Property and equipment

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Accounting policies

Property and equipment include leasehold improvements, computer hardware, machinery and furniture and fixtures.

Property and equipment are shown on the balance sheet at their historical cost. The cost of an asset, less any residual value, is depreciated using the straight-line method over the useful life of the asset. For this purpose, assets with similar useful lives have been grouped as follows:

•Leasehold improvements—Shorter of the useful life of the asset or the remaining term of the lease

•Computer hardware—Three to five years

•Machinery and equipment—Five years

•Furniture and fixtures—Five years

Useful lives, components, and residual amounts are reviewed annually. Such a review takes into consideration the nature of the assets, their intended use, including but not limited to the closure of facilities, and the evolution of the technology and competitive pressures that may lead to technical obsolescence. Depreciation of property and equipment is allocated to the appropriate headings of expenses by function in the statement of loss.

Reviews of the carrying amount of the Company’s property and equipment are performed when there is an indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. In assessing the value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the country where the assets are located.

For the year ended December 31, 2023 and 2022, the Company recorded $0.2 million and $0.1 million in accrued expense related to amounts to be paid within the next 12 months, respectively.

Property and equipment, net movement for the years ended December 31, 2023 and 2022, respectively are as follows (in USD thousands):


	Leasehold improvements		Machinery and equipment		Computer hardware		Furniture and fixtures		Total
January 1, 2023	$	6,182	$	1,626	$	1,633	$	1,108	$	10,549
Additions	937		176		359		118		1,590
Disposals	(854)		—		(623)		(4)		(1,481)
Currency Translation Adjustment	590		173		91		88		942
December 31, 2023	$	6,855	$	1,975	$	1,460	$	1,310	$	11,600

Accumulated depreciation
January 1, 2023	$	(1,165)	$	(665)	$	(1,143)	$	(447)	$	(3,420)
Additions	(1,147)		(246)		(229)		(240)		(1,862)
Disposals	844		—		604		4		1,452
Currency Translation Adjustment	(108)		(82)		(63)		(48)		(301)
December 31, 2023	$	(1,576)	$	(993)	$	(831)	$	(731)	$	(4,131)
Net book value at December 31, 2023	$	5,279	$	982	$	629	$	579	$	7,469


	Leasehold improvements		Machinery and equipment		Computer hardware		Furniture and fixtures		Total
January 1, 2022	$	3,260	$	1,116	$	1,855	$	1,007	$	7,238
Additions	2,895		480		147		222		3,744
Disposals	—		—		(319)		(113)		(432)
Currency Translation Adjustment	27		30		(50)		(8)		(1)
December 31, 2022	$	6,182	$	1,626	$	1,633	$	1,108	$	10,549

Accumulated depreciation
January 1, 2022	$	(570)	$	(418)	$	(1,228)	$	(359)	$	(2,575)
Additions	(588)		(224)		(273)		(206)		(1,291)
Disposals	—		—		319		113		432
Currency Translation Adjustment	(7)		(23)		39		5		14
December 31, 2022	$	(1,165)	$	(665)	$	(1,143)	$	(447)	$	(3,420)
Net book value at December 31, 2022	$	5,017	$	961	$	490	$	661	$	7,129