v3.25.4
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Summary of Stock Option Activity
Activity for the year ended December 31, 2025, under the 2013 ISOP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 2025560,980 $3.03 2.54
Exercised(68,000)1.96 — 
Forfeited(12,000)3.17 — 
Outstanding as of December 31, 2025480,980 $3.18 1.73
Exercisable as of December 31, 2025480,980 $3.18 1.73
Activity for the year ended December 31, 2024, under the 2013 ISOP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 2024606,980 $3.00 3.49
Exercised(32,000)3.16 — 
Forfeited(14,000)1.75 — 
Outstanding as of December 31, 2024560,980 $3.03 2.54
Exercisable as of December 31, 2024560,980 $3.03 2.54
Activity for the year ended December 31, 2023, under the 2013 ISOP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 2023657,980 $2.92 4.24
Exercised(39,000)2.52 — 
Forfeited(12,000)0.05 — 
Outstanding as of December 31, 2023606,980 $3.00 3.49
Exercisable as of December 31, 2023606,980 $3.00 3.49
Activity for the year ended December 31, 2025, under the 2019 ISOP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 20252,308,760 $4.97 5.40
Exercised(40,373)3.49 — 
Forfeited(15,000)5.06 — 
Outstanding as of December 31, 20252,253,387 $5.00 4.42
Exercisable as of December 31, 20252,253,367 $5.00 4.42
Activity for the year ended December 31, 2024, under the 2019 ISOP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 20242,402,510 $4.97 6.30
Exercised(38,250)4.12 — 
Forfeited(55,500)5.46 — 
Outstanding as of December 31, 20242,308,760 $4.97 5.40
Exercisable as of December 31, 20242,033,490 $4.80 5.31
Activity for the year ended December 31, 2023, under the 2019 ISOP was as follows:

Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 20232,629,516 $4.96 7.21
Exercised(32,000)4.06 — 
Forfeited(195,006)4.94 — 
Outstanding as of December 31, 20232,402,510 $4.97 6.30
Exercisable as of December 31, 20231,651,493 $4.64 6.03
Activity for the year ended December 31, 2025, under the 2021 EIP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 20259,044,607 $6.69 8.40
Granted3,280,275 3.29 — 
Exercised(29,412)2.78 — 
Forfeited(909,956)6.69 — 
Outstanding as of December 31, 202511,385,514 $5.72 7.98
Exercisable as of December 31, 20254,989,270 $7.97 7.11
Activity for the year ended December 31, 2024, under the 2021 EIP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 20245,708,059 $7.84 8.74
Granted3,840,087 4.78 — 
Exercised(49,119)2.87 — 
Forfeited(454,420)5.37 — 
Outstanding as of December 31, 20249,044,607 $6.69 8.40
Exercisable as of December 31, 20242,806,356 $10.22 7.37
Activity for the year ended December 31, 2023, under the 2021 EIP was as follows:
Number of optionsWeighted average exercise priceWeighted average remaining life in years
Outstanding as of January 1, 20232,624,297 $12.32 8.88
Granted3,734,266 4.44 — 
Forfeited(645,310)6.43 — 
Outstanding as of December 31, 20235,708,059 $7.84 8.74
Exercisable as of December 31, 20231,155,231 $14.64 7.57
Summary of Valuation Inputs
The valuation inputs for the 2021 EIP grants were as follows:
Year Ended December 31, 
202520242023
Share price at grant date (in USD) $3.04 -$4.73$3.40-$4.96$2.53-$4.72
Expected life of share options (years)5.50-7.005.50-7.005.50-7.00
Expected volatility (%)73.84 %-77.60%72.86 %-74.95%69.50 %-74.96%
Risk free interest rate (%)3.68 %-4.03%3.50 %-4.40%3.45 %-4.67%
Dividend yield (%)—%—%—%
Summary of Weighted Average Fair Value of Options Granted
The weighted average fair value of options granted during the years ended December 31, 2025, 2024, and 2023, respectively (in USD):
202520242023
2021 EIP$2.26 $3.27 $2.91 
Summary of Restricted Stock Units Activity The activity for the year ended December 31, 2025 was as follows:
Number of RSUsWeighted-average grant date fair value per share
Unvested as of January 1, 20253,053,076 $4.69 
Granted1,136,975 $3.30 
Vested(1,434,646)$4.84 
Forfeited(171,196)$4.10 
Unvested as of December 31, 20252,584,209 $4.04 
The activity for the year ended December 31, 2024 was as follows:
Number of RSUsWeighted-average grant date fair value per share
Unvested as of January 1, 20243,335,268 $4.77 
Granted1,373,816 4.71 
Vested(1,331,731)4.95 
Forfeited(324,277)4.56 
Unvested as of December 31, 20243,053,076 $4.69 
The activity for the year ended December 31, 2023 was as follows:
Number of RSUsWeighted-average grant date fair value per share
Unvested as of January 1, 20231,865,433 $5.20 
Granted2,658,150 4.42 
Vested(927,155)4.65 
Forfeited(261,160)4.75 
Unvested as of December 31, 20233,335,268 $4.77 
Summary of Movements in Share-based Compensation Reserve
Movements in the share-based compensation reserve were as follows (in USD thousands):
Total
January 1, 2023$25,075 
Movement in the period15,242 
December 31, 202340,317 
Movement in the period16,488 
December 31, 202456,805 
Movement in the period16,205 
December 31, 2025$73,010 
Share-based compensation expense by financial statement caption for all stock awards consists of the following (in USD thousands):
Year ended December 31,
202520242023
Research and development$4,070 $4,370 $3,440 
Sales and marketing1,230 1,357 1,266 
General and administrative10,905 10,761 10,536 
Total$16,205 $16,488 $15,242