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Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Stock Option Activity

Activity for the year ended December 31, 2023, under the 2013 ISOP was as follows:

						Number of options						Weighted average exercise price						Weighted average remaining life in years
Outstanding as of January 1, 2023						657,980						$	2.92					4.24
Exercised						(39,000)						2.52						—
Forfeited						(12,000)						0.05						—
Outstanding as of December 31, 2023						606,980						$	3.00					3.49
Exercisable as of December 31, 2023						606,980						$	3.00					3.49

Activity for the year ended December 31, 2022, under the 2013 ISOP was as follows:

						Number of options						Weighted average exercise price						Weighted average remaining life in years
Outstanding as of January 1, 2022						859,540						$	2.75					5.08
Exercised						(193,560)						2.44						—
Forfeited						(8,000)						3.19						—
Outstanding as of December 31, 2022						657,980						$	2.92					4.24
Exercisable as of December 31, 2022						657,980						$	2.92					4.24

Activity for the year ended December 31, 2023, under the 2019 ISOP was as follows:

						Number of options						Weighted average exercise price						Weighted average remaining life in years
Outstanding as of January 1, 2023						2,629,516						4.96						7.21
Exercised						(32,000)						4.06						—
Forfeited						(195,006)						4.94						—
Outstanding as of December 31, 2023						2,402,510						$	4.97					6.30
Exercisable as of December 31, 2023						1,651,493						$	4.64					6.03

Activity for the year ended December 31, 2022, under the 2019 ISOP was as follows:

						Number of options						Weighted average exercise price						Weighted average remaining life in years
Outstanding as of January 1, 2022						2,812,500						$	5.83					8.61
Exercised						(47,000)						7.25						—
Forfeited						(135,984)						5.15						—
Outstanding as of December 31, 2022						2,629,516						$	4.96					7.21
Exercisable as of December 31, 2022						1,476,744						$	4.41					6.56

Activity for the year ended December 31, 2023, under the 2021 EIP was as follows:

						Number of options						Weighted average exercise price						Weighted average remaining life in years
Outstanding as of January 1, 2023						2,624,297						$	12.32					8.88
Granted						3,734,266						4.44						—
Exercised						(5,194)						2.63						—
Forfeited						(645,310)						$	6.43					—
Outstanding as of December 31, 2023						5,708,059						$	7.84					8.74
Exercisable as of December 31, 2023						1,155,231						$	14.64					7.57

Activity for the year ended December 31, 2022, under the 2021 EIP was as follows:

						Number of options						Weighted average exercise price						Weighted average remaining life in years
Outstanding as of January 1, 2022						1,576,069						$	17.96					9.57
Granted						1,336,284						6.03						—
Forfeited						(288,056)						14.00						—
Outstanding as of December 31, 2022						2,624,297						$	12.32					8.88
Exercisable as of December 31, 2022						528,693						$	17.98					8.04

Summary of Valuation Inputs

The valuation inputs for the 2019 ISOP grants were as follows:

						Twelve months ended December 31,
						2023						2022						2021
Share price at grant date (in USD)						N/A						N/A						$5.59
Expected life of share options (years)						N/A						N/A						6.05			-			6.19
Expected volatility						N/A						N/A						41.26		%	-			41.45%
Risk free interest rate						N/A						N/A						(0.63)		%	-			(0.48)%
Dividend yield (%)						N/A						N/A						—%

The valuation inputs for the 2021 EIP grants were as follows:

						Year Ended December 31,
						2023												2022												2021
Share price at grant date (in USD)						$2.53			-			$4.72						$2.06			-			$8.36						$16.81			-			$18.00
Expected life of share options (years)						5.50			-			7.00						5.50			-			7.00						5.50			-			7.00
Expected volatility (%)						69.50		%	-			74.96%						62.65		%	-			69.43%						41.65		%	-			59.77%
Risk free interest rate (%)						3.45		%	-			4.67%						2.42		%	-			4.00%						0.87		%	-			1.36%
Dividend yield (%)						—%												—%												—%

Summary of Weighted Average Fair Value of Options Granted

The weighted average fair value of options granted during the years ended December 31, 2023 and 2022, respectively (in USD):

						2023						2022
2021 EIP						$	2.91					$	3.62

Summary of Restricted Stock Units Activity

The activity for the year ended December 31, 2023 was as follows:

						Number of RSUs						Weighted-average grant date fair value per share
Unvested as of January 1, 2023						1,865,433						$	5.20
Granted						2,658,150						$	4.42
Vested						(927,155)						$	4.65
Forfeited						(261,160)						$	4.75
Unvested as of December 31, 2023						3,335,268						$	4.77

The activity for the year ended December 31, 2022 was as follows:

						Number of RSUs						Weighted-average grant date fair value per share
Unvested as of January 1, 2022						287,575						$	17.97
Granted						1,776,832						4.30
Vested						(133,056)						17.99
Forfeited						(65,918)						10.72
Unvested as of December 31, 2022						1,865,433						$	5.20

Summary of Movements in Share-based Compensation Reserve

Movements in the share-based compensation reserve were as follows (in USD thousands):

			Total
January 1, 2022			$	11,462
Movement in the period			13,613
December 31, 2022			25,075
Movement in the period			15,242
December 31, 2023			$	40,317

Share-based compensation expense by financial statement caption for all stock awards consists of the following (in USD thousands):

						Year ended December 31,
						2023						2022						2021
Research and development						$	3,440					$	2,245					784
Sales and marketing						1,266						1,462						1,227
General and administrative						10,536						9,906						6,503
Total						$	15,242					$	13,613					$	8,514

X

- Definition

The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options.

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