For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the pre-funded warrants to purchase Ordinary Shares (the “Pre-Funded Warrants”) issued in the February 2024 follow-on offering and the December 2024 follow-on offering are included.

Basic and diluted net loss per Ordinary Share was calculated as follows:


	Three months ended June 30,						Six months ended June 30,
(In thousands of USD, except share and per share amounts)	2025			2024			2025			2024
Net loss		(17,364	)		(39,007	)		(56,891	)		(132,774	)
Weighted average Ordinary Shares outstanding, basic and diluted		118,556,492			94,711,604			117,347,434			91,611,785
Net loss per Ordinary Share, basic and diluted		(0.15	)		(0.41	)		(0.48	)		(1.45	)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive:


	As at June 30,
	2025		2024
Stock options		22,204,136		19,778,254
Restricted stock units		718,584		—
Outstanding warrants		2,616,539		2,700,152
Total		25,539,259		22,478,406