v3.25.4
Consolidated statement of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Loss for the year $ (48,258) $ (38,961) $ (35,587)
Depreciation 335 315 315
Share-based compensation expense 8,504 1,171 2,291
Finance income (11,128) (9,873) (8,978)
Finance expense 463 717 723
Movement of expected credit loss (42) (66) (1)
Foreign exchange (gain)/loss (1,753) (2,129) 2,621
Movement in working capital (3,094) 188 1,645
Cash flows used in operating activities (54,973) (48,638) (36,971)
Finance expense paid (639) (723) (648)
Finance income received 12,060 7,076 4,283
Net cash used in operating activities (43,552) (42,285) (33,336)
Cash flows from/(used in) investing activities      
Purchase of property, plant and equipment (121) (49) (100)
Purchase of other financial assets 0 0 (54,000)
Proceeds from sale of other financial asset 19,585 38,000 0
Proceeds from redemptions and disposals of marketable securities 26,708 27,184 0
Cash flows from/(used in) investing activities 46,172 65,135 (54,100)
Cash flows from/(used in) financing activities      
Payment of lease liability (197) (304) (219)
Proceeds from equity public offering 150,000 0 0
Transaction costs from equity public offering (10,152) 0 0
Proceeds from share issuances 0 0 15
Net cash flows from/(used in) financing activities 139,651 (304) (204)
Net increase/(decrease) in cash and cash equivalents 142,271 22,546 (87,640)
Cash and cash equivalents at the beginning of the year 100,791 78,420 165,955
Impact of foreign exchange on cash and cash equivalents 3,189 (175) 105
Cash and cash equivalents at the end of the year $ 246,251 $ 100,791 $ 78,420