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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Loss before income tax $ (78,495) $ (87,585) $ (73,507)
Adjustments for non-monetary items      
Depreciation 5,508 3,791 2,517
Amortization 2,828 1,780 1,092
Finance expense (income), net 2,934 (685) 638
Gain on TriplePoint success fee 0 0 (430)
Expected credit loss allowance 214 (467) (988)
Share-based compensation 15,242 13,613 8,514
Intangible assets write-off 0 73 30
Movements in provisions, pensions, and government grants 308 953 (23)
Research tax credit (1,129) (1,292) (1,597)
Loss on disposal of property and equipment 28 0 22
Gain on disposal of lease liability (733) 0 0
Working capital changes      
(Increase) decrease in accounts receivable (6,500) 1,332 1,806
(Increase) decrease in prepaids and other assets 1,375 (977) (2,330)
(Increase) decrease in inventory (874) (200) (2,336)
Increase (decrease) in accounts payables, accrued expenses, deferred contract revenue, and other liabilities 6,871 (1,428) 8,980
Cash used in operating activities      
Income tax received (paid) (801) 0 (55)
Interest paid (6) (266) (286)
Interest received 4,655 1,265 14
Net cash flows used in operating activities (48,575) (70,093) (57,939)
Investing activities      
Purchase of property and equipment (1,494) (4,097) (2,683)
Acquisition of intangible assets (263) (464) (130)
Capitalized development costs (7,469) (5,820) (3,858)
Proceeds upon maturity of term deposits and short-term investments 17,546 78,533 21,878
Purchase of term deposits and short-term investments 0 (26,179) (72,141)
Net cash flow provided from (used in) investing activities 8,320 41,973 (56,934)
Financing activities      
Proceeds from exercise of share options 226 748 4,527
Proceeds from initial public offering, net of transaction costs 0 0 211,663
Proceeds from greenshoe, net of transaction costs 0 0 8,488
Proceeds from private placement, net of transaction costs 0 0 19,648
Payment of TriplePoint success fee 0 0 (2,468)
Repayments of borrowings 0 0 (3,167)
Payments of principal portion of lease liabilities (3,043) (2,316) (918)
Net cash flow (used in) provided from financing activities (2,817) (1,568) 237,773
Increase (decrease) in cash and cash equivalents (43,072) (29,688) 122,900
Effect of exchange differences on cash balances 5,018 (1,969) (4,563)
Cash and cash equivalents at beginning of the year 161,305 192,962 74,625
Cash and cash equivalents at end of the year $ 123,251 $ 161,305 $ 192,962