 Total lease liability 35,348 During the year ended December 31, 2019, PureTech entered into a lease agreement for certain premises consisting of approximately 50,858 rentable square feet of space located at 6 Tide Street. The lease commenced on April 26, 2019 (“Commencement Date”) for an initial term consisting of ten years and three months and there is an option to extend for two consecutive periods of five years each. The Company assessed at lease commencement date whether it is reasonably certain to exercise the extension options and deemed such options not reasonably certain to be exercised. The Company will reassess whether it is reasonably certain to exercise the options only if there is a significant event or significant changes in circumstances within its control. On June 26, 2019, PureTech executed a sublease agreement with Gelesis. The lease is for the approximately 9,446 rentable square feet located on the sixth floor of the Company’s former offices at the 501 Boylston Street building. The sublessee obtained possession of the premises on June 1, 2019 and the rent period term began on June 1, 2019 and expires on August 31, 2025. The sublease was determined to be a finance lease and the Group, therefore, derecognized the right of use asset and recognized a lease receivable at inception of the sublease. As of December 31, 2020 the balances related to the sublease were as follows: Total lease receivable $000s Short-term Portion of Lease Receivable 381 Long-term Portion of Lease Receivable 1,700 Total Lease Receivable 2,082 The following table details the future maturities of the lease receivable, showing the undiscounted lease payments to be received after the reporting date: 2020 $000s Less than one year 494 One to two years 504 Two to three years 513 Three to four years 523 Four to five years 353 More than five years — Total undiscounted lease receivable 2,387 Unearned Finance income 305 Net investment in the lease 2,082 On August 6, 2019, PureTech executed a sublease agreement with Dewpoint Therapeutics, Inc. (“Dewpoint”). The sublease is for approximately 11,852 rentable square feet located on the third floor of the 6 Tide Street building, where the Company’s offices are currently located. Dewpoint obtained possession of the premises on September 1, 2019 with a rent period term that began on September 1, 2019 and expires on August 31, 2021. The sublease was determined to be an operating lease. Rental income recognized by the Company during the year ended December 31, 2020 was $1.08 million and is included in the Other income/(expense) line item in the Consolidated Statements of Comprehensive Income/(Loss). The following table details the future payments under the sublease, showing the undiscounted lease payments to be received after the reporting date: 2020 $000s Less than one year 722 Total 722 Total rent expense under the Group's operating leases was approximately $2.5 million during the year ended December 31, 2018. Rent expense is included in the General and administrative expenses line item in the Consolidated Statements of Comprehensive Income/(Loss). |
Capital And Financial Risk Mana
Capital And Financial Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Capital And Financial Risk Management [Abstract] | |
Capital and Financial Risk Management | Capital and Financial Risk Management Capital Risk Management The Group's capital and financial risk management policy is to maintain a strong capital base so as to support its strategic priorities, maintain investor, creditor and market confidence as well as sustain the future development of the business. The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may issue new shares or incur new debt. The Group has some external debt and no material externally imposed capital requirements. The Group’s share capital is clearly set out in Note 14. Management continuously monitors the level of capital deployed and available for deployment in the Internal and Parent segments as well as at Founded Entities. The Directors seek to maintain a balance between the higher returns that might be possible with higher levels of deployed capital and the advantages and security afforded by a sound capital position. The Group’s Directors have overall responsibility for establishment and oversight of the Group's capital and risk management framework. The Group is exposed to certain risks through its normal course of operations. The Group’s main objective in using financial instruments is to promote the development and commercialization of intellectual property through the raising and investing of funds for this purpose. The Group’s policies in calculating the nature, amount and timing of investments are determined by planned future investment activity. Due to the nature of activities and with the aim to maintain the investors’ funds as secure and protected, the Group’s policy is to hold any excess funds in highly liquid and readily available financial instruments and maintain insignificant exposure to other financial risks. COVID-19 In December 2019, illnesses associated with COVID-19 were reported and the virus has since caused widespread and significant disruption to daily life and economies across geographies. The World Health Organization has classified the outbreak as a pandemic. The Group's operations, financial condition and results have not been significantly impacted during the year ended December 31, 2020 as a result of the COVID-19 pandemic. In response to the COVID-19 pandemic, the Group has taken swift action to ensure the safety of employees and other stakeholders. The Group continues to monitor the latest developments regarding the COVID-19 pandemic on business, operations, and financial condition and results, and have made certain assumptions regarding the pandemic for purposes of the Group's operational planning and financial projections, including assumptions regarding the duration and severity of the pandemic and the global macroeconomic impact of the pandemic. Despite careful tracking and planning, however, the Group is unable to accurately predict the extent of the impact of the pandemic on the business, operations, and financial condition and results in future periods due to the uncertainty of future developments. The Group is focused on all aspects of the business and is implementing measures aimed at mitigating issues where possible including by using digital technology to assist operations for R&D and enabling functions. Credit Risk The Group has exposure to the following risks arising from financial instruments: Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents, investments held at fair value and trade and other receivables. The Group held the following balances: 2020 $000s 2019 $000s As of December 31 Cash and cash equivalents 403,881 132,360 Short-term investments — 30,088 Trade and other receivables 2,558 1,977 Total 406,438 164,425 The Group invests its excess cash in U.S. Treasury Bills, U.S. debt obligations and money market accounts, which the Group believes are of high credit quality. Further the Group's cash, cash equivalents and short-term investments are held at diverse, investment-grade financial institutions. The Group assesses the credit quality of customers on an ongoing basis. The credit quality of financial assets that are neither past due nor impaired is assessed by historical and recent payment history, counterparty financial position, reference to credit ratings (if available) or to historical information about counterparty default rates. The Group does not have expected credit losses owing largely to a small number of counterparties and the high credit quality of such counterparties. The aging of trade and other receivables that were not impaired at December 31 is as follows: As of December 31 2020 $000s 2019 $000s Neither past due or impaired 2,558 1,977 Total 2,558 1,977 Liquidity Risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group actively manages its risk of a funds shortage by closely monitoring the maturity of its financial assets and liabilities and projected cash flows from operations, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Due to the nature of these financial liabilities, the funds are available on demand to provide optimal financial flexibility. The table below summarizes the maturity profile of the Group’s financial liabilities, including subsidiary preferred shares that have customary liquidation preferences, as of December 31, 2020 and 2019 based on contractual undiscounted payments: As of December 31 2020 Carrying Amount Within Three Months Three to Twelve Months One to Five Years Total Long-term loan 14,818 296 905 18,780 19,981 Subsidiary notes payable 26,455 1,455 25,000 — 26,455 Trade and other payables 21,826 21,826 — — 21,826 Warrants 2 8,206 8,206 — — 8,206 Subsidiary preferred shares (Note 15) 1 118,972 118,972 — — 118,972 Total 190,278 150,756 25,905 18,780 195,441 As of December 31 2019 Carrying Amount Within Three Months Three to Twelve Months One to Five Years Total Subsidiary notes payable 1,455 1,455 — — 1,455 Trade and other payables 19,842 19,842 — — 19,842 Warrants 2 7,997 7,997 — — 7,997 Subsidiary preferred shares (Note 15) 1 100,989 100,989 — — 100,989 Total 130,283 130,283 — — 130,283 1 Redeemable only upon a liquidation or Deemed liquidation event, as defined in the applicable shareholder documents. 2 Warrants issued by subsidiaries to third parties to purchase preferred shares. Interest Rate Sensitivity As of December 31, 2020, the Group had cash and cash equivalents of $403.9 million. The Group's exposure to interest rate sensitivity is impacted by changes in the underlying U.K. and U.S. bank interest rates. The Group has not entered into investments for trading or speculative purposes. Due to the conservative nature of the Group's investment portfolio, which is predicated on capital preservation and investments in short duration, high-quality U.S. Treasury Bills and U.S. debt obligations and related money market accounts, a change in interest rates would not have a material effect on the fair market value of the Group's portfolio, and therefore the Group does not expect operating results or cash flows to be significantly affected by changes in market interest rates. Controlled Founded Entity Investments The Group maintains investments in certain Controlled Founded Entities. The Group’s investments in Controlled Founded Entities are eliminated as intercompany transactions upon financial consolidation. The Group is however exposed to a preferred share liability owing to the terms of existing preferred shares and the ownership of Controlled Founded Entities preferred shares by third parties. As discussed in Note 15, certain of the Group’s subsidiaries have issued preferred shares that include the right to receive a payment in the event of any voluntary or involuntary liquidation, dissolution or winding up of a subsidiary, which shall be paid out of the assets of the subsidiary available for distribution to shareholders and before any payment shall be made to holders of ordinary shares. The liability of preferred shares is maintained at fair value through the profit and loss. The Group’s strong cash position, budgeting and forecasting processes, as well as decision making and risk mitigation framework enable the Group to robustly monitor and support the business activities of the Controlled Founded Entities to ensure no exposure to credit losses and ultimately dissolution or liquidation. Accordingly, the Group views exposure to 3rd party preferred share liability as low. Please refer to Notes 15 and 16 for further information regarding the Group's exposure to Controlled Founded Entity Investments. Non-Controlled Founded Entity Investments The Group maintains certain investments in Non-Controlled Founded Entities which are deemed either as investments and accounted for as investments held at fair value or associates and accounted for under the equity method (please refer to Note 1). The Group's exposure to investments held at fair value is $530.2 million as of December 31, 2020 and the Group may or may not be able to realize the value in the future. Accordingly, the Group views the risk as high. The Group’s exposure to investments in associates is limited to the carrying amount of the investment in an Associate. The Group is not exposed to further contractual obligations or contingent liabilities beyond the value of initial investment. As of December 31, 2020, Gelesis was the only associate. The carrying amount of the investment in Gelesis as an associate was zero. Accordingly, the Group does not view this as a risk. Please refer to Notes 5,6 and 16 for further information regarding the Group's exposure to Non-Controlled Founded Entity Investments. Equity Price Risk As of December 31, 2020, the Group held 3,406,564 common shares of Karuna. The fair value of the Group's investment in the common stock of Karuna was $346.1 million . The investment in Karuna is exposed to fluctuations in the market price of these common shares. The effect of a 10.0 percent adverse change in the market price of Karuna common shares as of December 31, 2020 would have been a loss of approximately $34.6 million recognized as a component of Other income (expense) in the Consolidated Statements of Comprehensive Income/(Loss). Foreign Exchange Risk The Group maintains consolidated financial statements in the Group's functional currency, which is the U.S. dollar. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. Such foreign currency gains or losses were not material for all reported periods. See Note 9. The Group recorded foreign currency losses in respect of foreign operations of $0.5 million, $0.0 million and $0.2 million for the periods ended December 31, 2020, December 31, 2019, and December 31, 2018, respectively, which are included within Other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Income/(Loss). |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Group is party to certain licensing agreements where the Company is licensing IP from third parties. In consideration for such licenses the Group has made upfront payments and may be required to make additional contingent payments based on developmental and sales milestones and/or royalty on future sales. As of December 31, 2020 these milestone events have not yet occurred and therefore the Company does not have a present obligation to make the related payments in respect of the licenses. Many of these milestone events are remote of occurring. As of December 31, 2020 payments in respect of developmental milestones that are dependent on events that are outside the control of the company but are reasonably possible to occur amounted to approximately $5.3 million. These milestone amounts represent an aggregate of multiple milestone payments depending on different milestone events in multiple agreements. The probability that all such milestone events will occur in the aggregate is remote. Payments made to license IP represent the acquisition cost of intangible assets. See Note 12. The Company is party to certain sponsored research arrangements as well as arrangements with contract manufacturing and contract research organizations, whereby the counterparty provides the Company with research and/or manufacturing services. As of December 31, 2020 the noncancellable commitments in respect of such contracts amounted to approximately $5.1 million. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
Related Parties Transactions | Related Parties Transactions Related Party Subleases During 2019, PureTech executed sublease agreements with a related party Gelesis. Please refer to Note 21 for further details regarding the sublease. Key Management Personnel Compensation Key management includes executive directors and members of the executive management team of the Group. The key management personnel compensation of the Group was as follows for the years ended December 31: 2020 $000s 2019 $000s 2018 $000s As of December 31 Short-term employee benefits 4,833 5,543 3,998 Share-based payments 5,822 2,774 3,062 Total 10,656 8,317 7,060 Short-term employee benefits include salaries, health care and other non-cash benefits. Share-based payments are generally subject to vesting terms over future periods. Convertible Notes Issued to Directors Certain members of the Group have invested in convertible notes issued by the Group’s subsidiaries. As of December 31, 2020, 2019 and 2018, the outstanding related party notes payable totaled $89 thousand, $84 thousand and $79 thousand, respectively, including principal and interest. The notes issued to related parties bear interest rates, maturity dates, discounts and other contractual terms that are the same as those issued to outside investors during the same issuances, as described in Note 17. Directors’ and Senior Managers’ Shareholdings and Share Incentive Awards The Directors and senior managers hold beneficial interests in shares in the following businesses and sourcing companies as at December 31, 2020: Business Name (Share Class) Number of shares held as of December 31, 2020 Number of options held as of December 31, 2020 Ownership Directors: Ms Daphne Zohar² Gelesis (Common) 59,443 1,339,114 5.10 % Dame Marjorie Scardino — — — — % Kiran Mazumdar-Shaw — — — — % Dr Robert Langer Entrega (Common) — 332,500 4.24 % Alivio (Common) — 1,575,000 6.14 % Dr Raju Kucherlapati Enlight (Class B Common) — 30,000 3.00 % Gelesis (Common) — 20,000 0.10 % Dr John LaMattina 4 Akili (Series A-2 Preferred) 37,372 — 0.15 % Akili (Series C Preferred) 11,755 — 0.05 % Gelesis (Common) 4 51,070 — 0.20 % Gelesis (Common) 5 — 83,050 0.30 % Gelesis (Series A-1 Preferred) 4 49,253 — 0.20 % Vedanta Biosciences (Common) — 25,000 0.22 % Mr Christopher Viehbacher — — — — % Mr Stephen Muniz Gelesis (Common) 5 — 20,000 0.10 % Senior Managers: Dr Bharatt Chowrira Karuna (Common) 5 10,000 — 0.04 % Dr Eric Elenko — — — — % Dr Joep Muijrers — — — — % Dr. George Farmer — — — — % Dr Joseph Bolen Vor (Common) — 125,000 0.04 % 1 Ownership interests as of December 31, 2020 are calculated on a diluted basis, including issued and outstanding shares, warrants and options (and written commitments to issue options) but excluding unallocated shares authorized to be issued pursuant to equity incentive plans and any shares issuable upon conversion of outstanding convertible promissory notes. 2 Common shares and options held by Yishai Zohar, who is the husband of Ms. Zohar. Ms. Zohar does not have any direct interest in the share capital of Gelesis. Ms Zohar recuses herself from any and all material decisions with regard to Gelesis. 3 Shares held through Dr Bennett Shapiro and Ms Fredericka F. Shapiro, Joint Tenants with Right of Survivorship. 4 Dr John and Ms Mary LaMattina hold 50,540 shares of common shares and 49,524 shares of Series A-1 preferred shares in Gelesis. Individually, Dr LaMattina holds 530 shares of Gelesis and convertible notes issued by Appeering in the aggregate principal amount of $50,000. 5 Options to purchase the listed shares were granted in connection with the service on such founded entity’s Board of Directors and any value realized therefrom shall be assigned to PureTech Health, LLC. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Taxation [Abstract] | |
Taxation | Taxation Tax on the profit or loss for the year comprises current and deferred income tax. Tax is recognized in the Consolidated Statements of Comprehensive Income/(Loss) except to the extent that it relates to items recognized directly in equity. For the years ended December 31, 2020, 2019 and 2018, the Group filed a consolidated U.S. federal income tax return which included all subsidiaries in which the Company owned greater than 80 percent of the vote and value. For the years ended December 31, 2020, 2019 and 2018, the Group filed certain consolidated state income tax returns which included all subsidiaries in which the Company owned greater than 50 percent of the vote and value. The remaining subsidiaries file separate U.S. tax returns. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized due to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred taxes are recognized in Consolidated Statements of Comprehensive Income/(Loss) except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Amounts recognized in Consolidated Statements of Comprehensive Income/(Loss): 2020 $000s 2019 $000s 2018 $000s As of December 31 Income/(loss) for the year 4,568 366,065 (70,659) Income tax expense/(benefit) 14,401 112,409 2,221 Income/(loss) before taxes 18,969 478,474 (68,438) Recognized income tax expense/(benefit): 2020 $000s 2019 $000s 2018 $000s As of December 31 Federal 21,796 — 2 Foreign — — — State — — 496 Total current income tax expense/(benefit) 21,796 — 498 Federal (7,349) 83,776 2,034 Foreign — — (311) State (46) 28,633 — Total deferred income tax expense/(benefit) (7,395) 112,409 1,723 Total income tax expense/(benefit), recognized 14,401 112,409 2,221 The tax expense was $14.4 million, $112.4 million and $2.2 million in 2020, 2019 and 2018 respectively. The decrease in tax expense is primarily the result of the decrease in profit before tax. Reconciliation of Effective Tax Rate The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows: 2020 2019 2018 As of December 31 $000s % $000s % $000s % Weighted-average statutory rate 3,984 21.00 97,183 21.00 (14,372) 21.00 Effects of state tax rate in U.S. 1,844 9.72 22,111 4.78 (3,267) 4.77 R&D and orphan drug tax credits (5,642) (29.74) (6,321) (1.37) (3,268) 4.78 Share-based payment measurement 327 1.73 433 0.09 3,429 (5.01) Mark-to-market adjustments 919 4.84 3,725 0.80 (3,745) 5.47 Transaction Costs 361 1.91 — 0.00 — 0.00 Interest Expense (2,258) (11.91) 1,030 0.22 — 0.00 Executive Compensation 827 4.36 — 0.00 — 0.00 Accretion on preferred shares — 0.00 — 0.00 22 (0.03) Deconsolidation adjustments — 0.00 (13,658) (2.95) 9,688 (14.16) Mark-to-market investment in subsidiary — 0.00 — 0.00 (55) 0.08 Income of partnerships not subject to tax — 0.00 — 0.00 (78) 0.11 Recognition of deferred tax assets not previously recognized — 0.00 (6,251) (1.35) — 0.00 Current year losses for which no deferred tax asset is recognized 13,948 73.53 14,514 3.14 13,012 (19.01) Other 91 0.48 (356) (0.06) 854 (1.25) 14,401 75.92 112,409 24.29 2,221 (3.25) The Company is also subject to taxation in the UK but to date no taxable income has been generated in the UK. Changes in corporate tax rates can change both the current tax expense (benefit) as well as the deferred tax expense (benefit). Deferred Tax Assets and Liabilities Deferred tax assets have been recognized in the U.S. jurisdiction in respect of the following items: 2020 $000s 2019 $000s As of December 31 Operating tax losses 39,901 68,690 Capital loss carryovers — 2,292 Research credits 10,805 9,931 Share-based payments 5,429 9,711 Deferred revenue 358 1,125 Lease Liability 9,657 10,339 Other temporary differences 2,078 2,117 Deferred tax assets 68,228 104,205 Investment in subsidiaries (120,676) (173,069) ROU asset (5,491) (6,115) Fixed assets (3,588) (3,225) Other temporary differences (27) — Deferred tax liabilities (129,782) (182,409) Deferred tax assets (liabilities), net (61,554) (78,204) Deferred tax liabilities, net, recognized 108,626 115,445 Deferred tax assets, net, recognized — (142) Deferred tax assets (liabilities), net, not recognized 47,072 37,099 We have recognized deferred tax assets related to entities in the U.S. Federal and Massachusetts consolidated return groups due to future reversals of existing taxable temporary differences that will be sufficient to recover the net deferred tax assets. Our remaining deferred tax assets have not been recognized because it is not probable that future taxable profits will be available to support their realizability. There was movement in deferred tax recognized, which impacted income tax expense by approximately $7.4 million benefit, primarily related to changes in the value of investments. The Company sold a portion of its stock in Karuna during 2020 and was able to partially offset its gains by using various attributes (i.e. net operating losses, research and development credits, etc.) resulting in current tax expense of $21.8 million. The Company had U.S. federal net operating losses carry forwards (“NOLs”) of approximately $169.7 million, $243.0 million and $238.1 million as of December 31, 2020, 2019 and 2018, respectively, which are available to offset future taxable income. These NOLs expire through 2037 with the exception of $101.9 million which is not subject to expiration. The Company had U.S. Federal research and development tax credits of approximately $3.9 million, $7.4 million and $6.7 million as of December 31, 2020, 2019 and 2018, respectively, which are available to offset future taxes that expire at various dates through 2040. The Company also had Federal Orphan Drug credits of approximately $5.2 million and $3.7 million as of December 31, 2020 and 2019, which are available to offset future taxes that expire at various dates through 2040. A portion of these Federal NOLs and credits can only be used to offset the profits from the Company’s subsidiaries who file separate Federal tax returns. These NOLs and credits are subject to review and possible adjustment by the Internal Revenue Service. The Company had Massachusetts net operating losses carry forwards (“NOLs”) of approximately $67.4 million, $273.0 million and $179.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are available to offset future taxable income. These NOLs expire at various dates beginning in 2030. The Company had Massachusetts research and development tax credits of approximately $2.1 million, $1.6 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are available to offset future taxes and expire at various dates through 2035. These NOLs and credits are subject to review and possible adjustment by the Massachusetts Department of Revenue. Utilization of the NOLs and research and development credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes may limit the amount of NOL and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company notes that a 382 analysis was performed through December 31, 2020. The results of this analysis concluded that certain net operating losses were subject to limitation under Section 382 of the Internal Revenue Code. None of the Company’s tax attributes which are subject to a restrictive Section 382 limitation have been recognized in the financial statements. Uncertain Tax Positions The Company has no uncertain tax positions as of December 31, 2020. U.S. corporations are routinely subject to audit by federal and state tax authorities in the normal course of business. |
Sale of Assets
Sale of Assets | 12 Months Ended |
Dec. 31, 2020 | |
Sale of Assets [Abstract] | |
Sale of Assets | Sale of assets In February 2018, The Sync Project, Inc. (“Sync”) entered into an asset purchase agreement with Bose Corporation for the sale of certain assets and liabilities. The total aggregate purchase price was $4.5 million, consisting of approximately $4.0 million paid at closing and $0.5 million in cash deposited into escrow to be held for 12 months in order to secure the indemnification obligations of Sync after the closing date. PureTech Health derecognized certain assets and liabilities based on their historical costs. The excess of the consideration transferred over the historical costs of the assets and liabilities resulted in a gain of approximately $4.0 million, which was recorded to the line item “Gain/(loss) on disposal of assets” on the accompanying Consolidated Statements Comprehensive Income/(Loss) for the year ended December 31, 2018. |
Tal Merger Agreement
Tal Merger Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Tal Merger Agreement [Abstract] | |
Tal Merger Agreement | Tal Merger Agreement During the year ended December 31, 2018, Tal Medical, Inc. (“Tal”) a subsidiary of the Group entered into an option agreement with a third party, through which the third party was given the option to acquire substantially all of Tal’s assets. The option was contingent on the third party raising gross proceeds of $15.0 million prior to January 1, 2019 (the option expiration date). Upon the expiration of the option all external investors, not including PureTech, would be entitled to a distribution equal to the cash on hand on the date of expiration, and Tal’s operations would wind down. As of December 31, 2018, the minimum gross proceeds were not raised, resulting in the option expiring. As a result, the preferred shares were adjusted to the cash distribution the external investors were entitled to, which totaled $0.1 million, resulting in gain of $11.0 million being recognized in Finance income/(costs) – fair value accounting line of the Consolidated Statements of Comprehensive Income/(Loss) for the year ended December 31, 2018. In 2019 a merger was executed between PureTech and Tal wherein PureTech became the sole shareholder of Tal following the liquidation of all assets. In 2019, certain preferred shareholders received distributions of $0.1 million in connection with the merger. As of December 31, 2019 and 2020 Tal was an inactive entity in the Group’s Parent segment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events after December 31, 2020, the date of issuance of the Consolidated Financial Statements, and has not identified any recordable or disclosable events not otherwise reported in these consolidated financial statements or notes thereto, except for the following: OnJanuary 8, 2021, PureTech participated in the second closing of Vor’s Series B Preferred Share financing. For consideration of $0.5 million, PureTech received 961,538 shares. On February 9, 2021, Vor closed its initial public offering of 9,828,017 shares at a price to the public of $18.00 per share. Subsequent to the closing, PureTech held 3,207,200 shares of Vor common stock, representing 8.6 percent of Vor common stock. On February 9, 2021, PureTech Health sold 1,000,000 common shares of Karuna for aggregate proceeds of $118.0 million. Following the sale PureTech holds 2,406,564 shares of Karuna common stock, representing 8.2 percent of Karuna common stock. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Group are presented as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. The Group financial statements have been approved by the Directors on April 14, 2021 and are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the EU. The Consolidated Financial Statements also comply fully with IFRSs as issued by the International Accounting Standards Board (IASB). IFRSs as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the EU differs in certain respects from IFRS as issued by the IASB. However, the differences have no impact for the periods presented. For presentation of the Consolidated Statements of Comprehensive Income/(Loss), the Company uses a classification based on the function of expenses, rather than based on their nature, as it is more representative of the format used for internal reporting and management purposes and is consistent with international practice. Certain amounts in the Consolidated Financial Statements and accompanying notes may not add due to rounding. All percentages have been calculated using unrounded amounts. |
Basis of Measurement | Basis of Measurement The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: investments held at fair value and liabilities classified as fair value through the profit or loss. Use of Judgments and Estimates In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Significant estimation applied in determining the following: • Financial instruments valuations (Note 16): when estimating the fair value of subsidiary convertible notes and subsidiary preferred shares carried at fair value through profit and loss (FVTPL) and investments held at fair value, at initial recognition and upon subsequent measurement. This includes determining the appropriate valuation methodology and making certain estimates of the future earnings potential of the subsidiary businesses, appropriate discount rate and earnings multiple to be applied, marketability and other industry and company specific risk factors. See Note 16 for the sensitivity analysis for key estimates used in these valuations. • Valuation of share based payments (Note 8): when estimating the fair value of share based payment on grant date. This includes making certain estimates regarding the expected life of the share-based award, share price volatility, risk free interest rate as well as other covariance of comparable public companies and other market data to predict distribution of relative share performance. Significant judgement is also applied in determining the following: • Revenue recognition (Note 3): when determining the correct amount of revenue to be recognized. This includes making certain judgements when determining the appropriate accounting treatment of key customer contract terms in accordance with the applicable accounting standards. In particular, judgement is required to determine the performance obligations in a contract (if promised goods and services are distinct or not) and timing of revenue recognition (on delivery or over a period of time). • Subsidiary preferred shares liability classification (Note 15): when determining the classification of financial instruments in terms of liability or equity. These judgements include an assessment of whether the financial instrument include any embedded derivative features, whether they include contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party, and whether that obligation will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. Further information about these critical judgements and estimates is included below under Financial Instruments. • When the power to control the subsidiaries exists (please refer to Notes 5 and 6 and accounting policy below Subsidiaries). This judgement includes an assessment of whether the Company has (i) power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the investor’s returns. The Company considers among others its voting shares, representation on the board, rights to appoint management, investee dependence on the Company etc. If the power to control investees exists we consolidate the financial statements of such investee in the consolidated financial statements of the Group. Upon issuance of new shares in a subsidiary and a resulting change in any shareholders or governance agreements, the Group reassesses its ability to control the investee based on the revised board composition and revised subsidiary governance and management structure. When such new circumstances result in the Group losing its power to control the investee, the investee is deconsolidated. • Whether the Company has significant influence over financial and operating policies of investees in order to determine if the Company should account for its investment as an associate based on IAS 28 or based on IFRS 9, Financial Instruments (please refer to Note 5). This judgement includes, among others, an assessment whether the Company has representation on the board of directors of the investee, whether the Company participates in the policy making processes of the investee, whether there is any interchange of managerial personnel, whether there is any essential technical information provided to the investee and if there are any transactions between the Company and the investee. • Upon determining that the Company does have significant influence over the financial and operating policies of an investee, if the Company holds more than a single instrument issued by its equity-accounted investee, judgement is required to determine whether the additional instrument forms part of the investment in the associate, which is accounted for under IAS 28 and scoped out of IFRS 9, or it is a separate financial instrument that falls in the scope of IFRS 9 (please refer to Notes 5 and 6). This judgement includes an assessment of the characteristics of the financial instrument of the investee held by the Company and whether such financial instrument provides access to returns underlying an ownership interest. • Where the company has other investments in an equity accounted investee that are not accounted for under IAS 28, judgement is required in determining if such investments constitute Long-Term Interests for the purposes of IAS 28 (please refer to Notes 5 and 6). This determination is based on the individual facts and circumstances and characteristics of each investment, but is driven, among other factors, by the intention and likelihood to settle the instrument through redemption or repayment in the foreseeable future, and whether or not the investment is likely to be converted to common stock or other equity instruments (please also refer to accounting policy with regard to Investments in Associates below). When considering the individual facts and circumstances of the Group’s investment in its associate's preferred stock in the manner described above, including the long-term nature of such investment, the ability of the Group to convert its preferred stock investment to an investment in common shares and the likelihood of such conversion, as well the fact that there is no planned redemption or other settlement of the preferred stock by the investee in the foreseeable future, we concluded that such investment is considered a Long Term Interest. |
Going Concern | As of December 31, 2020 the Group had cash and cash equivalents of $403.9 million. Considering the Group’s and the Company's financial position as of December 31, 2020 and its principal risks and opportunities, a going concern analysis has been prepared for at least the twelve-month period from the date of signing the Consolidated Financial Statements ("the going concern period") utilizing realistic scenarios and applying a severe but plausible downside scenario. Even under the downside scenario, the analysis demonstrates the Group and the Company continue to maintain sufficient liquidity headroom and continues to comply with all financial obligations. On February 9, 2021, the Group sold 1,000,000 common shares of Karuna for aggregate proceeds of $118.0 million, further strengthening the liquidity headroom of the Group. Therefore, the Directors believe the Group and the Company is adequately resourced to continue in operational existence for at least the twelve-month period from the date of signing the Consolidated Financial Statements, irrespective of uncertainty regarding the duration and severity of the COVID-19 pandemic and the global macroeconomic impact of the pandemic. Accordingly, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements and the PureTech Health plc Financial Statements. Basis of consolidation The consolidated financial information as of December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018 comprises an aggregation of financial information of the Company and the consolidated financial information of PureTech Health LLC (“PureTech LLC”). Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. |
Subsidiaries | Subsidiaries As used in these financial statements, the term subsidiaries refers to entities that are controlled by the Group. Financial results of subsidiaries of the Group as of December 31, 2020 are reported within the Internal segment, Controlled Founded Entities segment or the Parent Company and Other segment (please refer to Note 4). Under applicable accounting rules, the Group controls an entity when it is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights and board interest and holding. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. A list of all current and former subsidiaries organized with respect to classification as of December 31, 2020 and the Group’s total voting percentage, based on outstanding voting common and preferred shares as of December 31, 2020, 2019 and 2018, is outlined below. All current subsidiaries are domiciled within the United States and conduct business activities solely within the United States. Voting percentage at December 31, through the holdings in 2020 2019 2018 Subsidiary Common Preferred Common Preferred Common Preferred Subsidiary operating companies Alivio Therapeutics, Inc. 1,2 — 91.9 — 91.9 — 92.0 Entrega, Inc. (indirectly held through Enlight) 1,2 — 83.1 — 83.1 — 83.1 Follica, Incorporated 1,2,5 28.7 56.7 28.7 56.7 4.4 79.2 PureTech LYT (formerly Ariya Therapeutics, Inc.) 8 — 100.0 — 100.0 — 100.0 PureTech LYT-100 — 100.0 — 100.0 — 100.0 PureTech Management, Inc. 3 100.0 — 100.0 — 100.0 — PureTech Health LLC 3 100.0 — 100.0 — 100.0 — Sonde Health, Inc. 1,2 — 51.8 — 64.1 — 96.4 Vedanta Biosciences, Inc. 1,2 — 59.3 — 61.8 — 74.3 Vedanta Biosciences Securities Corp. (indirectly held through Vedanta) 1,2 — 59.3 — 61.8 — 74.3 Deconsolidated former subsidiary operating companies Akili Interactive Labs, Inc. 2,7 — 41.9 — 41.9 — 41.9 Gelesis, Inc. 1,2,9 4.9 20.2 5.7 20.2 7.3 18.4 Karuna Pharmaceuticals, Inc. 1,2,10 12.6 — 28.4 — — 71.0 Vor Biopharma Inc. 1,2,11 — 16.4 — 47.5 — 93.2 Nontrading holding companies Endra Holdings, LLC (held indirectly through Enlight) 2 86.0 — 86.0 — 86.0 — Ensof Holdings, LLC (held indirectly through Enlight) 2 86.0 — 86.0 — 86.0 — PureTech Securities Corp. 2 100.0 — 100.0 — 100.0 — PureTech Securities II Corp. 2 100.0 — — — — — Inactive subsidiaries Appeering, Inc. 2 — 100.0 — 100.0 — 100.0 Commense Inc. 2,6 — 99.1 — 99.1 — 99.1 Enlight Biosciences, LLC 2 86.0 — 86.0 — 86.0 — Ensof Biosystems, Inc. (held indirectly through Enlight) 1,2 57.7 28.3 57.7 28.3 57.7 28.3 Knode Inc. (indirectly held through Enlight) 2 — 86.0 — 86.0 — 86.0 Libra Biosciences, Inc. 2 — 100.0 — 100.0 — 100.0 Mandara Sciences, LLC 2 98.3 — 98.3 — 98.3 — Tal Medical, Inc. 1,2 — 100.0 — 100.0 — 64.5 1 The voting percentage is impacted by preferred shares that are classified as liabilities, which results in the ownership percentage not being the same as the ownership percentage used in allocations to non-controlling interests disclosed in Note 18. The allocation of losses/profits to the noncontrolling interest is based on the holdings of subordinated stock that provide ownership rights in the subsidiaries. The ownership of liability classified preferred shares are quantified in Note 15. 2 Registered address is Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801, USA. 3 Registered address is 2711 Centerville Rd., Suite 400, Wilmington, DE 19808, USA. 4 The Company’s interests in its subsidiaries are predominantly in the form of preferred shares, which have a liquidation preference over the common stock, are convertible into common stock at the holder’s discretion or upon certain liquidity events, are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. In the case of Enlight, Mandara and PureTech Health LLC, the holdings are membership interests in an LLC. The holders of common stock are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. 5 On July 19, 2019, all of the outstanding notes, plus accrued interest, issued by Follica to PureTech converted into 15,216,214 shares of Series A-3 Preferred Shares and 12,777,287 shares of common share pursuant to a Series A-3 Note Conversion Agreement between Follica and the noteholders. Please refer to Note 16. 6 Commense turned inactive during 2019. 7 On May 8, 2018, PureTech lost control of Akili, Akili was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Akili through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Note 5 for further details about the accounting for the investment in Akili subsequent to deconsolidation. 8 On July 18, 2018, Calix Biopharma, Inc., Glyph Biosciences, Inc., and Nybo Therapeutics, Inc. merged into Ariya Therapeutics, Inc. Thus, the Group no longer holds an interest in Calix, Glyph and Nybo but rather owns 100.0 percent voting interest of Ariya. 9 As of December 31, 2018, PureTech maintained control of Gelesis. On July 1, 2019 PureTech lost control of Gelesis and Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Notes 5 and 6 for further details about the accounting for the investments in Gelesis subsequent to deconsolidation. 10 On March 15, 2019, PureTech lost control of Karuna, Karuna was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Karuna through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Note 5 for further details about the accounting for the investment in Karuna subsequent to deconsolidation. 11 On February 12, 2019, PureTech lost control of Vor, Vor was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Vor through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss).See Note 5 for further details about the accounting for the investment in Vor subsequent to deconsolidation. Change in subsidiary ownership and loss of control Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Where the Group loses control of a subsidiary, the assets and liabilities are derecognized along with any related non-controlling interest (“NCI”). Any interest retained in the former subsidiary is measured at fair value when control is lost. Any resulting gain or loss is recognized as profit or loss in the Consolidated Statements of Comprehensive Income/(Loss). |
Associates | Associates As used in these financial statements, the term associates are those entities in which the Group has no control but maintains significant influence over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of an entity, unless it can be clearly demonstrated that this is not the case. The Group evaluates if it maintains significant influence over associates by assessing if the Group has lost the power to participate in the financial and operating policy decisions of the associate. Application of the equity method to associates Associates are accounted for using the equity method (equity accounted investees) and are initially recognized at cost, or if recognized upon deconsolidation they are initially recorded at fair value at the date of deconsolidation. The consolidated financial statements include the Group’s share of the total comprehensive income and equity movements of equity accounted investees, from the date that significant influence commences until the date that significant influence ceases. To the extent the Group holds interests in associates that are not providing access to returns underlying ownership interests, the instrument held by PureTech is accounted for in accordance with IFRS 9 as investments held at fair value. When the Group’s share of losses exceeds its equity method investment in the investee, losses are applied against Long-Term Interests, which are investments accounted for under IFRS 9. Investments are determined to be Long-Term Interests when they are long-term in nature and in substance they form part of the Group's net investment in that associate. This determination is impacted by many factors, among others, whether settlement by the investee through redemption or repayment is planned or likely in the foreseeable future, whether the investment can be converted and/or is likely to be converted to common stock or other equity instrument and other factors regarding the nature of the investment. Whilst this assessment is dependent on many specific facts and circumstances of each investment, typically conversion features whereby the investment is likely to convert to common stock or other equity instruments would point to the investment being a Long-Term Interest. Similarly, where the investment is not planned or likely to be settled through redemption or repayment in the foreseeable future, this would indicate that the investment is a Long-Term Interest. When the net investment in the associate, which includes the Group’s investments in other long-term interests, is reduced to nil, recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. The Group has also adopted the amendments to IAS 28 Investments in Associates that addresses the dual application of IAS 28 and IFRS 9 (see below) when equity method losses are applied against Long-Term Interests (LTI). The amendments provide the annual sequence in which both standards are to be applied in such a case. The Group has applied the equity method losses to the LTIs presented as part of Investments held at fair value subsequent to remeasuring such investments to their fair value at balance sheet date. |
Change in Accounting Policy | Change in Accounting Policy As of January 1, 2019, the Group has adopted new accounting policies for the accounting for leases. See updated accounting policy for leases (IFRS 16) below. |
Financial Instruments | Financial Instruments Classification The Group classifies its financial assets in the following measurement categories: • Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and • Those to be measured at amortized cost. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will are recorded in profit or loss. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. As of balance sheet dates, none of the Company's financial assets are accounted for as FVOCI. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets that are carried at FVTPL are expensed. Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The Group had no debt instruments carried at amortized cost as of balance sheet date. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. |
Financial Assets | Financial Assets The Group’s financial assets consist of cash and cash equivalents, trade and other receivables, debt and equity securities, other deposits and investments in associates’ preferred shares. The Group’s financial assets are classified into the following categories: investments held at fair value, trade and other receivables, short-term investments and cash and cash equivalents. The Group determines the classification of financial assets at initial recognition depending on the purpose for which the financial assets were acquired. Investments held at fair value are investments in equity instruments that are not held for trading. Such investments consist of the Group's minority interest holdings where the Group has no significant influence or preferred share investments in the Group's associates that are not providing access to returns underlying ownership interests. These financial assets are initially measured at fair value and subsequently re-measured at fair value at each reporting date. The Company elects if the gain or loss will be recognized in Other Comprehensive Income/(Loss) or through profit and loss on an instrument by instrument basis. The Company has elected to record the changes in fair values for the financial assets falling under this category through profit and loss. Please refer to Note 5. Short-term investments are short-term government treasury bonds carried at fair value with changes in fair value recorded through profit and loss in financing income. Changes in the fair value of financial assets at FVTPL are recognized in other income/(expense) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable. Trade and other receivables are non-derivative financial assets with fixed and determinable payments that are not quoted on active markets. These financial assets are carried at the amounts expected to be received less any expected lifetime losses. Such losses are determined taking into account previous experience, credit rating and economic stability of counterparty and economic conditions. When a trade receivable is determined to be uncollectible, it is written off against the available provision. Trade and other receivables are included in current assets, unless maturities are greater than 12 months after the end of the reporting period. |
Financial Liabilities | Financial Liabilities The Group’s financial liabilities consist of trade and other payables, subsidiary notes payable, preferred shares, and warrant liability. Warrant liabilities are initially recognized at fair value. After initial recognition, these financial liabilities are re-measured at FVTPL using an appropriate valuation technique. Subsidiary notes payable without embedded derivatives are accounted for at amortized cost. The majority of the Group’s subsidiaries have preferred shares and notes payable with embedded derivatives, which are classified as current liabilities. When the Group has preferred shares and notes with embedded derivatives that qualify for bifurcation, the Group has elected to account for the entire instrument as FVTPL after determining under IFRS 9 that the instrument qualifies to be accounted for under such FVTPL method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. |
Equity Instruments Issued by the Group | Equity Instruments Issued by the Group Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions, in accordance with IAS 32: 1. They include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavorable to the Group; and 2. Where the instrument will or may be settled in the Group’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Group’s own equity instruments or is a derivative that will be settled by the Group exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the financial instrument is classified as a financial liability. Where the instrument so classified takes the legal form of the Group’s own shares, the amounts presented in the financial information for share capital and merger reserve account exclude amounts in relation to those shares. |
IFRS 15, Revenue from Contracts with Customers | IFRS 15, Revenue from Contracts with Customers The standard establishes a five-step principle-based approach for revenue recognition and is based on the concept of recognizing an amount that reflects the consideration for performance obligations only when they are satisfied and the control of goods or services is transferred. The majority of the Group’s contract revenue is generated from licenses and services, some of which are part of collaboration arrangements. Management reviewed contracts where the Group received consideration in order to determine whether or not they should be accounted for in accordance with IFRS 15. To date, PureTech has entered into transactions that generate revenue and meet the scope of either IFRS 15 or IAS 20 Accounting for Government Grants. Contract revenue is recognized at either a point-in-time or over time, depending on the nature of the services and existence of acceptance clauses. The Group accounts for agreements that meet the definition of IFRS 15 by applying the following five step model: • Identify the contract(s) with a customer – A contract with a customer exists when (i) the Group enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to those goods or services, (ii) the contract has commercial substance and, (iii) the Group determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. • Identify the performance obligations in the contract – Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from the Group, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. • Determine the transaction price – The transaction price is determined based on the consideration to which the Group will be entitled in exchange for transferring goods or services to the customer. To the extent the transaction price includes variable consideration, the Group estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Group’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. • Allocate the transaction price to the performance obligations in the contract – If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis. • Recognize revenue when (or as) the Group satisfies a performance obligation – The Group satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer. Revenue generated from services agreements (typically where licenses and related services were combined into one performance obligation) is determined to be recognized over time when it can be determined that the services meet one of the following: (a) the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; (b) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or (c) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. It was determined that the Group has contracts that meet criteria (a), since the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. Therefore revenue is recognized over time using the input method based on costs incurred to date as compared to total contract costs. The Company believes that in research and development service type agreements using costs incurred to date represents the most faithful depiction of the entity’s performance towards complete satisfaction of a performance obligation. Revenue from licenses that are not part of a combined performance obligation are recognized at a point in time due to the licenses relating to intellectual property that has significant stand-alone functionality and as such represent a right to use the entity's intellectual property as it exists at the point in time at which the license is granted. Amounts that are receivable or have been received per contractual terms but have not been recognized as revenue since performance has not yet occurred or has not yet been completed are recorded as deferred revenue. The Company classifies as non-current deferred revenue amounts received for which performance is expected to occur beyond one year or one operating cycle. |
Grant Income | Grant Income The Company recognizes grants from governmental agencies as grant income in the Consolidated Statement of Comprehensive Income/(Loss), gross of the expenditures that were related to obtaining the grant, when there is reasonable assurance that the Company will comply with the conditions within the grant agreement and there is reasonable assurance that payments under the grants will be received. The Company evaluates the conditions of each grant as of each reporting date to ensure that the Company has reasonable assurance of meeting the conditions of each grant arrangement and it is expected that the grant payment will be received as a result of meeting the necessary conditions. The Company submits qualifying expenses for reimbursement after the Company has incurred the research and development expense. The Company records an unbilled receivable upon incurring such expenses. In cases were grant income is received prior to the expenses being incurred or recognized, the amounts received are deferred until the related expense is incurred and/or recognized. Grant income is recognized in the Consolidated Statements of Comprehensive Income/(Loss) over the periods in which the Company recognizes the related reimbursable expense for which the grant is intended to compensate. |
Functional and Presentation Currency | Functional and Presentation Currency These consolidated financial statements are presented in United States dollars (“US dollars”). The functional currency of virtually all members of the Group is the U.S. dollar. The assets and liabilities of a previously held subsidiary were translated to U.S. dollars at the exchange rate prevailing on the balance sheet date and revenues and expenses were translated at the average exchange rate for the period. Foreign exchange differences resulting from the translation of this subsidiary were reported in the Consolidated Statements of Comprehensive Income/(Loss) in Other Comprehensive Income/(Loss). |
Foreign Currency | Foreign Currency Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on remeasurement are recognized in the Consolidated Statement of Comprehensive Income/(Loss) except for qualifying cash flow hedges, which are recognized directly in other comprehensive income. The Company did not have qualifying cash flow hedges during the reported periods. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid instruments with original maturities of three months or less. |
Share Capital | Share Capital Ordinary shares are classified as equity. The Group is comprised of share capital, share premium, merger reserve, other reserve, translation reserve, and accumulated deficit. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Assets under construction represent leasehold improvements and machinery and equipment to be used in operations or research and development activities. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Depreciation is calculated using the straight-line method over the estimated useful life of the related asset: Laboratory and manufacturing equipment 2-8 years Furniture and fixtures 7 years Computer equipment and software 1-5 years Leasehold improvements 5-10 years, or the remaining term of the lease, if shorter Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. |
Intangible Assets | Intangible Assets Intangible assets, which include purchased patents and licenses with finite useful lives, are carried at historical cost less accumulated amortization, if amortization has commenced, and impairment losses. Intangible assets with finite lives are amortized from the time they are available for use. Amortization is calculated using the straight-line method to allocate the costs of patents and licenses over their estimated useful lives. Research and development intangible assets, which are still under development and have accordingly not yet obtained marketing approval, are presented as In-Process Research and Development (IPR&D). IPR&D is not amortized since it is not yet available for its intended use, but it is evaluated for potential impairment on an annual basis or more frequently when facts and circumstances warrant. |
Impairment | Impairment Impairment of Non-Financial Assets The Group reviews the carrying amounts of its property and equipment and intangible assets at each reporting date to determine whether there are indicators of impairment. If any such indicators of impairment exist, then an asset’s recoverable amount is estimated. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. The Company’s IPR&D intangible assets are not yet available for their intended use. As such, they are to be tested for impairment at least annually. An impairment loss is recognized when an asset’s carrying amount exceeds its recoverable amount. For the purposes of impairment testing, assets are grouped at the lowest levels for which there are largely independent cash flows. If a non- financial asset instrument is impaired, an impairment loss is recognized in the Consolidated Statements of Comprehensive Income/(Loss). The Company did not record any impairment of such assets during the reported periods. |
Employee Benefits | Employee Benefits Short-Term Employee Benefits Short-term employee benefit obligations are measured on an undiscounted basis and expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation due to past service provided by the employee, and the obligation can be estimated reliably. Defined Contribution Plans |
Share-based Payments | Share-based Payments Share-based payment arrangements, in which the Group receives goods or services as consideration for its own equity instruments, are accounted for as equity-settled share-based payment transactions in accordance with IFRS 2, regardless of how the equity instruments are obtained by the Group. The grant date fair value of employee share-based payment awards is recognized as an expense with a corresponding increase in equity over the requisite service period related to the awards. The fair value is measured using an option pricing model, which takes into account the terms and conditions of the options granted. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with market conditions, the grant date fair value is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. |
Development Costs | Development Costs Expenditures on research activities are recognized as incurred in the Consolidated Statements of Comprehensive Income/(Loss). In accordance with IAS 38 development costs are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, the Group can demonstrate its ability to use or sell the intangible asset, the Group intends to and has sufficient resources to complete development and to use or sell the asset, and it is able to measure reliably the expenditure attributable to the intangible asset during its development. The point at which technical |
Provisions | Provisions A provision is recognized in the Consolidated Statements of Financial Position when the Group has a present legal or constructive obligation due to a past event that can be reliably measured, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. |
Leases | Leases On January 1, 2019, the Group adopted a new accounting standard for leases. The Group leases real estate and equipment for use in operations. These leases generally have lease terms of 1 to 10 years. The Group includes options that are reasonably certain to be exercised as part of the determination of the lease term. The group determines if an arrangement is a lease at inception of the contract in accordance with guidance detailed in the new standard. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use the Group’s estimated incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The Group’s operating leases are virtually all leases from real estate. When adopting IFRS 16 on January 1, 2019 , the Group has applied a modified retrospective approach by measuring the right-of-use asset at an amount equal to the lease liability at the date of transition and therefore comparative information was not restated. Upon transition, the Group has applied the following practical expedients: • excluding initial direct costs from the right-of-use assets; • using hindsight when assessing the lease term; and • not reassessing whether a contract is or contains a lease; The Group has elected to account for lease payments as an expense on a straight-line basis over the life of the lease for: • Leases with a term of 12 months or less and containing no purchase options; and • Leases where the underlying asset has a value of less than $5,000. The lease liability was initially measured at the present value of the lease payments that were not paid at the transition date, discounted by using the Group's incremental borrowing rate as the rate implicit in the lease was not readily determinable. The right-of-use asset is depreciated on a straight-line basis and the lease liability will give rise to an interest charge. The financial impact of adopting IFRS 16 on the Group was primarily as follows: January 1, 2019 $000s Right of use asset 10,353 Lease liability 10,995 Accumulated deficit 999 Further information regarding the subleases, right of use asset and lease liability can be found in Note 21. |
Finance Income and Finance Costs | Finance Income and Finance Costs Finance income is comprised of income on funds invested in U.S. treasuries, income on money market funds and to a much lesser extent income on a finance lease. Financing income is recognized as it is earned. Finance costs comprise mainly of loan and lease liability interest expenses and the changes in the fair value of warrant and financial liabilities carried at FVTPL. |
Taxation | Taxation Tax on the profit or loss for the year comprises current and deferred income tax. In accordance with IAS 12, tax is recognized in the Consolidated Statements of Comprehensive Income/(Loss) except to the extent that it relates to items recognized directly in equity. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized due to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred taxes are recognized in Consolidated Statements of Comprehensive Income/(Loss) except to the extent that they relate to items recognized directly in equity or in other comprehensive income. |
Fair Value Measurements | Fair Value Measurements The Group’s accounting policies require that certain financial and non-financial assets and certain financial liabilities be measured at their fair value. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. |
Operating Segments | Operating Segments Operating segments are reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The CODM reviews discrete financial information for the operating segments in order to assess their performance and is responsible for making decisions about resources allocated to the segments. The CODM has been identified as the Group’s Directors. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Disclosure of subsidiaries | All current subsidiaries are domiciled within the United States and conduct business activities solely within the United States. Voting percentage at December 31, through the holdings in 2020 2019 2018 Subsidiary Common Preferred Common Preferred Common Preferred Subsidiary operating companies Alivio Therapeutics, Inc. 1,2 — 91.9 — 91.9 — 92.0 Entrega, Inc. (indirectly held through Enlight) 1,2 — 83.1 — 83.1 — 83.1 Follica, Incorporated 1,2,5 28.7 56.7 28.7 56.7 4.4 79.2 PureTech LYT (formerly Ariya Therapeutics, Inc.) 8 — 100.0 — 100.0 — 100.0 PureTech LYT-100 — 100.0 — 100.0 — 100.0 PureTech Management, Inc. 3 100.0 — 100.0 — 100.0 — PureTech Health LLC 3 100.0 — 100.0 — 100.0 — Sonde Health, Inc. 1,2 — 51.8 — 64.1 — 96.4 Vedanta Biosciences, Inc. 1,2 — 59.3 — 61.8 — 74.3 Vedanta Biosciences Securities Corp. (indirectly held through Vedanta) 1,2 — 59.3 — 61.8 — 74.3 Deconsolidated former subsidiary operating companies Akili Interactive Labs, Inc. 2,7 — 41.9 — 41.9 — 41.9 Gelesis, Inc. 1,2,9 4.9 20.2 5.7 20.2 7.3 18.4 Karuna Pharmaceuticals, Inc. 1,2,10 12.6 — 28.4 — — 71.0 Vor Biopharma Inc. 1,2,11 — 16.4 — 47.5 — 93.2 Nontrading holding companies Endra Holdings, LLC (held indirectly through Enlight) 2 86.0 — 86.0 — 86.0 — Ensof Holdings, LLC (held indirectly through Enlight) 2 86.0 — 86.0 — 86.0 — PureTech Securities Corp. 2 100.0 — 100.0 — 100.0 — PureTech Securities II Corp. 2 100.0 — — — — — Inactive subsidiaries Appeering, Inc. 2 — 100.0 — 100.0 — 100.0 Commense Inc. 2,6 — 99.1 — 99.1 — 99.1 Enlight Biosciences, LLC 2 86.0 — 86.0 — 86.0 — Ensof Biosystems, Inc. (held indirectly through Enlight) 1,2 57.7 28.3 57.7 28.3 57.7 28.3 Knode Inc. (indirectly held through Enlight) 2 — 86.0 — 86.0 — 86.0 Libra Biosciences, Inc. 2 — 100.0 — 100.0 — 100.0 Mandara Sciences, LLC 2 98.3 — 98.3 — 98.3 — Tal Medical, Inc. 1,2 — 100.0 — 100.0 — 64.5 1 The voting percentage is impacted by preferred shares that are classified as liabilities, which results in the ownership percentage not being the same as the ownership percentage used in allocations to non-controlling interests disclosed in Note 18. The allocation of losses/profits to the noncontrolling interest is based on the holdings of subordinated stock that provide ownership rights in the subsidiaries. The ownership of liability classified preferred shares are quantified in Note 15. 2 Registered address is Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801, USA. 3 Registered address is 2711 Centerville Rd., Suite 400, Wilmington, DE 19808, USA. 4 The Company’s interests in its subsidiaries are predominantly in the form of preferred shares, which have a liquidation preference over the common stock, are convertible into common stock at the holder’s discretion or upon certain liquidity events, are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. In the case of Enlight, Mandara and PureTech Health LLC, the holdings are membership interests in an LLC. The holders of common stock are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. 5 On July 19, 2019, all of the outstanding notes, plus accrued interest, issued by Follica to PureTech converted into 15,216,214 shares of Series A-3 Preferred Shares and 12,777,287 shares of common share pursuant to a Series A-3 Note Conversion Agreement between Follica and the noteholders. Please refer to Note 16. 6 Commense turned inactive during 2019. 7 On May 8, 2018, PureTech lost control of Akili, Akili was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Akili through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Note 5 for further details about the accounting for the investment in Akili subsequent to deconsolidation. 8 On July 18, 2018, Calix Biopharma, Inc., Glyph Biosciences, Inc., and Nybo Therapeutics, Inc. merged into Ariya Therapeutics, Inc. Thus, the Group no longer holds an interest in Calix, Glyph and Nybo but rather owns 100.0 percent voting interest of Ariya. 9 As of December 31, 2018, PureTech maintained control of Gelesis. On July 1, 2019 PureTech lost control of Gelesis and Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Notes 5 and 6 for further details about the accounting for the investments in Gelesis subsequent to deconsolidation. 10 On March 15, 2019, PureTech lost control of Karuna, Karuna was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Karuna through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). See Note 5 for further details about the accounting for the investment in Karuna subsequent to deconsolidation. 11 On February 12, 2019, PureTech lost control of Vor, Vor was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Vor through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss).See Note 5 for further details about the accounting for the investment in Vor subsequent to deconsolidation. |
Disclosure of estimated useful life of assets | Depreciation is calculated using the straight-line method over the estimated useful life of the related asset: Laboratory and manufacturing equipment 2-8 years Furniture and fixtures 7 years Computer equipment and software 1-5 years Leasehold improvements 5-10 years, or the remaining term of the lease, if shorter Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. |
Summary of Financial impact of IFRS 16 adoption | The financial impact of adopting IFRS 16 on the Group was primarily as follows: January 1, 2019 $000s Right of use asset 10,353 Lease liability 10,995 Accumulated deficit 999 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [abstract] | |
Disclosure of revenue from contracts with customers | Revenue recorded in the Consolidated Statement of Comprehensive Income/(Loss) consists of the following: For the years ended December 31, 2020 $000s 2019 $000s 2018 $000s Contract revenue 8,341 8,688 16,371 Grant income 3,427 1,119 4,377 Total revenue 11,768 9,807 20,748 All amounts recorded in contract revenue were generated in the United States. |
Disclosure of disaggregation of revenue from contracts with customers | The Group disaggregates revenue based on contract revenue or grant revenue, and further disaggregates contract revenue based on the transfer of control of the underlying performance obligations. Timing of contract revenue recognition 2020 $000s 2019 $000s 2018 $000s Transferred at a point in time – Licensing Income 1 2,054 — 12,000 Transferred over time 2 6,286 8,688 4,371 8,341 8,688 16,371 1 2020 – Attributed to Parent Company and Other; 2018 – attributed to Controlled Founded Entities segment. See note 4, Segment information. 2 2020 – Attributed to Internal segment ($3,560 thousand) and Controlled founded entities segment ($2,726 thousand); 2019 – Attributed to Internal segment ($6,064 thousand), Controlled founded entities segment ($2,487 thousand) and Parent Company and Other ($137 thousand); 2018 – Attributed to Internal segment ($2,110 thousand), Controlled founded entities segment ($2,233 thousand) and Parent Company and Other ($29 thousand). See Note 4, Segment Information. Customers over 10% of revenue* 2020 $000s 2019 $000s 2018 $000s Janssen Biotech, Inc. — — 12,000 BMEB Services LLC — — 1,415 Roche Holding AG 1,518 4,973 — Eli Lilly and Company 896 1,433 — Boehringer Ingelheim International GMBH 2,043 1,091 — Imbrium Therapeutics L.P. 1,736 1,013 — Karuna Therapeutics, Inc. 2,000 — — 8,193 8,510 13,415 |
Disclosure of information about methods, inputs and assumptions used for recognizing revenue over time | The sensitivity of this calculation for the years ended December 31, 2020, 2019 and 2018 is detailed below: For the year ended December 31, 2020 Budgeted costs to complete +10% (10) % Revenue (535) 654 For the year ended December 31, 2019 Budgeted costs to complete +10% (10) % Revenue (951) 738 For the year ended December 31, 2018 Budgeted costs to complete +10% (10) % Revenue (265) 323 |
Schedule of Contract Balances | Contract liabilities are included within deferred revenue on the Consolidated Statement of Financial Position. Contract Balances 2020 $000s 2019 $000s Accounts receivable 711 1,699 Deferred revenue – long term 0 1,220 Deferred revenue – short term 1,472 5,474 |
Disclosure of performance obligations [text block] | The Group will recognize revenue associated with these performance obligations as transfer of control occurs: Less than 1 Year Greater than 1 Year Total Remaining Performance Obligation 1,713 — 1,713 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information [Abstract] | |
Disclosure of operating segments | Information About Reportable Segments: 2020 Internal Controlled Founded Entities Non-Controlled Founded Parent Company & Consolidated Consolidated Statements of Comprehensive Income/(Loss) Contract revenue 3,560 2,726 — 2,054 8,341 Grant revenue 32 3,395 — — 3,427 Total revenue 3,592 6,121 — 2,054 11,768 General and administrative expenses (2,112) (15,061) — (32,267) (49,440) Research and development expenses (41,583) (40,043) — (234) (81,859) Total operating expense (43,695) (55,104) — (32,500) (131,299) Other income/(expense): Gain/(loss) on investments held at fair value — — — 232,674 232,674 Loss realized on sale of investments — — — (54,976) (54,976) Gain/(loss) on disposal of assets (15) (15) — — (30) Other income/(expense) — 100 — 965 1,065 Total other income/(expense) (15) 85 — 178,662 178,732 Net finance income/(costs) 19 (5,204) — (930) (6,115) Share of net income/(loss) of associates accounted for using the equity method — — — (34,117) (34,117) Income/(loss) before taxes (40,098) (54,102) — 113,170 18,969 Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets (36,770) (44,181) — 121,644 40,694 Finance income/(costs) – subsidiary preferred shares — — — — — Finance income/(costs) – IFRS 9 fair value accounting — (4,351) — — (4,351) Share-based payment expense (2,491) (2,822) — (5,405) (10,718) Depreciation of tangible assets (838) (1,560) — (1,547) (3,945) Amortization of ROU assets — (1,186) — (1,523) (2,709) Amortization of intangible assets — (1) — — (1) Taxation — (1) — (14,400) (14,401) Income/(loss) for the year (40,098) (54,103) — 98,769 4,568 Other comprehensive income/(loss) — — — 469 469 Total comprehensive income/(loss) for the year (40,098) (54,103) — 99,238 5,037 Total comprehensive income/(loss) attributable to: Owners of the Company (40,098) (52,701) — 99,253 6,454 Non-controlling interests — (1,402) — (15) (1,417) Consolidated Statements of Financial Position: Total assets 87,917 68,731 — 833,347 989,994 Total liabilities 117,964 212,542 — 5,949 336,455 Net assets/(liabilities) (30,047) (143,812) — 827,397 653,539 2019 Internal Controlled Founded Entities Non-Controlled Founded Parent Company & Consolidated Consolidated Statements of Comprehensive Income/(Loss) Contract revenue 6,064 2,487 — 137 8,688 Grant revenue 15 1,104 — — 1,119 Total revenue 6,079 3,591 — 137 9,807 General and administrative expenses (2,385) (14,436) (10,439) (32,098) (59,358) Research and development expenses (25,977) (42,780) (15,555) (1,536) (85,848) Total operating expense (28,362) (57,216) (25,994) (33,634) (145,206) Other income/(expense): Gain on deconsolidation — — — 264,409 264,409 Gain/(loss) on investments held at fair value — — — (37,863) (37,863) Gain/(loss) on disposal of assets 17 (39) — (60) (82) Gain on loss of significant influence — — — 445,582 445,582 Other income/(expense) — 166 — (45) 121 Other income/(expense) 17 127 — 672,023 672,167 Net finance income/(costs) — (16,947) (30,141) 941 (46,147) Share of net income/(loss) of associate accounted for using the equity method — — — 30,791 30,791 Impairment of investment in associate — — — (42,938) (42,938) Income/(loss) before taxes (22,266) (70,445) (56,135) 627,320 478,474 (Loss)/income before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets (21,889) (48,996) (21,873) 640,298 547,540 Finance income/(costs) – subsidiary preferred shares — 107 (1,564) (1) (1,458) Finance income/(costs) – IFRS 9 fair value accounting — (17,294) (28,737) (444) (46,475) Share-based payment expense (5) (1,678) (3,543) (9,242) (14,468) Depreciation of tangible assets (376) (1,531) (207) (1,114) (3,228) Amortization of ROU assets — (1,060) (83) (2,177) (3,320) Amortization of intangible assets 4 7 (128) — (117) Taxation — (134) (162) (112,113) (112,409) Income/(loss) for the year (22,266) (70,579) (56,297) 515,207 366,065 Other comprehensive income/(loss) — — (10) — (10) Total comprehensive income/(loss) for the year (22,266) (70,579) (56,307) 515,207 366,055 Total comprehensive income/(loss) attributable to: Owners of the Company (7,002) (54,717) (32,353) 515,207 421,133 Non-controlling interests (15,264) (15,862) (23,953) — (55,079) Consolidated Statements of Financial Position: Total assets 17,614 41,612 — 881,952 941,178 Total liabilities 12,076 132,935 — 145,768 290,779 Net (liabilities)/assets 5,538 (91,324) — 736,184 650,399 2018 Internal Controlled Founded Entities Non-Controlled Founded Parent Company & Consolidated Consolidated Statements of Comprehensive Loss Contract revenue 2,110 14,233 — 29 16,371 Grant revenue 86 4,271 20 — 4,377 Total revenue 2,195 18,504 20 29 20,748 General and administrative expenses (1,498) (10,212) (16,385) (19,270) (47,365) Research and development expenses (8,929) (36,930) (29,851) (1,692) (77,402) Total operating expense (10,427) (47,142) (46,236) (20,962) (124,768) Other income/(expense): Gain on deconsolidation — — — 41,730 41,730 Gain/(loss) on investments held at fair value — — — (34,615) (34,615) Gain/(loss) on disposal of assets — — — 4,054 4,054 Gain on loss of significant influence — — — 10,287 10,287 Other income/(expense) — 104 (405) (302) Other income/(expense) — — 104 21,051 21,155 Net finance income/(costs) 5,341 5,945 14,631 25,918 Share of net income/(loss) of associate accounted for using the equity method — — — (11,490) (11,490) Income/(loss) before taxes (8,232) (23,297) (40,167) 3,258 (68,438) (Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets (8,210) (24,344) (38,761) (4,235) (75,550) Finance income/(costs) – subsidiary preferred shares — — — (106) (106) Finance income/(costs) – IAS 39 fair value accounting — 5,341 5,516 11,775 22,632 Share-based payment expense (11) (2,465) (6,262) (3,899) (12,637) Depreciation of tangible assets (7) (1,823) (390) (256) (2,476) Amortization of intangible assets (4) (6) (270) (22) (302) Taxation — (381) (185) (1,655) (2,221) Income/(loss) for the year (8,454) (26,206) (41,239) 5,239 (70,659) Other comprehensive income/(loss) — (214) — (26) (240) Total comprehensive income/(loss) for the year (8,454) (26,420) (41,239) 5,213 (70,899) Total comprehensive income/(loss) attributable to: Owners of the Company (1,139) (15,710) (32,260) 5,213 (43,894) Non-controlling interests (7,315) (10,710) (8,980) — (27,005) Consolidated Statements of Financial Position: Total assets 2,984 15,603 35,934 387,240 441,761 Total liabilities 13,366 60,992 202,161 (1,731) 274,787 Net (liabilities)/assets (10,381) (45,389) (166,227) 388,970 166,973 |
Investments held at fair value
Investments held at fair value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments held at fair value [Abstract] | |
Summary Of investments held at fair value | Interests in these investments were accounted for as shown below: Investments held at fair value $000's Balance as of January 1, 2019 169,755 Deconsolidation of subsidiaries (Vor, Karuna and Gelesis (Note 6)) 138,571 Reclassification of Karuna investment to investment in associate (118,006) Gain on Karuna investment at initial public offering 1 40,633 Cash purchase of Gelesis convertible notes (please refer to Note 6) 6,480 Cash purchase of Gelesis preferred shares (please refer to Note 6) 8,020 Reclassification of Karuna investment at loss of significant influence 557,243 Sale of resTORbio shares (9,295) Loss – fair value through profit and loss 1 (78,496) Balance as of December 31, 2019 and January 1, 2020 714,905 Sale of Karuna shares (347,538) Sale of resTORbio shares (3,048) Loss realised on sale of investments (54,976) Cash purchase of Gelesis preferred shares (please refer to Note 6) 10,000 Cash purchase of Vor preferred shares 1,150 Gain/(loss) – fair value through profit and loss 232,674 Balance as of December 31, 2020 before allocation of share in associate loss to long-term interest 553,167 Share of associate loss allocated to long-term interest (please refer to Note 6) (23,006) Balance as of December 31, 2020 after allocation of share in associate loss to long-term interest 2 530,161 1 The net amount of these two items is a loss of $37.9 million which is reported on the line Gain/(loss) on investments held at fair value in the Consolidated Statements of Comprehensive Income/(Loss). 2 Fair value of investments accounted for at fair value, does not take into consideration contribution from milestones that occurred after December 31, 2020, the value of the Group's consolidated Founded Entities (Vedanta, Follica, Sonde, Akili, Alivio, and Entrega), the Internal segment, or cash and cash equivalents. |
Disclosure of gain on deconsolidation | The following table summarizes the gain on deconsolidation recognized by the Company: 2020 $000s 2019 $000s 2018 $000s Year ended December 31, Gain on deconsolidation of Akili — — 41,730 Gain on deconsolidation of Vor — 6,357 — Gain on deconsolidation of Karuna — 102,038 — Gain on deconsolidation of Gelesis [Note 6] — 156,014 — Total gain on deconsolidation — 264,409 41,730 |
Investments in Associates (Tabl
Investments in Associates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Associates [Abstract] | |
Summary of Investments in Associates | The following table summarizes the activity related to the investment in associates balance for the years ended December 31, 2020, 2019 and 2018. Investment in Associates $000's As of January 1, 2018 — Investment upon initial public offering of resTORbio 115,210 Cash investment in Associate 3,500 Share of net loss of resTORbio accounted for using the equity method (11,490) Gain on loss of significant influence of resTORbio 10,287 Reclassification of resTORbio investment upon loss of significant influence (117,507) As of December 31, 2018 and January 1, 2019 — Reclassification of Karuna investment at initial public offering 118,006 Investment in Gelesis upon deconsolidation 16,444 Share of net loss of Karuna accounted for using the equity method (6,345) Share of net profit of Gelesis accounted for using the equity method 37,136 Impairment of investment in Gelesis (42,938) Reclassification of investment in Karuna upon loss of significant influence (111,661) As of December 31, 2019 and January 1, 2020 10,642 Share of net loss in Gelesis (34,117) Share of other comprehensive income in Gelesis 469 Share of losses recorded against long term interests 23,006 As of December 31, 2020 — |
Summary of Financial information of Gelesis | The following table summarizes the financial information of Gelesis as included in its own financial statements, adjusted for fair value adjustments at deconsolidation and differences in accounting policies. The table also reconciles the summarized financial information to the carrying amount of the Company’s interest in Gelesis. The information for the year ended December 31, 2019 includes the results of Gelesis only for the period July 1, 2019 to December 31, 2019, as Gelesis was consolidated prior to this period. 2020 $000s 2019 $000s As of and for the year ended December 31, Percentage ownership interest 47.9 % 49.3 % Non-current assets 372,184 369,336 Current assets 92,875 40,079 Non-current liabilities (133,743) (82,406) Current liabilities (300,748) (216,852) Non controlling interests and options issued to third parties (6,577) (1,542) Net assets attributable to shareholders of Gelesis Inc. 23,989 108,615 Group's share of net assets 11,481 53,580 Goodwill 8,216 — Impairment (42,702) (42,938) Recorded against Long-term Interests 23,006 — Investment in associate — 10,642 Revenue 21,442 — Income/(loss) from continuing operations (100%) (71,157) 74,573 Total comprehensive income/(loss) (100%) (70,178) 74,573 Group's share in income/(loss) from continuing operations (34,117) 37,136 Group's share of total comprehensive income/(loss) (33,648) 37,136 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Expenses [Abstract] | |
Disclosure Of Total Operating Expense | Total operating expenses were as follows: For the years ending December 31, 2020 $000s 2019 $000s 2018 $000s General and administrative 49,440 59,358 47,365 Research and development 81,859 85,848 77,402 Total operating expenses 131,299 145,206 124,767 |
Disclosure of information about employees | The average number of persons employed by the Group during the year, analyzed by category, was as follows: For the years ending December 31, 2020 2019 2018 General and administrative 43 39 55 Research and development 95 90 90 Total 138 129 145 |
Disclosure of Payroll Costs | The aggregate payroll costs of these persons were as follows: 2020 $000s 2019 $000s 2018 $000s For the years ending December 31, General and administrative 22,943 24,468 22,939 Research and development 20,674 20,682 20,109 Total 43,616 45,150 43,048 |
Disclosure of other operating expense | Detailed operating expenses were as follows: 2020 $000s 2019 $000s 2018 $000s For the years ending December 31, Salaries and wages 29,403 27,703 27,274 Healthcare benefits 1,866 1,511 1,465 Payroll taxes 1,629 1,468 1,672 Share-based payments 10,718 14,468 12,637 Total payroll costs 43,616 45,150 43,048 Other selling, general and administrative expenses 26,497 34,890 24,426 Other research and development expenses 61,186 65,166 57,293 Total other operating expenses 87,683 100,056 81,719 Total operating expenses 131,299 145,206 124,767 |
Disclosure of auditors' remuneration | Auditors remuneration: For the years ending December 31, 2020 $000s 2019 $000s 2018 $000s Audit of these financial statements 1,145 870 652 Audit of the financial statements of subsidiaries 291 290 200 Audit-related assurance services 490 163 162 Non-audit related services 173 778 159 Total 2,099 2,101 1,173 Please refer to Note 8 for further disclosures related to share-based payments and Note 24 for management’s remuneration disclosures. |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payments [Abstract] | ||
Disclosure of Share-based Payment Expense Table | The following table provides the classification of the Group’s consolidated share-based payment expense as reflected in the Consolidated Statement of Income/(Loss): For the years ending December 31, 2020 $000s 2019 $000s 2018 $000s General and administrative 7,650 10,677 5,293 Research and development 3,068 3,791 7,344 Total 10,718 14,468 12,637 | |
Disclosure of RSU activity | RSU activity for the years ended December 31, 2020, 2019 and 2018 is detailed as follows: Number of Shares/Units Wtd Avg Grant Date Fair Value (GBP) Outstanding (Non-vested) at January 1, 2018 5,589,416 1.09 RSUs Granted in Period 2,860,778 1.54 Vested (513,324) 1.06 Forfeited (1,338,087) 1.06 Outstanding (Non-vested) at December 31, 2018 and January 1, 2019 6,598,783 1.29 RSUs Granted in Period 1,775,569 2.95 Vested (3,738,005) 1.10 Forfeited — — Outstanding (Non-vested) at December 31, 2019 and January 1, 2020 4,636,347 2.08 RSUs Granted in Period 1,759,011 1.80 Vested (2,781,687) 1.54 Forfeited (191,089) 2.37 Outstanding (Non-vested) at December 31, 2020 3,422,582 2.46 | |
Disclosure of stock option activity | Stock option activity for the years ended December 31, 2020, 2019 and 2018 is detailed as follows: Number of Options Wtd Average Exercise Price (GBP) Wtd Average of Wtd Average Stock Price at Exercise (GBP) Outstanding at January 1, 2018 2,343,085 1.22 Granted 2,796,820 1.57 Exercised (64,171) 1.20 1.56 Forfeited — — Options Exercisable at December 31, 2018 and January 1, 2019 1,195,929 1.26 7.92 Outstanding at at December 31, 2018 and January 1, 2019 5,075,734 1.40 8.78 Granted 3,634,183 0.84 Exercised (237,090) 1.98 2.81 Forfeited — — Options Exercisable at December 31, 2019 and January 1, 2020 4,349,921 0.93 8.34 Outstanding at at December 31, 2019 and January 1, 2020 8,472,827 1.16 8.55 Granted 4,076,982 3.14 Exercised (514,410) 1.52 2.88 Forfeited (1,119,313) 1.88 Options Exercisable at December 31, 2020 5,447,405 0.98 7.46 Outstanding at December 31, 2020 10,916,086 1.81 8.38 | |
Disclosure of terms and conditions of share-based payment arrangement | The fair value of the stock options awarded by the Company was estimated at the grant date using the Black-Scholes option valuation model, considering the terms and conditions upon which options were granted, with the following weighted-average assumptions: At December 31, 2020 2019 2018 Expected volatility 41.25 % 35.68 % 44.18 % Expected terms (in years) 6.11 5.81 6.08 Risk-free interest rate 0.53 % 1.85 % 2.79 % Expected dividend yield — — — Grant date fair value $1.72 $2.23 $0.96 Share price at grant date $4.30 $2.57 $2.05 | |
Disclosure of range of exercise prices of outstanding share options | For shares outstanding as of December 31, 2020, the range of exercise prices is detailed as follow: Range of Exercise Prices (GBP) Options Wtd Wtd Average of 0.01 2,122,965 — 8.76 1.00 to 2.00 4,703,639 1.47 6.99 2.00 to 3.00 1,539,482 2.51 9.45 3.00 to 4.00 2,550,000 3.51 9.97 Total 10,916,086 1.81 8.38 | |
Disclosure of Subsidiary Share-based Payments | Subsidiary Plans Certain subsidiaries of the Group have adopted stock option plans. A summary of stock option activity by number of shares in these subsidiaries is presented in the following table: Outstanding as of January 1, 2020 Granted During the Year Exercised During the Year Expired During the Year Forfeited During the Year Outstanding as of December 31, 2020 Alivio 3,698,244 189,924 — — — 3,888,168 Entrega 972,000 — — — (10,000) 962,000 Follica 1,309,040 — — — — 1,309,040 Sonde 1,829,004 363,830 — — — 2,192,834 Vedanta 1,450,100 493,951 (813) — (201,350) 1,741,888 Outstanding as of January 1, 2019 Granted During the Year Exercised During the Year Expired During the Year Forfeited During the Year Outstanding as of December 31, 2019 Gelesis 3,681,732 — — (110,386) (3,571,346)¹ — Alivio 2,393,750 1,329,494 (3,125) — (21,875) 3,698,244 PureTech LYT 2,180,000 — — — (2,180,000)² — Commense 540,416 — — — (540,416) — Entrega 914,000 58,000 — — — 972,000 Follica 1,229,452 79,588 — — — 1,309,040 Karuna 1,949,927 — — — (1,949,927)¹ — Sonde 22,500 1,806,504 — — — 1,829,004 Vedanta 1,373,750 154,193 — — (77,843) 1,450,100 1 These shares represent the options outstanding on the date of deconsolidation of Karuna and Gelesis. 2 These shares represent the options outstanding on the date of exchange to PureTech stock options. Outstanding as of January 1, 2018 Granted During the Year Exercised During the Year Expired During the Year Forfeited During the Year Outstanding as of December 31, 2018 Gelesis 2,728,232 953,500 — — — 3,681,732 Alivio 2,393,750 — — — — 2,393,750 Akili 2,385,355 — — — (2,385,355)¹ — PureTech LYT — 2,180,000 — — — 2,180,000 Commense 418,750 121,666 — — — 540,416 Entrega 867,750 60,000 — (3,750) (10,000) 914,000 Follica 1,271,302 — — (41,850) — 1,229,452 Karuna 855,427 1,111,000 — (4,125) (12,375) 1,949,927 Knode 32,500 — — (32,500) — — Sonde 35,000 — — (6,250) (6,250) 22,500 Tal 1,663,806 — — (30,250) (2,750) 1,630,806 The Sync Project 1,080,000 — — — (1,080,000) — Vedanta 1,194,014 278,786 — (24,800) (74,250) 1,373,750 1 These shares represent the options outstanding on the date of Akili’s deconsolidation. | |
Disclosure of Weighted Average Exercise Prices for Options Outstanding | The weighted-average exercise prices and remaining contractual life for the options outstanding as of December 31, 2020 were as follows: Outstanding at December 31, 2020 Number of options Weighted-average exercise price $ Weighted-average contractual life outstanding Alivio 3,888,168 0.21 7.65 Entrega 962,000 0.70 2.80 Follica 1,309,040 0.89 6.29 Sonde 2,192,834 0.19 8.76 Vedanta 1,741,888 7.48 6.15 | |
Disclosure of Weighted Average Exercise Prices for Options Granted | The weighted average exercise prices for the options granted for the years ended December 31, 2020, 2019 and 2018 were as follows: For the years ended December 31, 2020 $ 2019 $ 2018 $ Alivio 0.47 0.49 — PureTech LYT — — 0.03 Commense — — 1.34 Entrega — — 1.95 Follica — 0.03 — Karuna — — 9.42 Sonde 0.18 0.20 — Vedanta 19.59 19.13 14.66 | |
Disclosure of Weighted Average Exercise Prices for Options Forfeited | The weighted average exercise prices for options forfeited during the year ended December 31, 2020 were as follows: Forfeited during the year ended December 31, 2020 Number of options Weighted-average exercise price $ Vedanta 201,350 16.03 | |
Disclosure of Weighted Average Exercise Prices for Options Exercisable | The weighted average exercise prices for options exercisable as of December 31, 2020 were as follows: Exercisable at December 31, Number of Options Weighted-average exercise price $ Exercise Price Range Alivio 3,888,168 0.04 0.03-0.49 Entrega 918,164 0.64 0.03-2.36 Follica 1,273,326 0.89 0.03-1.40 Sonde 774,238 0.20 0.13-0.20 Vedanta 1,119,289 11.64 0.02-19.94 | |
Significant Subsidiary Plan -Vedanta 2010 Plan - Range of assumptions of Fair Value of stock option grants | The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following range of assumptions: Assumption/Input 2020 2019 2018 Expected award life (in years) 6.00-10.00 5.86-6.07 6.03-6.16 Expected award price volatility 89.24%-95.46% 89.24%-95.46% 91.60%-92.56% Risk free interest rate 0.32%-0.87% 1.73%-1.88% 2.65%-2.78% Expected dividend yield — — — Grant date fair value $13.09-$16.54 $14.12-$15.61 $11.21-$11.26 Share price at grant date $19.59 $18.71-$19.94 $14.66 | |
Significant Subsidiary Plan Gelesis 2016 Plan - Range of assumptions of Fair Value of stock option grants | The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Assumption/Input 2020 2019 2018 Expected award life (in years) — 0 6.22 Expected award price volatility — % — % 64.58 % Risk free interest rate — % — % 2.79 % Expected dividend yield — — — Grant date fair value $— $— $7.84 Share price at grant date $— $— $12.82 | |
Significant Subsidiary Plan Karuna 2009 Plan - Range of assumptions of Fair Value of stock option grants | The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Assumption/Input 2020 2019 2018 Expected award life (in years) — 0 6.07 Expected award price volatility — % — % 50.28 % Risk free interest rate — % — % 1.95 % Expected dividend yield — — — Grant date fair value $— $— $3.51 Share price at grant date $— $— $7.08 |
Finance Cost Net (Tables)
Finance Cost Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finance Cost Net [Abstract] | |
Disclosure of finance income (cost) [text block] | The following table shows the breakdown of finance income and costs: 2020 $000s 2019 $000s 2018 $000s For the year ended December 31 Finance income Interest from financial assets not at fair value through profit or loss 1,183 4,362 3,358 Total finance income 1,183 4,362 3,358 Finance costs Contractual interest expense on notes payable (96) (149) (388) Interest expense on other borrowings (496) — (4) Interest expense on lease liability (2,354) (2,495) — Gain on forgiveness of debt — — 289 Gain/(loss) on foreign currency exchange — 68 137 Total finance income/(costs) – contractual (2,946) (2,576) 34 Gain/(loss) from change in fair value of warrant liability (117) (11,890) 82 Gain/(loss) from change in fair value of preferred shares and convertible notes (4,234) (34,585) 22,549 Total finance income/(costs) – fair value accounting (4,351) (46,475) 22,631 Total finance income/(costs) – subsidiary preferred shares — (1,458) (106) Total finance income/(costs) (4,351) (47,933) 22,525 Finance income/(costs), net (6,115) (46,147) 25,917 |
Earnings_(Loss) per Share (Tabl
Earnings/(Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Disclosure of Earnings/(Loss) attributable to owners of company | Earnings/(Loss) Attributable to Owners of the Company: 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Income/(loss) for the year, attributable to the owners of the Company 5,985 5,985 421,144 421,144 (43,654) (43,654) Income/(loss) attributable to ordinary shareholders 5,985 5,985 421,144 421,144 (43,654) (43,654) |
Disclosure of Weighted-Average Number of Ordinary Shares | Weighted-Average Number of Ordinary Shares: 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Issued ordinary shares at January 1, 285,370,619 285,370,619 282,493,867 282,493,867 236,897,579 236,897,579 Effect of shares issued 233,048 233,048 932,600 932,600 36,950,688 36,950,688 Effect of dilutive shares (please refer to Note 8) — 7,252,246 — 8,355,866 — — Weighted average number of ordinary shareholders at December 31, 285,603,667 292,855,913 283,426,467 291,782,333 273,848,267 273,848,267 |
Disclosure of Earnings/(Loss) per Share | Earnings/(Loss) per Share: 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Basic and diluted earnings/(loss) per share 0.02 0.02 1.49 1.44 (0.16) (0.16) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Cost Laboratory and Manufacturing Equipment Furniture and Computer Equipment and Leasehold Improvements Construction in Total Balance as of January 1, 2019 7,306 488 1,431 4,924 239 14,388 Additions, net of transfers 3,374 1,126 175 13,494 4,649 22,818 Disposals (183) (168) (9) (45) — (405) Deconsolidation of subsidiaries (3,076) — (137) (754) (4,190) (8,157) Reclassifications (25) 6 48 36 (76) (11) Exchange differences (11) — — 1 24 14 Balance as of December 31, 2019 7,385 1,452 1,508 17,656 646 28,647 Additions, net of transfers 1,536 — 51 399 3,347 5,332 Disposals (642) — (40) — — (682) Reclassifications 141 — — — (141) — Balance as of December 31, 2020 8,420 1,452 1,519 18,054 3,852 33,297 |
Disclosure of accumulated depreciation and impairment loss | Accumulated depreciation and impairment loss Laboratory and Manufacturing Equipment Furniture and Computer Equipment and Leasehold Improvements Construction in Total Balance as of January 1, 2018 (2,360) (175) (534) (807) — (3,876) Depreciation (1,032) (60) (296) (1,088) (2,476) Disposals 114 2 74 20 — 210 Deconsolidation of subsidiaries — — — — — Reclassifications — — — — — — Exchange differences 56 — — 21 — 77 Balance as of January 1, 2019 (3,222) (233) (756) (1,854) — (6,065) Depreciation (1,328) (144) (312) (1,448) — (3,232) Disposals 102 138 5 20 — 265 Deconsolidation of subsidiaries 1,457 — 53 319 — 1,829 Reclassifications 15 — (20) 6 — 1 Exchange differences 8 — — 2 — 10 Balance as of December 31, 2019 (2,968) (239) (1,030) (2,955) — (7,192) Depreciation (1,572) (215) (297) (1,860) — (3,944) Disposals 576 — 40 — — 616 Balance as of December 31, 2020 (3,965) (454) (1,287) (4,815) — (10,520) |
Disclosure of Property & Equipment, net | Property and Equipment, net Laboratory and Manufacturing Equipment Furniture and Computer Equipment and Leasehold Improvements Construction in Total Balance as of December 31, 2019 4,417 1,213 478 14,701 646 21,455 Balance as of December 31, 2020 4,456 998 232 13,239 3,852 22,777 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Disclosure of detailed information about intangible assets | Cost Licenses Balance as of January 1, 2019 5,067 Additions 400 Deconsolidation of subsidiary (4,842) Balance as of December 31, 2019 625 Additions 275 Balance as of December 31, 2020 900 |
Disclosure of Accumulated amortization | Accumulated amortization Licenses Balance as of January 1, 2019 (1,987) Amortization (117) Deconsolidation of subsidiary 2,104 Balance as of December 31, 2019 — Amortization (1) Balance as of December 31, 2020 (1) |
Disclosure of Intangible assets, net | Intangible assets, net Licenses Balance as of December 31, 2019 625 Balance as of December 31, 2020 899 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Financial Assets [Abstract] | |
Disclosure of Other Financial Assets | Other financial assets consist of restricted cash held, which represents amounts that are reserved as collateral against letters of credit with a bank that are issued for the benefit of a landlord in lieu of a security deposit for office space leased by the Group. Information regarding restricted cash was as follows: 2020 $000s 2019 $000s As of December 31, Restricted cash 2,124 2,124 Total other financial assets 2,124 2,124 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
Disclosure of Equity | Total equity for PureTech as of December 31, 2020, and 2019 was as follows: December 31, 2020 $000s December 31, 2019 $000s Equity Share capital, £0.01 par value, issued and paid 285,885,025 and 285,370,619 as of December 31, 2020 and 2019, respectively 5,417 5,408 Merger Reserve 138,506 138,506 Share premium 288,978 287,962 Translation reserve 469 — Other reserves (24,050) (18,282) Retained earnings/(accumulated deficit) 260,429 254,444 Equity attributable to owners of the Group 669,748 668,038 Non-controlling interests (16,209) (17,640) Total equity 653,539 650,398 |
Subsidiary Preferred Shares (Ta
Subsidiary Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsidiary Preferred Shares [Abstract] | |
Disclosure of Subsidiary Preferred Share balances | The following summarizes the subsidiary preferred share balance: 2020 $000s 2019 $000s As of December 31, Entrega 1,291 3,222 Follica 12,792 11,663 Sonde 12,821 7,212 Vedanta Biosciences 92,068 78,892 Total subsidiary preferred share balance 118,972 100,989 |
Disclosure of Subsidiary preferred shares, Minimum liquidation preference | As of December 31, 2020 and 2019, the minimum liquidation preference reflects the amounts that would be payable to the subsidiary preferred holders upon a liquidation event of the subsidiaries, which is as follows: 2020 $000s 2019 $000s As of December 31, Entrega 2,216 2,216 Follica 6,405 6,405 Sonde 12,000 7,250 Vedanta Biosciences 86,161 77,161 Total minimum liquidation preference 106,782 93,032 |
Disclosure of Changes in the value of subsidiary preferred shares | For the years ended December 31, 2020 and 2019 the Group recognized the following changes in the value of subsidiary preferred shares: $000s Balance as of January 1, 2019 217,519 Adjustment to preferred shares due to adoption of IFRS 9 — Issuance of new preferred shares 51,048 Conversion of convertible notes 4,894 Increase in value of preferred shares measured at fair value 33,636 Finance costs 1,458 Deconsolidation of subsidiary (207,346) Other (108) Cash Distribution (112) Balance as December 31, 2019 and January 1, 2020 100,989 Issuance of new preferred shares 13,750 Increase in value of preferred shares measured at fair value 4,234 Balance as December 31, 2020 118,972 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure Of changes in Financial Liabilities, level 3 fair value - Subsidiary Preferred Shares and Convertible Notes | Subsidiary Preferred Shares Liability and Subsidiary Convertible Notes The following table summarizes the changes in the Group’s subsidiary preferred shares and convertible note liabilities measured at fair value, which were categorized as Level 3 in the fair value hierarchy: Subsidiary Preferred Shares Subsidiary Convertible Balance at January 1, 2018 215,635 11,343 Value at issuance 54,537 5,824 Conversion 7,930 (7,581) Deconsolidation of preferred shares (36,517) — Change in fair value (24,066) (128) Balance at December 31, 2018 and January 1, 2019 217,519 9,458 Value at issuance 51,048 1,607 Conversion to preferred 4,894 (4,894) Conversion to common — (2,418) Deconsolidation (207,346) (5,017) Change in fair value 33,636 1,389 Finance Costs 1,458 — Other (112) — Cash distribution (108) — Balance at December 31, 2019 and January 1, 2020 100,989 125 Value at issuance 13,750 25,000 Change in fair value 4,234 — Balance at December 31, 2020 118,972 25,125 |
Financial Instruments, Significant Unobservable inputs, level 3 fair value - Preferred Shares liability | The table below sets out information about the significant unobservable inputs used at December 31, 2020 in the fair value measurement of the Group’s material subsidiary preferred shares liabilities categorized as Level 3 in the fair value hierarchy: Fair Value at December 31, 2020 Valuation Technique Unobservable Inputs Weighted Average Sensitivity to Decrease in Input 92,068 Market – Backsolve & Hybrid allocation Estimated time to exit 0.88 Fair value increase Discount rate 30.0% Volatility 95.0% 14,083 Income – DCF & OPM allocation Estimated time to exit 2.89 Fair value increase Discount rate 19.7% Terminal value growth rate (2.8)% Fair value decrease Volatility 56.8% Fair value increase 12,821 Cost Approach & OPM allocation Estimated time to exit 2.00 Fair value increase Discount rate 29.4% Volatility 40.0% |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [text block] | The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s subsidiary preferred shares liabilities, as well as that with respect to the enterprise value of the underlying subsidiary in general (Please refer to Note 15): Input Subsidiary Preferred Share Liability As of December 31, 2020 Sensitivity Range Financial Liability Increase/(Decrease) Subsidiary Enterprise Value -2 % (2,146) +2% 2,194 Time to Liquidity ' -6 Months 5,815 ' +6 Months (5,437) Discount Rate -5 % 12,227 +5% (5,779) |
Disclosure of changes in assets, level 3 fair value - investments held at fair value [Text Block] | The following table summarizes the changes in the Group’s investments held at fair value, which were categorized as Level 3 in the fair value hierarchy: $'000s Balance at January 1, 2018 1,449 Deconsolidation of Akili 70,748 Gain/(Loss) on changes in fair value 12,966 Balance at December 31, 2018 and January 1, 2019 85,163 Deconsolidation of Vor 12,028 Deconsolidation of Karuna 77,373 Deconsolidation of Gelesis 49,170 Reclass of Karuna to Associate (118,006) Gain/(Loss) on changes in fair value 48,867 Issuance of note receivable 6,480 Conversion of note receivable (6,630) Balance at December 31, 2019 and January 1, 2020 154,445 Cash purchase of Gelesis preferred shares (please refer to Note 6) 10,000 Cash purchase of Vor preferred shares 1,150 Gain/(Loss) on changes in fair value 41,297 Balance as of December 31, 2020 before allocation of associate gain/(loss) to long-term interest 206,892 Share of associate loss allocated to long-term interest (please refer to Note 6) (23,006) Balance as of December 31, 2020 after allocation of associate gain/(loss) to long-term interest 183,886 |
Disclosure of Significant unobservable Inputs - Investments at Fair Value, Assets | Fair Value at December 31, 2020 Valuation Technique Unobservable Inputs Weighted Average Sensitivity to Decrease in Input 204,379 Market – Scenario & Hybrid allocation Estimated time to exit 1.73 Fair value increase Exit valuation multiples 2.19 Fair value decrease Discount rate 28.0% Fair value increase Discount for lack of marketability ("DLOM") 10.0% Volatility 65.0% |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets | Input Investments Held at Fair Value As of December 31, 2020 Sensitivity Range Financial Asset Increase/ (Decrease) Investee Enterprise Value -2 % (3,915) +2% 3,886 Time to Liquidity ' -6 Months 22,828 ' +6 Months (20,005) Discount Rate -5 % 11,691 +5% (10,689) |
Disclosure of changes in financial liabilities - Warrants | Warrants Warrants issued by subsidiaries within the Group are classified as liabilities, as they will be settled in a variable number of shares and are not fixed-for-fixed. The following table summarizes the changes in the Group’s subsidiary warrant liabilities, which were categorized as Level 3 in the fair value hierarchy: Subsidiary Warrant Liability Balance at January 1, 2018 13,095 Change in fair value (83) Balance at December 31, 2018 and January 1, 2019 13,012 Warrant Issuance 4,706 Gelesis Deconsolidation (21,611) Change in fair value 11,890 Balance at December 31, 2019 and January 1, 2020 7,997 Warrant Issuance 92 Change in fair value 117 Balance at December 31, 2020 8,206 |
Disclosure of financial liabilities - Warrants, weighted-average assumptions | The table below sets out the weighted average of significant unobservable inputs used at December 31, 2020 with respect to determining the fair value of the Group's warrants categorized as Level 3 in the fair value hierarchy: Assumption/Input Warrants Expected term 2.65 Expected volatility 54.9 % Risk free interest rate 0.1 % Expected dividend yield — % Estimated fair value of the convertible preferred shares $3.09 Exercise price of the warrants $0.27 |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities, warrants | The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s warrant liabilities: Input Warrant Liability As at December 31 Sensitivity Range Financial Liability Increase/(Decrease) Discount Rate -5 % 7,279 +5% (3,321) |
Disclosure of Fair Value Measurement and Classification | The fair value of financial instruments by category at December 31, 2020 and 2019: 2020 Carrying Amount Fair Value Financial Assets Financial Liabilities Level 1 Level 2 Level 3 Total Financial assets: U.S. treasuries 1 — — — — — — Money Markets 2 394,143 — 394,143 — — 394,143 Investments held at fair value 3 553,167 — 346,275 — 206,892 553,167 Trade and other receivables 4 2,558 — — 2,558 — 2,558 Total financial assets 949,867 — 740,417 2,558 206,892 949,867 Financial liabilities: Subsidiary warrant liability — 8,206 — — 8,206 8,206 Subsidiary preferred shares — 118,972 — — 118,972 118,972 Subsidiary notes payable — 26,455 — 1,330 25,125 26,455 Total financial liabilities — 153,633 — 1,330 152,303 153,633 1 Issued by governments and government agencies, as applicable, all of which are investment grade. 2 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. 3 Balance prior to share of associate loss allocated to long-term interest (please refer to Note 6). 4 Outstanding receivables are owed primarily by corporations and government agencies, virtually all of which are investment grade. 2019 Carrying Amount Fair Value Financial Assets Financial Liabilities Level 1 Level 2 Level 3 Total Financial assets: U.S. treasuries 1 30,088 — 30,088 — — 30,088 Money Markets 2 106,586 — 106,586 — — 106,586 Investments held at fair value 714,905 — 560,460 — 154,445 714,905 Loans and receivables: Trade and other receivables 3 1,977 — — 1,977 — 1,977 Total financial assets 853,556 — 697,134 1,977 154,445 853,556 Financial liabilities: Subsidiary warrant liability — 7,997 — — 7,997 7,997 Subsidiary preferred shares — 100,989 — — 100,989 100,989 Subsidiary notes payable — 1,455 — 1,455 — 1,455 Total financial liabilities — 110,441 — 1,455 108,986 110,441 1 Issued by governments and government agencies, as applicable, all of which are investment grade. 2 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. 3 Outstanding receivables are owed primarily by corporations and government agencies, virtually all of which are investment grade. |
Subsidiary Notes Payable (Table
Subsidiary Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsidiary Notes Payable [Abstract] | |
Schedule of Notes Payable | The notes payable consist of the following: 2020 $000s 2019 $000s December 31, Loans 1,330 1,330 Convertible notes 25,125 125 Total subsidiary notes payable 26,455 1,455 |
Schedule of Convertible Notes | Convertible Notes outstanding were as follows: Karuna $000s Follica $000s Vedanta $000s Knode $000s Appeering $000s Total $000s January 1, 2019 2,838 6,495 — 50 75 9,458 Gross principal 1,607 — — — — 1,607 Change in fair value 572 817 — — — 1,389 Conversion to preferred — (4,894) — — — (4,894) Conversion to common — (2,418) — — — (2,418) Deconsolidation (5,017) — — — — (5,017) December 31, 2019 and January 1, 2020 — — — 50 75 125 Gross principal — — 25,000 — — 25,000 Change in fair value — — — — — — December 31, 2020 — — 25,000 50 75 25,125 |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-Controlling Interests [Abstract] | |
Summary of changes in equity classified non-controlling ownership interests in subsidiaries | The following table summarizes the changes in the equity classified non-controlling ownership interest in subsidiaries by reportable segment: Internal $000s Controlled Founded Entities $000s Non-Controlled Founded $000s Parent Company & Other Total Balance at January 1, 2018 (1,484) (18,869) (125,758) 525 (145,586) Share of comprehensive loss (7,315) (10,710) (8,980) — (27,005) Deconsolidation of subsidiary — — 55,168 — 55,168 Equity settled share-based payments — 2,476 6,345 67 8,888 Balance at December 31, 2018 and January 1, 2019 (8,799) (27,103) (73,225) 592 (108,535) Share of comprehensive loss (15,264) (15,862) (23,953) — (55,079) Deconsolidation of subsidiary — — 97,178 — 97,178 Subsidiary note conversion and changes in NCI ownership interest — 23,049 — — 23,049 Equity settled share-based payments — 1,683 — — 1,683 Purchase of minority interest 24,039 — — — 24,039 Other 24 — — 1 25 Balance at December 31, 2019 and January 1, 2020 — (18,233) — 593 (17,640) Share of comprehensive loss — (1,402) — (15) (1,417) Equity settled share-based payments — 2,822 — — 2,822 Other — 30 — (6) 24 Balance as of December 31, 2020 — (16,783) — 573 (16,210) |
Summary of aggregation of subsidiaries with material non-controlling interests before intra-group eliminations | The following tables summarize the financial information related to the Group’s subsidiaries with material non-controlling interests, aggregated for interests in similar entities, and before and after intra group eliminations. 2020 For the year ended December 31 Internal Controlled Founded Entities Non-Controlled Founded Intra-group eliminations $000s Total $000s Statement of Comprehensive Loss Total revenue — 5,224 — 5,224 Income/(loss) for the year — (55,942) — 1,073 (54,869) Other comprehensive income/(loss) — — — — Total comprehensive income/(loss) for the year — (55,942) — 1,073 (54,869) Statement of Financial Position Total assets — 68,346 — (7) 68,339 Total liabilities — 200,430 — (14,621) 185,809 Net assets/(liabilities) — (132,084) — 14,615 (117,470) As of December 31, 2020, Controlled Founded Entities with non-controlling interests primarily include Alivio Therapeutics, Inc., Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc. Ownership interests of the non-controlling interests in Alivio Therapeutics, Inc., Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc are 8.1 percent, 19.9 percent, 4.5 percent and 0.4 percent, respectively. In addition, Non-controlling interests include the amounts recorded for subsidiary stock options, with the vast majority comprising of Vedanta stock options. 2019 For the year ended December 31 Internal Controlled Founded Entities Non-Controlled Founded $000s 1 Statement of Comprehensive Loss Total revenue 6,079 1,968 — Income/(loss) for the year (24,289) (26,250) (47,905) Other comprehensive income/(loss) — — (10) Total comprehensive income/(loss) for the year (24,289) (26,250) (47,915) Statement of Financial Position Total assets 17,614 5,290 — Total liabilities 11,510 50,554 — Net Liabilities 6,104 (45,264) — 1 Non-Controlled Founded Entities non-controlling interest calculation does not include equity method accounting, fair value method accounting or the gain on the deconsolidation of subsidiary related to Vor, Karuna, Gelesis, resTORbio or Akili, which is recorded within PureTech Health, LLC. Please refer to Note 5. 2018 For the year ended December 31 Internal Controlled Founded Entities Non-Controlled Founded $000s 1 Statement of Comprehensive Loss Total revenue 2,195 18,504 20 Income/(loss) for the year (8,454) (26,206) (41,239) Other comprehensive income/(loss) — (214) (214) Total comprehensive income/(loss) for the year (8,454) (26,420) (41,453) 1 Non-Controlled Founded Entities non-controlling interest calculation does not include equity method accounting, fair value method accounting or the gain on the deconsolidation of subsidiary related to resTORbio or Akili, which is recorded within PureTech Health, LLC. Please refer to Note 5. |
Trade And Other Payables (Table
Trade And Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other payables [abstract] | |
Schedule of Trade And Other Payables | Information regarding Trade and other payables was as follows: 2020 $000s 2019 $000s As of December 31 Trade payables 8,871 11,098 Accrued expenses 9,090 8,651 Income tax payable 1,260 93 Other 2,606 — Total trade and other payables 21,826 19,842 |
Long-term loan (Tables)
Long-term loan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term loan [Abstract] | |
Disclosure of Long-term loan obligations | The following table summarizes long-term loan obligations as at December 31, 2020 and 2019: Long-term loan 2020 $000s 2019 $000s Balance at January 1, — — Net loan proceeds 14,720 — Accrued interest 496 — Interest paid (296) — Reclassification of accrued interest to other current liabilities (102) — Balance at December 31, 14,818 — |
Disclosure of Long-term loan - Vedanta | The following table summarizes Vedanta's principal payments for the long-term loan as of December 31, 2020: Balance Type 2021 2022 2023 2024 2025 Total Principal — 1,491 4,721 5,112 3,676 15,000 Unamortized loan discount and issuance costs — — — — — (182) Total — 1,491 4,721 5,112 3,676 14,818 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Disclosure of quantitative information about right-of-use assets | The activity related to the Group’s right of use asset and lease liability for the year ended December 31, 2020 and 2019 is as follows: Right of use asset, net 2020 $000s 2019 $000s Balance at January 1, 22,383 10,353 Additions — 19,434 Subleases — (2,580) Depreciation (2,699) (3,237) Adjustments 414 — Deconsolidated — (1,587) Balance at December 31, 20,098 22,383 |
Disclosure of Lease Liabilities | Total lease liability 2020 $000s 2019 $000s Balance at January 1, 37,843 10,995 Additions — 30,305 Cash paid for rent (principal + interest) (5,263) (4,173) Interest expense 2,354 2,495 Adjustments 414 — Deconsolidated — (1,779) Balance at December 31, 35,348 37,843 |
Disclosure of short-term and long-term portion of lease liability | The following details the short term and long-term portion of the lease liability as at December 31, 2020 and 2019: Total lease liability 2020 $000s 2019 $000s Short-term Portion of Lease Liability 3,261 2,929 Long-term Portion of Lease Liability 32,088 34,914 Total Lease Liability 35,348 37,843 |
Disclosure of maturity analysis of operating lease payments [text block] | The following table details the future maturities of the lease liability, showing the undiscounted lease payments to be paid after the reporting date: 2020 $000s Less than one year 5,422 One to two years 5,609 Two to three years 6,275 Three to four years 6,489 Four to five years 5,101 More than five years 16,452 Total undiscounted lease maturities 45,348 Interest 10,000 Total lease liability 35,348 |
Disclosure of short-term and long-term portion of lease receivable | As of December 31, 2020 the balances related to the sublease were as follows: Total lease receivable $000s Short-term Portion of Lease Receivable 381 Long-term Portion of Lease Receivable 1,700 Total Lease Receivable 2,082 |
Disclosure of maturity analysis of finance lease payments receivable | The following table details the future maturities of the lease receivable, showing the undiscounted lease payments to be received after the reporting date: 2020 $000s Less than one year 494 One to two years 504 Two to three years 513 Three to four years 523 Four to five years 353 More than five years — Total undiscounted lease receivable 2,387 Unearned Finance income 305 Net investment in the lease 2,082 |
Disclosure Of future payments Of Finance Lease Payments Receivable Explanatory | The following table details the future payments under the sublease, showing the undiscounted lease payments to be received after the reporting date: 2020 $000s Less than one year 722 Total 722 |
Capital And Financial Risk Ma_2
Capital And Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Capital And Financial Risk Management [Abstract] | |
Disclosure of credit risk | Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents, investments held at fair value and trade and other receivables. The Group held the following balances: 2020 $000s 2019 $000s As of December 31 Cash and cash equivalents 403,881 132,360 Short-term investments — 30,088 Trade and other receivables 2,558 1,977 Total 406,438 164,425 |
Information about credit quality of neither past due nor impaired financial assets | The aging of trade and other receivables that were not impaired at December 31 is as follows: As of December 31 2020 $000s 2019 $000s Neither past due or impaired 2,558 1,977 Total 2,558 1,977 |
Disclosure of liquidity risk | The table below summarizes the maturity profile of the Group’s financial liabilities, including subsidiary preferred shares that have customary liquidation preferences, as of December 31, 2020 and 2019 based on contractual undiscounted payments: As of December 31 2020 Carrying Amount Within Three Months Three to Twelve Months One to Five Years Total Long-term loan 14,818 296 905 18,780 19,981 Subsidiary notes payable 26,455 1,455 25,000 — 26,455 Trade and other payables 21,826 21,826 — — 21,826 Warrants 2 8,206 8,206 — — 8,206 Subsidiary preferred shares (Note 15) 1 118,972 118,972 — — 118,972 Total 190,278 150,756 25,905 18,780 195,441 As of December 31 2019 Carrying Amount Within Three Months Three to Twelve Months One to Five Years Total Subsidiary notes payable 1,455 1,455 — — 1,455 Trade and other payables 19,842 19,842 — — 19,842 Warrants 2 7,997 7,997 — — 7,997 Subsidiary preferred shares (Note 15) 1 100,989 100,989 — — 100,989 Total 130,283 130,283 — — 130,283 1 Redeemable only upon a liquidation or Deemed liquidation event, as defined in the applicable shareholder documents. 2 Warrants issued by subsidiaries to third parties to purchase preferred shares. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions - Key Management Personnel Compensation [Abstract] | |
Key Management Personnel Compensation | Key management includes executive directors and members of the executive management team of the Group. The key management personnel compensation of the Group was as follows for the years ended December 31: 2020 $000s 2019 $000s 2018 $000s As of December 31 Short-term employee benefits 4,833 5,543 3,998 Share-based payments 5,822 2,774 3,062 Total 10,656 8,317 7,060 Short-term employee benefits include salaries, health care and other non-cash benefits. Share-based payments are generally subject to vesting terms over future periods. |
Directors’ and Senior Managers’ Shareholdings and Share Incentive Awards | The Directors and senior managers hold beneficial interests in shares in the following businesses and sourcing companies as at December 31, 2020: Business Name (Share Class) Number of shares held as of December 31, 2020 Number of options held as of December 31, 2020 Ownership Directors: Ms Daphne Zohar² Gelesis (Common) 59,443 1,339,114 5.10 % Dame Marjorie Scardino — — — — % Kiran Mazumdar-Shaw — — — — % Dr Robert Langer Entrega (Common) — 332,500 4.24 % Alivio (Common) — 1,575,000 6.14 % Dr Raju Kucherlapati Enlight (Class B Common) — 30,000 3.00 % Gelesis (Common) — 20,000 0.10 % Dr John LaMattina 4 Akili (Series A-2 Preferred) 37,372 — 0.15 % Akili (Series C Preferred) 11,755 — 0.05 % Gelesis (Common) 4 51,070 — 0.20 % Gelesis (Common) 5 — 83,050 0.30 % Gelesis (Series A-1 Preferred) 4 49,253 — 0.20 % Vedanta Biosciences (Common) — 25,000 0.22 % Mr Christopher Viehbacher — — — — % Mr Stephen Muniz Gelesis (Common) 5 — 20,000 0.10 % Senior Managers: Dr Bharatt Chowrira Karuna (Common) 5 10,000 — 0.04 % Dr Eric Elenko — — — — % Dr Joep Muijrers — — — — % Dr. George Farmer — — — — % Dr Joseph Bolen Vor (Common) — 125,000 0.04 % 1 Ownership interests as of December 31, 2020 are calculated on a diluted basis, including issued and outstanding shares, warrants and options (and written commitments to issue options) but excluding unallocated shares authorized to be issued pursuant to equity incentive plans and any shares issuable upon conversion of outstanding convertible promissory notes. 2 Common shares and options held by Yishai Zohar, who is the husband of Ms. Zohar. Ms. Zohar does not have any direct interest in the share capital of Gelesis. Ms Zohar recuses herself from any and all material decisions with regard to Gelesis. 3 Shares held through Dr Bennett Shapiro and Ms Fredericka F. Shapiro, Joint Tenants with Right of Survivorship. 4 Dr John and Ms Mary LaMattina hold 50,540 shares of common shares and 49,524 shares of Series A-1 preferred shares in Gelesis. Individually, Dr LaMattina holds 530 shares of Gelesis and convertible notes issued by Appeering in the aggregate principal amount of $50,000. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Taxation [Abstract] | |
Disclosure of Income Taxes Recognized in Comprehensive Income | Amounts recognized in Consolidated Statements of Comprehensive Income/(Loss): 2020 $000s 2019 $000s 2018 $000s As of December 31 Income/(loss) for the year 4,568 366,065 (70,659) Income tax expense/(benefit) 14,401 112,409 2,221 Income/(loss) before taxes 18,969 478,474 (68,438) |
Disclosure of recognized income tax expense | Recognized income tax expense/(benefit): 2020 $000s 2019 $000s 2018 $000s As of December 31 Federal 21,796 — 2 Foreign — — — State — — 496 Total current income tax expense/(benefit) 21,796 — 498 Federal (7,349) 83,776 2,034 Foreign — — (311) State (46) 28,633 — Total deferred income tax expense/(benefit) (7,395) 112,409 1,723 Total income tax expense/(benefit), recognized 14,401 112,409 2,221 The tax expense was $14.4 million, $112.4 million and $2.2 million in 2020, 2019 and 2018 respectively. The decrease in tax expense is primarily the result of the decrease in profit before tax. |
Disclosure of Reconciliation of Effective Tax Rate | The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows: 2020 2019 2018 As of December 31 $000s % $000s % $000s % Weighted-average statutory rate 3,984 21.00 97,183 21.00 (14,372) 21.00 Effects of state tax rate in U.S. 1,844 9.72 22,111 4.78 (3,267) 4.77 R&D and orphan drug tax credits (5,642) (29.74) (6,321) (1.37) (3,268) 4.78 Share-based payment measurement 327 1.73 433 0.09 3,429 (5.01) Mark-to-market adjustments 919 4.84 3,725 0.80 (3,745) 5.47 Transaction Costs 361 1.91 — 0.00 — 0.00 Interest Expense (2,258) (11.91) 1,030 0.22 — 0.00 Executive Compensation 827 4.36 — 0.00 — 0.00 Accretion on preferred shares — 0.00 — 0.00 22 (0.03) Deconsolidation adjustments — 0.00 (13,658) (2.95) 9,688 (14.16) Mark-to-market investment in subsidiary — 0.00 — 0.00 (55) 0.08 Income of partnerships not subject to tax — 0.00 — 0.00 (78) 0.11 Recognition of deferred tax assets not previously recognized — 0.00 (6,251) (1.35) — 0.00 Current year losses for which no deferred tax asset is recognized 13,948 73.53 14,514 3.14 13,012 (19.01) Other 91 0.48 (356) (0.06) 854 (1.25) 14,401 75.92 112,409 24.29 2,221 (3.25) |
Disclosure of deferred taxes | Deferred tax assets have been recognized in the U.S. jurisdiction in respect of the following items: 2020 $000s 2019 $000s As of December 31 Operating tax losses 39,901 68,690 Capital loss carryovers — 2,292 Research credits 10,805 9,931 Share-based payments 5,429 9,711 Deferred revenue 358 1,125 Lease Liability 9,657 10,339 Other temporary differences 2,078 2,117 Deferred tax assets 68,228 104,205 Investment in subsidiaries (120,676) (173,069) ROU asset (5,491) (6,115) Fixed assets (3,588) (3,225) Other temporary differences (27) — Deferred tax liabilities (129,782) (182,409) Deferred tax assets (liabilities), net (61,554) (78,204) Deferred tax liabilities, net, recognized 108,626 115,445 Deferred tax assets, net, recognized — (142) Deferred tax assets (liabilities), net, not recognized 47,072 37,099 |
Accounting Policies - Subsidiar
Accounting Policies - Subsidiaries (Details) - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 19, 2019 | |
Follica, Incorporated | Common shares [member] | ||||
Accounting Policies | ||||
Number of shares on conversion from notes | 14,200,044 | |||
Follica, Incorporated | Common shares [member] | PureTech Health LLC | ||||
Accounting Policies | ||||
Number of shares on conversion from notes | 12,777,287 | |||
Follica, Incorporated | Series A-3 Preferred [Member] | ||||
Accounting Policies | ||||
Number of shares on conversion from notes | 17,639,204 | |||
Follica, Incorporated | Series A-3 Preferred [Member] | PureTech Health LLC | ||||
Accounting Policies | ||||
Number of shares on conversion from notes | 15,216,214 | |||
Subsidiary Operating Companies [Member] | Alivio Therapeutics, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 91.90% | 91.90% | 92.00% | |
Subsidiary Operating Companies [Member] | Entrega, Inc. (indirectly held through Enlight) | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 83.10% | 83.10% | 83.10% | |
Subsidiary Operating Companies [Member] | Follica, Incorporated | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 28.70% | 28.70% | 4.40% | |
Subsidiary Operating Companies [Member] | Follica, Incorporated | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 56.70% | 56.70% | 79.20% | |
Subsidiary Operating Companies [Member] | PureTech LYT (formerly Ariya Therapeutics, Inc.) | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Subsidiary Operating Companies [Member] | PureTech LYT-100 | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Subsidiary Operating Companies [Member] | PureTech Management, Inc. | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Subsidiary Operating Companies [Member] | PureTech Health LLC | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Subsidiary Operating Companies [Member] | Sonde Health, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 51.80% | 64.10% | 96.40% | |
Subsidiary Operating Companies [Member] | Vedanta Biosciences, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 59.30% | 61.80% | 74.30% | |
Subsidiary Operating Companies [Member] | Vedanta Biosciences Securities Corp. (indirectly held through Vedanta) | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 59.30% | 61.80% | 74.30% | |
Deconsolidated former Subsidiary Operating Companies [Member] | Akili Interactive Labs, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 41.90% | 41.90% | 41.90% | |
Deconsolidated former Subsidiary Operating Companies [Member] | Gelesis, Inc. | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 4.90% | 5.70% | 7.30% | |
Deconsolidated former Subsidiary Operating Companies [Member] | Gelesis, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 20.20% | 20.20% | 18.40% | |
Deconsolidated former Subsidiary Operating Companies [Member] | Karuna Pharmaceuticals, Inc. | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 12.60% | 28.40% | ||
Deconsolidated former Subsidiary Operating Companies [Member] | Karuna Pharmaceuticals, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 0.00% | 0.00% | 71.00% | |
Deconsolidated former Subsidiary Operating Companies [Member] | Vor Biopharma Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 16.40% | 47.50% | 93.20% | |
Nontrading Holding Companies [Member] | Endra Holdings, LLC (held indirectly through Enlight) | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 86.00% | 86.00% | 86.00% | |
Nontrading Holding Companies [Member] | Ensof Holdings, LLC (held indirectly through Enlight) | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 86.00% | 86.00% | 86.00% | |
Nontrading Holding Companies [Member] | PureTech Securities Corp. | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Nontrading Holding Companies [Member] | PureTech Securities II Corp. | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | |||
Inactive Subsidiaries [Member] | Appeering Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Inactive Subsidiaries [Member] | Commense Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 99.10% | 99.10% | 99.10% | |
Inactive Subsidiaries [Member] | Enlight Biosciences, LLC | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 86.00% | 86.00% | 86.00% | |
Inactive Subsidiaries [Member] | Ensof Biosystems, Inc. (held indirectly through Enlight) | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 57.70% | 57.70% | 57.70% | |
Inactive Subsidiaries [Member] | Ensof Biosystems, Inc. (held indirectly through Enlight) | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 28.30% | 28.30% | 28.30% | |
Inactive Subsidiaries [Member] | Knode Inc. (indirectly held through Enlight) | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 86.00% | 86.00% | 86.00% | |
Inactive Subsidiaries [Member] | Libra Biosciences, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 100.00% | |
Inactive Subsidiaries [Member] | Mandara Sciences, LLC | Common shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 98.30% | 98.30% | 98.30% | |
Inactive Subsidiaries [Member] | Tal Medical, Inc. | Preference shares [member] | ||||
Accounting Policies | ||||
Voting percentage through the holdings | 100.00% | 100.00% | 64.50% |
Accounting Policies - Property
Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Laboratory and manufacturing equipment | Minimum | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 2 years |
Laboratory and manufacturing equipment | Maximum | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 8 years |
Furniture and fixtures | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 7 years |
Computer equipment and software | Minimum | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 1 year |
Computer equipment and software | Maximum | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Leasehold improvements | Minimum | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Leasehold improvements | Maximum | |
Accounting Policies | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Accounting Policies - Leases (D
Accounting Policies - Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies - Leases [Table] | |||
Right of use asset, net | $ 20,098 | $ 22,383 | $ 10,353 |
Lease liabilities | $ 35,348 | $ 37,843 | 10,995 |
Accumulated deficit | $ 999 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revision of Prior Period, Reclassification, Adjustment | |
Accounting Policies | |
Gain/(loss) on investments held at fair value | $ 14,300 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue [abstract] | |||
Contract revenue | $ 8,341 | $ 8,688 | $ 16,371 |
Grant revenue | 3,427 | 1,119 | 4,377 |
Total revenue | $ 11,768 | $ 9,807 | $ 20,748 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue, timing of contract (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | $ 8,341 | $ 8,688 | $ 16,371 |
Internal | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 3,560 | 6,064 | 2,110 |
Controlled Founded Entities | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 2,726 | 2,487 | 14,233 |
Parent Company And Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 2,054 | 137 | 29 |
Transferred at a point in time – Licensing Income | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 2,054 | 0 | 12,000 |
Transferred over time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | $ 6,286 | $ 8,688 | 4,371 |
Transferred over time | Controlled Founded Entities | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | $ 2,233 |
Revenue - Disaggregation of r_2
Revenue - Disaggregation of revenue, Customers over 10% of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | $ 8,341 | $ 8,688 | $ 16,371 |
Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 8,193 | 8,510 | 13,415 |
Janssen Biotech, Inc. | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 0 | 0 | 12,000 |
BMEB Services LLC | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 0 | 0 | 1,415 |
Roche Holding AG | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 1,518 | 4,973 | 0 |
Eli Lilly and Company | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 896 | 1,433 | 0 |
Boehringer Ingelheim International GMBH | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 2,043 | 1,091 | 0 |
Imbrium Therapeutics L.P. | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | 1,736 | 1,013 | 0 |
Karuna Therapeutics, Inc. | Over 10 percent of revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract revenue | $ 2,000 | $ 0 | $ 0 |
Revenue - Budgeted Costs to com
Revenue - Budgeted Costs to complete (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Top of range [member] | |||
Budgeted Costs to complete [Line Items] | |||
Budgeted costs to complete | 10.00% | 10.00% | 10.00% |
Revenue | $ (535) | $ (951) | $ (265) |
Bottom of range [member] | |||
Budgeted Costs to complete [Line Items] | |||
Budgeted costs to complete | (10.00%) | (10.00%) | (10.00%) |
Revenue | $ 654 | $ 738 | $ 323 |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract Balances [Table] | ||
Accounts receivable | $ 711 | $ 1,699 |
Deferred revenue – long term | 0 | 1,220 |
Deferred revenue – short term | $ 1,472 | $ 5,474 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of performance obligations [line items] | |||
Revenue | $ 11,768 | $ 9,807 | $ 20,748 |
Remaining Performance Obligation | |||
Disclosure of performance obligations [line items] | |||
Revenue | 1,713 | ||
Less than 1 Year | Remaining Performance Obligation | |||
Disclosure of performance obligations [line items] | |||
Revenue | 1,713 | ||
Greater than 1 Year | Remaining Performance Obligation | |||
Disclosure of performance obligations [line items] | |||
Revenue | $ 0 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue [Line Items] | |||
Milestone Payment | $ 8,341 | $ 8,688 | $ 16,371 |
Revenue recognized on deferred revenue outstanding at prior year end | 5,300 | ||
Revenue | 11,768 | 9,807 | 20,748 |
Remaining Performance Obligation | |||
Revenue [Line Items] | |||
Revenue | 1,713 | ||
Over 10 percent of revenue | |||
Revenue [Line Items] | |||
Milestone Payment | 8,193 | 8,510 | 13,415 |
Karuna Therapeutics, Inc. | Over 10 percent of revenue | |||
Revenue [Line Items] | |||
Milestone Payment | $ 2,000 | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income/(Loss) | |||
Contract revenue | $ 8,341 | $ 8,688 | $ 16,371 |
Grant revenue | 3,427 | 1,119 | 4,377 |
Total revenue | 11,768 | 9,807 | 20,748 |
General and administrative expenses | 49,440 | 59,358 | 47,365 |
Research and development expenses | 81,859 | 85,848 | 77,402 |
Total operating expense | 131,299 | 145,206 | 124,767 |
Other income/(expense): | |||
Gain on deconsolidation | 0 | 264,409 | 41,730 |
Loss realized on sale of investments | (54,976) | 0 | 0 |
Gain/(loss) on disposal of assets | (30) | (82) | 4,060 |
Gain on loss of significant influence | 0 | 445,582 | 10,287 |
Other income/(expense) | 1,065 | 121 | (278) |
Other income/(expense) | 178,732 | 672,167 | 21,154 |
Net finance income/(costs) | (6,115) | (46,147) | 25,917 |
Share of net income/(loss) of associates accounted for using the equity method | (34,117) | 30,791 | (11,490) |
Income/(loss) before taxes | 18,969 | 478,474 | (68,438) |
Finance income/(costs) – subsidiary preferred shares | 0 | (1,458) | (106) |
Share-based payment expense | 10,718 | 14,468 | 12,637 |
Depreciation of tangible assets | 3,900 | 3,200 | 2,500 |
Amortization of ROU assets | (2,699) | (3,237) | |
Amortization of intangible assets | 0 | 100 | 300 |
Taxation | (14,401) | (112,409) | (2,221) |
Income/(loss) for the year | 4,568 | 366,065 | (70,659) |
Other comprehensive income | 469 | (10) | (240) |
Total comprehensive income/(loss) for the year | 5,037 | 366,055 | (70,899) |
Total comprehensive income/(loss) attributable to: | |||
Owners of the Company | 6,454 | 421,134 | (43,894) |
Non-controlling interests | (1,417) | (55,079) | (27,005) |
Consolidated Statements of Financial Position | |||
Total assets | 989,994 | 941,178 | |
Total liabilities | 336,455 | 290,780 | |
Internal | |||
Consolidated Statements of Comprehensive Income/(Loss) | |||
Contract revenue | 3,560 | 6,064 | 2,110 |
Grant revenue | 32 | 15 | 86 |
Total revenue | 3,592 | 6,079 | 2,195 |
General and administrative expenses | (2,112) | (2,385) | (1,498) |
Research and development expenses | (41,583) | (25,977) | (8,929) |
Total operating expense | (43,695) | (28,362) | (10,427) |
Other income/(expense): | |||
Gain on deconsolidation | 0 | 0 | |
Gain/(loss) on investments held at fair value | 0 | 0 | 0 |
Loss realized on sale of investments | 0 | ||
Gain/(loss) on disposal of assets | (15) | 17 | 0 |
Gain on loss of significant influence | 0 | 0 | |
Other income/(expense) | 0 | 0 | 0 |
Other income/(expense) | (15) | 17 | 0 |
Net finance income/(costs) | 19 | 0 | |
Share of net income/(loss) of associates accounted for using the equity method | 0 | 0 | 0 |
Impairment of investment in associate | 0 | ||
Income/(loss) before taxes | (40,098) | (22,266) | (8,232) |
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (8,210) | ||
Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (36,770) | (21,889) | |
Finance income/(costs) – subsidiary preferred shares | 0 | 0 | 0 |
Finance income/(costs) – IFRS 9 fair value accounting | 0 | 0 | |
Finance income/(costs) – IAS 39 fair value accounting | 0 | ||
Share-based payment expense | (2,491) | (5) | (11) |
Depreciation of tangible assets | (838) | (376) | (7) |
Amortization of ROU assets | 0 | 0 | |
Amortization of intangible assets | 0 | 4 | (4) |
Taxation | 0 | 0 | 0 |
Income/(loss) for the year | (40,098) | (22,266) | (8,454) |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income/(loss) for the year | (40,098) | (22,266) | (8,454) |
Total comprehensive income/(loss) attributable to: | |||
Owners of the Company | (40,098) | (7,002) | (1,139) |
Non-controlling interests | 0 | (15,264) | (7,315) |
Consolidated Statements of Financial Position | |||
Total assets | 87,917 | 17,614 | 2,984 |
Total liabilities | 117,964 | 12,076 | 13,366 |
Net assets/(liabilities) | (30,047) | 5,538 | (10,381) |
Controlled Founded Entities | |||
Consolidated Statements of Comprehensive Income/(Loss) | |||
Contract revenue | 2,726 | 2,487 | 14,233 |
Grant revenue | 3,395 | 1,104 | 4,271 |
Total revenue | 6,121 | 3,591 | 18,504 |
General and administrative expenses | (15,061) | (14,436) | (10,212) |
Research and development expenses | (40,043) | (42,780) | (36,930) |
Total operating expense | (55,104) | (57,216) | (47,142) |
Other income/(expense): | |||
Gain on deconsolidation | 0 | 0 | |
Gain/(loss) on investments held at fair value | 0 | 0 | 0 |
Loss realized on sale of investments | 0 | ||
Gain/(loss) on disposal of assets | (15) | (39) | 0 |
Gain on loss of significant influence | 0 | 0 | |
Other income/(expense) | 100 | 166 | |
Other income/(expense) | 85 | 127 | 0 |
Net finance income/(costs) | (5,204) | (16,947) | 5,341 |
Share of net income/(loss) of associates accounted for using the equity method | 0 | 0 | 0 |
Impairment of investment in associate | 0 | ||
Income/(loss) before taxes | (54,102) | (70,445) | (23,297) |
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (24,344) | ||
Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (44,181) | (48,996) | |
Finance income/(costs) – subsidiary preferred shares | 0 | 107 | 0 |
Finance income/(costs) – IFRS 9 fair value accounting | (4,351) | (17,294) | |
Finance income/(costs) – IAS 39 fair value accounting | 5,341 | ||
Share-based payment expense | (2,822) | (1,678) | (2,465) |
Depreciation of tangible assets | (1,560) | (1,531) | (1,823) |
Amortization of ROU assets | (1,186) | (1,060) | |
Amortization of intangible assets | (1) | 7 | (6) |
Taxation | (1) | (134) | (381) |
Income/(loss) for the year | (54,103) | (70,579) | (26,206) |
Other comprehensive income | 0 | 0 | (214) |
Total comprehensive income/(loss) for the year | (54,103) | (70,579) | (26,420) |
Total comprehensive income/(loss) attributable to: | |||
Owners of the Company | (52,701) | (54,717) | (15,710) |
Non-controlling interests | (1,402) | (15,862) | (10,710) |
Consolidated Statements of Financial Position | |||
Total assets | 68,731 | 41,612 | 15,603 |
Total liabilities | 212,542 | 132,935 | 60,992 |
Net assets/(liabilities) | (143,812) | (91,324) | (45,389) |
Non-Controlled Founded Entities | |||
Consolidated Statements of Comprehensive Income/(Loss) | |||
Contract revenue | 0 | 0 | 0 |
Grant revenue | 0 | 0 | 20 |
Total revenue | 0 | 0 | 20 |
General and administrative expenses | 0 | (10,439) | (16,385) |
Research and development expenses | 0 | (15,555) | (29,851) |
Total operating expense | 0 | (25,994) | (46,236) |
Other income/(expense): | |||
Gain on deconsolidation | 0 | 0 | |
Gain/(loss) on investments held at fair value | 0 | 0 | 0 |
Loss realized on sale of investments | 0 | ||
Gain/(loss) on disposal of assets | 0 | 0 | 0 |
Gain on loss of significant influence | 0 | 0 | |
Other income/(expense) | 0 | 0 | 104 |
Other income/(expense) | 0 | 0 | 104 |
Net finance income/(costs) | 0 | (30,141) | 5,945 |
Share of net income/(loss) of associates accounted for using the equity method | 0 | 0 | 0 |
Impairment of investment in associate | 0 | ||
Income/(loss) before taxes | 0 | (56,135) | (40,167) |
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (38,761) | ||
Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | 0 | (21,873) | |
Finance income/(costs) – subsidiary preferred shares | 0 | (1,564) | 0 |
Finance income/(costs) – IFRS 9 fair value accounting | 0 | (28,737) | |
Finance income/(costs) – IAS 39 fair value accounting | 5,516 | ||
Share-based payment expense | 0 | (3,543) | (6,262) |
Depreciation of tangible assets | 0 | (207) | (390) |
Amortization of ROU assets | 0 | (83) | |
Amortization of intangible assets | 0 | (128) | (270) |
Taxation | 0 | (162) | (185) |
Income/(loss) for the year | 0 | (56,297) | (41,239) |
Other comprehensive income | 0 | (10) | 0 |
Total comprehensive income/(loss) for the year | 0 | (56,307) | (41,239) |
Total comprehensive income/(loss) attributable to: | |||
Owners of the Company | 0 | (32,353) | (32,260) |
Non-controlling interests | 0 | (23,953) | (8,980) |
Consolidated Statements of Financial Position | |||
Total assets | 0 | 0 | 35,934 |
Total liabilities | 0 | 0 | 202,161 |
Net assets/(liabilities) | 0 | 0 | (166,227) |
Parent Company And Other | |||
Consolidated Statements of Comprehensive Income/(Loss) | |||
Contract revenue | 2,054 | 137 | 29 |
Grant revenue | 0 | 0 | 0 |
Total revenue | 2,054 | 137 | 29 |
General and administrative expenses | (32,267) | (32,098) | (19,270) |
Research and development expenses | (234) | (1,536) | (1,692) |
Total operating expense | (32,500) | (33,634) | (20,962) |
Other income/(expense): | |||
Gain on deconsolidation | 264,409 | 41,730 | |
Gain/(loss) on investments held at fair value | 232,674 | (37,863) | (34,615) |
Loss realized on sale of investments | (54,976) | ||
Gain/(loss) on disposal of assets | 0 | (60) | 4,054 |
Gain on loss of significant influence | 445,582 | 10,287 | |
Other income/(expense) | 965 | (45) | (405) |
Other income/(expense) | 178,662 | 672,023 | 21,051 |
Net finance income/(costs) | (930) | 941 | 14,631 |
Share of net income/(loss) of associates accounted for using the equity method | (34,117) | 30,791 | (11,490) |
Impairment of investment in associate | 42,938 | ||
Income/(loss) before taxes | 113,170 | 627,320 | 3,258 |
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (4,235) | ||
Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | 121,644 | 640,298 | |
Finance income/(costs) – subsidiary preferred shares | 0 | (1) | (106) |
Finance income/(costs) – IFRS 9 fair value accounting | 0 | (444) | |
Finance income/(costs) – IAS 39 fair value accounting | 11,775 | ||
Share-based payment expense | (5,405) | (9,242) | (3,899) |
Depreciation of tangible assets | (1,547) | (1,114) | (256) |
Amortization of ROU assets | (1,523) | (2,177) | |
Amortization of intangible assets | 0 | 0 | (22) |
Taxation | (14,400) | (112,113) | (1,655) |
Income/(loss) for the year | 98,769 | 515,207 | 5,239 |
Other comprehensive income | 469 | 0 | (26) |
Total comprehensive income/(loss) for the year | 99,238 | 515,207 | 5,213 |
Total comprehensive income/(loss) attributable to: | |||
Owners of the Company | 99,253 | 515,207 | 5,213 |
Non-controlling interests | (15) | 0 | 0 |
Consolidated Statements of Financial Position | |||
Total assets | 833,347 | 881,952 | 387,240 |
Total liabilities | 5,949 | 145,768 | (1,731) |
Net assets/(liabilities) | 827,397 | 736,184 | 388,970 |
Operating segments [member] | |||
Consolidated Statements of Comprehensive Income/(Loss) | |||
Contract revenue | 8,341 | 8,688 | 16,371 |
Grant revenue | 3,427 | 1,119 | 4,377 |
Total revenue | 11,768 | 9,807 | 20,748 |
General and administrative expenses | (49,440) | (59,358) | (47,365) |
Research and development expenses | (81,859) | (85,848) | (77,402) |
Total operating expense | (131,299) | (145,206) | (124,768) |
Other income/(expense): | |||
Gain on deconsolidation | 264,409 | 41,730 | |
Gain/(loss) on investments held at fair value | 232,674 | (37,863) | (34,615) |
Loss realized on sale of investments | (54,976) | ||
Gain/(loss) on disposal of assets | (30) | (82) | 4,054 |
Gain on loss of significant influence | 445,582 | 10,287 | |
Other income/(expense) | 1,065 | 121 | (302) |
Other income/(expense) | 178,732 | 672,167 | 21,155 |
Net finance income/(costs) | (6,115) | (46,147) | 25,918 |
Share of net income/(loss) of associates accounted for using the equity method | (34,117) | 30,791 | (11,490) |
Impairment of investment in associate | 42,938 | ||
Income/(loss) before taxes | 18,969 | 478,474 | (68,438) |
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | (75,550) | ||
Income/(loss) before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets | 40,694 | 547,540 | |
Finance income/(costs) – subsidiary preferred shares | 0 | (1,458) | (106) |
Finance income/(costs) – IFRS 9 fair value accounting | (4,351) | (46,475) | |
Finance income/(costs) – IAS 39 fair value accounting | 22,632 | ||
Share-based payment expense | (10,718) | (14,468) | (12,637) |
Depreciation of tangible assets | (3,945) | (3,228) | (2,476) |
Amortization of ROU assets | (2,709) | (3,320) | |
Amortization of intangible assets | (1) | (117) | (302) |
Taxation | (14,401) | (112,409) | (2,221) |
Income/(loss) for the year | 4,568 | 366,065 | (70,659) |
Other comprehensive income | 469 | (10) | (240) |
Total comprehensive income/(loss) for the year | 5,037 | 366,055 | (70,899) |
Total comprehensive income/(loss) attributable to: | |||
Owners of the Company | 6,454 | 421,133 | (43,894) |
Non-controlling interests | (1,417) | (55,079) | (27,005) |
Consolidated Statements of Financial Position | |||
Total assets | 989,994 | 941,178 | 441,761 |
Total liabilities | 336,455 | 290,779 | 274,787 |
Net assets/(liabilities) | $ 653,539 | $ 650,399 | $ 166,973 |
Investments held at fair valu_2
Investments held at fair value - Roll forward (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Dec. 05, 2019 | Nov. 05, 2019 | Oct. 07, 2019 | Aug. 12, 2019 | Jan. 26, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Beginning balance | $ 714,905 | $ 169,755 | |||||||
Cash purchase of convertible notes | 0 | 6,480 | $ 0 | ||||||
Cash purchase of preferred shares | 10,000 | 13,670 | 3,500 | ||||||
Reclassification of investment at loss of significant influence | (111,661) | ||||||||
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | 1,150 | 1,556 | 0 | ||||||
Loss realized on sale of investments | (54,976) | 0 | 0 | ||||||
Increase (decrease) in fair value measurement, assets | 232,674 | (78,496) | |||||||
Balance before allocation of share in associate loss to long-term interest | 553,167 | ||||||||
Share of associate loss allocated to long-term interest (please refer to Note 6) | (23,006) | ||||||||
Ending balance | 530,161 | 714,905 | 169,755 | ||||||
Gain/(loss) on investments held at fair value | 232,674 | (37,863) | (34,615) | ||||||
Vor, Karuna & Gelesis | |||||||||
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Deconsolidation | 138,571 | ||||||||
resTORbio [Member] | |||||||||
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Reclassification of investment at loss of significant influence | (117,507) | ||||||||
Sale of shares | (3,048) | (9,295) | |||||||
Increase (decrease) in fair value measurement, assets | $ 14,300 | ||||||||
Gelesis [Member] | |||||||||
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Cash purchase of preferred shares | $ 10,000 | $ 8,000 | $ 1,200 | $ 3,300 | $ 2,000 | 8,020 | |||
Increase (decrease) in fair value measurement, assets | 7,100 | 18,700 | |||||||
Share of associate loss allocated to long-term interest (please refer to Note 6) | (23,006) | 0 | |||||||
Karuna [Member] | |||||||||
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Reclassification of investment to investment in associate | (118,006) | ||||||||
Gain on investment at initial public offering | 40,633 | $ 40,600 | |||||||
Cash purchase of preferred shares | 5,000 | ||||||||
Reclassification of investment at loss of significant influence | $ 557,243 | ||||||||
Sale of shares | $ (347,538) |
Investments held at fair valu_3
Investments held at fair value - Gain on deconsolidation (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Gain on deconsolidation [Line Items] | ||||
Gain on deconsolidation | $ 0 | $ 264,409 | $ 41,730 | |
Akili [Member] | ||||
Gain on deconsolidation [Line Items] | ||||
Gain on deconsolidation | 0 | 0 | 41,730 | |
Vor [Member] | ||||
Gain on deconsolidation [Line Items] | ||||
Gain on deconsolidation | 0 | 6,357 | 0 | |
Karuna [Member] | ||||
Gain on deconsolidation [Line Items] | ||||
Gain on deconsolidation | 0 | 102,038 | 0 | |
Gelesis [Member] | ||||
Gain on deconsolidation [Line Items] | ||||
Gain on deconsolidation | $ 156,000 | $ 0 | $ 156,014 | $ 0 |
Investments held at fair valu_4
Investments held at fair value - Narrative (Details) $ in Thousands | Dec. 31, 2020USD ($) | Aug. 26, 2020USD ($)shares | Jun. 30, 2020USD ($)shares | May 26, 2020USD ($)shares | Apr. 30, 2020USD ($)shares | Apr. 01, 2020USD ($)shares | Feb. 12, 2020USD ($)shares | Jan. 22, 2020USD ($)shares | Dec. 05, 2019USD ($) | Dec. 02, 2019USD ($) | Nov. 15, 2019shares | Nov. 05, 2019USD ($) | Oct. 07, 2019USD ($) | Aug. 12, 2019USD ($) | Jul. 01, 2019USD ($) | Jun. 28, 2019 | Jun. 27, 2019 | Mar. 15, 2019USD ($)shares | Mar. 14, 2019 | Feb. 12, 2019USD ($)shares | Feb. 11, 2019 | May 08, 2018 | May 07, 2018 | Dec. 31, 2019USD ($) | Jan. 26, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Gain on deconsolidation | $ 0 | $ 264,409 | $ 41,730 | ||||||||||||||||||||||||||
Investments held at fair value | $ 530,161 | $ 714,905 | $ 714,905 | 530,161 | 714,905 | 169,755 | |||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | 232,674 | (78,496) | |||||||||||||||||||||||||||
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | 1,150 | 1,556 | 0 | ||||||||||||||||||||||||||
Purchase of investments other than investments accounted for using equity method | 10,000 | 13,670 | 3,500 | ||||||||||||||||||||||||||
Share of associate loss allocated to long-term interest | (23,006) | ||||||||||||||||||||||||||||
Share of net income/(loss) of associates accounted for using the equity method | (34,117) | 30,791 | (11,490) | ||||||||||||||||||||||||||
Loss realized on sale of investments | (54,976) | 0 | 0 | ||||||||||||||||||||||||||
Gain on loss of significant influence | 0 | 445,582 | 10,287 | ||||||||||||||||||||||||||
Sale of investments held at fair value | 350,586 | 9,294 | 0 | ||||||||||||||||||||||||||
Vor [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | 19,100 | ||||||||||||||||||||||||||||
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | $ 500 | $ 700 | |||||||||||||||||||||||||||
Acquisition of equity instruments in other entities | shares | 961,538 | 1,625,000 | |||||||||||||||||||||||||||
Karuna [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Investments held at fair value | $ 557,200 | ||||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | $ 700 | 191,200 | |||||||||||||||||||||||||||
Sale of equity instruments in other entities | shares | (1,333,333) | 555,500 | (2,100,000) | ||||||||||||||||||||||||||
Loss realized on sale of investments | (54,800) | ||||||||||||||||||||||||||||
Sale of investments held at fair value | $ (101,600) | $ 45,000 | $ (200,900) | ||||||||||||||||||||||||||
Proportion of ownership interest in investee | 12.60% | ||||||||||||||||||||||||||||
resTORbio [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | 100 | 71,900 | 33,000 | ||||||||||||||||||||||||||
Sale of equity instruments in other entities | shares | 2,119,696 | 7,680,700 | |||||||||||||||||||||||||||
Loss realized on sale of investments | (200) | ||||||||||||||||||||||||||||
Sale of investments held at fair value | $ (3,000) | $ 9,300 | |||||||||||||||||||||||||||
Proportion of ownership interest in investee | 5.80% | ||||||||||||||||||||||||||||
Number Of Shares Held | shares | 2,119,696 | ||||||||||||||||||||||||||||
Vor [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Proportion of voting rights held in associate | 47.50% | 79.50% | |||||||||||||||||||||||||||
Gain on deconsolidation | 0 | 6,357 | 0 | ||||||||||||||||||||||||||
Investments held at fair value | $ 12,000 | ||||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | 600 | ||||||||||||||||||||||||||||
Gelesis [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Proportion of voting rights held in associate | 25.20% | ||||||||||||||||||||||||||||
Gain on deconsolidation | $ 156,000 | 0 | 156,014 | 0 | |||||||||||||||||||||||||
Investments held at fair value | $ 49,200 | ||||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | 7,100 | 18,700 | |||||||||||||||||||||||||||
Acquisition of equity instruments in other entities | shares | 579,038 | ||||||||||||||||||||||||||||
Purchase of investments other than investments accounted for using equity method | $ 10,000 | $ 8,000 | $ 1,200 | $ 3,300 | $ 2,000 | 8,020 | |||||||||||||||||||||||
Share of associate loss allocated to long-term interest | $ (23,006) | $ 0 | |||||||||||||||||||||||||||
Proportion of ownership interest in associate | 47.90% | 49.30% | |||||||||||||||||||||||||||
Gelesis [Member] | Top of range [member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Purchase of investments other than investments accounted for using equity method | $ 6,500 | ||||||||||||||||||||||||||||
Karuna [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Proportion of voting rights held in associate | 31.60% | 44.30% | 44.30% | 70.90% | |||||||||||||||||||||||||
Gain on deconsolidation | $ 0 | $ 102,038 | 0 | ||||||||||||||||||||||||||
Investments held at fair value | $ 72,400 | ||||||||||||||||||||||||||||
Purchase of investments other than investments accounted for using equity method | 5,000 | ||||||||||||||||||||||||||||
Share of net income/(loss) of associates accounted for using the equity method | (6,300) | ||||||||||||||||||||||||||||
Gain on investment at initial public offering | 40,633 | 40,600 | |||||||||||||||||||||||||||
Gain on loss of significant influence | $ 445,600 | ||||||||||||||||||||||||||||
Proportion of ownership interest in associate | 28.40% | ||||||||||||||||||||||||||||
Shareholder ownership percentage | 0.314 | ||||||||||||||||||||||||||||
Akili [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Proportion of voting rights held in associate | 41.90% | 61.80% | |||||||||||||||||||||||||||
Gain on deconsolidation | 0 | $ 0 | 41,730 | ||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | $ 14,400 | $ 11,500 | |||||||||||||||||||||||||||
resTORbio [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Increase (decrease) in fair value measurement, assets | $ 14,300 | ||||||||||||||||||||||||||||
Share of net income/(loss) of associates accounted for using the equity method | (11,500) | ||||||||||||||||||||||||||||
Gain on loss of significant influence | $ 10,287 | ||||||||||||||||||||||||||||
Shareholder ownership percentage | 0.349 | ||||||||||||||||||||||||||||
Series A-2 Preferred [Member] | Vor [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued by investee | shares | 62,819,866 | ||||||||||||||||||||||||||||
Share price of investee shares | 0.40 | ||||||||||||||||||||||||||||
Series B Preferred [Member] | Karuna [Member] | |||||||||||||||||||||||||||||
Investments held at fair value [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued by investee | shares | 5,285,102 | ||||||||||||||||||||||||||||
Share price of investee shares | 15.14 |
Investments in Associates - Nar
Investments in Associates - Narrative (Details) $ in Thousands | Jul. 01, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure of associates [Line Items] | ||||
Share of net income/(loss) of associates accounted for using the equity method | $ (34,117) | $ 30,791 | $ (11,490) | |
Gelesis [Member] | ||||
Disclosure of associates [Line Items] | ||||
Proportion of voting rights held in associate | 25.20% | |||
Investments in associates accounted for using equity method | $ 16,400 | 10,600 | ||
Impairment of investment | $ (42,702) | $ (42,938) | ||
Gelesis [Member] | Measurement Input, Probability Of Occurrence | Option pricing model [member] | ||||
Disclosure of associates [Line Items] | ||||
Fair value input, common stock price | 0.250 | |||
Gelesis [Member] | Measurement Input, Probability Of Occurrence | Probability Weighted Expected Return Method | ||||
Disclosure of associates [Line Items] | ||||
Fair value input, common stock price | 0.750 | |||
Gelesis [Member] | Measurement Input, Weighted Term To Exit | ||||
Disclosure of associates [Line Items] | ||||
Fair value input, common stock price | 1.57 | |||
Gelesis [Member] | Discount rate | ||||
Disclosure of associates [Line Items] | ||||
Fair value input, common stock price | 0.200 | |||
Gelesis [Member] | Volatility | ||||
Disclosure of associates [Line Items] | ||||
Fair value input, common stock price | 0.560 | |||
Gelesis [Member] | Risk free interest rate | ||||
Disclosure of associates [Line Items] | ||||
Fair value input, common stock price | 0.0162 |
Investments in Associates (Deta
Investments in Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of associates [Line Items] | |||
As of | $ 10,642 | $ 0 | $ 0 |
Cash investment in Associate | 3,500 | ||
Gain on loss of significant influence | 0 | 445,582 | 10,287 |
Reclassification of investment at loss of significant influence | (111,661) | ||
Share of associate loss allocated to long-term interest | 23,006 | ||
As of | 0 | 10,642 | 0 |
resTORbio [Member] | |||
Disclosure of associates [Line Items] | |||
Investment upon initial public offering | 115,210 | ||
Group's share in income/(loss) from continuing operations | (11,490) | ||
Gain on loss of significant influence | 10,287 | ||
Reclassification of investment at loss of significant influence | $ (117,507) | ||
Karuna [Member] | |||
Disclosure of associates [Line Items] | |||
Group's share in income/(loss) from continuing operations | (6,345) | ||
Gain on loss of significant influence | 445,600 | ||
Reclassification of investment at loss of significant influence | 557,243 | ||
Reclassification of investment at initial public offering | 118,006 | ||
Gelesis [Member] | |||
Disclosure of associates [Line Items] | |||
As of | 10,642 | ||
Group's share in income/(loss) from continuing operations | (34,117) | 37,136 | |
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax | 469 | ||
Investment upon deconsolidation | 16,444 | ||
Impairment of investment | (42,702) | (42,938) | |
Share of associate loss allocated to long-term interest | 23,006 | 0 | |
As of | $ 0 | $ 10,642 |
Investments in Associates - Gel
Investments in Associates - Gelesis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [Line Items] | ||||
Non-current assets | $ 575,645 | $ 772,333 | ||
Current assets | 414,348 | 168,845 | ||
Non-current liabilities | 155,531 | 151,579 | ||
Current liabilities | 180,924 | 139,201 | ||
Share of associate loss allocated to long-term interest | 23,006 | |||
Investments in associates | 0 | 10,642 | $ 0 | $ 0 |
Revenue | 11,768 | 9,807 | 20,748 | |
Total comprehensive income/(loss) for the year | $ 5,037 | $ 366,055 | $ (70,899) | |
Gelesis [Member] | ||||
Disclosure of associates [Line Items] | ||||
Proportion of ownership interest in associate | 47.90% | 49.30% | ||
Non-current assets | $ 372,184 | $ 369,336 | ||
Current assets | 92,875 | 40,079 | ||
Non-current liabilities | (133,743) | (82,406) | ||
Current liabilities | (300,748) | (216,852) | ||
Non controlling interests and options issued to third parties | (6,577) | (1,542) | ||
Net assets attributable to shareholders | 23,989 | 108,615 | ||
Group's share of net assets | 11,481 | 53,580 | ||
Goodwill | 8,216 | 0 | ||
Impairment of investment | (42,702) | (42,938) | ||
Share of associate loss allocated to long-term interest | 23,006 | 0 | ||
Investments in associates | 0 | 10,642 | ||
Revenue | 21,442 | 0 | ||
Income/(loss) from continuing operations (100%) | (71,157) | 74,573 | ||
Total comprehensive income/(loss) for the year | (70,178) | 74,573 | ||
Group's share in income/(loss) from continuing operations | (34,117) | 37,136 | ||
Group's share of total comprehensive income/(loss) | $ (33,648) | $ 37,136 |
Operating Expenses (Details)
Operating Expenses (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Expenses Table [Table] | |||
General and administrative expenses | $ 49,440 | $ 59,358 | $ 47,365 |
Research and development expenses | 81,859 | 85,848 | 77,402 |
Total operating expense | $ 131,299 | $ 145,206 | $ 124,767 |
Disclosure of information of employees [Table] | |||
Average number of employees | 138 | 129 | 145 |
Aggregate payroll costs | $ 43,616 | $ 45,150 | $ 43,048 |
Operating Expenses [Table] | |||
Salaries and wages | 29,403 | 27,703 | 27,274 |
Healthcare benefits | 1,866 | 1,511 | 1,465 |
Payroll Taxes | 1,629 | 1,468 | 1,672 |
Share-based payments | 10,718 | 14,468 | 12,637 |
Total Payroll Costs | 43,616 | 45,150 | 43,048 |
Other selling, general and administrative expenses | 26,497 | 34,890 | 24,426 |
Other research and development expenses | 61,186 | 65,166 | 57,293 |
Total other operating expenses | 87,683 | 100,056 | 81,719 |
Total operating expense | 131,299 | 145,206 | 124,767 |
Auditors Remuneration [Table] | |||
Audit of these financial statements | 1,145 | 870 | 652 |
Audit of the financial statements of subsidiaries | 291 | 290 | 200 |
Audit-related assurance services | 490 | 163 | 162 |
Non-audit related services | 173 | 778 | 159 |
Total | $ 2,099 | $ 2,101 | $ 1,173 |
General And Administrative [Member] | |||
Disclosure of information of employees [Table] | |||
Average number of employees | 43 | 39 | 55 |
Aggregate payroll costs | $ 22,943 | $ 24,468 | $ 22,939 |
Operating Expenses [Table] | |||
Total Payroll Costs | $ 22,943 | $ 24,468 | $ 22,939 |
Research And Development [Member] | |||
Disclosure of information of employees [Table] | |||
Average number of employees | 95 | 90 | 90 |
Aggregate payroll costs | $ 20,674 | $ 20,682 | $ 20,109 |
Operating Expenses [Table] | |||
Total Payroll Costs | $ 20,674 | $ 20,682 | $ 20,109 |
Share-based Payments as reflect
Share-based Payments as reflected in the Consolidated Statement of Income/(Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment [Line Items] | |||
Share-based payment expense | $ 10,718 | $ 14,468 | $ 12,637 |
General And Administrative [Member] | |||
Share-based Payment [Line Items] | |||
Share-based payment expense | (7,650) | (10,677) | (5,293) |
Research And Development [Member] | |||
Share-based Payment [Line Items] | |||
Share-based payment expense | $ (3,068) | $ (3,791) | $ (7,344) |
Share-based Payments - RSU Acti
Share-based Payments - RSU Activity Rollforward (Details) - Restricted Share Units | 12 Months Ended | ||
Dec. 31, 2020shares£ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of year (in shares) | shares | 4,636,347 | 6,598,783 | 5,589,416 |
Granted (in shares) | shares | 1,759,011 | 1,775,569 | 2,860,778 |
Vested (in shares) | shares | (2,781,687) | (3,738,005) | (513,324) |
Forfeited (in shares) | shares | (191,089) | 0 | (1,338,087) |
Outstanding, end of year (in shares) | shares | 3,422,582 | 4,636,347 | 6,598,783 |
Weighted average grant date fair value, RSU outstanding beginning balance (in GBP per share) | £ / shares | £ 2.08 | £ 1.29 | £ 1.09 |
Weighted average grant date fair value, RSU granted (in GBP per share) | £ / shares | 1.80 | 2.95 | 1.54 |
Weighted average grant date fair value, RSU vested (in GBP per share) | £ / shares | 1.54 | 1.10 | 1.06 |
Weighted average grant date fair value, RSU forfeited (in GBP per share) | £ / shares | 2.37 | 0 | 1.06 |
Weighted average grant date fair value, RSU Ending balance (in GBP per share) | £ / shares | £ 2.46 | £ 2.08 | £ 1.29 |
Share-based payment - Stock Opt
Share-based payment - Stock Options Rollforward (Details) | 12 Months Ended | ||
Dec. 31, 2020shares£ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |||
Outstanding at beginning of period | shares | 8,472,827 | 5,075,734 | 2,343,085 |
Granted (in shares) | shares | 4,076,982 | 3,634,183 | 2,796,820 |
Exercised (in shares) | shares | (514,410) | (237,090) | (64,171) |
Forfeited (in shares) | shares | (1,119,313) | 0 | 0 |
Options exercisable (in shares) | shares | 5,447,405 | 4,349,921 | 1,195,929 |
Outstanding at end of period | shares | 10,916,086 | 8,472,827 | 5,075,734 |
Weighted-average exercise price, beginning of year (in GBP per share) | £ 1.16 | £ 1.40 | £ 1.22 |
Weighted average exercise price, options granted (in GBP per share) | 3.14 | 0.84 | 1.57 |
Weighted average exercise price, options exercised (in GBP per share) | 1.52 | 1.98 | 1.20 |
Weighted average exercise price, options forfeited (in GBP per share) | 1.88 | 0 | 0 |
Weighted average exercise price of, options exercisable (in GBP per share) | 0.98 | 0.93 | 1.26 |
Weighted-average exercise price, end of year (in GBP per share) | £ 1.81 | £ 1.16 | £ 1.40 |
Weighted average remaining contractual life of options excisable | 7 years 5 months 15 days | 8 years 4 months 2 days | 7 years 11 months 1 day |
Weighted average remaining contractual life of outstanding share options | 8 years 4 months 17 days | 8 years 6 months 18 days | 8 years 9 months 10 days |
Weighted average stock price of share options exercised in share-based payment arrangement | £ 2.88 | £ 2.81 | £ 1.56 |
Share-based Payments, Narrative
Share-based Payments, Narrative - Ariya Stock Option Exchange (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payments Table [Line Items] | |||
Granted During the Year | 4,076,982 | 3,634,183 | 2,796,820 |
Common shares [member] | PureTech LYT [Member] | |||
Share-based Payments Table [Line Items] | |||
Granted During the Year | 2,147,965 |
Share-based payment, Narrative
Share-based payment, Narrative - Performance Share Plan (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2020£ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | Dec. 31, 2017shares | |
Performance Share Plan [Line Items] | ||||||||
Maximum authorized amount, percentage of ordinary shares outstanding | 0.100 | |||||||
Granted During the Year | shares | 4,076,982 | 3,634,183 | 2,796,820 | |||||
Share-based payment expense | $ 10,718 | $ 14,468 | $ 12,637 | |||||
Number of options | shares | 5,447,405 | 4,349,921 | 1,195,929 | |||||
Weighted average exercise price | £ / shares | £ 0.98 | £ 0.93 | £ 1.26 | |||||
Weighted average remaining contractual life of outstanding share options | 8 years 4 months 17 days | 8 years 6 months 18 days | 8 years 9 months 10 days | |||||
Number of share options | shares | 10,916,086 | 8,472,827 | 5,075,734 | 2,343,085 | ||||
Performance based RSU [Member] | ||||||||
Performance Share Plan [Line Items] | ||||||||
Share-based payment expense | $ 5,700 | $ 2,200 | $ 2,300 | |||||
2017 Performance Based RSU [Member] | ||||||||
Performance Share Plan [Line Items] | ||||||||
Share-based payment arrangement, cash settlement value | $ 12,500 | |||||||
2018 Performance Based RSU [Member] | ||||||||
Performance Share Plan [Line Items] | ||||||||
Share-based payment arrangement, cash settlement value | $ 400 | |||||||
Performance based Stock option awards [Member] | ||||||||
Performance Share Plan [Line Items] | ||||||||
Granted During the Year | shares | 5,835,993 | 5,409,751 | 5,657,602 | |||||
Share-based payment expense | $ 2,100 | $ 9,200 | $ 1,400 | |||||
Share-based payment arrangement, amount withheld for tax withholding obligation | $ 6,900 |
Share-based payment - Weighted
Share-based payment - Weighted average assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)yr$ / shares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2018USD ($)yr$ / shares | |
Weighted average assumptions [Abstract] | |||
Expected volatility | 41.25% | 35.68% | 44.18% |
Expected terms (in years) | yr | 6.11 | 5.81 | 6.08 |
Risk-free interest rate | 0.53% | 1.85% | 2.79% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Grant date fair value | $ 1.72 | $ 2.23 | $ 0.96 |
Share price at grant date | $ / shares | $ 4.30 | $ 2.57 | $ 2.05 |
Share-based payment _ Range of
Share-based payment — Range of exercise prices (Details) | 12 Months Ended | |||
Dec. 31, 2020shares£ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | Dec. 31, 2017shares£ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of share options | shares | 10,916,086 | 8,472,827 | 5,075,734 | 2,343,085 |
Weighted average exercise price | £ 1.81 | £ 1.16 | £ 1.40 | £ 1.22 |
Weighted average remaining contractual life of outstanding share options | 8 years 4 months 17 days | 8 years 6 months 18 days | 8 years 9 months 10 days | |
0.01 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | £ 0.01 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of share options | shares | 2,122,965 | |||
Weighted average exercise price | £ 0 | |||
Weighted average remaining contractual life of outstanding share options | 8 years 9 months 3 days | |||
1.00 to 2.00 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of share options | shares | 4,703,639 | |||
Weighted average exercise price | £ 1.47 | |||
Weighted average remaining contractual life of outstanding share options | 6 years 11 months 26 days | |||
2.00 to 3.00 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of share options | shares | 1,539,482 | |||
Weighted average exercise price | £ 2.51 | |||
Weighted average remaining contractual life of outstanding share options | 9 years 5 months 12 days | |||
3.00 to 4.00 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of share options | shares | 2,550,000 | |||
Weighted average exercise price | £ 3.51 | |||
Weighted average remaining contractual life of outstanding share options | 9 years 11 months 19 days | |||
Bottom of range [member] | 1.00 to 2.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | £ 1 | |||
Bottom of range [member] | 2.00 to 3.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | 2 | |||
Bottom of range [member] | 3.00 to 4.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | 3 | |||
Top of range [member] | 1.00 to 2.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | 2 | |||
Top of range [member] | 2.00 to 3.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | 3 | |||
Top of range [member] | 3.00 to 4.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise Price Range | £ 4 |
Share-based payment, Narrativ_2
Share-based payment, Narrative - PureTech LLC Incentive Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment [Line Items] | |||
Share-based payment expense | $ 10,718 | $ 14,468 | $ 12,637 |
Stock Incentive Plan [Member] | PureTech Health LLC | |||
Share-based Payment [Line Items] | |||
Share-based payment expense | $ 0 | $ 0 | $ 200 |
Share-based payment arrangement
Share-based payment arrangements - Subsidiary Plans (Details) | 12 Months Ended | ||
Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 8,472,827 | 5,075,734 | 2,343,085 |
Granted During the Year | 4,076,982 | 3,634,183 | 2,796,820 |
Exercised During the Year | 514,410 | 237,090 | 64,171 |
Forfeited During the Year | 1,119,313 | 0 | 0 |
Outstanding at end of period | 10,916,086 | 8,472,827 | 5,075,734 |
Gelesis [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 3,681,732 | 2,728,232 |
Granted During the Year | 0 | 953,500 | |
Exercised During the Year | 0 | 0 | |
Expired During the Year | (110,386) | 0 | |
Forfeited During the Year | (3,571,346) | 0 | |
Outstanding at end of period | 0 | 3,681,732 | |
Alivio [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 3,698,244 | 2,393,750 | 2,393,750 |
Granted During the Year | 189,924 | 1,329,494 | 0 |
Exercised During the Year | 0 | (3,125) | 0 |
Expired During the Year | 0 | 0 | 0 |
Forfeited During the Year | 0 | (21,875) | 0 |
Outstanding at end of period | 3,888,168 | 3,698,244 | 2,393,750 |
Akili [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 2,385,355 | |
Granted During the Year | 0 | ||
Exercised During the Year | 0 | ||
Expired During the Year | 0 | ||
Forfeited During the Year | (2,385,355) | ||
Outstanding at end of period | 0 | ||
PureTech LYT [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 2,180,000 | 0 |
Granted During the Year | 0 | 2,180,000 | |
Exercised During the Year | 0 | 0 | |
Expired During the Year | 0 | 0 | |
Forfeited During the Year | (2,180,000) | 0 | |
Outstanding at end of period | 0 | 2,180,000 | |
Commense | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 540,416 | 418,750 |
Granted During the Year | 0 | 121,666 | |
Exercised During the Year | 0 | 0 | |
Expired During the Year | 0 | 0 | |
Forfeited During the Year | (540,416) | 0 | |
Outstanding at end of period | 0 | 540,416 | |
Entrega [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 972,000 | 914,000 | 867,750 |
Granted During the Year | 0 | 58,000 | 60,000 |
Exercised During the Year | 0 | 0 | 0 |
Expired During the Year | 0 | 0 | (3,750) |
Forfeited During the Year | (10,000) | 0 | (10,000) |
Outstanding at end of period | 962,000 | 972,000 | 914,000 |
Follica [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 1,309,040 | 1,229,452 | 1,271,302 |
Granted During the Year | 0 | 79,588 | 0 |
Exercised During the Year | 0 | 0 | 0 |
Expired During the Year | 0 | 0 | (41,850) |
Forfeited During the Year | 0 | 0 | 0 |
Outstanding at end of period | 1,309,040 | 1,309,040 | 1,229,452 |
Karuna [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 1,949,927 | 855,427 |
Granted During the Year | 0 | 1,111,000 | |
Exercised During the Year | 0 | 0 | |
Expired During the Year | 0 | (4,125) | |
Forfeited During the Year | (1,949,927) | (12,375) | |
Outstanding at end of period | 0 | 1,949,927 | |
Knode | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 32,500 | |
Granted During the Year | 0 | ||
Exercised During the Year | 0 | ||
Expired During the Year | (32,500) | ||
Forfeited During the Year | 0 | ||
Outstanding at end of period | 0 | ||
Sonde [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 1,829,004 | 22,500 | 35,000 |
Granted During the Year | 363,830 | 1,806,504 | 0 |
Exercised During the Year | 0 | 0 | 0 |
Expired During the Year | 0 | 0 | (6,250) |
Forfeited During the Year | 0 | 0 | (6,250) |
Outstanding at end of period | 2,192,834 | 1,829,004 | 22,500 |
Tal | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 1,630,806 | 1,663,806 | |
Granted During the Year | 0 | ||
Exercised During the Year | 0 | ||
Expired During the Year | (30,250) | ||
Forfeited During the Year | (2,750) | ||
Outstanding at end of period | 1,630,806 | ||
The Sync Project | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 0 | 1,080,000 | |
Granted During the Year | 0 | ||
Exercised During the Year | 0 | ||
Expired During the Year | 0 | ||
Forfeited During the Year | (1,080,000) | ||
Outstanding at end of period | 0 | ||
Vedanta [Member] | |||
Subsidiary Plans [Line Items] | |||
Outstanding at beginning of period | 1,450,100 | 1,373,750 | 1,194,014 |
Granted During the Year | 493,951 | 154,193 | 278,786 |
Exercised During the Year | (813) | 0 | 0 |
Expired During the Year | 0 | 0 | (24,800) |
Forfeited During the Year | (201,350) | (77,843) | (74,250) |
Outstanding at end of period | 1,741,888 | 1,450,100 | 1,373,750 |
Share-based payment arrangeme_2
Share-based payment arrangements - Weighted Average Options Outstanding (Details) | 12 Months Ended | ||||
Dec. 31, 2020shares£ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2017shares£ / shares | |
Weighted Average Options Outstanding [Line Items] | |||||
Number of share options | shares | 10,916,086 | 8,472,827 | 5,075,734 | 10,916,086 | 2,343,085 |
Weighted average exercise price | £ / shares | £ 1.81 | £ 1.16 | £ 1.40 | £ 1.22 | |
Weighted average remaining contractual life of outstanding share options | 8 years 4 months 17 days | 8 years 6 months 18 days | 8 years 9 months 10 days | ||
Alivio [Member] | |||||
Weighted Average Options Outstanding [Line Items] | |||||
Number of share options | 3,888,168 | 3,698,244 | 2,393,750 | 3,888,168 | 2,393,750 |
Weighted average exercise price | $ 0.21 | ||||
Weighted average remaining contractual life of outstanding share options | 7 years 7 months 24 days | ||||
Entrega [Member] | |||||
Weighted Average Options Outstanding [Line Items] | |||||
Number of share options | 962,000 | 972,000 | 914,000 | 962,000 | 867,750 |
Weighted average exercise price | $ 0.70 | ||||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months 18 days | ||||
Follica [Member] | |||||
Weighted Average Options Outstanding [Line Items] | |||||
Number of share options | 1,309,040 | 1,309,040 | 1,229,452 | 1,309,040 | 1,271,302 |
Weighted average exercise price | $ 0.89 | ||||
Weighted average remaining contractual life of outstanding share options | 6 years 3 months 14 days | ||||
Sonde [Member] | |||||
Weighted Average Options Outstanding [Line Items] | |||||
Number of share options | 2,192,834 | 1,829,004 | 22,500 | 2,192,834 | 35,000 |
Weighted average exercise price | $ 0.19 | ||||
Weighted average remaining contractual life of outstanding share options | 8 years 9 months 3 days | ||||
Vedanta [Member] | |||||
Weighted Average Options Outstanding [Line Items] | |||||
Number of share options | 1,741,888 | 1,450,100 | 1,373,750 | 1,741,888 | 1,194,014 |
Weighted average exercise price | $ 7.48 | ||||
Weighted average remaining contractual life of outstanding share options | 6 years 1 month 24 days |
Share-based payment arrangeme_3
Share-based payment arrangements - Weighted Average Options granted (Details) | 12 Months Ended | |||||
Dec. 31, 2020£ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019£ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018£ / shares | Dec. 31, 2018$ / shares | |
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | £ / shares | £ 3.14 | £ 0.84 | £ 1.57 | |||
Alivio [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | $ 0.47 | $ 0.49 | $ 0 | |||
PureTech LYT [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | 0 | 0 | 0.03 | |||
Commense | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | 0 | 0 | 1.34 | |||
Entrega [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | 0 | 0 | 1.95 | |||
Follica [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | 0 | 0.03 | 0 | |||
Karuna [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | 0 | 0 | 9.42 | |||
Sonde [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | 0.18 | 0.20 | 0 | |||
Vedanta [Member] | ||||||
Weighted Average Options granted [Line Items] | ||||||
Weighted average exercise price | $ 19.59 | $ 19.13 | $ 14.66 |
Share-based payment arrangeme_4
Share-based payment arrangements - Weighted Average Options forfeited (Details) | 12 Months Ended | |||
Dec. 31, 2020shares£ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | |
Weighted Average Options forfeited [Line Items] | ||||
Number of options | shares | (1,119,313) | (1,119,313) | 0 | 0 |
Weighted average exercise price | £ / shares | £ 1.88 | £ 0 | £ 0 | |
Vedanta [Member] | ||||
Weighted Average Options forfeited [Line Items] | ||||
Number of options | 201,350 | 201,350 | 77,843 | 74,250 |
Weighted average exercise price | $ / shares | $ 16.03 |
Share-based payment arrangeme_5
Share-based payment arrangements - Weighted Average Options exercisable (Details) | Dec. 31, 2020shares£ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares |
Weighted Average Options exercisable [Line Items] | ||||
Number of options | shares | 5,447,405 | 5,447,405 | 4,349,921 | 1,195,929 |
Weighted average exercise price | £ / shares | £ 0.98 | £ 0.93 | £ 1.26 | |
Alivio [Member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Number of options | 3,888,168 | 3,888,168 | ||
Weighted average exercise price | $ 0.04 | |||
Alivio [Member] | Bottom of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | 0.03 | |||
Alivio [Member] | Top of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | $ 0.49 | |||
Entrega [Member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Number of options | 918,164 | 918,164 | ||
Weighted average exercise price | $ 0.64 | |||
Entrega [Member] | Bottom of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | 0.03 | |||
Entrega [Member] | Top of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | $ 2.36 | |||
Follica [Member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Number of options | 1,273,326 | 1,273,326 | ||
Weighted average exercise price | $ 0.89 | |||
Follica [Member] | Bottom of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | 0.03 | |||
Follica [Member] | Top of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | $ 1.40 | |||
Sonde [Member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Number of options | 774,238 | 774,238 | ||
Weighted average exercise price | $ 0.20 | |||
Sonde [Member] | Bottom of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | 0.13 | |||
Sonde [Member] | Top of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | $ 0.20 | |||
Vedanta [Member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Number of options | 1,119,289 | 1,119,289 | ||
Weighted average exercise price | $ 11.64 | |||
Vedanta [Member] | Bottom of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | 0.02 | |||
Vedanta [Member] | Top of range [member] | ||||
Weighted Average Options exercisable [Line Items] | ||||
Exercise Price Range | $ 19.94 |
Share-based payment arrangeme_6
Share-based payment arrangements - Significant Subsidiary Plans - Vedanta 2010 Plan (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)yr$ / sharesshares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2018USD ($)yr$ / shares | |
Significant Subsidiary Plan [Line Items] | |||
Expected terms (in years) | yr | 6.11 | 5.81 | 6.08 |
Expected volatility | 41.25% | 35.68% | 44.18% |
Risk-free interest rate | 0.53% | 1.85% | 2.79% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Grant date fair value | $ 1.72 | $ 2.23 | $ 0.96 |
Share price at grant date | $ / shares | $ 4.30 | $ 2.57 | $ 2.05 |
Share-based payment expense | $ 10,718,000 | $ 14,468,000 | $ 12,637,000 |
Vedanta [Member] | |||
Significant Subsidiary Plan [Line Items] | |||
Expected dividend yield | $ 0 | 0 | $ 0 |
Share price at grant date | $ / shares | $ 19.59 | $ 14.66 | |
Vedanta [Member] | Stock Incentive Plan [Member] | |||
Significant Subsidiary Plan [Line Items] | |||
Share approved for issuance | shares | 2,145,867 | ||
Shares remaining available for issuance | shares | 178,929 | ||
Share-based payment expense | $ 2,400,000 | $ 1,700,000 | $ 2,100,000 |
Bottom of range [member] | Vedanta [Member] | |||
Significant Subsidiary Plan [Line Items] | |||
Expected terms (in years) | yr | 6 | 5.86 | 6.03 |
Expected volatility | 89.24% | 89.24% | 91.60% |
Risk-free interest rate | 0.32% | 1.73% | 2.65% |
Grant date fair value | $ 13.09 | $ 14.12 | $ 11.21 |
Share price at grant date | $ / shares | $ 18.71 | ||
Top of range [member] | Vedanta [Member] | |||
Significant Subsidiary Plan [Line Items] | |||
Expected terms (in years) | yr | 10 | 6.07 | 6.16 |
Expected volatility | 95.46% | 95.46% | 92.56% |
Risk-free interest rate | 0.87% | 1.88% | 2.78% |
Grant date fair value | $ 16.54 | $ 15.61 | $ 11.26 |
Share price at grant date | $ / shares | $ 19.94 |
Share-based payment arrangeme_7
Share-based payment arrangements - Significant Subsidiary Plans - Gelesis 2016 Plan (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)shares | Dec. 31, 2020USD ($)yr$ / shares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2018USD ($)yr$ / shares | |
Significant Subsidiary Plan [Line Items] | ||||
Expected terms (in years) | yr | 6.11 | 5.81 | 6.08 | |
Expected volatility | 41.25% | 35.68% | 44.18% | |
Risk-free interest rate | 0.53% | 1.85% | 2.79% | |
Expected dividend yield | $ 0 | $ 0 | $ 0 | |
Grant date fair value | $ 1.72 | $ 2.23 | $ 0.96 | |
Share price at grant date | $ / shares | $ 4.30 | $ 2.57 | $ 2.05 | |
Share-based payment expense | $ 10,718,000 | $ 14,468,000 | $ 12,637,000 | |
Gelesis [Member] | ||||
Significant Subsidiary Plan [Line Items] | ||||
Expected terms (in years) | yr | 0 | 0 | 6.22 | |
Expected volatility | 0.00% | 0.00% | 64.58% | |
Risk-free interest rate | 0.00% | 0.00% | 2.79% | |
Expected dividend yield | $ 0 | $ 0 | $ 0 | |
Grant date fair value | $ 0 | $ 0 | $ 7.84 | |
Share price at grant date | $ / shares | $ 0 | $ 0 | $ 12.82 | |
Gelesis [Member] | Stock Incentive Plan [Member] | ||||
Significant Subsidiary Plan [Line Items] | ||||
Shares remaining available for issuance | shares | 329,559 | |||
Share-based payment expense | $ 2,400,000 | $ 3,900,000 |
Share-based payment arrangeme_8
Share-based payment arrangements - Significant Subsidiary Plan - Karuna 2009 Plan (Details) | 2 Months Ended | 12 Months Ended | |||
Mar. 15, 2019USD ($)shares | Dec. 31, 2020USD ($)yr$ / shares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2018USD ($)yr$ / shares | Dec. 31, 2009shares | |
Significant Subsidiary Plan [Line Items] | |||||
Expected terms (in years) | yr | 6.11 | 5.81 | 6.08 | ||
Expected volatility | 41.25% | 35.68% | 44.18% | ||
Risk-free interest rate | 0.53% | 1.85% | 2.79% | ||
Expected dividend yield | $ 0 | $ 0 | $ 0 | ||
Grant date fair value | $ 1.72 | $ 2.23 | $ 0.96 | ||
Share price at grant date | $ / shares | $ 4.30 | $ 2.57 | $ 2.05 | ||
Share-based payment expense | $ 10,718,000 | $ 14,468,000 | $ 12,637,000 | ||
Karuna [Member] | |||||
Significant Subsidiary Plan [Line Items] | |||||
Expected terms (in years) | yr | 0 | 0 | 6.07 | ||
Expected volatility | 0.00% | 0.00% | 50.28% | ||
Risk-free interest rate | 0.00% | 0.00% | 1.95% | ||
Expected dividend yield | $ 0 | $ 0 | $ 0 | ||
Grant date fair value | $ 0 | $ 0 | $ 3.51 | ||
Share price at grant date | $ / shares | $ 0 | $ 0 | $ 7.08 | ||
Karuna [Member] | Stock Incentive Plan [Member] | |||||
Significant Subsidiary Plan [Line Items] | |||||
Share approved for issuance | shares | 1,000,000 | ||||
Shares remaining available for issuance | shares | 106,865 | ||||
Share-based payment expense | $ 1,200,000 | $ 1,900,000 |
Share-based payment arrangeme_9
Share-based payment arrangements - Other Subsidiary Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Subsidiary Plan [Line Items] | |||
Share-based payment expense | $ 10,718,000 | $ 14,468,000 | $ 12,637,000 |
Other not including Gelesis, Vedanta and Karuna [Member] | Stock Incentive Plan [Member] | |||
Significant Subsidiary Plan [Line Items] | |||
Share-based payment expense | $ 420,000 | $ 10,000 | $ 800,000 |
Finance Cost Net (Details)
Finance Cost Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finance income [Abstract] | |||
Interest from financial assets not at fair value through profit or loss | $ 1,183 | $ 4,362 | $ 3,358 |
Total Finance income | 1,183 | 4,362 | 3,358 |
Finance costs [Abstract] | |||
Contractual Interest expense on convertible notes | (96) | (149) | (388) |
Interest Expense from other borrowings | (496) | 0 | (4) |
Interest expense on lease liability | (2,354) | (2,495) | 0 |
Gain on forgiveness of debt | 0 | 0 | 289 |
Gain/(loss) on foreign currency exchange | 0 | 68 | 137 |
Total finance income/(costs) | (2,946) | (2,576) | 34 |
Gain/(Loss) from change in fair value of warrant liability | (117) | (11,890) | 82 |
Gain/(Loss) from change in fair value of preferred shares and convertible debt | (4,234) | (34,585) | 22,549 |
Total Finance income/(costs) - fair value accounting | (4,351) | (46,475) | 22,631 |
Total Finance income/(costs) - subsidiary preferred shares | 0 | (1,458) | (106) |
Total Finance Income Cost | (4,351) | (47,933) | 22,525 |
Finance income/(costs), net | $ (6,115) | $ (46,147) | $ 25,917 |
Earnings_(Loss) per Share (Deta
Earnings/(Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings/(Loss) attributable to owners of the Company [Line Items] | ||||
Income/(loss) for the year, attributable to the owners of the Company | $ 5,985 | $ 421,144 | $ (43,654) | |
Weighted Average number of ordinary shares [Line Items] | ||||
Effect of shares issued | 514,406 | 237,090 | 64,171 | |
Earnings Loss per Share [Line Items] | ||||
Basic earnings/(loss) per share | $ 0.02 | $ 1.49 | $ (0.16) | |
Diluted earnings/(loss) per share | $ 0.02 | $ 1.44 | $ (0.16) | |
Basic [Member] | ||||
Earnings/(Loss) attributable to owners of the Company [Line Items] | ||||
Income/(loss) for the year, attributable to the owners of the Company | $ 5,985 | $ 421,144 | $ (43,654) | |
Income/(loss) attributable to ordinary shareholders | $ 5,985 | $ 421,144 | $ (43,654) | |
Weighted Average number of ordinary shares [Line Items] | ||||
Issued ordinary shares at January 1, | 285,370,619 | 282,493,867 | 236,897,579 | |
Effect of shares issued | 233,048 | 932,600 | 36,950,688 | |
Effect of dilutive shares (please refer to Note 8) | 0 | 0 | 0 | |
Weighted average number of ordinary shareholders at December 31, | 285,603,667 | 283,426,467 | 273,848,267 | |
Earnings Loss per Share [Line Items] | ||||
Basic earnings/(loss) per share | $ 0.02 | $ 1.49 | $ (0.16) | |
Diluted [Member] | ||||
Earnings/(Loss) attributable to owners of the Company [Line Items] | ||||
Income/(loss) for the year, attributable to the owners of the Company | $ 5,985 | $ 421,144 | $ (43,654) | |
Income/(loss) attributable to ordinary shareholders | $ 5,985 | $ 421,144 | $ (43,654) | |
Weighted Average number of ordinary shares [Line Items] | ||||
Issued ordinary shares at January 1, | 285,370,619 | 282,493,867 | 236,897,579 | |
Effect of shares issued | 233,048 | 932,600 | 36,950,688 | |
Effect of dilutive shares (please refer to Note 8) | 7,252,246 | 8,355,866 | 0 | |
Weighted average number of ordinary shareholders at December 31, | 292,855,913 | 291,782,333 | 273,848,267 | |
Earnings Loss per Share [Line Items] | ||||
Diluted earnings/(loss) per share | $ 0.02 | $ 1.44 | $ (0.16) |
Property and Equipment, Cost (D
Property and Equipment, Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, plant and equipment | ||
Balance at beginning of period | $ 21,455 | |
Balance at end of period | 22,777 | $ 21,455 |
Laboratory and manufacturing equipment | ||
Property, plant and equipment | ||
Balance at beginning of period | 4,417 | |
Balance at end of period | 4,456 | 4,417 |
Furniture and fixtures | ||
Property, plant and equipment | ||
Balance at beginning of period | 1,213 | |
Balance at end of period | 998 | 1,213 |
Computer equipment and software | ||
Property, plant and equipment | ||
Balance at beginning of period | 478 | |
Balance at end of period | 232 | 478 |
Leasehold improvements | ||
Property, plant and equipment | ||
Balance at beginning of period | 14,701 | |
Balance at end of period | 13,239 | 14,701 |
Construction in progress [member] | ||
Property, plant and equipment | ||
Balance at beginning of period | 646 | |
Balance at end of period | 3,852 | 646 |
Cost | ||
Property, plant and equipment | ||
Balance at beginning of period | 28,647 | 14,388 |
Additions, net of transfers | 5,332 | 22,818 |
Disposals | (682) | (405) |
Deconsolidation of subsidiaries | (8,157) | |
Reclassifications | 0 | (11) |
Exchange differences | 14 | |
Balance at end of period | 33,297 | 28,647 |
Cost | Laboratory and manufacturing equipment | ||
Property, plant and equipment | ||
Balance at beginning of period | 7,385 | 7,306 |
Additions, net of transfers | 1,536 | 3,374 |
Disposals | (642) | (183) |
Deconsolidation of subsidiaries | (3,076) | |
Reclassifications | 141 | (25) |
Exchange differences | (11) | |
Balance at end of period | 8,420 | 7,385 |
Cost | Furniture and fixtures | ||
Property, plant and equipment | ||
Balance at beginning of period | 1,452 | 488 |
Additions, net of transfers | 0 | 1,126 |
Disposals | 0 | (168) |
Deconsolidation of subsidiaries | 0 | |
Reclassifications | 0 | 6 |
Exchange differences | 0 | |
Balance at end of period | 1,452 | 1,452 |
Cost | Computer equipment and software | ||
Property, plant and equipment | ||
Balance at beginning of period | 1,508 | 1,431 |
Additions, net of transfers | 51 | 175 |
Disposals | (40) | (9) |
Deconsolidation of subsidiaries | (137) | |
Reclassifications | 0 | 48 |
Exchange differences | 0 | |
Balance at end of period | 1,519 | 1,508 |
Cost | Leasehold improvements | ||
Property, plant and equipment | ||
Balance at beginning of period | 17,656 | 4,924 |
Additions, net of transfers | 399 | 13,494 |
Disposals | 0 | (45) |
Deconsolidation of subsidiaries | (754) | |
Reclassifications | 0 | 36 |
Exchange differences | 1 | |
Balance at end of period | 18,054 | 17,656 |
Cost | Construction in progress [member] | ||
Property, plant and equipment | ||
Balance at beginning of period | 646 | 239 |
Additions, net of transfers | 3,347 | 4,649 |
Disposals | 0 | 0 |
Deconsolidation of subsidiaries | (4,190) | |
Reclassifications | (141) | (76) |
Exchange differences | 24 | |
Balance at end of period | $ 3,852 | $ 646 |
Property and Equipment, Accumul
Property and Equipment, Accumulated depreciation and impairment loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment | |||
Balance at beginning of period | $ 21,455 | ||
Balance at end of period | 22,777 | $ 21,455 | |
Laboratory and manufacturing equipment | |||
Property, plant and equipment | |||
Balance at beginning of period | 4,417 | ||
Balance at end of period | 4,456 | 4,417 | |
Furniture and fixtures | |||
Property, plant and equipment | |||
Balance at beginning of period | 1,213 | ||
Balance at end of period | 998 | 1,213 | |
Computer equipment and software | |||
Property, plant and equipment | |||
Balance at beginning of period | 478 | ||
Balance at end of period | 232 | 478 | |
Leasehold improvements | |||
Property, plant and equipment | |||
Balance at beginning of period | 14,701 | ||
Balance at end of period | 13,239 | 14,701 | |
Construction in progress [member] | |||
Property, plant and equipment | |||
Balance at beginning of period | 646 | ||
Balance at end of period | 3,852 | 646 | |
Accumulated depreciation and impairment loss | |||
Property, plant and equipment | |||
Balance at beginning of period | (7,192) | (6,065) | $ (3,876) |
Depreciation | (3,944) | (3,232) | (2,476) |
Disposals | (616) | (265) | (210) |
Deconsolidation of subsidiaries | (1,829) | 0 | |
Reclassifications | 1 | 0 | |
Exchange differences | 10 | 77 | |
Balance at end of period | (10,520) | (7,192) | (6,065) |
Accumulated depreciation and impairment loss | Laboratory and manufacturing equipment | |||
Property, plant and equipment | |||
Balance at beginning of period | (2,968) | (3,222) | (2,360) |
Depreciation | (1,572) | (1,328) | (1,032) |
Disposals | (576) | (102) | (114) |
Deconsolidation of subsidiaries | (1,457) | 0 | |
Reclassifications | 15 | 0 | |
Exchange differences | 8 | 56 | |
Balance at end of period | (3,965) | (2,968) | (3,222) |
Accumulated depreciation and impairment loss | Furniture and fixtures | |||
Property, plant and equipment | |||
Balance at beginning of period | (239) | (233) | (175) |
Depreciation | (215) | (144) | (60) |
Disposals | 0 | (138) | (2) |
Deconsolidation of subsidiaries | 0 | 0 | |
Reclassifications | 0 | 0 | |
Exchange differences | 0 | 0 | |
Balance at end of period | (454) | (239) | (233) |
Accumulated depreciation and impairment loss | Computer equipment and software | |||
Property, plant and equipment | |||
Balance at beginning of period | (1,030) | (756) | (534) |
Depreciation | (297) | (312) | (296) |
Disposals | (40) | (5) | (74) |
Deconsolidation of subsidiaries | (53) | 0 | |
Reclassifications | (20) | 0 | |
Exchange differences | 0 | 0 | |
Balance at end of period | (1,287) | (1,030) | (756) |
Accumulated depreciation and impairment loss | Leasehold improvements | |||
Property, plant and equipment | |||
Balance at beginning of period | (2,955) | (1,854) | (807) |
Depreciation | (1,860) | (1,448) | (1,088) |
Disposals | 0 | (20) | (20) |
Deconsolidation of subsidiaries | (319) | 0 | |
Reclassifications | 6 | 0 | |
Exchange differences | 2 | 21 | |
Balance at end of period | (4,815) | (2,955) | (1,854) |
Accumulated depreciation and impairment loss | Construction in progress [member] | |||
Property, plant and equipment | |||
Balance at beginning of period | 0 | 0 | 0 |
Depreciation | 0 | 0 | |
Disposals | 0 | 0 | 0 |
Deconsolidation of subsidiaries | 0 | ||
Reclassifications | 0 | 0 | |
Exchange differences | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 0 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | ||
Property and equipment, net | $ 22,777 | $ 21,455 |
Laboratory and manufacturing equipment | ||
Property, plant and equipment | ||
Property and equipment, net | 4,456 | 4,417 |
Furniture and fixtures | ||
Property, plant and equipment | ||
Property and equipment, net | 998 | 1,213 |
Computer equipment and software | ||
Property, plant and equipment | ||
Property and equipment, net | 232 | 478 |
Leasehold improvements | ||
Property, plant and equipment | ||
Property and equipment, net | 13,239 | 14,701 |
Construction in progress [member] | ||
Property, plant and equipment | ||
Property and equipment, net | $ 3,852 | $ 646 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |||
Depreciation expense | $ 3.9 | $ 3.2 | $ 2.5 |
Intangible Assets, Cost (Detail
Intangible Assets, Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets | ||
Balance at beginning of period | $ 625 | |
Balance at end of period | 899 | $ 625 |
Licences [member] | ||
Intangible Assets | ||
Balance at beginning of period | 625 | |
Balance at end of period | 899 | 625 |
Cost | Licences [member] | ||
Intangible Assets | ||
Balance at beginning of period | 625 | 5,067 |
Additions | 275 | 400 |
Deconsolidation of subsidiary | (4,842) | |
Balance at end of period | $ 900 | $ 625 |
Intangible Assets, Accumulated
Intangible Assets, Accumulated Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets | ||
Balance at beginning of period | $ 625 | |
Balance at end of period | 899 | $ 625 |
Licences [member] | ||
Intangible Assets | ||
Balance at beginning of period | 625 | |
Balance at end of period | 899 | 625 |
Accumulated amortization | Licences [member] | ||
Intangible Assets | ||
Balance at beginning of period | 0 | (1,987) |
Amortization | (1) | (117) |
Deconsolidation of subsidiary | (2,104) | |
Balance at end of period | $ (1) | $ 0 |
Intangible Assets Net (Details)
Intangible Assets Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets | ||
Intangible assets, net | $ 899 | $ 625 |
Licences [member] | ||
Intangible Assets | ||
Intangible assets, net | $ 899 | $ 625 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets | |||
Amortisation expense | $ 0 | $ 0.1 | $ 0.3 |
Licences [member] | Vor, Karuna & Gelesis | |||
Intangible Assets | |||
Deconsolidation of subsidiary | $ (2.7) |
Other Financial Assets (Details
Other Financial Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Financial Assets [Abstract] | ||
Restricted cash | $ 2,124 | $ 2,124 |
Total other financial assets | $ 2,124 | $ 2,124 |
Equity (Details)
Equity (Details) $ in Thousands | Dec. 31, 2020USD ($)shares | Dec. 31, 2020£ / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Equity [abstract] | |||||
Share capital | $ 5,417 | $ 5,408 | |||
Merger reserve | 138,506 | 138,506 | |||
Share premium | 288,978 | 287,962 | |||
Translation reserve | 469 | 0 | |||
Other reserve | (24,050) | (18,282) | |||
Retained earnings/(accumulated deficit) | 260,429 | 254,444 | |||
Equity attributable to owners of parent | 669,748 | 668,038 | |||
Non-controlling interests | (16,209) | (17,640) | |||
Total equity | $ 653,539 | $ 650,398 | $ 166,972 | $ 71,844 | |
Par value per share | £ / shares | £ 0.01 | ||||
Number of shares issued and fully paid | shares | 285,885,025 | 285,370,619 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Jun. 18, 2015shares |
PureTech Health LLC | Common shares [member] | |
Equity - Acquired Share capital PureTech LLC [Line Items] | |
Issued Share capital acquired | 159,648,387 |
Subsidiary Preferred Shares bal
Subsidiary Preferred Shares balance (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Subsidiary Preferred Shares [Line Items] | ||
Subsidiary Preferred Shares | $ 118,972 | $ 100,989 |
Entrega [Member] | ||
Subsidiary Preferred Shares [Line Items] | ||
Subsidiary Preferred Shares | 1,291 | 3,222 |
Follica [Member] | ||
Subsidiary Preferred Shares [Line Items] | ||
Subsidiary Preferred Shares | 12,792 | 11,663 |
Sonde [Member] | ||
Subsidiary Preferred Shares [Line Items] | ||
Subsidiary Preferred Shares | 12,821 | 7,212 |
Vedanta [Member] | ||
Subsidiary Preferred Shares [Line Items] | ||
Subsidiary Preferred Shares | $ 92,068 | $ 78,892 |
Subsidiary Preferred Shares - M
Subsidiary Preferred Shares - Minimum liquidation preference (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Minimum liquidation preference [Line Items] | ||
Minimum liquidation preference | $ 106,782 | $ 93,032 |
Entrega [Member] | ||
Minimum liquidation preference [Line Items] | ||
Minimum liquidation preference | 2,216 | 2,216 |
Follica [Member] | ||
Minimum liquidation preference [Line Items] | ||
Minimum liquidation preference | 6,405 | 6,405 |
Sonde [Member] | ||
Minimum liquidation preference [Line Items] | ||
Minimum liquidation preference | 12,000 | 7,250 |
Vedanta [Member] | ||
Minimum liquidation preference [Line Items] | ||
Minimum liquidation preference | $ 86,161 | $ 77,161 |
Subsidiary Preferred Shares - C
Subsidiary Preferred Shares - Changes in value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in the value of subsidiary preferred shares [Roll Forward] | |||
Beginning balance | $ 100,989 | ||
Issuance of new preferred shares | $ 97,493 | ||
Finance costs | 2,946 | $ 2,576 | (34) |
Ending balance | 118,972 | 100,989 | |
Subsidiary Preferred Shares | |||
Changes in the value of subsidiary preferred shares [Roll Forward] | |||
Beginning balance | 100,989 | 217,519 | |
Adjustment for initial application of IFRS 9 | 0 | ||
Issuance of new preferred shares | 13,750 | 51,048 | |
Conversion of convertible notes | 4,894 | ||
Increase in value of preferred shares measured at fair value | 4,234 | 33,636 | |
Finance costs | 1,458 | ||
Deconsolidation of subsidiary | (207,346) | ||
Other | (108) | ||
Cash Distribution | (112) | ||
Ending balance | $ 118,972 | $ 100,989 | $ 217,519 |
Subsidiary Preferred Shares - N
Subsidiary Preferred Shares - Narrative (Details) $ in Thousands | Aug. 29, 2019USD ($)shares | Apr. 04, 2019USD ($) | Sep. 30, 2019USD ($)shares | Apr. 30, 2019USD ($)shares | May 31, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Jul. 19, 2019shares | Jul. 01, 2019USD ($) | Mar. 15, 2019USD ($) |
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 0 | $ 0 | $ 152,030 | ||||||||
Number of shares issued and fully paid | shares | 285,885,025 | 285,370,619 | |||||||||
Financial liabilities, at fair value | $ 153,633 | $ 110,441 | |||||||||
Subsidiary Preferred Shares | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Financial liabilities, at fair value | 118,972 | $ 100,989 | |||||||||
Gelesis [Member] | Subsidiary Preferred Shares | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Financial liabilities, at fair value | $ (175,600) | ||||||||||
Karuna [Member] | Subsidiary Preferred Shares | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Financial liabilities, at fair value | $ (31,700) | ||||||||||
Series A-2 Preferred [Member] | Sonde [Member] | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 2,000 | $ 11,100 | 4,800 | ||||||||
Number of shares issued and fully paid | shares | 1,052,632 | ||||||||||
Series A-2 Preferred [Member] | Sonde [Member] | Outside investors | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | 5,300 | ||||||||||
Series A-2 Preferred [Member] | Sonde [Member] | PureTech Health LLC | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 5,800 | ||||||||||
Series 2 Growth financing | Gelesis [Member] | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 10,200 | ||||||||||
Number of shares issued and fully paid | shares | 799,894 | ||||||||||
Series 2 Growth financing | Gelesis [Member] | Outside investors | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 8,600 | ||||||||||
Series 2 Growth financing | Gelesis [Member] | PureTech Health LLC | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 1,700 | ||||||||||
Series A-3 Preferred [Member] | Follica [Member] | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Number of shares on conversion from notes | shares | 17,639,204 | ||||||||||
Series A-3 Preferred [Member] | Follica [Member] | Outside investors | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Number of shares on conversion from notes | shares | 2,422,990 | ||||||||||
Number Of Shares Held | shares | 2,422,990 | ||||||||||
Series A-3 Preferred [Member] | Follica [Member] | PureTech Health LLC | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Number of shares on conversion from notes | shares | 15,216,214 | ||||||||||
Series C-2 Preferred [Member] | Vedanta [Member] | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 18,700 | $ 9,000 | |||||||||
Series C-2 Preferred [Member] | Vedanta [Member] | Outside investors | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Proceeds from the issuance of shares and subsidiary preferred shares | $ 16,600 | ||||||||||
Number of shares issued and fully paid | shares | 711,772 | ||||||||||
Share purchase price | 23.38 | ||||||||||
Common shares [member] | Follica [Member] | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Number of shares on conversion from notes | shares | 14,200,044 | ||||||||||
Common shares [member] | Follica [Member] | Outside investors | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Number of shares on conversion from notes | shares | 1,981,944 | ||||||||||
Common shares [member] | Follica [Member] | PureTech Health LLC | |||||||||||
Subsidiary Preferred Shares [Line Items] | |||||||||||
Number of shares on conversion from notes | shares | 12,777,287 |
Financial instruments - changes
Financial instruments - changes in Financial Liabilities, level 3 fair value - Subsidiary Preferred Shares and Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [line items] | |||
Balance at beginning of period | $ 110,441 | ||
Finance Costs | (6,115) | $ (46,147) | $ 25,917 |
Balance at end of period | 153,633 | 110,441 | |
Subsidiary Preferred Shares | |||
Disclosure of financial liabilities [line items] | |||
Balance at beginning of period | 100,989 | ||
Conversion | 4,894 | ||
Deconsolidation | (207,346) | ||
Change in fair value | 4,234 | 33,636 | |
Other | (108) | ||
Cash Distribution | (112) | ||
Balance at end of period | 118,972 | 100,989 | |
Subsidiary Preferred Shares | At fair value [member] | |||
Disclosure of financial liabilities [line items] | |||
Balance at beginning of period | 100,989 | 217,519 | 215,635 |
Value at Issuance | 13,750 | 51,048 | 54,537 |
Conversion | 7,930 | ||
Conversion to preferred | 4,894 | ||
Conversion to common | 0 | ||
Deconsolidation | (207,346) | (36,517) | |
Change in fair value | 4,234 | 33,636 | (24,066) |
Finance Costs | 1,458 | ||
Other | (112) | ||
Cash Distribution | (108) | ||
Balance at end of period | 118,972 | 100,989 | 217,519 |
Subsidiary Convertible Notes | |||
Disclosure of financial liabilities [line items] | |||
Conversion to preferred | (4,894) | ||
Conversion to common | (2,418) | ||
Deconsolidation | (5,017) | ||
Change in fair value | 0 | 1,389 | |
Subsidiary Convertible Notes | At fair value [member] | |||
Disclosure of financial liabilities [line items] | |||
Balance at beginning of period | 125 | 9,458 | 11,343 |
Value at Issuance | 25,000 | 1,607 | 5,824 |
Conversion | (7,581) | ||
Conversion to preferred | (4,894) | ||
Conversion to common | (2,418) | ||
Deconsolidation | (5,017) | 0 | |
Change in fair value | 0 | 1,389 | (128) |
Finance Costs | 0 | ||
Other | 0 | ||
Cash Distribution | 0 | ||
Balance at end of period | $ 25,125 | $ 125 | $ 9,458 |
Financial instruments -Signific
Financial instruments -Significant Unobservable inputs - Level 3 fair value measurement, liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($) |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ 153,633 | $ 110,441 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 152,303 | $ 108,986 |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 92,068 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Income – DCF & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 14,083 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Cost Approach & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ 12,821 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Estimated time to exit | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | yr | 0.88 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Estimated time to exit | Income – DCF & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | yr | 2.89 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Estimated time to exit | Cost Approach & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | yr | 2 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Discount rate | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | 0.300 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Discount rate | Income – DCF & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | 0.197 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Discount rate | Cost Approach & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | 0.294 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Terminal value growth rate | Income – DCF & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | (0.028) | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Volatility | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | 0.950 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Volatility | Income – DCF & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | 0.568 | |
Subsidiary Preferred Shares | Level 3 of fair value hierarchy [member] | Weighted average [member] | Volatility | Cost Approach & OPM allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Weighted Average | 0.400 |
Financial instruments, Liabilit
Financial instruments, Liabilities - Subsidiary Preferred Shares, Sensitivity (Details) - Subsidiary Preferred Shares - Level 3 of fair value hierarchy [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Subsidiary Enterprise Value | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Sensitivity Range | (2.00%) |
Sensitivity Range | 2.00% |
Financial Liability Increase/ (Decrease) | $ (2,146) |
Financial Liability Increase/ (Decrease) | 2,194 |
Time to Liquidity | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Financial Liability Increase/ (Decrease) | 5,815 |
Financial Liability Increase/ (Decrease) | $ (5,437) |
Sensitivity Range | 6 months |
Sensitivity Range | 6 months |
Discount rate | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Sensitivity Range | (5.00%) |
Sensitivity Range | 5.00% |
Financial Liability Increase/ (Decrease) | $ 12,227 |
Financial Liability Increase/ (Decrease) | $ (5,779) |
Financial instruments - Investm
Financial instruments - Investments held at fair value, Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments held at fair value | Level 3 of fair value hierarchy [member] | |||
Disclosure of financial assets [line items] | |||
Gain/(loss) on investments held at fair value | $ 41,297 | $ 48,867 | $ 12,966 |
Financial instruments - Inves_2
Financial instruments - Investments held at fair value, Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [line items] | |||
Balance at beginning of period | $ 853,556 | ||
Balance at end of period | 949,867 | $ 853,556 | |
Share of associate loss allocated to long-term interest (please refer to Note 6) | (34,117) | 30,791 | $ (11,490) |
Investments held at fair value | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 714,905 | ||
Balance at end of period | 553,167 | 714,905 | |
Level 3 of fair value hierarchy [member] | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 154,445 | ||
Balance at end of period | 206,892 | 154,445 | |
Level 3 of fair value hierarchy [member] | Investments held at fair value | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 154,445 | 85,163 | 1,449 |
Gain/(Loss) on changes in fair value | 41,297 | 48,867 | 12,966 |
Issuance of note receivable | 6,480 | ||
Conversion of note receivable | (6,630) | ||
Balance at end of period | 206,892 | 154,445 | 85,163 |
Share of associate loss allocated to long-term interest (please refer to Note 6) | (23,006) | ||
Financial Assets At Fair Value Through Profit Or Loss after allocation to long-term interest | 183,886 | ||
Level 3 of fair value hierarchy [member] | Investments held at fair value | Akili [Member] | |||
Disclosure of financial assets [line items] | |||
Deconsolidation | $ 70,748 | ||
Level 3 of fair value hierarchy [member] | Investments held at fair value | Vor [Member] | |||
Disclosure of financial assets [line items] | |||
Deconsolidation | 12,028 | ||
Cash purchase of preferred shares | 1,150 | ||
Level 3 of fair value hierarchy [member] | Investments held at fair value | Karuna [Member] | |||
Disclosure of financial assets [line items] | |||
Deconsolidation | 77,373 | ||
Reclassification of investment to investment in associate | (118,006) | ||
Level 3 of fair value hierarchy [member] | Investments held at fair value | Gelesis [Member] | |||
Disclosure of financial assets [line items] | |||
Deconsolidation | $ 49,170 | ||
Cash purchase of preferred shares | $ 10,000 |
Financial Instruments, Signific
Financial Instruments, Significant unobservable Inputs - Level 3 fair value measurement, Assets (Details) $ in Thousands | Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($) |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Financial assets, at fair value | $ 949,867 | $ 853,556 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Financial assets, at fair value | 206,892 | $ 154,445 |
Investments held at fair value | Level 3 of fair value hierarchy [member] | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Financial assets, at fair value | $ 204,379 | |
Investments held at fair value | Level 3 of fair value hierarchy [member] | Weighted average [member] | Estimated time to exit | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Weighted Average | yr | 1.73 | |
Investments held at fair value | Level 3 of fair value hierarchy [member] | Weighted average [member] | Exit valuation multiples | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Weighted Average | 2.19 | |
Investments held at fair value | Level 3 of fair value hierarchy [member] | Weighted average [member] | Discount rate | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Weighted Average | 0.280 | |
Investments held at fair value | Level 3 of fair value hierarchy [member] | Weighted average [member] | Discount for lack of marketability ("DLOM") | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Weighted Average | 0.100 | |
Investments held at fair value | Level 3 of fair value hierarchy [member] | Weighted average [member] | Volatility | Market – Backsolve & Hybrid allocation | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Weighted Average | 0.650 |
Financial instruments, Assets -
Financial instruments, Assets - Investments held at fair value, Sensitivity (Details) - Investments held at fair value - Level 3 of fair value hierarchy [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investee Enterprise Value | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Sensitivity Range | 2.00% |
Sensitivity Range | (2.00%) |
Financial Asset Increase/ (Decrease) | $ (3,915) |
Financial Asset Increase/ (Decrease) | 3,886 |
Time to Liquidity | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Financial Asset Increase/ (Decrease) | 22,828 |
Financial Asset Increase/ (Decrease) | $ (20,005) |
Sensitivity Range | 6 months |
Sensitivity Range | 6 months |
Discount rate | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Sensitivity Range | 5.00% |
Sensitivity Range | (5.00%) |
Financial Asset Increase/ (Decrease) | $ 11,691 |
Financial Asset Increase/ (Decrease) | $ (10,689) |
Financial instruments Liabiliti
Financial instruments Liabilities - Warrants Roll forward (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments - Warrants [Roll Forward] | |||||
Balance at beginning of period | $ 110,441 | ||||
Balance at end of period | 153,633 | $ 110,441 | |||
Level 3 of fair value hierarchy [member] | |||||
Financial Instruments - Warrants [Roll Forward] | |||||
Balance at beginning of period | 108,986 | ||||
Balance at end of period | 152,303 | 108,986 | |||
Subsidiary warrant liability | |||||
Financial Instruments - Warrants [Roll Forward] | |||||
Balance at beginning of period | 7,997 | ||||
Balance at end of period | 8,206 | 7,997 | |||
Subsidiary warrant liability | Level 3 of fair value hierarchy [member] | |||||
Financial Instruments - Warrants [Roll Forward] | |||||
Balance at beginning of period | 7,997 | 13,012 | $ 13,095 | ||
Warrant Issuance | 92 | 4,706 | |||
Change in fair value | 117 | 11,890 | (83) | ||
Balance at end of period | $ 8,206 | 7,997 | $ 13,012 | ||
Gelesis [Member] | Subsidiary warrant liability | Level 3 of fair value hierarchy [member] | |||||
Financial Instruments - Warrants [Roll Forward] | |||||
Warrant Issuance | $ 4,700 | ||||
Deconsolidation | $ (21,600) | $ (21,611) |
Financial instruments - Warrant
Financial instruments - Warrants, Narrative (Details) $ / shares in Units, $ in Thousands | Jul. 01, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Sep. 02, 2020$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 01, 2017$ / shares | Dec. 31, 2016$ / shares |
Financial Instruments - Warrants [Line Items] | |||||||||
Financial liabilities, at fair value | $ 153,633 | $ 110,441 | |||||||
Number of shares issued | shares | 285,885,025 | 285,370,619 | 282,493,867 | 237,429,696 | |||||
Vedanta [Member] | Preferred share warrants | Oxford Finance LLC | |||||||||
Financial Instruments - Warrants [Line Items] | |||||||||
Exercise price | $ / shares | $ 23.28 | ||||||||
Number of shares issued | shares | 12,886 | ||||||||
Level 3 of fair value hierarchy [member] | |||||||||
Financial Instruments - Warrants [Line Items] | |||||||||
Financial liabilities, at fair value | $ 152,303 | $ 108,986 | |||||||
Subsidiary warrant liability | |||||||||
Financial Instruments - Warrants [Line Items] | |||||||||
Financial liabilities, at fair value | 8,206 | 7,997 | |||||||
Subsidiary warrant liability | Level 3 of fair value hierarchy [member] | |||||||||
Financial Instruments - Warrants [Line Items] | |||||||||
Warrant Issuance | 92 | 4,706 | |||||||
Financial liabilities, at fair value | $ 8,206 | 7,997 | $ 13,012 | $ 13,095 | |||||
Subsidiary warrant liability | Level 3 of fair value hierarchy [member] | Gelesis [Member] | |||||||||
Financial Instruments - Warrants [Line Items] | |||||||||
Number of warrant, in percentage of converted shares | 0.027 | ||||||||
Warrant Issuance | $ 4,700 | ||||||||
Deconsolidation | $ 21,600 | $ 21,611 | |||||||
Loans | Follica [Member] | Preferred share warrants | |||||||||
Financial Instruments - Warrants [Line Items] | |||||||||
Exercise price | $ / shares | $ 0.07 | $ 0.14 |
Financial instruments Liabili_2
Financial instruments Liabilities, Significant unobservable inputs - Level 3 fair value measurement, warrants (Details) - Subsidiary warrant liability - Level 3 of fair value hierarchy [member] | Dec. 31, 2020$ / sharesUSD ($) |
Expected term | |
Financial Instruments - Warrants [Line Items] | |
Warrants | 2.65 |
Expected volatility | |
Financial Instruments - Warrants [Line Items] | |
Warrants | 0.549 |
Risk free interest rate | |
Financial Instruments - Warrants [Line Items] | |
Warrants | 0.001 |
Expected dividend yield | |
Financial Instruments - Warrants [Line Items] | |
Warrants | 0 |
Estimated fair value of the convertible preferred shares | |
Financial Instruments - Warrants [Line Items] | |
Warrants | $ | 3.09 |
Exercise price of the warrants | |
Financial Instruments - Warrants [Line Items] | |
Warrants | $ / shares | 0.27 |
Financial instruments Liabili_3
Financial instruments Liabilities - Warrants, Sensitivity (Details) - Level 3 of fair value hierarchy [member] - Recurring fair value measurement [member] - Discount rate - Subsidiary warrant liability $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Financial Instruments - Warrants [Line Items] | |
Sensitivity Range | (5.00%) |
Sensitivity Range | 5.00% |
Financial Liability Increase/ (Decrease) | $ 7,279 |
Financial Liability Increase/ (Decrease) | $ (3,321) |
Financial instruments - Fair Va
Financial instruments - Fair Value Measurement and Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | $ 949,867 | $ 853,556 | ||
Financial liabilities | 153,633 | 110,441 | ||
Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 949,867 | 853,556 | ||
Financial liabilities | 153,633 | 110,441 | ||
Subsidiary warrant liability | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 8,206 | 7,997 | ||
Subsidiary warrant liability | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 8,206 | 7,997 | ||
Subsidiary Preferred Shares | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 118,972 | 100,989 | ||
Subsidiary Preferred Shares | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 118,972 | 100,989 | ||
Subsidiary Notes Payable | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 26,455 | 1,455 | ||
Subsidiary Notes Payable | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 26,455 | 1,455 | ||
Level 1 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 740,417 | 697,134 | ||
Financial liabilities | 0 | 0 | ||
Level 1 of fair value hierarchy [member] | Subsidiary warrant liability | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Level 1 of fair value hierarchy [member] | Subsidiary Preferred Shares | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Level 1 of fair value hierarchy [member] | Subsidiary Notes Payable | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Level 2 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 2,558 | 1,977 | ||
Financial liabilities | 1,330 | 1,455 | ||
Level 2 of fair value hierarchy [member] | Subsidiary warrant liability | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Level 2 of fair value hierarchy [member] | Subsidiary Preferred Shares | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 0 | 0 | ||
Level 2 of fair value hierarchy [member] | Subsidiary Notes Payable | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 1,330 | 1,455 | ||
Level 3 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 206,892 | 154,445 | ||
Financial liabilities | 152,303 | 108,986 | ||
Level 3 of fair value hierarchy [member] | Subsidiary warrant liability | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 8,206 | 7,997 | $ 13,012 | $ 13,095 |
Level 3 of fair value hierarchy [member] | Subsidiary Preferred Shares | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 118,972 | 100,989 | ||
Level 3 of fair value hierarchy [member] | Subsidiary Notes Payable | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial liabilities | 25,125 | 0 | ||
US treasuries [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 30,088 | ||
US treasuries [member] | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 30,088 | ||
US treasuries [member] | Level 1 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 30,088 | ||
US treasuries [member] | Level 2 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 0 | ||
US treasuries [member] | Level 3 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 0 | ||
Money Markets [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 394,143 | 106,586 | ||
Money Markets [member] | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 394,143 | 106,586 | ||
Money Markets [member] | Level 1 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 394,143 | 106,586 | ||
Money Markets [member] | Level 2 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 0 | ||
Money Markets [member] | Level 3 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 0 | ||
Investments held at fair value | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 553,167 | 714,905 | ||
Investments held at fair value | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 553,167 | 714,905 | ||
Investments held at fair value | Level 1 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 346,275 | 560,460 | ||
Investments held at fair value | Level 2 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 0 | ||
Investments held at fair value | Level 3 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 206,892 | 154,445 | $ 85,163 | $ 1,449 |
Trade and other receivables [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 2,558 | 1,977 | ||
Trade and other receivables [member] | Carrying Amount | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 2,558 | 1,977 | ||
Trade and other receivables [member] | Level 1 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 0 | 0 | ||
Trade and other receivables [member] | Level 2 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | 2,558 | 1,977 | ||
Trade and other receivables [member] | Level 3 of fair value hierarchy [member] | ||||
Financial Instruments - Fair value Measurement and Classification [Line Items] | ||||
Financial assets | $ 0 | $ 0 |
Subsidiary Notes Payable (Detai
Subsidiary Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | ||
Notes Payable [Line Items] | ||
Current financial liabilities | $ 1,330 | $ 1,330 |
Subsidiary Convertible Notes | ||
Notes Payable [Line Items] | ||
Current financial liabilities | 25,125 | 125 |
Subsidiary Notes Payable | ||
Notes Payable [Line Items] | ||
Current financial liabilities | $ 26,455 | $ 1,455 |
Subsidiary Notes Payable - Loan
Subsidiary Notes Payable - Loans, Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | ||
Subsidiary Notes Payable - Loans [Line Items] | ||
Current financial liabilities | $ 1,330 | $ 1,330 |
Loans | Follica [Member] | ||
Subsidiary Notes Payable - Loans [Line Items] | ||
Borrowings, interest rate | 12.00% | |
Loans | Follica [Member] | Lighthouse Capital Partners VI, L.P | ||
Subsidiary Notes Payable - Loans [Line Items] | ||
Current financial liabilities | $ 1,300 | 1,300 |
Other current financial liabilities | 500 | 400 |
Subsidiary Convertible Notes | ||
Subsidiary Notes Payable - Loans [Line Items] | ||
Current financial liabilities | $ 25,125 | $ 125 |
Subsidiary Convertible Notes | Follica [Member] | ||
Subsidiary Notes Payable - Loans [Line Items] | ||
Borrowings, interest rate | 10.00% |
Subsidiary Notes Payable, Conve
Subsidiary Notes Payable, Convertible Notes Roll Forward (Details) - USD ($) $ in Thousands | Mar. 15, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Convertible Notes [Roll Forward] | |||
Beginning balance | $ 130,283 | ||
Ending balance | 195,441 | $ 130,283 | |
Subsidiary Convertible Notes | |||
Convertible Notes [Roll Forward] | |||
Beginning balance | 125 | 9,458 | |
Gross Principal | 25,000 | 1,607 | |
Change in fair value | 0 | 1,389 | |
Conversion to preferred | (4,894) | ||
Conversion to common | (2,418) | ||
Deconsolidation | (5,017) | ||
Ending balance | 25,125 | 125 | |
Karuna [Member] | Subsidiary Convertible Notes | |||
Convertible Notes [Roll Forward] | |||
Beginning balance | 0 | 2,838 | |
Gross Principal | 0 | 1,607 | |
Change in fair value | 0 | 572 | |
Conversion to preferred | 0 | ||
Conversion to common | 0 | ||
Deconsolidation | $ (5,000) | (5,017) | |
Ending balance | 0 | 0 | |
Follica [Member] | Subsidiary Convertible Notes | |||
Convertible Notes [Roll Forward] | |||
Beginning balance | 0 | 6,495 | |
Gross Principal | 0 | 0 | |
Change in fair value | 0 | 817 | |
Conversion to preferred | (4,894) | ||
Conversion to common | (2,418) | ||
Deconsolidation | 0 | ||
Ending balance | 0 | 0 | |
Vedanta [Member] | Subsidiary Convertible Notes | |||
Convertible Notes [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Gross Principal | 25,000 | 0 | |
Change in fair value | 0 | 0 | |
Conversion to preferred | 0 | ||
Conversion to common | 0 | ||
Deconsolidation | 0 | ||
Ending balance | 25,000 | 0 | |
Knode | Subsidiary Convertible Notes | |||
Convertible Notes [Roll Forward] | |||
Beginning balance | 50 | 50 | |
Gross Principal | 0 | 0 | |
Change in fair value | 0 | 0 | |
Conversion to preferred | 0 | ||
Conversion to common | 0 | ||
Deconsolidation | 0 | ||
Ending balance | 50 | 50 | |
Appeering | Subsidiary Convertible Notes | |||
Convertible Notes [Roll Forward] | |||
Beginning balance | 75 | 75 | |
Gross Principal | 0 | 0 | |
Change in fair value | 0 | 0 | |
Conversion to preferred | 0 | ||
Conversion to common | 0 | ||
Deconsolidation | 0 | ||
Ending balance | $ 75 | $ 75 |
Subsidiary Notes Payable, Con_2
Subsidiary Notes Payable, Convertible Notes - Narrative (Details) - USD ($) $ in Thousands | Dec. 30, 2020 | Mar. 15, 2019 | Sep. 30, 2017 | May 31, 2017 | Dec. 31, 2019 | Dec. 31, 2020 | Jul. 19, 2019 |
Follica [Member] | Series A-3 Preferred [Member] | |||||||
Convertible Notes [Line Items] | |||||||
Number of shares on conversion from notes | 17,639,204 | ||||||
Subsidiary Convertible Notes | |||||||
Convertible Notes [Line Items] | |||||||
Deconsolidation | $ (5,017) | ||||||
Subsidiary Convertible Notes | Karuna [Member] | |||||||
Convertible Notes [Line Items] | |||||||
Deconsolidation | $ (5,000) | (5,017) | |||||
Subsidiary Convertible Notes | Follica [Member] | |||||||
Convertible Notes [Line Items] | |||||||
Deconsolidation | 0 | ||||||
Proceeds from issue of convertible notes | $ 600 | $ 500 | |||||
Borrowings, interest rate | 10.00% | ||||||
Subsidiary Convertible Notes | Vedanta [Member] | |||||||
Convertible Notes [Line Items] | |||||||
Deconsolidation | $ 0 | ||||||
Subsidiary Convertible Notes | Vedanta [Member] | Investor [Member] | |||||||
Convertible Notes [Line Items] | |||||||
Proceeds from issue of convertible notes | $ 25,000 | ||||||
Borrowings, interest rate | 6.00% |
Non-Controlling Interest - Inte
Non-Controlling Interest - Interest in Subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Controlling Interests [Line Items] | |||
Equity at beginning of period | $ 650,398 | $ 166,972 | $ 71,844 |
Comprehensive income | 5,037 | 366,055 | (70,899) |
Deconsolidation of subsidiary | 97,178 | 55,783 | |
Subsidiary note conversion and changes in NCI ownership interest | 2,418 | ||
Equity settled share-based payments | 10,627 | 14,468 | 12,637 |
Equity at end of period | 653,539 | 650,398 | 166,972 |
Non-controlling interests [member] | |||
Non-Controlling Interests [Line Items] | |||
Equity at beginning of period | (17,640) | (108,535) | (145,586) |
Comprehensive income | (1,417) | (55,079) | (27,005) |
Deconsolidation of subsidiary | 97,178 | 55,168 | |
Subsidiary note conversion and changes in NCI ownership interest | 23,049 | ||
Equity settled share-based payments | 2,822 | 1,683 | 8,888 |
Purchase of minority interest | 24,039 | ||
Other | 24 | 25 | |
Equity at end of period | (16,210) | (17,640) | (108,535) |
Internal | |||
Non-Controlling Interests [Line Items] | |||
Comprehensive income | (40,098) | (22,266) | (8,454) |
Internal | Non-controlling interests [member] | |||
Non-Controlling Interests [Line Items] | |||
Equity at beginning of period | 0 | (8,799) | (1,484) |
Comprehensive income | 0 | (15,264) | (7,315) |
Deconsolidation of subsidiary | 0 | 0 | |
Subsidiary note conversion and changes in NCI ownership interest | 0 | ||
Equity settled share-based payments | 0 | 0 | 0 |
Purchase of minority interest | 24,039 | ||
Other | 0 | 24 | |
Equity at end of period | 0 | 0 | (8,799) |
Controlled Founded Entities | |||
Non-Controlling Interests [Line Items] | |||
Comprehensive income | (54,103) | (70,579) | (26,420) |
Controlled Founded Entities | Non-controlling interests [member] | |||
Non-Controlling Interests [Line Items] | |||
Equity at beginning of period | (18,233) | (27,103) | (18,869) |
Comprehensive income | (1,402) | (15,862) | (10,710) |
Deconsolidation of subsidiary | 0 | 0 | |
Subsidiary note conversion and changes in NCI ownership interest | 23,049 | ||
Equity settled share-based payments | 2,822 | 1,683 | 2,476 |
Purchase of minority interest | 0 | ||
Other | 30 | 0 | |
Equity at end of period | (16,783) | (18,233) | (27,103) |
Non-Controlled Founded Entities | |||
Non-Controlling Interests [Line Items] | |||
Comprehensive income | 0 | (56,307) | (41,239) |
Non-Controlled Founded Entities | Non-controlling interests [member] | |||
Non-Controlling Interests [Line Items] | |||
Equity at beginning of period | 0 | (73,225) | (125,758) |
Comprehensive income | 0 | (23,953) | (8,980) |
Deconsolidation of subsidiary | 97,178 | 55,168 | |
Subsidiary note conversion and changes in NCI ownership interest | 0 | ||
Equity settled share-based payments | 0 | 0 | 6,345 |
Purchase of minority interest | 0 | ||
Other | 0 | 0 | |
Equity at end of period | 0 | 0 | (73,225) |
Parent Company And Other | |||
Non-Controlling Interests [Line Items] | |||
Comprehensive income | 99,238 | 515,207 | 5,213 |
Parent Company And Other | Non-controlling interests [member] | |||
Non-Controlling Interests [Line Items] | |||
Equity at beginning of period | 593 | 592 | 525 |
Comprehensive income | (15) | 0 | 0 |
Deconsolidation of subsidiary | 0 | 0 | |
Subsidiary note conversion and changes in NCI ownership interest | 0 | ||
Equity settled share-based payments | 0 | 0 | 67 |
Purchase of minority interest | 0 | ||
Other | (6) | 1 | |
Equity at end of period | $ 573 | $ 593 | $ 592 |
Non-Controlling Interest - Aggr
Non-Controlling Interest - Aggregation of Subsidiaries (Details) - Subsidiaries with material non-controlling interests [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Controlling Interests [Line Items] | |||
Revenue | $ 5,224 | ||
Income/(loss) for the year | (54,869) | ||
Other comprehensive income | 0 | ||
Total comprehensive income/(loss) for the year | (54,869) | ||
Total assets | 68,339 | ||
Total liabilities | 185,809 | ||
Net assets/(liabilities) | (117,470) | ||
Internal | |||
Non-Controlling Interests [Line Items] | |||
Revenue | 0 | $ 6,079 | $ 2,195 |
Income/(loss) for the year | 0 | (24,289) | (8,454) |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income/(loss) for the year | 0 | (24,289) | (8,454) |
Total assets | 0 | 17,614 | |
Total liabilities | 0 | 11,510 | |
Net assets/(liabilities) | 0 | 6,104 | |
Controlled Founded Entities | |||
Non-Controlling Interests [Line Items] | |||
Revenue | 5,224 | 1,968 | 18,504 |
Income/(loss) for the year | (55,942) | (26,250) | (26,206) |
Other comprehensive income | 0 | 0 | (214) |
Total comprehensive income/(loss) for the year | (55,942) | (26,250) | (26,420) |
Total assets | 68,346 | 5,290 | |
Total liabilities | 200,430 | 50,554 | |
Net assets/(liabilities) | (132,084) | (45,264) | |
Non-Controlled Founded Entities | |||
Non-Controlling Interests [Line Items] | |||
Revenue | 0 | 0 | 20 |
Income/(loss) for the year | 0 | (47,905) | (41,239) |
Other comprehensive income | 0 | (10) | (214) |
Total comprehensive income/(loss) for the year | 0 | (47,915) | $ (41,453) |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Net assets/(liabilities) | 0 | $ 0 | |
Intra-group eliminations | |||
Non-Controlling Interests [Line Items] | |||
Income/(loss) for the year | 1,073 | ||
Total comprehensive income/(loss) for the year | 1,073 | ||
Total assets | (7) | ||
Total liabilities | (14,621) | ||
Net assets/(liabilities) | $ 14,615 |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) - USD ($) $ in Millions | Oct. 01, 2019 | Sep. 30, 2019 | Jul. 19, 2019 | Jul. 18, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Follica, Incorporated | ||||||
Non-Controlling Interests [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 19.90% | |||||
Alivio Therapeutics, Inc. | ||||||
Non-Controlling Interests [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 8.10% | |||||
Sonde Health, Inc. | ||||||
Non-Controlling Interests [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 4.50% | |||||
Vedanta Biosciences, Inc. | ||||||
Non-Controlling Interests [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 0.40% | |||||
Common shares [member] | ||||||
Non-Controlling Interests [Line Items] | ||||||
Increase and Decrease Through Change In NCI Share In Subsidiary Deficit | $ 3.1 | |||||
Common shares [member] | Follica, Incorporated | ||||||
Non-Controlling Interests [Line Items] | ||||||
Convertible debt, instruments, converted to equity | $ 2.4 | |||||
Proportion of ownership interests held by non-controlling interests | 19.90% | 68.00% | ||||
Increase (decrease) through conversion of convertible instruments, equity | $ 17.5 | |||||
Common shares [member] | Follica, Incorporated | Non-controlling interests [member] | ||||||
Non-Controlling Interests [Line Items] | ||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 19.9 | |||||
Common shares [member] | PureTech LYT (formerly Ariya Therapeutics, Inc.) | ||||||
Non-Controlling Interests [Line Items] | ||||||
Proportion of ownership interest in subsidiary, additional ownership acquired | 10.00% | |||||
Proportion of ownership interest in subsidiary | 100.00% | 90.00% | ||||
Increase Decrease In Number Of Shares Outstanding, Changes In Ownership Interest In Subsidiaries That Do Not Result In Loss Of Control | 2,126,338 | |||||
Common shares [member] | PureTech LYT (formerly Ariya Therapeutics, Inc.) | Share premium [member] | ||||||
Non-Controlling Interests [Line Items] | ||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | $ 9.1 | |||||
Common shares [member] | PureTech LYT (formerly Ariya Therapeutics, Inc.) | Total parent equity [member] | ||||||
Non-Controlling Interests [Line Items] | ||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | 24 | |||||
Common shares [member] | PureTech LYT (formerly Ariya Therapeutics, Inc.) | Other reserves [member] | ||||||
Non-Controlling Interests [Line Items] | ||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | $ 33.1 |
Trade And Other Payables (Detai
Trade And Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other payables [abstract] | ||
Trade payables | $ 8,871 | $ 11,098 |
Accrued expenses | 9,090 | 8,651 |
Income tax payable | 1,260 | 93 |
Other | 2,606 | 0 |
Total trade and other payables | $ 21,826 | $ 19,842 |
Long-term loan - Narrative (Det
Long-term loan - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||||
Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)shares | Sep. 15, 2020USD ($) | Sep. 02, 2020$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | |
Disclosure of detailed information about borrowings [line items] | |||||||
Long-term loan | $ 14,818 | $ 0 | $ 0 | ||||
Number of shares issued | shares | 285,885,025 | 285,370,619 | 282,493,867 | 237,429,696 | |||
Vedanta [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Long-term loan | $ 14,818 | ||||||
Vedanta [Member] | Principal | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Long-term loan | $ 15,000 | ||||||
Oxford Finance LLC | Vedanta [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Final fee, percentage of original principal amount outstanding | 0.070 | ||||||
Debt instrument, payment terms, final fee trigger amount | $ 1,100 | ||||||
Oxford Finance LLC | Vedanta [Member] | Principal | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Long-term loan | $ 15,000 | ||||||
Oxford Finance LLC | Vedanta [Member] | Preferred share warrants | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of shares issued | shares | 12,886 | ||||||
Exercise price | $ / shares | $ 23.28 | ||||||
Oxford Finance LLC | Vedanta [Member] | Floating interest rate [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, interest rate | 7.70% | ||||||
Borrowings, adjustment to interest rate basis | 0.17% |
Long-term loan obligations (Det
Long-term loan obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Beginning balance | $ 0 | $ 0 |
Net loan proceeds | 14,720 | 0 |
Accrued interest | 496 | 0 |
Interest paid | (296) | 0 |
Borrowings, Reclassification of accrued interest to other current liabilities | (102) | 0 |
Ending balance | $ 14,818 | $ 0 |
Long-term loan - Vedanta (Detai
Long-term loan - Vedanta (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | $ 14,818 | $ 0 | $ 0 |
Vedanta [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 14,818 | ||
Vedanta [Member] | Principal | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 15,000 | ||
Vedanta [Member] | Unamortized loan discount and issuance costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | (182) | ||
Vedanta [Member] | 2021 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 0 | ||
Vedanta [Member] | 2021 | Principal | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 0 | ||
Vedanta [Member] | 2021 | Unamortized loan discount and issuance costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 0 | ||
Vedanta [Member] | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 1,491 | ||
Vedanta [Member] | 2022 | Principal | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 1,491 | ||
Vedanta [Member] | 2022 | Unamortized loan discount and issuance costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 0 | ||
Vedanta [Member] | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 4,721 | ||
Vedanta [Member] | 2023 | Principal | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 4,721 | ||
Vedanta [Member] | 2023 | Unamortized loan discount and issuance costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 0 | ||
Vedanta [Member] | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 5,112 | ||
Vedanta [Member] | 2024 | Principal | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 5,112 | ||
Vedanta [Member] | 2024 | Unamortized loan discount and issuance costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 0 | ||
Vedanta [Member] | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 3,676 | ||
Vedanta [Member] | 2025 | Principal | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | 3,676 | ||
Vedanta [Member] | 2025 | Unamortized loan discount and issuance costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term loan | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [table] | ||||
Balance at beginning of period | $ 22,383 | $ 10,353 | ||
Additions | 0 | 19,434 | ||
Subleases | 0 | (2,580) | ||
Depreciation | (2,699) | (3,237) | ||
Adjustments | 414 | 0 | ||
Deconsolidated | 0 | (1,587) | ||
Balance at end of period | 20,098 | 22,383 | ||
Lease Liabilities [Table] | ||||
Balance at beginning of period | 37,843 | 10,995 | ||
Additions | 0 | 30,305 | ||
Cash paid for rent (principal + interest) | (5,263) | (4,173) | ||
Interest expense | 2,354 | 2,495 | ||
Adjustments | 414 | 0 | ||
Deconsolidated | 0 | (1,779) | ||
Balance at end of period | 35,348 | 37,843 | ||
Short-term and Long-term portion of lease liability [Table] | ||||
Short-term Portion of Lease Liability | $ 3,261 | $ 2,929 | ||
Long-term Portion of Lease Liability | 32,088 | 34,914 | ||
Lease liabilities | 35,348 | 37,843 | 35,348 | 37,843 |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 45,348 | |||
Interest | 10,000 | |||
Lease liabilities | $ 35,348 | $ 37,843 | 35,348 | 37,843 |
Short-term and Long-term of lease receivables [Table] | ||||
Short-term Portion of Lease Receivable | 381 | 350 | ||
Long-term Portion of Lease Receivable | 1,700 | $ 2,082 | ||
Total Lease Receivable | 2,082 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | 2,387 | |||
Unearned Finance income | 305 | |||
Net investment in the lease | 2,082 | |||
Less than one year | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 5,422 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | 494 | |||
One to two years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 5,609 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | 504 | |||
Two to three years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 6,275 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | 513 | |||
Three to four years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 6,489 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | 523 | |||
Four to five years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 5,101 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | 353 | |||
More than five years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 16,452 | |||
Finance lease payments receivable [Line Items] | ||||
Undiscounted finance lease payments to be received | $ 0 |
Leases - Future payments (Detai
Leases - Future payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Leases - Future Payments [Table] | ||
Undiscounted operating lease payments to be received | $ 45,348 | |
Leases - Rental [Table] | ||
Rental income | 1,080 | |
Rental expense | $ 2,500 | |
Less than one year | ||
Leases - Future Payments [Table] | ||
Undiscounted operating lease payments to be received | 5,422 | |
Sublease | ||
Leases - Future Payments [Table] | ||
Undiscounted operating lease payments to be received | 722 | |
Sublease | Less than one year | ||
Leases - Future Payments [Table] | ||
Undiscounted operating lease payments to be received | $ 722 |
Capital And Financial Risk Ma_3
Capital And Financial Risk Management Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Capital And Financial Risk Management Credit Risk [Abstract] | ||||
Cash and cash equivalents | $ 403,881 | $ 132,360 | $ 117,051 | $ 72,649 |
Short-term investments | 0 | 30,088 | ||
Trade and other receivables | 2,558 | 1,977 | ||
Total | $ 406,438 | $ 164,425 |
Capital And Financial Risk Ma_4
Capital And Financial Risk Management - Neither past due nor impaired (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Neither past due nor impaired [Line Items] | ||
Trade and other receivables | $ 2,558 | $ 1,977 |
Neither past due or impaired | ||
Neither past due nor impaired [Line Items] | ||
Trade and other receivables | $ 2,558 | $ 1,977 |
Capital And Financial Risk Ma_5
Capital And Financial Risk Management Liquidity Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Liquidity Risk [Line Items] | ||
Financial liabilities | $ 195,441 | $ 130,283 |
Long-term loan | ||
Liquidity Risk [Line Items] | ||
Long-term loan | 19,981 | |
Current financial liabilities | 1,330 | 1,330 |
Subsidiary Notes Payable | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 26,455 | 1,455 |
Trade and other payables | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 21,826 | 19,842 |
Warrants [Member] | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 8,206 | 7,997 |
Subsidiary Preferred Shares | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 118,972 | 100,989 |
Carrying Amount | ||
Liquidity Risk [Line Items] | ||
Financial liabilities | 190,278 | 130,283 |
Carrying Amount | Long-term loan | ||
Liquidity Risk [Line Items] | ||
Long-term loan | 14,818 | |
Carrying Amount | Subsidiary Notes Payable | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 26,455 | 1,455 |
Carrying Amount | Trade and other payables | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 21,826 | 19,842 |
Carrying Amount | Warrants [Member] | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 8,206 | 7,997 |
Carrying Amount | Subsidiary Preferred Shares | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 118,972 | 100,989 |
Within Three Months | ||
Liquidity Risk [Line Items] | ||
Financial liabilities | 150,756 | 130,283 |
Within Three Months | Long-term loan | ||
Liquidity Risk [Line Items] | ||
Long-term loan | 296 | |
Within Three Months | Subsidiary Notes Payable | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 1,455 | 1,455 |
Within Three Months | Trade and other payables | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 21,826 | 19,842 |
Within Three Months | Warrants [Member] | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 8,206 | 7,997 |
Within Three Months | Subsidiary Preferred Shares | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 118,972 | 100,989 |
Three to Twelve months | ||
Liquidity Risk [Line Items] | ||
Financial liabilities | 25,905 | 0 |
Three to Twelve months | Long-term loan | ||
Liquidity Risk [Line Items] | ||
Long-term loan | 905 | |
Three to Twelve months | Subsidiary Notes Payable | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 25,000 | 0 |
Three to Twelve months | Trade and other payables | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 0 | 0 |
Three to Twelve months | Warrants [Member] | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 0 | 0 |
Three to Twelve months | Subsidiary Preferred Shares | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 0 | 0 |
One year to Five Years | ||
Liquidity Risk [Line Items] | ||
Financial liabilities | 18,780 | 0 |
One year to Five Years | Long-term loan | ||
Liquidity Risk [Line Items] | ||
Long-term loan | 18,780 | |
One year to Five Years | Subsidiary Notes Payable | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 0 | 0 |
One year to Five Years | Trade and other payables | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 0 | 0 |
One year to Five Years | Warrants [Member] | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | 0 | 0 |
One year to Five Years | Subsidiary Preferred Shares | ||
Liquidity Risk [Line Items] | ||
Current financial liabilities | $ 0 | $ 0 |
Capital And Financial Risk Ma_6
Capital And Financial Risk Management - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 02, 2019USD ($) | Dec. 31, 2017USD ($) | |
Capital And Financial Risk Management [Line Items] | |||||
Cash and cash equivalents | $ 403,881 | $ 132,360 | $ 117,051 | $ 72,649 | |
Investments held at fair value | 530,161 | 714,905 | 169,755 | ||
Foreign currency translation differences | 500 | $ 0 | $ (200) | ||
Gelesis [Member] | |||||
Capital And Financial Risk Management [Line Items] | |||||
Investments in associates accounted for using equity method | $ 0 | ||||
Karuna [Member] | |||||
Capital And Financial Risk Management [Line Items] | |||||
Investments held at fair value | $ 557,200 | ||||
Number of associate's common stock held at fair value | shares | 3,406,564 | ||||
Associate common stock held at fair value | $ 346,100 | ||||
Karuna [Member] | Equity price risk [member] | |||||
Capital And Financial Risk Management [Line Items] | |||||
Sensitivity analysis for equity price risk, impact on pre-tax earnings, percentage | 0.100 | ||||
Sensitivity analysis for equity price risk, impact on pre-tax earnings | $ 34,600 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies [Table] | |
Payments in respect of developmental milestones, dependent on events outside control of company, but reasonably possible to occur | $ 5,300 |
Non-cancellable contractual commitments | $ 5,100 |
Related Party Transactions - Ke
Related Party Transactions - Key Management Personnel Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions - Key Management Personnel Compensation [Abstract] | |||
Short-term employee benefits | $ 4,833 | $ 5,543 | $ 3,998 |
Share-based payments | 5,822 | 2,774 | 3,062 |
Total | $ 10,656 | $ 8,317 | $ 7,060 |
Related Party Transactions - Di
Related Party Transactions - Directors and Senior Mangers (Details) | Dec. 31, 2020USD ($)shares |
Ms Dapne Zohar | Gelesis [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 59,443 |
Number of Options held | 1,339,114 |
Ownership Interest | 5.10% |
Dame Marjorie Scardino | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 0 |
Ownership Interest | 0.00% |
Kiran Mazumdar-Shaw | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 0 |
Ownership Interest | 0.00% |
Dr Robert Langer [Member] | Entrega [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 332,500 |
Ownership Interest | 4.24% |
Dr Robert Langer [Member] | Alivio [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 1,575,000 |
Ownership Interest | 6.14% |
Dr Raju Kucherlapati | Gelesis [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 20,000 |
Ownership Interest | 0.10% |
Dr Raju Kucherlapati | Enlight [Member] | Class B Common [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 30,000 |
Ownership Interest | 3.00% |
Dr John LaMattina | Gelesis [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 51,070 |
Number of Options held | 0 |
Ownership Interest | 0.20% |
Dr John LaMattina | Gelesis [Member] | Series A-1 Preferred [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 49,253 |
Number of Options held | 0 |
Ownership Interest | 0.20% |
Dr John LaMattina | Gelesis [Member] | Common Shares, value realised assigned to PureTech Health, LLC [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 83,050 |
Ownership Interest | 0.30% |
Dr John LaMattina | Akili [Member] | Series A-2 Preferred [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 37,372 |
Number of Options held | 0 |
Ownership Interest | 0.15% |
Dr John LaMattina | Akili [Member] | Series C Preferred [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 11,755 |
Number of Options held | 0 |
Ownership Interest | 0.05% |
Dr John LaMattina | Vedanta [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 25,000 |
Ownership Interest | 0.22% |
Mr Christopher Viehbacher | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 0 |
Ownership Interest | 0.00% |
Mr Stephen Muniz | Gelesis [Member] | Common Shares, value realised assigned to PureTech Health, LLC [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 20,000 |
Ownership Interest | 0.10% |
Dr Bharatt Chowrira | Karuna [Member] | Common Shares, value realised assigned to PureTech Health, LLC [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 10,000 |
Number of Options held | 0 |
Ownership Interest | 0.04% |
Dr Eric Elenko | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 0 |
Ownership Interest | 0.00% |
Dr Joep Muijrers | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 0 |
Ownership Interest | 0.00% |
Dr George Farmer | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 0 |
Ownership Interest | 0.00% |
Dr Joseph Bolen | Vor [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 0 |
Number of Options held | 125,000 |
Ownership Interest | 0.04% |
Dr John LaMattina and Ms Mary LaMattina | Gelesis [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number of Options held | 50,540 |
Dr John LaMattina and Ms Mary LaMattina | Gelesis [Member] | Series A-1 Preferred [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number of Options held | 49,524 |
Dr John LaMattina (individually) | Gelesis [Member] | Common shares [member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Number Of Shares Held | 530 |
Dr John LaMattina (individually) | Gelesis [Member] | Convertible Notes [Member] | |
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items] | |
Aggregate principal amount | $ | $ 50,000 |
Related party transactions - Na
Related party transactions - Narrative (Details) - Directors and Senior Managers $ in Thousands | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Common shares [member] | |||
Related party transactions [Line Items] | |||
Number Of Shares Held | 23,245,840 | ||
Percent voting rights of the Companny | 0.081 | ||
Additional number of shares authorized to purchase | 3,459,344 | ||
Number of shares issuable based on performance conditions | 6,204,268 | ||
Convertible Notes [Member] | |||
Related party transactions [Line Items] | |||
Payables to related parties | $ | $ 89 | $ 84 | $ 79 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxation [Abstract] | |||
Income/(loss) for the year | $ 4,568 | $ 366,065 | $ (70,659) |
Income tax expense/(benefit) | 14,401 | 112,409 | 2,221 |
Income/(loss) before taxes | $ 18,969 | $ 478,474 | $ (68,438) |
Taxation - Recognised Income Ta
Taxation - Recognised Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Recognised Income Tax Expense [Line Items] | |||
Total current income tax expense/(benefit) | $ 21,796 | $ 0 | $ 498 |
Total deferred income tax expense/(benefit) | (7,395) | 112,409 | 1,723 |
Total income tax expense/(benefit), recognized | 14,401 | 112,409 | 2,221 |
Federal [Member] | |||
Recognised Income Tax Expense [Line Items] | |||
Total current income tax expense/(benefit) | 21,796 | 0 | 2 |
Total deferred income tax expense/(benefit) | (7,349) | 83,776 | 2,034 |
Foreign [Member] | |||
Recognised Income Tax Expense [Line Items] | |||
Total current income tax expense/(benefit) | 0 | 0 | 0 |
Total deferred income tax expense/(benefit) | 0 | 0 | (311) |
State [Member] | |||
Recognised Income Tax Expense [Line Items] | |||
Total current income tax expense/(benefit) | 0 | 0 | 496 |
Total deferred income tax expense/(benefit) | $ (46) | $ 28,633 | $ 0 |
Taxation - Reconciliation of Ef
Taxation - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Effective Tax Rate [Table] | |||
Weighted-average statutory rate | $ 3,984 | $ 97,183 | $ (14,372) |
Weighted-average statutory rate | 21.00% | 21.00% | 21.00% |
Effects of state tax rate in US | $ 1,844 | $ 22,111 | $ (3,267) |
Effects of state tax rate in U.S. | 9.72% | 4.78% | 4.77% |
R&D and orphan drug tax credits | $ (5,642) | $ (6,321) | $ (3,268) |
R&D and orphan drug tax credits | (29.74%) | (1.37%) | 4.78% |
Share based Payment Measurement | $ 327 | $ 433 | $ 3,429 |
Share-based payment measurement | 1.73% | 0.09% | (5.01%) |
Mark to Market Adjustments | $ 919 | $ 3,725 | $ (3,745) |
Mark-to-market adjustments | 4.84% | 0.80% | 5.47% |
Transaction Costs | $ 361 | $ 0 | $ 0 |
Transaction Costs | 0.0191 | 0 | 0 |
Interest Expense | $ (2,258) | $ 1,030 | $ 0 |
Interest Expense | (0.1191) | 0.0022 | 0 |
Executive Compensation | $ 827 | $ 0 | $ 0 |
Executive Compensation | 0.0436 | 0 | 0 |
Accretion on preferred shares | $ 0 | $ 0 | $ 22 |
Accretion on preferred shares | 0.00% | 0.00% | (0.03%) |
Deconsolidation adjustments | $ 0 | $ (13,658) | $ 9,688 |
Deconsolidation adjustments | 0.00% | (2.95%) | (14.16%) |
Mark to Market investment in subsidiary | $ 0 | $ 0 | $ (55) |
Mark-to-market investment in subsidiary | 0.00% | 0.00% | 0.08% |
Income of partnerships not subject to tax | $ 0 | $ 0 | $ (78) |
Income of partnerships not subject to tax | 0.00% | 0.00% | 0.11% |
Recognition of deferred tax assets not previously recognized | $ 0 | $ (6,251) | $ 0 |
Recognition of deferred tax assets not previously recognized | 0.00% | (1.35%) | 0.00% |
Current year losses for which no deferred tax asset is recognized | $ 13,948 | $ 14,514 | $ 13,012 |
Current year losses for which no deferred tax asset is recognized | 73.53% | 3.14% | (19.01%) |
Other | $ 91 | $ (356) | $ 854 |
Other | 0.48% | (0.06%) | (1.25%) |
Income tax expense/(benefit) | $ 14,401 | $ 112,409 | $ 2,221 |
Average effective tax rate | 75.92% | 24.29% | (3.25%) |
Taxation - Deferred Tax Assets
Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets and Liabilities [Line Items] | |||
Lease Liability | $ (3,261) | $ (2,929) | |
Deferred tax assets | 0 | 142 | |
ROU asset | 20,098 | 22,383 | $ 10,353 |
Fixed assets | 22,777 | 21,455 | |
Deferred tax liabilities | (108,626) | (115,445) | |
Income tax expense/(benefit) | 14,401 | 112,409 | 2,221 |
Total current income tax expense/(benefit) | 21,796 | 0 | 498 |
Federal [Member] | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Income tax expense/(benefit) | (7,400) | ||
Total current income tax expense/(benefit) | 21,796 | 0 | 2 |
Unused tax losses for which no deferred tax asset recognised | 169,700 | 243,000 | 238,100 |
Unused tax credits for which no deferred tax asset recognised | 3,900 | 7,400 | 6,700 |
Unused Federal orphan drug tax credits | 5,200 | 3,700 | |
Federal [Member] | Operating Loss Carryforwards Not Subject To Expiration | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 101,900 | ||
MASSACHUSETTS | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 67,400 | 273,000 | 179,500 |
Unused tax credits for which no deferred tax asset recognised | 2,100 | 1,600 | $ 1,300 |
UNITED STATES | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Deferred tax assets | 68,228 | 104,205 | |
Deferred tax liabilities | (129,782) | (182,409) | |
Deferred tax assets (liabilities), net | (61,554) | (78,204) | |
Deferred tax liabilities, net, recognized | 108,626 | 115,445 | |
Deferred tax assets, net, recognized | 0 | (142) | |
Deferred tax assets (liabilities), net, not recognized | 47,072 | 37,099 | |
UNITED STATES | Deferred tax assets | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Operating tax losses | 39,901 | 68,690 | |
Capital loss carryovers | 0 | 2,292 | |
Research credits | 10,805 | 9,931 | |
Share-based payments | 5,429 | 9,711 | |
Deferred revenue | 358 | 1,125 | |
Lease Liability | 9,657 | 10,339 | |
Other temporary differences | 2,078 | 2,117 | |
UNITED STATES | Deferred tax liabilities [Member] | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Investment in subsidiaries | (120,676) | (173,069) | |
ROU asset | 5,491 | 6,115 | |
Fixed assets | 3,588 | 3,225 | |
Other temporary differences | $ (27) | $ 0 |
Sale of Assets (Details)
Sale of Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sale of asset [Line Items] | |||
Gain/(Loss) on derecognised sale of asset | $ 4,000 | ||
The Sync Project | |||
Sale of asset [Line Items] | |||
Sale of asset | $ 4,500 | ||
Sale of asset, paid at closing | 4,000 | ||
Sale of asset, deposited into escrow | $ 500 | ||
Subsidiary Preferred Shares | |||
Sale of asset [Line Items] | |||
Cash Distribution | $ (112) | ||
Subsidiary Preferred Shares | Company and certain preferred shareholders | |||
Sale of asset [Line Items] | |||
Cash Distribution | $ 3,300 | ||
Subsidiary Preferred Shares | Certain preferred shareholders | |||
Sale of asset [Line Items] | |||
Cash Distribution | $ 100 |
Tal Merger Agreement (Details)
Tal Merger Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Subsidiary Preferred Shares | ||
Tal Merger Agreement [Line Items] | ||
Cash Distribution | $ (112) | |
Tal | ||
Tal Merger Agreement [Line Items] | ||
Purchase option agreement, gross proceeds threshold | $ 15,000 | |
Tal | Subsidiary Preferred Shares | ||
Tal Merger Agreement [Line Items] | ||
Finance income/(costs) – fair value accounting | 11,000 | |
Certain preferred shareholders | Subsidiary Preferred Shares | ||
Tal Merger Agreement [Line Items] | ||
Cash Distribution | 100 | |
Outside investors | Tal | Subsidiary Preferred Shares | ||
Tal Merger Agreement [Line Items] | ||
Cash Distribution | $ 100 | $ (100) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 09, 2021 | Jan. 08, 2021 | Aug. 26, 2020 | Jun. 30, 2020 | May 26, 2020 | Feb. 12, 2020 | Jan. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Events [Line Items] | ||||||||||
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | $ 1,150 | $ 1,556 | $ 0 | |||||||
Sale of investments held at fair value | $ 350,586 | $ 9,294 | $ 0 | |||||||
Vor [Member] | ||||||||||
Subsequent Events [Line Items] | ||||||||||
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | $ 500 | $ 700 | ||||||||
Acquisition of equity instruments in other entities | 961,538 | 1,625,000 | ||||||||
Karuna [Member] | ||||||||||
Subsequent Events [Line Items] | ||||||||||
Sale of equity instruments in other entities | (1,333,333) | 555,500 | (2,100,000) | |||||||
Sale of investments held at fair value | $ (101,600) | $ 45,000 | $ (200,900) | |||||||
Preferred share transations | Vor [Member] | ||||||||||
Subsequent Events [Line Items] | ||||||||||
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | $ 500 | |||||||||
Acquisition of equity instruments in other entities | 961,538 | |||||||||
Initial Public Offering [Member] | Vor [Member] | ||||||||||
Subsequent Events [Line Items] | ||||||||||
Sale of equity instruments in other entities | 9,828,017 | |||||||||
Share issued, price per share | $ 18 | |||||||||
Number Of Shares Held | 3,207,200 | |||||||||
Percent, number of shares held | 8.60% | |||||||||
Major ordinary share transactions [member] | Karuna [Member] | ||||||||||
Subsequent Events [Line Items] | ||||||||||
Sale of equity instruments in other entities | 1,000,000 | |||||||||
Number Of Shares Held | 2,406,564 | |||||||||
Percent, number of shares held | 8.20% | |||||||||
Sale of investments held at fair value | $ 118,000 |