Accounting policies
These financial statements were prepared in accordance with the provisions of the Swiss Law on Accounting and Finance Reporting (32nd title of the Swiss Code of Obligations). Significant valuation principles that have been applied in the preparation of these financial statements that are not prescribed by law are described below.
Presentation of cash flow statement and additional disclosures in the notes dispensed with
As PolyPeptide Group AG, Baar (the “Company”) has prepared consolidated financial statements under a recognized accounting standard (IFRS), it has decided, in accordance with the law, to dispense with the presentation of information on interest-bearing liabilities and audit fees in the notes, a cash flow statement, and an annual review.
Financial year
The financial year runs from 1 January to 31 December.
Valuation principles
Assets are valued at no more than cost. Liabilities are carried at nominal value.
All assets and liabilities in foreign currencies are translated by applying the exchange rate prevailing on the balance sheet date. Exchange differences are recognized in the income statement.
Earnings and expenses originated in foreign currencies are translated with the monthly exchange rate.
Investments
Investments are shown at individual historical acquisition costs less impairment, if any.
Own shares
Own shares are recognized in equity as a negative item at cost as per the date of acquisition. In the event of a subsequent sale, a gain is recognized in other capital reserves and a loss is recognized in the accumulated deficit.
Share-based payments
Part of the variable compensation paid to members of the Executive Committee, selected key employees and part of the compensation paid to members of the Board of Directors is in the form of Company shares. The acquisition cost of the shares is recorded under personnel expenses.
Declaration of the number of full-time equivalents (FTEs)
The average number of full-time positions during the reporting was below 50.
|
kCHF |
2025 |
2024 |
|
|
|
|
|
Cash |
400 |
224 |
|
Balance as at 31 December |
400 |
224 |
There were no changes to the investments held by the Company during 2025. As a result, the table below shows the direct and significant indirect investments held by the Company as at 31 December 2025 and as at 31 December 2024:
|
Group companies |
Location |
Capital and voting shares |
|
|
|
|
Direct |
Indirect |
|
|
|
|
|
|
Polypeptide Laboratories Holding (PPL) AB |
Limhamn, Sweden |
100% |
|
|
Polypeptide Laboratories (Sweden) AB |
Limhamn, Sweden |
|
100% |
|
PolyPeptide SA |
Braine-l’Alleud, Belgium |
|
100% |
|
PolyPeptide Laboratories France S.A.S. |
Strasbourg, France |
|
100% |
|
PolyPeptide Laboratories Inc. |
Torrance, CA, USA |
|
100% |
|
PolyPeptide Laboratories San Diego, LLC 1 |
San Diego, CA, USA |
|
100% |
|
PolyPeptide Laboratories Pvt. Ltd. |
Ambernath (East), India |
|
100% |
|
PolyPeptide Laboratories A/S 2 |
Hillerød, Denmark |
|
100% |
1 PolyPeptide Laboratories San Diego, LLC is a wholly owned subsidiary of PolyPeptide Laboratories Inc.
2 PolyPeptide Laboratories A/S is a dormant company.
Percentage of voting shares is equal to percentage of ownership.
|
|
2025 |
2024 |
||
|
|
kUSD |
kCHF |
kUSD |
kCHF |
|
|
|
|
|
|
|
Uncalled capital commitment as at 31 December |
17,400 |
13,793 |
21,000 |
19,025 |
Limited partnership investments
In November 2021, the Company entered into a limited partnership agreement. The Company committed to invest a maximum amount of kUSD 30,000.
A capital call was made during 2025, where the Company invested kUSD 3,600 in addition to investments made in prior years. As a result, an uncalled capital commitment of kUSD 17,400 as at 31 December 2025 is disclosed in the table above.
If the general partner of the limited partnership makes an additional capital call, the Group would be obliged to pay the amount within ten business days.
Guarantee pension fund
All members of the PRI Pensionsgaranti, the issuer of the defined benefit plan in Sweden, are subject to a mutual liability. This liability would only be invoked in the event that PRI Pensionsgaranti has consumed all its assets. The mutual liability of the Group is limited to a maximum of 2% of the Group’s individual pension liability with PRI Pensionsgaranti. As such, the Group has a contingent liability of kEUR 325 as at 31 December 2025 (2024: kEUR 288), for which it has issued a guarantee to PRI Pensionsgaranti.
Parent guarantee
The Company has provided three guarantees in favor of two of the Company’s fully directly and indirectly owned subsidiaries. As of 31 December 2025, the guaranteed amount was mEUR 144 (2024: mEUR 102).
There have been no changes to the share capital of PolyPeptide Group AG during 2025. As a result, the share capital of PolyPeptide Group AG comprised 33,125,001 registered shares with a nominal value of CHF 0.01 each as at 31 December 2025.
|
CHF |
2025 |
2024 |
|
|
|
|
|
Reserves from capital contributions (foreign) |
1,909,783,753 |
1,909,783,753 |
|
Reserves from capital contributions (domestic) |
195,019,440 |
195,019,440 |
|
Total reserves from capital contribution as at 31 December |
2,104,803,193 |
2,104,803,193 |
The reported reserves from capital contributions as capital contributions within the meaning of Art. 5 para. 1bis (for the part of the “domestic KER”) or Art. 5 para. 1quater lit. a of the Withholding Tax Act (for the part of the “foreign KER”) have been confirmed by the Swiss Federal Tax Administration as at 30 January 2024.
|
2025 |
No. of shares |
Average prices in CHF |
|
Own shares as at 1 January 2025 |
128,505 |
70.38 |
|
Purchase |
25,455 |
18.14 |
|
Transfer to Board members / executive committee (incl. group companies) |
-35,524 |
64.00 |
|
Own shares as at 31 December 2025 |
118,436 |
61.06 |
|
|
|
|
|
|
|
|
|
2024 |
No. of shares |
Average prices in CHF |
|
Own shares as at 1 January 2024 |
155,494 |
70.38 |
|
Purchase |
– |
– |
|
Transfer to Board members / executive committee (incl. group companies) |
-26,989 |
70.38 |
|
Own shares as at 31 December 2024 |
128,505 |
70.38 |
From April to May 2025, PolyPeptide Group AG purchased 25,455 own shares at the average price of CHF 18.14 to be held as treasury shares (2024: nil). During 2025, 35,524 shares were transferred to Board members as part of their share-based remuneration (2024: 26,989 shares transferred to Board members as part of their share-based remuneration).
|
kCHF |
2025 |
2024 |
|
|
|
|
|
Interest income from group companies |
9,790 |
14,113 |
|
Foreign exchange result |
– |
2,607 |
|
Total financial income |
9,790 |
16,720 |
|
kCHF |
2025 |
2024 |
|
|
|
|
|
Foreign exchange result |
-2,333 |
– |
|
Other financial expenses |
-699 |
-2,689 |
|
Total other financial expenses |
-3,033 |
-2,689 |
In 2025, PolyPeptide Group AG reassessed the valuation approach for its investment in PolyPeptide Laboratories Holding (PPL) AB in accordance with the Swiss Code of Obligations. Management determined that the quoted market price of PolyPeptide Group AG no longer provided the most appropriate basis for estimating the recoverable amount of the investment.
The recoverable amount is now determined with reference to the consolidated IFRS net‑equity value of PolyPeptide Laboratories Holding (PPL) AB and its subsidiaries, which is considered a more reliable indicator under the current circumstances. Based on this updated methodology, the impairment test resulted in an impairment loss of kCHF 695,962 reducing the carrying amount to its recoverable value at year‑end.
In prior years, the valuation had been based on the market price of PolyPeptide Group AG shares, which had resulted in a cumulative impairment loss of kCHF 1,068,000 in the years 2021 to 2024.
As at 31 December 2025:
|
|
Function |
Number of shares |
which are blocked |
allocated in the reporting period |
|
|
|
|
|
|
|
Klaus Peter Wilden |
Chair |
42,179 |
33,777 |
11,489 |
|
Patrick Aebischer |
Vice-Chair, Lead Indepedent Director |
27,666 |
22,348 |
7,660 |
|
Jane Anne Salik |
Independent Member |
29,184 |
9,631 |
3,302 |
|
Erik Schropp |
Member |
3,193 |
– |
– |
|
Philippe Weber |
Independent Member |
30,556 |
24,721 |
8,485 |
|
Jo LeCouilliard 1) |
Independent Member |
2,933 |
2,933 |
2,933 |
|
Beat In-Albon 2) |
Independent Member |
n/a |
n/a |
1,655 |
|
Total Board of Directors |
|
135,711 |
93,410 |
35,524 |
|
|
|
|
|
|
|
|
Function |
Number of shares |
which are blocked |
allocated in the reporting period |
|
|
|
|
|
|
|
Juan Jose Gonzalez |
CEO |
227,842 |
– |
– |
|
Marc Augustin |
CFO |
2,500 |
– |
– |
|
Christina Del Vecchio |
Chief Legal Officer |
– |
– |
– |
|
Raoul Bernhardt 3) |
Chief Manufacturing and Supply Chain Officer |
– |
– |
– |
|
Jens Fricke 4) |
Director Global Operations |
n/a |
– |
– |
|
Total Executive Committee |
|
230,342 |
– |
– |
|
|
|
|
|
|
|
Total |
|
366,053 |
93,410 |
35,524 |
1 Member of the Board as of 9 April 2025
2 Member of the Board until 9 April 2025
3 Member of the Executive Committee since 11 August 2025
4 Member of the Executive Committee until 10 August 2025
As at 31 December 2024:
|
|
Function |
Number of shares |
which are blocked |
allocated in the reporting period |
|
|
|
|
|
|
|
Klaus Peter Wilden |
Chair |
30,690 |
29,032 |
8,254 |
|
Patrick Aebischer |
Vice-Chair |
20,006 |
18,901 |
5,503 |
|
Beat In-Albon |
Member |
17,196 |
16,201 |
4,142 |
|
Jane Anne Salik |
Member |
25,882 |
8,145 |
2,371 |
|
Erik Schropp |
Member |
3,193 |
– |
– |
|
Philippe Weber |
Member |
22,071 |
20,846 |
6,095 |
|
Dorothee Deuring 1) |
Member |
3,624 |
3,624 |
624 |
|
Total Board of Directors |
|
122,662 |
96,749 |
26,989 |
|
|
|
|
|
|
|
|
Function |
Number of shares |
which are blocked |
allocated in the reporting period |
|
|
|
|
|
|
|
Juan Jose Gonzalez |
CEO |
227,842 |
– |
– |
|
Marc Augustin 2) |
CFO |
2,500 |
– |
– |
|
Christina Del Vecchio |
General Counsel |
– |
– |
– |
|
Neil James Thompson 3 |
Director Global Sales and Marketing |
1,122 |
– |
– |
|
Jens Fricke |
Director Global Operations |
1,380 |
– |
– |
|
Total Executive Committee |
|
232,844 |
– |
– |
|
|
|
|
|
|
|
Total |
|
355,506 |
96,749 |
26,989 |
1 Member of the Board until 10 April 2024.
2 Member of the Executive Committee as of 1 January 2024.
3 Stepped down as Director Global Sales and Marketing and member of the Executive Committee as of 26 April 2024.
The maturity of leasing obligations which have a residual term of more than twelve months or which cannot be canceled within the next twelve months is as follows:
|
kCHF |
31 December 2025 |
31 December 2024 |
|
|
|
|
|
0-1 years |
118 |
118 |
|
1-5 years |
470 |
472 |
|
More than 5 years |
147 |
265 |
|
Total |
735 |
855 |
There have been no significant events subsequent to the balance sheet date that would require additional disclosure in the financial statements.
The financial statements for 2025 were approved for issue by the Board of Directors on 10 March 2026 and are subject to approval by the general meeting on 8 April 2026.
The Board of Directors proposes that the general meeting approves that the accumulated deficit of CHF 1,786,196,497 be carried forward to the new account.
|
CHF |
2025 |
|
|
|
|
Net loss brought forward |
-1,077,871,571 |
|
Net loss on sale of treasury shares |
-1,534,319 |
|
Net loss for the year |
-706,790,607 |
|
Accumulated deficit to be carried forward |
-1,786,196,497 |