v3.26.1
Share Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share Based Compensation

The expense for share-based compensation arises solely in respect of awards made under the two active plans as follows:

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

2019 EIP

 

$

1,174

 

 

$

1,617

 

 

$

2,644

 

 

$

3,214

 

2019 NED EIP

 

 

143

 

 

 

448

 

 

 

278

 

 

 

1,129

 

Total

 

$

1,317

 

 

$

2,065

 

 

$

2,922

 

 

$

4,343

 
Summary of Option Activity and Related Information

A summary of the Company’s Options activity and related information under the 2019 EIP for the six months ended June 30, 2026 is as follows:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Aggregate
intrinsic
value
($'000)

 

 At December 31, 2025

 

 

13,477,883

 

 

$

2.17

 

 

$

—

 

Granted

 

 

6,463,000

 

 

 

0.53

 

 

 

—

 

Forfeited

 

 

(105,946

)

 

 

2.28

 

 

 

—

 

Expired

 

 

(3,292

)

 

 

4.69

 

 

 

—

 

At June 30, 2026

 

 

19,831,645

 

 

$

1.63

 

 

$

—

 

Vested

 

 

11,092,881

 

 

$

1.91

 

 

$

—

 
Summary of Assumptions used in Black-Scholes Option Pricing Model

The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

Risk-free interest rate (%)

 

 

3.89

%

 

 

4.49

%

Expected life (years)

 

 

5.9

 

 

 

6.3

 

Expected volatility (%)

 

 

131.75

%

 

 

103.08

%

Expected dividends (%)

 

 

0.00

%

 

 

0.00

%
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s RSU activity and related information under the 2019 EIP for the six months ended June 30, 2026 is as follows:

 

 

Number of
RSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

At December 31, 2025

 

 

458,375

 

 

$

2.57

 

Vested

 

 

(176,569

)

 

 

2.28

 

Forfeited

 

 

(35,847

)

 

 

3.05

 

At June 30, 2026

 

 

245,959

 

 

$

2.71

 

 
Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Option Activity and Related Information

A summary of the Company’s Options activity and related information under the 2019 NED EIP for the six months ended June 30, 2026 is as follows:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2025

 

 

1,982,087

 

 

$

2.38

 

 

$

—

 

Granted

 

 

528,000

 

 

 

0.39

 

 

 

—

 

Forfeited

 

 

(55,000

)

 

 

0.39

 

 

 

—

 

At June 30, 2026

 

 

2,455,087

 

 

$

2.00

 

 

$

—

 

Vested

 

 

2,147,087

 

 

$

2.23

 

 

$

—

 
Summary of Assumptions used in Black-Scholes Option Pricing Model

The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

Risk-free interest rate (%)

 

 

3.60

%

 

 

4.25

%

Expected life (years)

 

 

5.3

 

 

 

5.3

 

Expected volatility (%)

 

 

129.95

%

 

 

104.31

%

Expected dividends (%)

 

 

0.00

%

 

 

0.00

%
Deferred Restricted Stock Units [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s DRSUs activity and related information under the 2019 NED EIP for the six months ended June 30, 2026 is as follows:

 

 

Number of
DRSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

At December 31, 2025

 

 

979,608

 

 

$

1.65

 

Granted

 

 

657,115

 

 

 

0.39

 

Forfeited

 

 

(89,040

)

 

 

0.39

 

At June 30, 2026

 

 

1,547,683

 

 

$

1.12

 

Vested

 

 

1,180,840

 

 

$

1.44

 

Unvested

 

 

366,843

 

 

 

0.39

 
Previous Share Option Plans [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Option Activity and Related Information

A summary of the Company’s Options activity and related information under the Previous Share Options Plans for the six months ended June 30, 2026 is as follows; all outstanding Options are vested:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Aggregate
intrinsic
value
($'000)

 

 At December 31, 2025

 

 

107,608

 

 

$

16.68

 

 

$

—

 

Expired

 

 

(57,394

)

 

 

12.75

 

 

 

—

 

At June 30, 2026

 

 

50,214

 

 

$

21.17

 

 

$

—

 

Vested

 

 

50,214

 

 

$

21.17

 

 

$

—