v3.25.2
Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
2022 LTIP [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of share options valuation assumptions

Grants in 2022 under the 2022 LTIP

Expected term—years (1)

 

2.5 – 5.1

Current share value

$

1.23

Expected volatility (2)

 

59.6% - 63.5%

Risk-free interest rate (3)

 

3.8% - 4.2%

Dividend yield (4)

 

0%
2023 LTIP [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of share options valuation assumptions

Grants in 2023 and 2024 under the 2023 LTIP

 

Expected term—years (1)

 

1 – 5.1

 

Current share value

$

 

0.10

 

Expected volatility (2)

 

59.6% - 63.5%

 

Risk-free interest rate (3)

 

3.8% - 4.2%

 

Dividend yield (4)

 

0%

 

 

(1)
The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the end of the vesting term and the contractual period to exercise.
(2)
Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities.
(3)
Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date.
The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future.
Schedule of share option activity

The Company’s share option activity for the year ended December 31, 2024 was as follows:

 

 

 

Number of
share
options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
life (years

 

 

Aggregate
Intrinsic
Value (In
millions)

 

Outstanding as of December 31, 2023

 

 

10,612,649

 

 

£

0.0001

 

 

 

 

 

 

 

 

Issued

 

 

13,611,563

 

 

£

0.0001

 

 

 

 

 

 

 

 

Exercised

 

—

 

 

 

—

 

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(587,296

)

 

 

—

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

23,636,916

 

 

£

 

0.0001

 

 

 

6.1

 

 

$

 

3.8

 

Vested and exercisable

 

 

17,559,511

 

 

£

0.0001

 

 

 

4.7

 

 

 

 

 

Vested and expected to vest

 

 

23,636,916

 

 

£

 

0.0001

 

 

 

6.1

 

 

$

 

3.8