v3.25.4
Property and equipment
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about property, plant and equipment [abstract]  
Property and equipment Property and equipment
Accounting policies
Property and equipment include leasehold improvements, computer hardware, machinery, and furniture and fixtures.
Property and equipment are shown on the balance sheet at their historical cost. The cost of an asset, less any residual value, is depreciated using the straight-line method over the useful life of the asset. For this purpose, assets with similar useful lives have been grouped as follows:
•Leasehold improvements—Shorter of the useful life of the asset or the remaining term of the lease
•Computer hardware—Three to five years
•Machinery and equipment—Five years
•Furniture and fixtures—Five years
Useful lives, components, and residual amounts are reviewed annually. Such a review takes into consideration the nature of the assets, their intended use, including but not limited to the closure of facilities, and the evolution of the technology and competitive pressures that may lead to technical obsolescence. Depreciation of property and equipment is allocated to the appropriate headings of expenses by function in the statement of loss.
Reviews of the carrying amount of the Company’s property and equipment are performed when there is an indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. In assessing the value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the country where the assets are located.
The Company records property and equipment under accrued expense for amounts to be paid within the next 12 months. For the year ended December 31, 2025, $1.0 million was recorded in accrued expense for property and equipment, and for the year ended December 31, 2024, no amounts were recorded.
Property and equipment, net movement for the years ended December 31, 2025 and 2024, respectively are as follows (in USD thousands):
Leasehold improvementsMachinery and equipmentComputer hardwareFurniture and fixturesTotal
January 1, 2025$6,456 $1,861 $1,361 $1,244 $10,922 
Additions1,110 403 2 — 1,515 
Disposals(252)— (55)(181)(488)
Currency Translation Adjustment971 293 158 153 1,575 
December 31, 2025$8,285 $2,557 $1,466 $1,216 $13,524 
Accumulated depreciation
January 1, 2025$(2,615)$(1,170)$(973)$(955)$(5,713)
Additions(1,181)(303)(180)(146)(1,810)
Disposals252 — 55 181 488 
Currency Translation Adjustment(399)(185)(120)(120)(824)
December 31, 2025$(3,943)$(1,658)$(1,218)$(1,040)$(7,859)
Net book value at December 31, 2025$4,342 $899 $248 $176 $5,665 
Leasehold improvementsMachinery and equipmentComputer hardwareFurniture and fixturesTotal
January 1, 2024$6,855 $1,975 $1,460 $1,310 $11,600 
Additions86 115 1 15 217 
Disposals— (66)(14)— (80)
Currency Translation Adjustment(485)(163)(86)(81)(815)
December 31, 2024$6,456 $1,861 $1,361 $1,244 $10,922 
Accumulated depreciation
January 1, 2024$(1,576)$(993)$(831)$(731)$(4,131)
Additions(1,182)(269)(208)(276)(1,935)
Disposals— — 14 — 14 
Currency Translation Adjustment143 92 52 52 339 
December 31, 2024$(2,615)$(1,170)$(973)$(955)$(5,713)
Net book value at December 31, 2024$3,841 $691 $388 $289 $5,209 
Included in leasehold improvements and machinery and equipment are $1.1 million and $0.3 million, respectively, related to assets under construction that have not yet been placed into service and begun depreciating as of December 31, 2025. These assets are primarily related to a lab expansion that was completed in early 2026.