v3.25.4
Share-based compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-based compensation [Abstract]  
Share-based Compensation Plans Outstanding

The following table summarizes the share option awards outstanding as of December 31, 2025, 2024 and 2023:
 
   
Average
exercise price
per share in
USD
   
Number of
awards
   
Weighted
average
remaining life in
years
 
At December 31, 2022
    15.32       461,596      
7.14
 
Granted
    5.41       440,719       7.05  
Forfeited/Expired
    12.02       (104,299 )     6.77  
Exercised
    2.05       (7,296 )     5.74  
At December 31, 2023
   
10.35
     
790,720
     
6.57
 
Granted     1.37       1,320,120       6.98  
Forfeited/Expired     10.85       (241,293 )     6.05  
At December 31, 2024
    3.95       1,869,547       6.56  
Granted     4.12       770,251       6.74  
Forfeited/Expired
    11.69       (43,634 )     5.65  
Exercised(1)
    0.03       (1,250 )     4.83  
At December 31, 2025(2)
    3.87       2,594,914       5.91  

(1) The weighted average share price of share options exercised was $10.73
(2) 701,582 of the awards outstanding as of December 31, 2025 were exercisable (2024: 213,243, 2023: 112,244).
Weighted-average Assumptions

The fair values of the options granted during the years ended December 31, 2025, 2024 and 2023 were determined on the date of the grant using the following assumptions:
 
   
   Year ended
   December 31, 2025
   
   Year ended
   December 31, 2024
   
   Year ended
   December 31, 2023
 
Share price, in USD
   
7.91 16.49
      5.80 14.81       5.32 – 13.15  
Strike price, in USD (weighted average)
   
4.12
      1.37       5.41  
Expected volatility
   
83% — 93
%
    85% — 94 %     83% — 88 %
Award life (weighted average)
   
5.65
      5.55       5.6  
Expected dividends
   
           
 
Risk-free interest rate
   
3.66% — 4.47
%
    3.54% 4.52 %     3.50% 4.77 %