| Financial instruments |
Financial instruments 3.1. Financial assets Financial assets by category as of March 31, 2026 and December 31, 2025 are as follows (in thousands): | | | | | | | | | | March 31, 2026 | | Financial assets at fair value through profit or loss | Financial assets measured at amortized cost | | Current assets | | | | Cash and cash equivalents | $ | — | $ | 432,846 | | Short-term investments | — | 100,565 | | Accounts receivable, net | — | 28,194 | | | | | | | | Total | $ | — | $ | 561,605 | | Non-current assets | | | | Financial assets at fair value through profit or loss | 434 | — | | Total | $ | 434 | $ | — |
| | | | | | | | | | December 31, 2025 | | Financial assets at fair value through profit or loss | Financial assets measured at amortized cost | | Current assets | | | | Cash and cash equivalents | $ | — | $ | 388,891 | | Short-term investments | — | 101,142 | | Accounts receivable, net | — | 32,017 | | Accrued income | — | 948 | | Financial assets at fair value through profit or loss | 45 | — | | Total | $ | 45 | $ | 522,998 | | Non-current assets | | | | Financial assets at fair value through profit or loss | 437 | — | | Total | $ | 437 | $ | — |
3.2. Financial liabilities Financial liabilities by category as of March 31, 2026 and December 31, 2025 are as follows (in thousands): | | | | | | | | | | March 31, 2026 | | Financial liabilities at fair value through profit or loss | Financial liabilities measured at amortized cost | Current liabilities | | | | Accounts payable | $ | — | $ | 4,804 | Accrued expenses (1) | — | 16,443 | | Current lease liabilities | — | 1,962 | Current portion of borrowings with related party | — | 33,038 | | | | | | | | Total | $ | — | $ | 56,247 | Non-current liabilities | | | | Non-current lease liabilities | — | 3,655 | | Total | $ | — | $ | 3,655 |
(1)Exclude payroll liabilities that should be paid to employees such as annual leave allowance. | | | | | | | | | | December 31, 2025 | | Financial liabilities at fair value through profit or loss | Financial liabilities measured
at amortized cost | Current liabilities | | | | Accounts payable | $ | — | | $ | 17,080 | | Accrued expenses (1) | — | | 4,583 | | | Current lease liabilities | — | | 1,444 | | Current portion of borrowings with related party | — | | 34,846 | Total | $ | — | | $ | 57,953 | | Non-current liabilities | | | | Non-current lease liabilities | — | | 3,309 | | | Long-term borrowings with related party | — | | — | | | | | | Total | $ | — | | $ | 3,309 | |
(1)Exclude payroll liabilities that should be paid to employees such as annual leave allowance. 3.3. Fair value hierarchy Fair value hierarchy classifications of the financial assets that are measured at fair value disclosed in fair value as of March 31, 2026 and December 31, 2025 are as follows (in thousands): | | | | | | | | | | | | | | | | March 31, 2026 | | Level 1 | Level 2 | Level 3 | Total | | Financial assets and liabilities at fair value through profit or loss | | | | | | Financial assets | $ | — | | $ | — | | $ | 434 | | $ | 434 | |
| | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | Level 2 | Level 3 | Total | | Financial assets and liabilities at fair value through profit or loss | | | | | | Financial assets | $ | — | | $ | 45 | | $ | 437 | | $ | 482 | |
3.4. Valuation techniques and the inputs The valuation techniques and inputs used for fair value measurements and disclosed fair values categorized within Level 2 and Level 3 of the fair value hierarchy as of March 31, 2026 and December 31, 2025 are as follows (in thousands): | | | | | | | | | | | | | | | | March 31, 2026 | December 31, 2025 | Level | Valuation techniques | | Capital contribution to cooperatives | $ | 434 | | $ | 437 | | 3 | Market-based fair value approach | | Derivative instruments (Money Market Trust) | $ | — | | $ | 45 | | 2 | Discounted Cash Flow Method |
3.5. Net gains or losses by category of financial instruments Net gains or losses by category of financial instruments for the three months ended March 31, 2026 and 2025 are as follows (in thousands): | | | | | | | | | | | | Three months ended March 31, | | | (in thousands) | 2026 | 2025 | | | | Financial assets at fair value through profit or loss | | | | | Gain on valuation of financial assets | $ | 20 | $ | 290 | | | | Unrealized gain on foreign currency | — | — | | | | Loss on valuation of financial assets | — | — | | | | Gains (losses) on disposal | 660 | — | | | | Sub-total | $ | 680 | $ | 290 | | | | Financial assets at amortized cost | | | | | | Interest income | 4,220 | 3,806 | | | Gain on foreign currency transactions | 1,923 | 309 | | | | Unrealized gain on foreign currency | 2,851 | 207 | | | Loss on foreign currency transactions | (99) | (31) | | | | Unrealized loss on foreign currency | (32) | (336) | | | | Sub-total | $ | 8,863 | $ | 3,955 | | | | Total | $ | 9,543 | $ | 4,245 | | | Financial liabilities at fair value through profit or loss | | | | | Loss on valuation of financial liabilities | $ | — | $ | (11) | | | Sub-total | $ | — | $ | (11) | | | | Financial liabilities at amortized cost | | | | | | Interest expense | (476) | (449) | | | Gain on foreign currency transactions | 2 | — | | | | Unrealized gain on foreign currency | — | — | | | Loss on foreign currency transactions | — | (638) | | | Sub-total | $ | (474) | $ | (1,087) | | | | Total | $ | (474) | $ | (1,098) | | | | | | | |
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