v3.25.4
Financial instruments and risks (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract]  
Summary of Financial Instruments
The Company holds the following financial instruments (in USD thousands):
December 31,
20252024
Financial assets at amortized cost
Cash and cash equivalents$70,289 $80,226 
Accounts receivable15,001 7,436 
Other financial non-current assets1,995 994 
Total financial assets at amortized cost$87,285 $88,656 
Financial assets at fair value through statement of loss
Equity investment1,977 — 
Total financial assets$87,285 $88,656 
Financial liabilities at amortized cost
Accounts payable8,960 5,220 
Accrued expenses20,736 13,217 
Lease liabilities15,287 16,793 
Borrowings47,733 13,237 
Total financial liabilities at amortized cost92,716 48,467 
Financial liabilities at fair value through statement of loss
Warrant obligations1,412 444 
Total financial liabilities$94,128 $48,911 
Schedule of Fair Value Hierarchy for Financial Assets Measured at Fair Value on a Recurring Basis
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2025 (in thousands):
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents:
Money market funds$27,528 $— $— 
  Equity Investments:
    Equity investments— 1,977 — 
Total financial assets$27,528 $1,977 $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $1,412 $— 
Total financial liabilities$— $1,412 $— 
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2024 (in thousands):
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents
Money market funds$39,586 $— $— 
Total financial assets$39,586 $— $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $474 $— 
Total financial liabilities$— $474 $— 
Schedule of Fair Value Hierarchy for Financial Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2025 (in thousands):
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents:
Money market funds$27,528 $— $— 
  Equity Investments:
    Equity investments— 1,977 — 
Total financial assets$27,528 $1,977 $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $1,412 $— 
Total financial liabilities$— $1,412 $— 
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2024 (in thousands):
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents
Money market funds$39,586 $— $— 
Total financial assets$39,586 $— $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $474 $— 
Total financial liabilities$— $474 $— 
Summary of Maturity Profile of Financial Liabilities
The tables below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted cash flows (in USD thousands):
Net carrying amountWithin 1 yearBetween 1 and 5 yearsAfter 5 yearsTotal
December 31, 2025
Lease liabilities$15,287 $2,992 $11,839 $1,463 $16,294 
Accounts payable8,960 8,960 — — 8,960 
Accrued expenses20,736 20,736 — — 20,736 
Borrowings47,733 5,125 61,958 — 67,083 
Total contractual liabilities$92,716 $37,813 $73,797 $1,463 $113,073 

Net carrying amountWithin 1 yearBetween 1 and 5 yearsAfter 5 yearsTotal
December 31, 2024
Lease liabilities$16,793 $2,739 $12,518 $4,469 $19,726 
Accounts payable5,220 5,220 — — 5,220 
Accrued expenses13,217 13,217 — — 13,217 
Borrowings13,237 1,622 20,405 — 22,027 
Total contractual liabilities$48,467 $22,798 $32,923 $4,469 $60,190 
Summary of Significant Foreign Exchange Rates
The significant exchange rates that have been applied to these consolidated financial statements are listed below:
December 31,For the twelve months ended December 31,
20252024202520242023
CurrencySpot rateAverage rate
USD/CHF0.79208 0.90740 0.83064 0.88064 0.89855 
USD/EUR0.85092 0.96530 0.88644 0.92455 0.92478 
USD/GBP0.74179 0.79870 0.75887 0.78267 0.80428 
USD/BRL5.49560 6.17360 5.58911 5.39155 4.97372 
Summary of Loss Before Tax to Changes in Foreign Exchange Rates
The sensitivity of the Company’s income to possible changes in foreign exchange rates is measured at the local entity level as it depends on the functional currency of each entity. As of December 31, 2025, 2024, and 2023
the Company was exposed principally to movements in four cross currency pairs. The sensitivity of the Company’s loss before tax to such changes was as follows (in USD thousands):
December 31,
202520242023
Increase / (decrease) in USD/CHF exchange rate by 10%
(2,101)/2,101562 /(562)3,034 /(3,034)
Increase / (decrease) in EUR/CHF exchange rate by 10%
1,020 /(1,020)(75)/75508 /(508)
Increase / (decrease) in GBP/CHF exchange rate by 10%
36 /(36)25 /(25)(23)/23
Summary of Equity to Changes in Foreign Exchange Rates As of December 31, 2025 and 2024 the sensitivity of the Company’s equity to such changes, measured against the USD, was as follows (in USD thousands):
December 31,
20252024
Increase / (decrease) in USD/CHF exchange rate by 10%
(2,561)/2,561(1,520)/1,520
Increase / (decrease) in USD/EUR exchange rate by 10%
(663)/6632,244/(2,244)
Increase / (decrease) in USD/GBP exchange rate by 10%
(95)/9561/(61)