15.  Commitments and Contingencies

The Company has filed claims for research and development tax credits in Ireland for the 2023 and 2024 fiscal years. The total potential benefit associated with the filed claims is approximately $7.3 million. These claims are currently under review by the Irish tax authorities. As this represents the Company’s first time claiming such credits in Ireland, and the ultimate approval, timing, and amount of any refund remains uncertain, the Company has not recognized a receivable or related income as of December 31, 2025. Any amounts ultimately approved and received will be recognized in the period in which realization becomes probable and reasonably estimable.

On December 31, 2025, the Company entered into a share purchase agreement to repurchase 2,300,000 of its ordinary shares from Perceptive Life Sciences Master Fund, Ltd., an affiliate of Perceptive Advisors LLC, at a purchase price of $7.91 per share. The aggregate purchase price of $18.2 million was subject to satisfaction of certain conditions precedent to settlement, therefore no liability was recognized as of December 31, 2025. The Company considered the obligation to be a contingent commitment, as the repurchase was contingent upon the conditions being met on settlement date. The transaction was settled on January 5, 2026.