v3.26.1
Share Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share Based Compensation

The expense for share-based compensation arises solely in respect of awards made under the two active plans as follows:

 

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

 

($'000)

 

 

($'000)

 

2019 EIP

 

$

1,469

 

 

$

1,654

 

2019 NED EIP

 

 

136

 

 

 

624

 

Total

 

$

1,605

 

 

$

2,278

 
Summary of Option Activity and Related Information

A summary of the Company’s Options activity and related information under the 2019 EIP for the three months ended March 31, 2026 is as follows:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Aggregate
intrinsic
value
($'000)

 

 At December 31, 2025

 

 

13,477,883

 

 

$

2.17

 

 

$

—

 

Granted

 

 

6,463,000

 

 

 

0.53

 

 

 

—

 

Forfeited

 

 

(49,206

)

 

 

2.23

 

 

 

—

 

Expired

 

 

(3,292

)

 

 

4.69

 

 

 

—

 

At March 31, 2026

 

 

19,888,385

 

 

$

1.64

 

 

$

—

 

Vested

 

 

9,973,552

 

 

$

1.98

 

 

$

—

 
Summary of Assumptions used in Black-Scholes Option Pricing Model

The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:

 

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

Risk-free interest rate (%)

 

 

3.89

%

 

 

4.49

%

Expected life (years)

 

 

5.87

 

 

 

6.25

 

Expected volatility (%)

 

 

131.75

%

 

 

104.31

%

Expected dividends (%)

 

 

0.00

%

 

 

0.00

%
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s RSU activity and related information under the 2019 EIP for the three months ended March 31, 2026 is as follows:

 

 

Number of
RSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

At December 31, 2025

 

 

458,375

 

 

$

2.57

 

Vested

 

 

(173,726

)

 

 

2.28

 

Forfeited

 

 

(16,438

)

 

 

3.04

 

At March 31, 2026

 

 

268,211

 

 

$

2.73

 

 
Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Option Activity and Related Information

A summary of the Company’s Options activity and related information under the 2019 NED EIP for the three months ended March 31, 2026 is as follows:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2025

 

 

1,982,087

 

 

$

2.38

 

 

$

—

 

Granted

 

 

528,000

 

 

 

0.39

 

 

 

—

 

At March 31, 2026

 

 

2,510,087

 

 

$

1.97

 

 

$

—

 

Vested

 

 

2,026,087

 

 

$

2.34

 

 

$

—

 
Summary of Assumptions used in Black-Scholes Option Pricing Model

The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:

 

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

Risk-free interest rate (%)

 

 

3.60

%

 

 

4.25

%

Expected life (years)

 

 

5.25

 

 

 

5.25

 

Expected volatility (%)

 

 

129.95

%

 

 

104.39

%

Expected dividends (%)

 

 

0.00

%

 

 

0.00

%
Deferred Restricted Stock Units [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s DRSUs activity and related information under the 2019 NED EIP for the three months ended March 31, 2026 is as follows:

 

 

Number of
DRSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

At December 31, 2025

 

 

979,608

 

 

$

1.65

 

Granted

 

 

657,115

 

 

 

0.39

 

At March 31, 2026

 

 

1,636,723

 

 

$

1.15

 

Vested

 

 

1,034,369

 

 

$

1.58

 

Unvested

 

 

602,354

 

 

 

0.39