The Group has issued share options under the 2018 Long Term Incentive Plan (“LTIP”), 2018 Non-Employee Long Term Inventive Plan (“Non-Employee LTIP”), and individual share option contracts, open to all employees of the Group, as well as EMI shares (none of which remain outstanding at December 31, 2024). Under the 2023 Plan, LTIP, Non-Employee LTIP, individual contracts and schemes available, the options typically vest after three years, with the exception of some options granted to certain members of key management personnel. The vesting period for these options ranges from 3 to 33 months. The options usually lapse after one year following the employee leaving the Group.


	2025							2024
	Number of ADSs			Weighted Average Exercise price		Aggregate Intrinsic Value		Number of ADSs			Weighted Average Exercise price		Aggregate Intrinsic Value
				$		$					$		$
Options
Outstanding at the beginning of the year		5,818,463			15.95				5,284,486			14.80
Granted during the year		1,966,485			6.96				1,267,514			18.05
Lapsed or forfeited during the year		(814,324	)		13.11				(264,056	)		19.82
Exercised during the year		(9,258	)		1.65				(469,481	)		6.55
Outstanding at the year-end (ADS/$)		6,961,366			13.76		-		5,818,463			15.95		-
Exercisable at the year-end		4,211,644			16.12				2,870,106			15.94

The table above shows the number of options in relation to ordinary shares and equivalent ADSs outstanding and exercisable at year end, on the conversion ratio of three ordinary share options to one ADS.

The options outstanding at the year-end have a weighted average remaining contractual life of 7.28 years (2024: 7.7 years).

As of December 31, 2025, there was $6.0 million of total unrecognized compensation cost related to stock options granted but not vested under the Company’s plans. That cost will be recognized over an expected remaining weighted-average period of 1.3 years.

In the years ended December 31, 2025 and 2024 the total intrinsic value of stock options exercised was negligible and $6.8 million, respectively. The weighted average share price at the date of exercise of the options during the year was $1.65 per ADS (2024: $20.99).

The Group granted 5,899,455 share options during the year (2024: 3,802,542). The fair value of options granted were calculated using Black Scholes model. Inputs into the model were as follows:


	2025		2024
Inputs and assumptions for options granted in the year:
Weighted average ADS price ($)		7.0		18.1
Option life (years)	6.2			6.2
Expected volatility	77.5%-79.8%		74.4%-78.6%
Risk free rate	3.75%-4.7%		3.39%-3.97%
Expected dividend yield	nil		nil

Weighted average grant date fair value ($)	6.93		12.6

The Group recognized total charges of $8.1 million (2024: $16.3 million) related to equity settled share-based payment transactions during the year. The decrease in costs for share-based payments is largely due to credit of previously accrued expense for those grants forfeited or cancelled due to reduction in number of employees, as well as lower fair value of 2025 issued grants.

The Group does not bear any responsibility to settle any employee tax obligations that arise on the exercise of share options. The estimated employer tax obligation on outstanding options at the year-end was negligible for 2025 and 2024.