v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about borrowings [abstract]  
Schedule of Key Inputs for the Valuation of the Warrant Obligation Key inputs for the valuation of the warrant obligation upon issuance were as follows:
As of June 25, 2025As of May 2, 2024
Exercise price in USD$5.00$5.00
Share price in USD$3.17$5.08
Risk-free interest rate4.24%4.53%
Expected volatility (annualized)72.98%71.77%
Expected term (years)1010
Dividend yield—%—%
Black-Scholes value in USD$2.37$4.06
The Company remeasures the fair value of the warrant obligation on a quarterly basis. Key inputs for the remeasurement of the Tranche A warrant obligation were as follows:
As of December 31, 2025As of December 31, 2024
Exercise price in USD$5.00$5.00
Share price in USD$4.67$3.07
Risk-free interest rate4.01%4.51%
Expected volatility68.39%72.52%
Expected term (years)8.349.33
Dividend yield—%—%
Black-Scholes value in USD$3.35$2.22
Key inputs for the remeasurement of the Tranche B warrant obligation were as follows:

As of December 31, 2025
Exercise price in USD$5.00
Share price in USD$4.67
Risk-free interest rate4.02%
Expected volatility76.10%
Expected term (years)9.48
Dividend yield—%
Black-Scholes value in USD$3.71
Schedule of Allocation of the Loan Proceeds and Any Movements in the Liability The following table presents the allocation of the loan proceeds and any movements in the liability for the year ended December 31, 2025, (in USD thousands):
Balance as of January 1, 2024$— 
Gross proceeds from Tranche A15,000 
Transaction costs(1,070)
Proceeds net of transaction costs13,930 
Warrant obligation at issuance(656)
Interest expense1,290 
Interest paid(1,152)
Currency translation adjustments(175)
Balance as of December 31, 202413,237 
Gross proceeds from Tranche B35,000 
Transaction costs(437)
Proceeds net of transaction costs34,563 
Warrant obligation at issuance(474)
Interest expense3,891 
Interest paid(3,521)
Currency translation adjustments37 
Balance as of December 31, 2025$47,733 
Schedule of Warrant Obligation Liability
The following table presents the movements in the warrant obligation liability for the year ended December 31, 2025, (in USD thousands):

Warrant ObligationNumber of Warrants
Balance as of January 1, 2024$— — 
Issuance of warrants from Tranche A656 200,000 
Change in fair value(370)— 
Foreign exchange loss158— 
Balance as of December 31, 2024444 200,000 
Issuance of warrants from Tranche B474 200,000 
Change in fair value497 — 
Foreign exchange gain(3)— 
Balance as of December 31, 2025$1,412 400,000