Expenses by nature (Tables)

3 Months Ended

Mar. 31, 2026

The following table provides the consolidated statement of comprehensive loss classification of our expense by nature:

	Three months ended March 31,
	2026		2025
	$’000		$’000
External research and development expenses¹		8,545		5,467
Employee expenses^{2, 5}		3,834		2,385
Total research and development expenses³		12,379		7,852

External costs¹		4,264		2,939
Employee expenses^{4, 5}		2,106		1,941
Total general and administrative expenses³		6,370		4,880
Total operating expenses		18,749		12,732

¹ Includes depreciation expense.

²Included in employee expenses is share-based compensation expense of $0.9 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively, relating to employees in the research and development department.

³ Depreciation and other expenses have been reclassified to external research and development expenses and depreciation has been reclassified to external costs for all periods presented as it provides more relevant information.

⁴Included in employee expenses is share-based compensation expense of $0.9 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively, relating to employees in the general and administrative department.

⁵Includes termination expenses incurred.