v3.25.4
Expenses by nature (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Research and development [Abstract]      
External research and development expenses [1] $ 26,178 $ 27,800 $ 23,050
Employee expenses [2],[3] 12,587 7,216 6,771
Total research and development expenses [4] 38,765 35,016 29,821
General and administrative [Abstract]      
External costs 12,956 10,182 7,692
Employee expenses [3],[5] 8,695 4,820 3,429
Depreciation 302 294 280
Total general and administrative expenses 21,953 15,296 11,401
Total operating expenses 60,718 50,312 41,222
Share-based compensation expense included in employees expenses for employees in research and development department 3,900 500 1,400
Share-based compensation expense included in employees expenses in general and administrative $ 4,600 $ 700 $ 900
[1] Includes depreciation expense, see Note 11 “Property, Plant and Equipment”.
[2] Included in employee expenses is share-based compensation expense of $3.9 million, $0.5 million and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively, relating to employees in the research and development department.
[3] Includes termination expenses incurred.
[4] Depreciation and other expenses have been reclassified to external research and development expenses for all periods presented as it provides more relevant information.
[5] Included in employee expenses is share-based compensation expense of $4.6 million, $0.7 million and $0.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, relating to employees in the general and administrative department.