v3.25.4
Income tax (Tables)
 12 Months Ended
Dec. 31, 2025
Major components of tax expense (income) [abstract]  
Summary of Current and Deferred Income Tax (Expenses) Benefits
The following table presents the current and deferred income tax (expense) benefits (in USD thousands):
For the year ended December 31,
202520242023
Current income tax expense
Current year$(1,458)$(1,115)$(215)
Uncertain tax positions(84)(155)(40)
Total current income tax expense$(1,542)$(1,270)$(255)
Deferred income tax (expense) benefit
Origination and reversal of temporary differences$30 $47 $(231)
Total deferred income tax (expense) benefit$30 $47 $(231)
Total income tax (expense) benefit$(1,512)$(1,223)$(486)
Summary of Expected Tax Expense to Tax Expense Report in Statement of Loss
The following table presents the reconciliation of the expected tax expense to the tax expense report in the statement of loss (in USD thousands):
For the year ended December 31,
202520242023
Loss before tax$(77,487)$(61,270)$(78,495)
Tax at Swiss statutory rate10,475 8,222 10,453 
Effect of tax rates in foreign jurisdictions(1,197)(893)(833)
Tax effect of:
Unrecognized deferred tax assets(8,542)(6,025)(8,879)
Income not subject to tax260 249 303 
Expense not deductible for tax purposes(1,857)(2,263)(2,085)
Uncertain tax positions(84)(155)(40)
Other(567)(358)595 
Income tax expense$(1,512)$(1,223)$(486)
Summary of Movement in Deferred Tax Balances The following table presents the changes in the Company’s deferred tax assets and deferred tax liabilities (in USD thousands):
Depreciation &
amortization		Accrued pensionROU assetLease liabilityOtherNet operating loss
carryforward		Total
January 1, 2025$(136)$— $(897)$1,047 $603 $1,150 $1,767 
Recognized in profit or loss148 — 531 (523)(90)(36)30 
Recognized in OCI— 3 — — — — 3 
Currency translation differences(12)— (36)46 4 29 31 
December 31, 2025$— $3 $(402)$570 $517 $1,143 $1,831 
Deferred tax assets— 3 — 570 539 1,143 2,255 
Deferred tax liabilities— — (402)— (22)— (424)
Depreciation &
amortization		Accrued pensionROU assetLease liabilityOtherNet operating loss
carryforward		Total
January 1, 2024$(19)$— $(761)$794 $696 $1,010 $1,720 
Recognized in profit or loss(123)— (166)287 (91)140 47 
Currency translation differences6 — 30 (34)(2)— — 
December 31, 2024$(136)$— $(897)$1,047 $603 $1,150 $1,767 
Deferred tax assets— — — 1,047 670 1,150 2,867 
Deferred tax liabilities(136)— (897)— (67)— (1,100)
The following table consists of the gross tax loss carryforwards and the deferred tax assets that have not been recognized because it is not probable that there will be future taxable profits to use these benefits (in USD thousands):
December 31,
20252024
Gross amountTax effectGross amountTax effect
Deductible temporary differences$7,332 $1,014 $4,623 $661 
Net operating loss carryforwards443,992 59,871 347,533 46,544 
Total$451,324 $60,885 $352,156 $47,205 
Summary of Expiring Amounts of Unrecognized Net Operating Loss Carryforwards As of December 31, 2025 and 2024, the Company had the following expiring amounts of unrecognized NOL carryforwards (in USD thousands):
December 31,
20252024
One year$27,446 $15,853 
Two years56,969 23,958 
Three years78,915 49,729 
Four years89,906 68,886 
Thereafter and unlimited190,756 189,107 
Net operating loss carryforwards$443,992 $347,533