| Schedule of Adjusted Loss Before Taxes for the Company's Single Segment |
The following table presents the adjusted loss before taxes for the Company’s single segment for each of the three and six months ended June 30, 2026 and 2025:
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Three months ended June 30, |
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Six months ended June 30, |
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(In thousands of USD) |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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3,701 |
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19,145 |
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|
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6,741 |
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22,123 |
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Interest income |
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5,810 |
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7,055 |
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11,460 |
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14,406 |
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Less: |
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Personnel expense |
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12,657 |
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9,900 |
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24,449 |
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20,063 |
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External R&D expense |
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26,705 |
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14,577 |
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45,127 |
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43,904 |
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Manufacturing expense |
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2,781 |
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4,289 |
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10,357 |
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10,130 |
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Regulatory expense |
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1,277 |
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1,025 |
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1,979 |
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2,042 |
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Commercial programs |
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2,803 |
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5,396 |
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4,916 |
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11,303 |
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General and administrative expense |
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3,872 |
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4,307 |
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6,588 |
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8,629 |
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Depreciation and amortization |
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89 |
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|
107 |
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|
226 |
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|
220 |
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Segment adjusted loss before tax |
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(40,673 |
) |
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(13,401 |
) |
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(75,441 |
) |
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(59,762 |
) |
Reconciliation to consolidated net loss |
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Share-based compensation expense |
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(18,381 |
) |
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(15,179 |
) |
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(36,383 |
) |
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(30,392 |
) |
Change in fair value - derivatives |
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(4,555 |
) |
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2,590 |
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1,387 |
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20,344 |
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Foreign exchange gains/(losses) |
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(526 |
) |
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8,626 |
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(2,139 |
) |
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12,919 |
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Income tax expense |
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— |
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— |
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— |
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— |
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Consolidated net loss for the period |
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(64,135 |
) |
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(17,364 |
) |
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(112,576 |
) |
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(56,891 |
) |
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