| Loss Per Share |
Loss Per Share The basic loss per share is calculated by dividing net loss attributable to the Company’s shareholders by the weighted‑average number of ordinary shares outstanding during the period. Following the March 2025 PIPE Financing, this weighted‑average share count includes the shares underlying the pre‑funded warrants, as the remaining cash exercise price for those warrants is considered immaterial. The computations for basic and diluted loss per share were as follows (in millions of U.S. Dollars except share and per share data):
| | | | | | | | | | | | | Nine Months Ended September 30, | | 2026 | | 2025 | | Net loss in Million of USD | (162.5) | | (102.1) | | Weighted average number of ordinary shares | 433,484,635 | | 124,723,638 | | Net loss per share attributable to ordinary shareholders, basic and diluted ($/share) | (0.37) | | (0.82) |
This summary also gives an overview of all exercisable instruments generated by the company either through financing or incentive programs for employees as described in Note 9.
| | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Warrants | Shares * | | Warrants | Shares * | | Non-employee warrants | 87,008 | | 87,008 | | | 107,008 | | 107,008 | | | Stock-options | 15,029,103 | | 15,029,103 | | | 14,104,578 | | 14,104,578 | | | Restricted stock units | 9,952,395 | | 9,952,395 | | | 3,608,347 | | 3,608,347 | | | Prefunded warrants | 100,962,751 | | 142,647,271 | | | 137,991,871 | | 202,972,492 | | | PFW 2022 | 13,116,331 | | 13,116,331 | | | 13,116,331 | | 13,116,331 | | | BSA from ABSA (March 2025 PIPE Financing) | | — | | | 15,635,172 | | 27,361,551 | | | PFW1 from PFW-BS-PFW (March 2025 PIPE Financing) | 32,267,060 | | 32,267,060 | | | 38,234,712 | | 38,234,712 | | | BS from PFW-BS-PFW (March 2025 PIPE Financing) | | — | | | 35,348,260 | | 61,859,455 | | | PFW2 (March 2025 PIPE Financing) | 55,579,360 | | 97,263,880 | | | 35,657,396 | | 62,400,443 | | Total Shares | | 167,715,777 | | | | 220,792,425 | |
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