Leases
 12 Months Ended
Dec. 31, 2021
Lease Liabilities [Abstract]  
Leases

9. Leases

The consolidated financial statements show the following amounts relating to leases:

Right-of-use assets

in USD ‘000

 

2021

 

 

2020

 

Net book value as of January 1

 

 

1,425

 

 

 

2,042

 

Depreciation charge

 

 

(500

)

 

 

(617

)

Derecognition of RoU asset

 

 

(300

)

 

 

-

 

Net book value as of December 31

 

 

625

 

 

 

1,425

 

Total cost

 

 

1,876

 

 

 

2,658

 

Accumulated depreciation

 

 

(1,251

)

 

 

(1,233

)

Rights-of-use assets mainly relate to office buildings.

On June 1, 2021, ObsEva USA Inc. signed a sublease agreement to sublease office spaces located at One Financial Center in Boston, Massachusetts. This sublease covers a period from June 1, 2021 until September 30, 2022. This resulted in the derecognition of the right-of-use asset of USD 0.3 million. The initial net investment of this leasing amounted to USD 0.2 million of which USD 0.1 million was received in 2021.

The expense relating to other short-term or low-value leases is not material. For the years ended December 31, 2021 and 2020, the total cash outflows for leases amounted to USD 0.7 million and USD 0.7 million, respectively.

Lease liabilities

 

 

As of December 31,

 

in USD ‘000

 

2021

 

 

2020

 

Current

 

 

686

 

 

 

696

 

Non-current

 

 

240

 

 

 

952

 

Total lease liabilities

 

 

926

 

 

1,648

 

The lease liabilities have been measured based on the Group’s weighted average incremental borrowing rate of 4.9%. The maturity of the lease liabilities is provided in note 3.2.