v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis

As of June 30, 2025 and December 31, 2024, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:

 

 

 

As at June 30, 2025

 

(In thousands of USD)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Derivative warrant liability (Public Warrants)

 

 

19,596

 

 

 

 

 

 

 

 

 

19,596

 

Derivative warrant liability (Private Placement Warrants)

 

 

 

 

 

1,336

 

 

 

 

 

 

1,336

 

Derivative earnout liability

 

 

 

 

 

 

 

 

 

 

 

 

Total financial liabilities

 

 

19,596

 

 

 

1,336

 

 

 

 

 

 

20,932

 

 

 

As at December 31, 2024

 

(In thousands of USD)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Derivative warrant liability (Public Warrants)

 

 

35,134

 

 

 

 

 

 

 

 

 

35,134

 

Derivative warrant liability (Private Placement Warrants)

 

 

 

 

 

2,380

 

 

 

 

 

 

2,380

 

Derivative earnout liability

 

 

 

 

 

 

 

 

44,798

 

 

 

44,798

 

Total financial liabilities

 

 

35,134

 

 

 

2,380

 

 

 

44,798

 

 

 

82,312

 

Schedule of Estimated Fair Value of Derivative Earnout Liability As such, the relevant inputs to the fair value of the derivative earnout liability are as follows:

 

 

 

 

At Settlement

 

 

December 31, 2024

 

Ordinary Share value (USD)

 

 

 

$

23.41

 

 

$

25.70

 

Probability of milestone completion

 

 

 

 

100

%

 

 

100

%

Dividend yield

 

 

 

 

0

%

 

 

0

%

Strike price (USD)

 

 

 

 

0.00

 

 

 

0.00

 

Summary of Reconciliation of Derivative Earnout Liability Measured on Recurring Basis Using Level 3 Inputs

The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of June 30, 2025:

 

Balance on December 31, 2024

 

 

 

 

44,798

 

Change in fair value recognized through profit and loss

 

 

 

 

(3,992

)

Settlement of derivative earnout liability upon achievement of milestone

 

 

 

 

(40,806

)

Balance on June 30, 2025