v3.26.1
Share-based payment plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangements [Abstract]  
Breakdown of share-based payments expenses on entity's profit or loss
The breakdown is as follows:
Year ended December 31,
 202320242025
 (in thousands)
Cost of revenue$131 $84 $20 
Research and development$2,019 $718 $761 
Sales and marketing$1,397 $946 $494 
General and administrative$3,557 $2,342 $1,736 
Total$7,104 $4,090 $3,011 
Summary of movement in number and WAEP of stock options
The following table illustrates the number of shares (ADS equivalents are not presented) and weighted average exercise prices (WAEP) of, and movements in, stock options and warrants during the period:
 December 31,
 202320242025
 NumberWAEPNumberWAEPNumberWAEP
Outstanding at January 1,5,868,521 $1.51 6,811,814 $1.27 9,422,814 $0.82 
Granted during the year1,500,000 $0.54 3,520,912 $0.15 2,520,000 $0.15 
Forfeited during the year(111,887)$1.70 (228,634)$2.04 (85,580)$1.08 
Exercised during the year— $— — $— — $— 
Expired during the year(444,820)$1.89 (681,278)$1.49 (815,114)$1.71 
Outstanding at period end6,811,814 $1.27 9,422,814 $0.82 11,042,120 $0.60 
Of which, warrants for consultants equivalent to employees724,288 $1.05 1,707,200 $0.57 1,667,120 $0.55 
Exercisable at period end5,420,965 $1.44 6,142,512 $1.17 8,009,667 $0.77 
Of which, warrants for consultants equivalent to employees438,739 $1.28 796,307 $0.92 1,154,967 $0.70 
The following table illustrates the number of, and movements in, restricted shares awards (RSA) based on the number of ordinary shares (ADS equivalents are not presented) during the period:
December 31,
202320242025
Outstanding at January 1,16,752,551 13,105,349 25,726,711 
Granted during the year2,640,460 21,432,152 3,580,000 
Forfeited during the year(686,092)(3,807,502)(1,388,638)
Vested during the year(5,601,570)(5,003,288)(8,919,980)
Outstanding at period end13,105,349 25,726,711 18,998,093 
Fair value assumptions for determining value of the grants The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2023, 2024 and 2025:
 December 31,
 202320242025
Dividend yield (%)— — — 
Expected volatility (%)59 
58 to 62
63 
Risk–free interest rate (%)2.5
4.35 to 4.75
3.97
Assumed annual lapse rate of awards (%)20 for all except 2 for warrants and a limited group of beneficiaries20 for all except 2 for warrants and a limited group of beneficiaries15 for all except 2 for warrants and a limited group of beneficiaries
Sell price multiple (applied to exercise price)2 2 2 
Weighted average share price ($)0.86 0.21 0.14 
Model usedBinomialBinomialBinomial
Fair value assumptions for determining value of the grants The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2023, 2024 and 2025:
 December 31,
 202320242025
Dividend yield (%)— — — 
Expected volatility (%)59 
58 to 62
63 
Risk–free interest rate (%)2.5
4.35 to 4.75
3.97
Assumed annual lapse rate of awards (%)20 for all except 2 for warrants and a limited group of beneficiaries20 for all except 2 for warrants and a limited group of beneficiaries15 for all except 2 for warrants and a limited group of beneficiaries
Sell price multiple (applied to exercise price)2 2 2 
Weighted average share price ($)0.86 0.21 0.14 
Model usedBinomialBinomialBinomial