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

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	$’000		$’000		$’000		$’000
External research and development expenses¹		8,241		6,101		16,786		11,568
Employee expenses^{2, 5}		4,158		2,857		7,992		5,242
Total research and development expenses³		12,399		8,958		24,778		16,810

External costs¹		4,976		3,769		9,240		6,708
Employee expenses^{4, 5}		2,080		1,977		4,186		3,918
Total general and administrative expenses³		7,056		5,746		13,426		10,626
Total operating expenses		19,455		14,704		38,204		27,436

²Included in employee expenses is share-based compensation expense of $1.3 million and $2.2 million for the three and six months ended June 30, 2026, respectively, relating to employees in the research and development department (three and six months ended June 30, 2025, expense of $0.8 million and $1.5 million, respectively).

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 $1.8 million for the three and six months ended June 30, 2026, respectively, relating to employees in the general and administrative department (three and six months ended June 30, 2025, expense of $1.0 million and $2.0 million, respectively).

Foreign exchange gain of $1.7 million for the three months ended June 30, 2026 (gain of $2.5 million for the three months ended June 30, 2025), and foreign exchange loss of $0.6 million for the six months ended June 30, 2026 (gain of $1.9 million for the six months ended June 30, 2025) consists primarily of gains and losses related to the translation of the Group’s assets and liabilities from their denominated currencies into the functional currency of each entity, and included the strengthening of the U.S. dollar in the period.