v3.25.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The changes for the six months ended June 30, 2025 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:

 

 

Number of options

 

 

Weighted average exercise price

 

 

Weighted average remaining contractual term
(in years)

 

 

Aggregate intrinsic value
(in thousands of USD)

 

Outstanding as at December 31, 2024

 

 

19,029,056

 

 

$

10.04

 

 

 

 

 

 

 

Granted

 

 

4,424,537

 

 

$

24.63

 

 

 

 

 

 

 

Exercised

 

 

(1,249,457

)

 

$

5.21

 

 

 

 

 

 

 

Outstanding as at June 30, 2025

 

 

22,204,136

 

 

$

13.24

 

 

 

8.0

 

 

 

141,072

 

Options exercisable as at June 30, 2025

 

 

9,656,167

 

 

$

8.92

 

 

 

7.2

 

 

 

89,992

 

Schedule of Weighted Average Assumptions for Stock Options Weighted average assumptions used to apply this pricing model were as follows:

 

 

 

 

Six months ended June 30,

 

 

 

 

 

2025

 

 

2024

 

Expected life (years)

 

 

 

 

6.1

 

 

 

6.1

 

Risk-free rate

 

 

 

 

4.4

%

 

 

3.9

%

Volatility

 

 

 

 

47.5

%

 

 

41.4

%

Dividend yield

 

 

 

 

0.0

%

 

 

0.0

%

Schedule of Restricted Stock Unit Activity

The changes for the six months ended June 30, 2025 in the number of RSUs outstanding are as follows:

 

 

Number of RSUs

 

 

Weighted average Fair Value Per Share

 

Outstanding as at December 31,
2024

 

 

143,002

 

 

$

9.84

 

Granted

 

 

718,584

 

 

$

25.28

 

Vested

 

 

(143,001

)

 

$

9.84

 

Forfeited/Cancelled

 

 

(1

)

 

$

9.84

 

Outstanding as at June 30,
2025

 

 

718,584

 

 

$

25.28

 

Summary of Share-Based Payment Expense

The following summarizes the share-based payment expense recognized by type of award and line-item:

 

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

(in thousands of USD)

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Share-based compensation expense by type of award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share options

 

 

 

 

12,518

 

 

 

8,290

 

 

 

25,090

 

 

 

16,208

 

Restricted stock units

 

 

 

 

2,661

 

 

 

 

 

 

5,302

 

 

 

 

Total share-based compensation expense

 

 

 

 

15,179

 

 

 

8,290

 

 

 

30,392

 

 

 

16,208

 

Share-based compensation expense by line-item

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

 

 

5,108

 

 

 

2,992

 

 

 

10,331

 

 

 

6,471

 

Selling, general and administrative expenses

 

 

 

 

10,071

 

 

 

5,298

 

 

 

20,061

 

 

 

9,737

 

Total share-based compensation expense

 

 

 

 

15,179

 

 

 

8,290

 

 

 

30,392

 

 

 

16,208