Expenses by nature

12 Months Ended

Dec. 31, 2025

3. Expenses by nature

The following table provides the consolidated statement of comprehensive loss classification of our expense by nature:

	Year ended December 31,
	2025		2024		2023
	$’000		$’000		$’000
Research and development
External research and development expenses ⁽¹⁾		26,178		27,800		23,050
Employee expenses ^{(2) (5)}		12,587		7,216		6,771
Total research and development expenses ⁽³⁾		38,765		35,016		29,821

General and administrative
External costs		12,956		10,182		7,692
Employee expenses ^{(4) (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

⁽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⁾ Depreciation and other expenses have been reclassified to external research and development expenses for all periods presented as it provides more relevant information.

⁽⁴⁾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.

⁽⁵⁾ Includes termination expenses incurred.