v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Loss before tax $ (77,487) $ (61,270) [1] $ (78,495) [1]
Adjustments for non-monetary items      
Depreciation 3,976 4,575 [1] 5,508 [1]
Amortization 5,553 4,021 [1] 2,828 [1]
Finance expense (income), net 5,127 (5,210) [1] 2,934 [1]
Fair value adjustments on warrant obligations 497 (370) [1] 0 [1]
Expected credit loss allowance increase (reversal) 57 (523) [1] 214 [1]
Share-based compensation 16,205 16,488 [1] 15,242 [1]
Movements in provisions and pensions 649 1,617 [1] 308 [1]
Research tax credit (977) (726) [1] (1,129) [1]
Loss on disposal of property and equipment 0 0 [1] 28 [1]
Gain on disposal of lease liability 0 0 [1] (733) [1]
Working capital changes      
(Increase) decrease in accounts receivable (6,603) 5,892 [1] (6,500) [1]
Decrease (increase) in prepaids and other assets 334 (1,157) [1] 1,375 [1]
Decrease (increase) in inventory 46 69 [1] (874) [1]
Increase (decrease) in accounts payables, accrued expenses, deferred contract revenue, and other liabilities 16,930 (7,385) [1] 6,871 [1]
Cash used in operating activities (35,693) (43,979) [1] (52,423) [1]
Income tax paid (200) (536) [1] (801) [1]
Net cash flows used in operating activities (35,893) (44,515) [1] (53,224) [1]
Investing activities      
Purchase of property and equipment (574) (244) [1] (1,494) [1]
Acquisition of intangible assets (108) (195) [1] (263) [1]
Capitalized development costs (7,938) (7,737) [1] (7,469) [1]
Purchase of equity investments held at fair value (1,885) 0 [1] 0 [1]
Proceeds upon maturity of term deposits 0 0 [1] 17,546 [1]
Interest received 1,835 3,421 [1] 4,655 [1]
Net cash flow (used in) provided from investing activities (8,670) (4,755) [1] 12,975 [1]
Financing activities      
Proceeds from exercise of share options 346 405 [1] 226 [1]
Interest paid (3,953) (1,728) [1] (6) [1]
Proceeds from borrowings, net of transaction costs 34,563 13,930 [1] 0 [1]
Proceeds from sale of common stock in at-the-market offering 1,093 0 [1] 0 [1]
Payments of principal portion of lease liabilities (1,872) (2,750) [1] (3,043) [1]
Net cash flow provided from (used in) financing activities 30,177 9,857 [1] (2,823) [1]
Decrease in cash and cash equivalents (14,386) (39,413) [1] (43,072) [1]
Effect of exchange differences on cash balances 4,449 (3,612) [1] 5,018 [1]
Cash and cash equivalents at beginning of the year [1] 80,226 123,251 161,305
Cash and cash equivalents at end of the year $ 70,289 $ 80,226 [1] $ 123,251 [1]
[1] Refer to “Note 2—Material Accounting Policies—Statement of Cash Flows - Interest Classification” for details on change in accounting policy.