| Schedule of Adjusted Loss Before Taxes for the Company's Single Segment |
The following table presents the adjusted loss before taxes for the Company's single segment for each of the three and six months ended June 30, 2025 and 2024:
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Three months ended June 30, |
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Six months ended June 30, |
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(In thousands of USD) |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue |
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19,145 |
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2,279 |
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22,123 |
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3,680 |
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Interest income |
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7,055 |
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4,870 |
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14,406 |
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7,953 |
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Less: |
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Personnel expense |
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9,900 |
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7,017 |
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20,063 |
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12,286 |
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External R&D expense |
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14,577 |
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28,449 |
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43,904 |
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61,053 |
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Manufacturing expense |
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4,289 |
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4,277 |
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10,130 |
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7,938 |
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Regulatory expense |
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1,025 |
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408 |
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2,042 |
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|
900 |
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Commercial programs |
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5,396 |
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2,750 |
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11,303 |
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6,239 |
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General and administrative expense |
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4,307 |
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3,597 |
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8,629 |
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7,016 |
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Depreciation and amortization |
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107 |
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66 |
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|
220 |
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|
97 |
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Segment adjusted loss before tax |
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(13,401 |
) |
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(39,415 |
) |
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(59,762 |
) |
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(83,896 |
) |
Reconciliation to consolidated net loss |
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Share-based compensation expense |
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(15,179 |
) |
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(8,290 |
) |
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(30,392 |
) |
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(16,208 |
) |
Change in fair value - derivatives |
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2,590 |
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9,692 |
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20,344 |
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(29,258 |
) |
Foreign exchange gains/(losses) |
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8,626 |
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(994 |
) |
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12,919 |
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(3,412 |
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Income tax expense |
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— |
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— |
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— |
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— |
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Consolidated net loss for the period |
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(17,364 |
) |
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(39,007 |
) |
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(56,891 |
) |
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(132,774 |
) |
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