v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Disclosure of detailed information about borrowings [abstract]  
Schedule of Key Inputs for the Valuation of the Warrant Obligation Key inputs for the valuation of the warrant obligation upon issuance were as follows:
As of January 23, 2026
Exercise price in USD$5.18
Share price in USD$5.36
Risk-free interest rate4.20%
Expected volatility (annualized)75.88%
Expected term (years)10.00
Dividend yield—%
Black-Scholes value in USD$4.38
The Company remeasures the fair value of the warrant obligations on a quarterly basis. Key inputs for the remeasurement of the warrant obligations as of June 30, 2026 and December 31, 2025 were as follows:

As of June 30, 2026As of December 31, 2025
Exercise price in USD
$5.00 - $5.18
$5.00
Share price in USD$5.77$4.67
Risk-free interest rate
4.29% - 4.37%
4.01% - 4.02%
Expected volatility
74.34% - 74.87%
68.39% - 76.10%
Expected term (years)
7.84 - 9.48
8.34 - 9.48
Dividend yield—%—%
Black-Scholes value in USD
$4.39 - $4.62
$3.35 - $3.71
Schedule of Allocation of the Loan Proceeds and Any Movements in the Liability
The following table presents any movements in the liability for 2025 and the six months ended June 30, 2026 (in USD thousands):

2026
Balance as of January 1, 2025$13,237 
Gross proceeds from Tranche B35,000 
Transaction costs(437)
Proceeds net of transaction costs34,563 
Warrant obligation at issuance(474)
Interest expense3,891 
Interest paid(3,521)
Currency translation adjustments37 
Balance as of December 31, 202547,733 
Interest expense2,897 
Interest paid(2,577)
Currency translation adjustments(54)
Balance as of June 30, 2026$47,999 
Disclosure Of Detailed Information About Warrant Liability The following table presents the movements in the warrant obligation liability for the year ended December 31, 2025, and the six months ended June 30, 2026 (in USD thousands):
Warrant ObligationNumber of Warrants
Balance as of January 1, 2025$444 200,000 
Issuance of warrants from Tranche B474 200,000 
Change in fair value497 — 
Foreign exchange loss(3)— 
Balance as of December 31, 20251,412 400,000 
Issuance of warrants from 2026 Amendment329 75,000 
Change in fair value409 — 
Foreign exchange loss(6)— 
Balance as of June 30, 20262,144 475,000