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Cash and cash equivalents | 12 Months Ended
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Dec. 31, 2023
Cash and cash equivalents [abstract] |
Cash and cash equivalents | Cash and cash equivalents Accounting policies Cash and cash equivalents include cash on hand, deposits held at call with external financial institutions and other short- term highly liquid investments with original maturities of three months or less. They are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of changes in interest rates. Amounts held in money market funds held as cash equivalents and are classified as level 1 fair value financial instrument. The following table presents the allocation between the Company’s cash and cash equivalents (in USD thousands):
| December 31,
| 2023 |  | 2022
Bank balances | $ | 16,068 |  |  | $ | 25,820 |
Total cash | $ | 16,068 |  |  | $ | 25,820 |
Money market funds | $ | 60,683 |  |  | $ | 85,252 |
Term deposits less than 3 months | $ | 46,500 |  |  | $ | 50,233 |
Total cash equivalents | $ | 107,183 |  |  | $ | 135,485 |
Cash and cash equivalents | $ | 123,251 |  |  | $ | 161,305 |
Designated cash In July 2021, the Company designated $30.0 million to a separate bank account to be used exclusively to settle potential liabilities arising from claims against Directors and Officers covered under the Company’s Directors and Officers Insurances Policy (“D&O Policy”). Setting up the designated account has significantly reduced the premiums associated with the D&O Policy. In June 2023, the Company obtained a new D&O Policy that allowed it to reduce the designated cash amount set aside in the separate bank account from $30.0 million to $15 million. The new D&O policy and reduction of designated cash are effective as of July 2023. The Company expects to continue to designate this cash balance for this sole use under the D&O Policy.

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- Definition The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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