Information about financial instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
Dec. 31, 2024 |
| Financial Instruments [Abstract] |
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| Schedule of Financial Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying amount | | Fair value | | | | December 31, | | December 31, | | | | 2023 | | 2024 | | 2025 | | 2023 | | 2024 | | 2025 | | | | (in thousands) | | Financial assets: | | | | | | | | | | | | | | Trade and other receivables | | | | | | | | | | | | | | Trade receivables and contract assets | | $ | 8,612 | | | $ | 4,931 | | | $ | 3,376 | | | $ | 8,612 | | | $ | 4,931 | | | $ | 3,376 | | | Deposits and other receivables | | | | | | | | | | | | | | Deposits | | 431 | | | 383 | | | 434 | | | 431 | | | 383 | | | 434 | | | Other financial assets | | | | | | | | | | | | | | Long-term investments | | 360 | | | 353 | | | 409 | | | 360 | | | 353 | | | 409 | | | Financial instruments at fair value through other comprehensive income | | | | | | | | | | | | | | Cash flow hedges | | 74 | | | — | | | 16 | | | 74 | | | — | | | 16 | | | Cash, cash equivalents and short-term investments | | 5,705 | | | 62,093 | | | 13,386 | | | 5,705 | | | 62,093 | | | 13,386 | | | Total financial assets | | $ | 15,182 | | | $ | 67,760 | | | $ | 17,621 | | | $ | 15,182 | | | $ | 67,760 | | | $ | 17,621 | | | Total current | | $ | 14,391 | | | $ | 67,024 | | | $ | 16,778 | | | $ | 14,391 | | | $ | 67,024 | | | $ | 16,778 | | | Total non-current | | $ | 791 | | | $ | 736 | | | $ | 843 | | | $ | 791 | | | $ | 736 | | | $ | 843 | | | Financial liabilities: | | | | | | | | | | | | | | Lease liability | | 3,116 | | | 1,772 | | | 1,826 | | | 3,116 | | | 1,772 | | | 1,826 | | | Interest-bearing loans and borrowings: | | | | | | | | | | | | | | Interest-bearing receivables financing | | 9,544 | | | 3,742 | | | — | | | 9,544 | | | 3,742 | | | — | | | Convertible debt | | 52,278 | | | — | | | 56,422 | | | 52,111 | | | — | | | 56,422 | | | Unsecured related party loan | | 8,922 | | | — | | | — | | | 8,922 | | | — | | | — | | | Government loans | | 5,815 | | | 2,419 | | | 979 | | | 5,815 | | | 2,419 | | | 979 | | | Research project financing | | 2,489 | | | 8,403 | | | 5,679 | | | 2,489 | | | 8,403 | | | 5,679 | | | Convertible debt embedded derivative | | 3 | | | — | | | 10,800 | | | 3 | | | — | | | 10,800 | | | Trade and other payables (current and non current) | | 16,281 | | | 6,106 | | | 10,457 | | | 16,281 | | | 6,106 | | | 10,457 | | | Contingent consideration liability | | — | | | — | | | 984 | | | — | | | — | | | 984 | | | Financial instruments at fair value through other comprehensive income | | | | | | | | | | | | | | Cash flow hedges | | — | | | 106 | | | — | | | — | | | 106 | | | — | | | Total financial liabilities | | $ | 98,448 | | | $ | 22,548 | | | $ | 87,147 | | | $ | 98,281 | | | $ | 22,548 | | | $ | 87,147 | | | Total current | | $ | 92,484 | | | $ | 16,682 | | | $ | 81,828 | | | $ | 92,317 | | | $ | 16,682 | | | $ | 81,828 | | | Total non-current | | $ | 4,486 | | | $ | 5,866 | | | $ | 5,319 | | | $ | 4,486 | | | $ | 5,866 | | | $ | 5,319 | |
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| Disclosure of Financial Liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying amount | | Fair value | | | | December 31, | | December 31, | | | | 2023 | | 2024 | | 2025 | | 2023 | | 2024 | | 2025 | | | | (in thousands) | | Financial assets: | | | | | | | | | | | | | | Trade and other receivables | | | | | | | | | | | | | | Trade receivables and contract assets | | $ | 8,612 | | | $ | 4,931 | | | $ | 3,376 | | | $ | 8,612 | | | $ | 4,931 | | | $ | 3,376 | | | Deposits and other receivables | | | | | | | | | | | | | | Deposits | | 431 | | | 383 | | | 434 | | | 431 | | | 383 | | | 434 | | | Other financial assets | | | | | | | | | | | | | | Long-term investments | | 360 | | | 353 | | | 409 | | | 360 | | | 353 | | | 409 | | | Financial instruments at fair value through other comprehensive income | | | | | | | | | | | | | | Cash flow hedges | | 74 | | | — | | | 16 | | | 74 | | | — | | | 16 | | | Cash, cash equivalents and short-term investments | | 5,705 | | | 62,093 | | | 13,386 | | | 5,705 | | | 62,093 | | | 13,386 | | | Total financial assets | | $ | 15,182 | | | $ | 67,760 | | | $ | 17,621 | | | $ | 15,182 | | | $ | 67,760 | | | $ | 17,621 | | | Total current | | $ | 14,391 | | | $ | 67,024 | | | $ | 16,778 | | | $ | 14,391 | | | $ | 67,024 | | | $ | 16,778 | | | Total non-current | | $ | 791 | | | $ | 736 | | | $ | 843 | | | $ | 791 | | | $ | 736 | | | $ | 843 | | | Financial liabilities: | | | | | | | | | | | | | | Lease liability | | 3,116 | | | 1,772 | | | 1,826 | | | 3,116 | | | 1,772 | | | 1,826 | | | Interest-bearing loans and borrowings: | | | | | | | | | | | | | | Interest-bearing receivables financing | | 9,544 | | | 3,742 | | | — | | | 9,544 | | | 3,742 | | | — | | | Convertible debt | | 52,278 | | | — | | | 56,422 | | | 52,111 | | | — | | | 56,422 | | | Unsecured related party loan | | 8,922 | | | — | | | — | | | 8,922 | | | — | | | — | | | Government loans | | 5,815 | | | 2,419 | | | 979 | | | 5,815 | | | 2,419 | | | 979 | | | Research project financing | | 2,489 | | | 8,403 | | | 5,679 | | | 2,489 | | | 8,403 | | | 5,679 | | | Convertible debt embedded derivative | | 3 | | | — | | | 10,800 | | | 3 | | | — | | | 10,800 | | | Trade and other payables (current and non current) | | 16,281 | | | 6,106 | | | 10,457 | | | 16,281 | | | 6,106 | | | 10,457 | | | Contingent consideration liability | | — | | | — | | | 984 | | | — | | | — | | | 984 | | | Financial instruments at fair value through other comprehensive income | | | | | | | | | | | | | | Cash flow hedges | | — | | | 106 | | | — | | | — | | | 106 | | | — | | | Total financial liabilities | | $ | 98,448 | | | $ | 22,548 | | | $ | 87,147 | | | $ | 98,281 | | | $ | 22,548 | | | $ | 87,147 | | | Total current | | $ | 92,484 | | | $ | 16,682 | | | $ | 81,828 | | | $ | 92,317 | | | $ | 16,682 | | | $ | 81,828 | | | Total non-current | | $ | 4,486 | | | $ | 5,866 | | | $ | 5,319 | | | $ | 4,486 | | | $ | 5,866 | | | $ | 5,319 | |
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| Disclosure of Fair Value of Financial Instruments |
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As at December 31, 2023, the Company held the following financial instruments carried at fair value on the statement of financial position:
Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, | | | | | | | | | | 2023 | | Level 1 | | Level 2 | | Level 3 | | | | (in thousands) | | Long-term investments | | $ | 360 | | | — | | | $ | 360 | | | — | | | Financial instruments at fair value through other comprehensive income: | | | | | | | | | | Cash flow hedge | | 74 | | | | | 74 | | | |
Liabilities measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, | | | | | | | | | | 2023 | | Level 1 | | Level 2 | | Level 3 | | | | (in thousands) | | Convertible debt embedded derivative | | $ | 3 | | | — | | | $ | 3 | | | — | |
As at December 31, 2024, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, | | | | | | | | | | 2024 | | Level 1 | | Level 2 | | Level 3 | | | | (in thousands) | | Long-term investments | | $ | 353 | | | — | | | $ | 353 | | | — | |
Liabilities measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, | | | | | | | | | | 2024 | | Level 1 | | Level 2 | | Level 3 | | | | (in thousands) | | Cash flow hedge | | 106 | | | — | | | 106 | | | — | |
As of December 31, 2025, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, | | | | | | | | | | 2025 | | Level 1 | | Level 2 | | Level 3 | | | | (in thousands) | | Long-term investments | | 409 | | | — | | | 409 | | | — | | | Financial instruments at fair value through other comprehensive income: | | | | | | | | | | Cash flow hedge | | 16 | | | — | | | 16 | | | — | |
Liabilities measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, | | | | | | | | | | 2025 | | Level 1 | | Level 2 | | Level 3 | | | | (in thousands) | | Convertible debt embedded derivative | | 10,800 | | | — | | | | | 10,800 | |
The fair value of the convertible debt embedded derivative is estimated using a model that relies heavily on the expected volatility of the underlying asset. Changes in volatility can significantly impact the fair value measurement.
Management conducted a sensitivity analysis showing that a 5% increase in the volatility rate used would increase the derivative’s fair value by about $500,000 (or 4.6%) and a 5% decrease in the volatility rate would decrease the derivative's fair value by about $800,000 (or 7.4%) assuming all other factors remain unchanged. The asymmetric impact of the changes reflects the deep out-of-the-money of the conversion option at December 31, 2025. The volatility rate used of 140.6% is based on historical and implied data and is reviewed regularly to reflect market conditions.
Because future volatility is uncertain, the fair value of the embedded derivative may vary considerably over time. Management monitors market trends and updates assumptions as needed.
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| Schedule of Present Fair Values of Derivative Financial Instruments |
The following tables present fair values of foreign currency derivative financial instruments at December 31, 2025, 2024 and 2023. | | | | | | | | | | | | | | | | | | At December 31, 2023 | | | | Notional Amount | | Fair value | | | | (in thousands) | | Forward contracts (buy euros, sell U.S dollars) | | € | 2,000 | | | $ | 74 | | | Options (buy euros, sell U.S. dollars) | | — | | | — | | | Total | | € | 2,000 | | | $ | 74 | | | | | | | | | | At December 31, 2024 | | | | Notional Amount | | Fair value | | | | (in thousands) | | Forward contracts (buy euros, sell U.S. dollars) | | € | 3,000 | | | $ | (106) | | | Options (buy euros, sell U.S. dollars) | | — | | | — | | | Total | | € | 3,000 | | | $ | (106) | | | | | | | | | At December 31, 2025 | | | Notional Amount | | Fair value | | | (in thousands) | | Forward contracts (buy euros, sell U.S. dollars) | | € | 3,000 | | | $ | 16 | | | Options (buy euros, sell U.S. dollars) | | — | | | — | | | Total | | € | 3,000 | | | $ | 16 | |
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| Summary of Customers Representing Company's Total Revenue |
The following table summarizes customers representing a significant portion of the Company’s total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Customer | | Customer Location | | % of total revenues for the year ended December 31, | | Trade receivables at December 31, | | | | | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | | A | | America | | 33 | % | | 53 | % | | — | % | | — | | | 345,093 | | | — | | | B | | China | | 13 | % | | 15 | % | | Less than 10% | | 909,340 | | | 1,351,560 | | | 1,345,910 | | | C | | China | | Less than 10% | | 12 | % | | 56 | % | | — | | | — | | | 3,411,000 | | | D | | Japan | | — | % | | Less than 10% | | 16 | % | | — | | | — | | | 18,000 | |
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| Schedule of Liquidity Risk |
| | | | | | | | | | | | | | | | | | | | | | | | | Within 1
year | 1 to 2
years | 2 to 3
years | 3 to 4
years | 4 to 5
years | More
than 5
years | Total | | | (in thousands) | | At December 31, 2023 | | | | | | | | | Research project financing | $ | 2,057 | | $ | 113 | | $ | 165 | | $ | 207 | | $ | — | | $ | — | | $ | 2,542 | | | Interest-bearing receivables financing | 9,544 | | — | | — | | — | | — | | — | | 9,544 | | | Government loans | 1,791 | | 1,414 | | 695 | | — | | — | | — | | 3,900 | | Convertible debt (1) | 52,278 | | — | | — | | — | | — | | — | | 52,278 | | | Unsecured related party loan | 8,922 | | — | | — | | — | | — | | — | | 8,922 | | | Lease liabilities | 1,471 | | 1,102 | | 387 | | 61 | | 70 | | 25 | | 3,116 | | | Trade payables | 16,281 | | — | | — | | — | | — | | — | | 16,281 | | | Other current liabilities | 8,595 | | — | | — | | — | | — | | — | | 8,595 | | | $ | 100,939 | | $ | 2,629 | | $ | 1,247 | | $ | 268 | | $ | 70 | | $ | 25 | | $ | 105,178 | | | At December 31, 2024 | | | | | | | | | Research project financing | $ | 3,938 | | $ | 4,026 | | $ | 77 | | $ | 307 | | $ | 55 | | $ | — | | $ | 8,403 | | | Interest-bearing receivables financing | 3,742 | | — | | — | | — | | — | | — | | 3,742 | | | Government loans | 1,303 | | 1,116 | | — | | — | | — | | — | | 2,419 | | | Convertible debt | — | | — | | — | | — | | — | | — | | — | | | Unsecured related party loan | — | | — | | — | | — | | — | | — | | — | | | Lease liabilities | 1,439 | | 333 | | — | | — | | — | | — | | 1,772 | | | Trade payables | 6,106 | | — | | — | | — | | — | | — | | 6,106 | | | Other current liabilities | 10,438 | | — | | — | | — | | — | | — | | 10,438 | | | Income tax liabilities | 2,827 | | — | | — | | — | | — | | — | | 2,827 | | | $ | 29,793 | | $ | 5,475 | | $ | 77 | | $ | 307 | | $ | 55 | | $ | — | | $ | 32,880 | | | At December 31, 2025 | | | | | | | | | Research project financing | $ | 2,945 | | $ | 1,617 | | $ | 493 | | $ | 480 | | $ | 144 | | $ | — | | $ | 5,679 | | | Government loans | 979 | | — | | — | | — | | — | | — | | 979 | | | Convertible debt | 56,422 | | — | | — | | — | | — | | — | | 56,422 | | | Lease liabilities | 601 | | (79) | | (110) | | 205 | | 540 | | 669 | | 1,826 | | | Trade payables | 10,081 | | 376 | | — | | — | | — | | — | | 10,457 | | | ACP contingent purchase price payable | — | | 984 | | — | | — | | — | | — | | 984 | | | Other current liabilities | 12,202 | | — | | — | | — | | — | | — | | 12,202 | | | Income tax liabilities | 3,124 | | — | | — | | — | | — | | — | | 3,124 | | | $ | 86,354 | | $ | 2,898 | | $ | 383 | | $ | 685 | | $ | 684 | | $ | 669 | | $ | 91,673 | |
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| Schedule of Financial Liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | January 1, 2023 | Cash flows | Foreign exchange movement | Accrued interest
| Non-cash impact of amendment and conversion | Other(1) | December 31, 2023 | | Government grant advances and loans | $ | 10,394 | | (466) | | 182 | | 225 | | — | | (2,473) | | $ | 7,862 | | | Convertible debt | $ | 43,455 | | | | 9,152 | | (247) | | (82) | | $ | 52,278 | | | Unsecured related party loan | — | | 9,000 | | — | | 127 | | — | | (205) | | 8,922 | | | Lease liabilities | $ | 3,569 | | (1,321) | | 113 | | 479 | | — | | 276 | | $ | 3,116 | | | Interest-bearing financing of receivables | $ | 7,723 | | 1,483 | | 179 | | 234 | | — | | (75) | | $ | 9,544 | | | Total | $ | 65,141 | | 8,696 | | 474 | | 10,217 | | (247) | | (2,559) | | $ | 81,722 | |
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| Foreign exchange movement | Accrued interest | Non-cash impact of amendment and conversion | Other(1)
| December 31, 2024 | | Government grant advances and loans | $ | 7,862 | | 5,267 | | (244) | | 9 | | | (745) | | $ | 12,149 | | | Convertible debt | $ | 52,278 | | (54,935) | | | 16,277 | | | (13,620) | | $ | — | | | Unsecured related party loan | 8,922 | | (9,000) | | — | | 502 | | | (424) | | — | | | Lease liabilities | $ | 3,116 | | (1,508) | | (28) | | 322 | | | (130) | | $ | 1,772 | | | Interest-bearing financing of receivables | $ | 9,544 | | 3,329 | | (38) | | 106 | | | (9,199) | | $ | 3,742 | | | Total | $ | 81,722 | | (56,847) | | (310) | | 17,216 | | — | | (24,118) | | $ | 17,663 | |
| | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | January 1, 2025 | Cash flows | Foreign exchange movement | Accrued interest | Non-cash impact of debt extinguishment | Other(1) | December 31, 2025 | | Government grant advances and loans | $ | 12,149 | | (678) | | 1,614 | | (27) | | | (4,474) | | $ | 8,584 | | | Convertible debt | $ | — | | 73,752 | | | 11,174 | | 46,794 | | (75,298) | | $ | 56,422 | | | Lease liabilities | $ | 1,772 | | (1,591) | | (38) | | 229 | | | 1,454 | | $ | 1,826 | | | Interest-bearing financing of receivables | $ | 3,742 | | (3,742) | | | | | | $ | — | | | Total | $ | 17,663 | | 67,741 | | 1,576 | | 11,376 | | 46,794 | | (78,318) | | $ | 66,832 | |
(1) In 2023, 2024 and 2025, Other includes additions in lease liabilities, which are non-cash. In 2024, Other includes the netting of the interest-bearing financing debt with the Research tax credit receivable, the fair value of the embedded option of the convertible debts repaid during the year. In 2025, Other includes the fair value of the embedded option of the convertible debt and the 2025 warrants .
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