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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Summary of Stock Option Activity | Activity for the year ended December 31, 2025, 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, 2025 |  | 560,980 |  |  | $ | 3.03 |  |  | 2.54
Exercised |  | (68,000) |  |  | 1.96 |  |  | — |
Forfeited |  | (12,000) |  |  | 3.17 |  |  | — |
Outstanding as of December 31, 2025 |  | 480,980 |  |  | $ | 3.18 |  |  | 1.73
Exercisable as of December 31, 2025 |  | 480,980 |  |  | $ | 3.18 |  |  | 1.73
Activity for the year ended December 31, 2024, 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, 2024 |  | 606,980 |  |  | $ | 3.00 |  |  | 3.49
Exercised |  | (32,000) |  |  | 3.16 |  |  | — |
Forfeited |  | (14,000) |  |  | 1.75 |  |  | — |
Outstanding as of December 31, 2024 |  | 560,980 |  |  | $ | 3.03 |  |  | 2.54
Exercisable as of December 31, 2024 |  | 560,980 |  |  | $ | 3.03 |  |  | 2.54
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, 2025, 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, 2025 |  | 2,308,760 |  |  | $ | 4.97 |  |  | 5.40
Exercised |  | (40,373) |  |  | 3.49 |  |  | — |
Forfeited |  | (15,000) |  |  | 5.06 |  |  | — |
Outstanding as of December 31, 2025 |  | 2,253,387 |  |  | $ | 5.00 |  |  | 4.42
Exercisable as of December 31, 2025 |  | 2,253,367 |  |  | $ | 5.00 |  |  | 4.42
Activity for the year ended December 31, 2024, 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, 2024 |  | 2,402,510 |  |  | $ | 4.97 |  |  | 6.30
Exercised |  | (38,250) |  |  | 4.12 |  |  | — |
Forfeited |  | (55,500) |  |  | 5.46 |  |  | — |
Outstanding as of December 31, 2024 |  | 2,308,760 |  |  | $ | 4.97 |  |  | 5.40
Exercisable as of December 31, 2024 |  | 2,033,490 |  |  | $ | 4.80 |  |  | 5.31
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, 2025, 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, 2025 |  | 9,044,607 |  |  | $ | 6.69 |  |  | 8.40
Granted |  | 3,280,275 |  |  | 3.29 |  |  | — |
Exercised |  | (29,412) |  |  | 2.78 |  |  | — |
Forfeited |  | (909,956) |  |  | 6.69 |  |  | — |
Outstanding as of December 31, 2025 |  | 11,385,514 |  |  | $ | 5.72 |  |  | 7.98
Exercisable as of December 31, 2025 |  | 4,989,270 |  |  | $ | 7.97 |  |  | 7.11
Activity for the year ended December 31, 2024, 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, 2024 |  | 5,708,059 |  |  | $ | 7.84 |  |  | 8.74
Granted |  | 3,840,087 |  |  | 4.78 |  |  | — |
Exercised |  | (49,119) |  |  | 2.87 |  |  | — |
Forfeited |  | (454,420) |  |  | 5.37 |  |  | — |
Outstanding as of December 31, 2024 |  | 9,044,607 |  |  | $ | 6.69 |  |  | 8.40
Exercisable as of December 31, 2024 |  | 2,806,356 |  |  | $ | 10.22 |  |  | 7.37
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 |  |  | — |
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
Summary of Valuation Inputs | The valuation inputs for the 2021 EIP grants were as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Share price at grant date (in USD) |  | $3.04 | - | $4.73 |  | $3.40 | - | $4.96 |  | $2.53 | - | $4.72
Expected life of share options (years) |  | 5.50 | - | 7.00 |  | 5.50 | - | 7.00 |  | 5.50 | - | 7.00
Expected volatility (%) |  | 73.84 | % | - | 77.60% |  | 72.86 | % | - | 74.95% |  | 69.50 | % | - | 74.96%
Risk free interest rate (%) |  | 3.68 | % | - | 4.03% |  | 3.50 | % | - | 4.40% |  | 3.45 | % | - | 4.67%
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, 2025, 2024, and 2023, respectively (in USD):
|  | 2025 |  | 2024 |  | 2023
2021 EIP |  | $ | 2.26 |  |  | $ | 3.27 |  |  | $ | 2.91 |
Summary of Restricted Stock Units Activity | The activity for the year ended December 31, 2025 was as follows:
|  | Number of RSUs |  | Weighted-average grant date fair value per share
Unvested as of January 1, 2025 |  | 3,053,076 |  |  | $ | 4.69 |
Granted |  | 1,136,975 |  |  | $ | 3.30 |
Vested |  | (1,434,646) |  |  | $ | 4.84 |
Forfeited |  | (171,196) |  |  | $ | 4.10 |
Unvested as of December 31, 2025 |  | 2,584,209 |  |  | $ | 4.04 |
The activity for the year ended December 31, 2024 was as follows:
|  | Number of RSUs |  | Weighted-average grant date fair value per share
Unvested as of January 1, 2024 |  | 3,335,268 |  |  | $ | 4.77 |
Granted |  | 1,373,816 |  |  | 4.71 |
Vested |  | (1,331,731) |  |  | 4.95 |
Forfeited |  | (324,277) |  |  | 4.56 |
Unvested as of December 31, 2024 |  | 3,053,076 |  |  | $ | 4.69 |
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 |
Summary of Movements in Share-based Compensation Reserve | Movements in the share-based compensation reserve were as follows (in USD thousands):
|  | Total
January 1, 2023 |  | $ | 25,075 |
Movement in the period |  | 15,242 |
December 31, 2023 |  | 40,317 |
Movement in the period |  | 16,488 |
December 31, 2024 |  | 56,805 |
Movement in the period |  | 16,205 |
December 31, 2025 |  | $ | 73,010 |
Share-based compensation expense by financial statement caption for all stock awards consists of the following (in USD thousands):
|  | Year ended December 31,
|  | 2025 |  | 2024 |  | 2023
Research and development |  | $ | 4,070 |  |  | $ | 4,370 |  |  | $ | 3,440 |
Sales and marketing |  | 1,230 |  |  | 1,357 |  |  | 1,266 |
General and administrative |  | 10,905 |  |  | 10,761 |  |  | 10,536 |
Total |  | $ | 16,205 |  |  | $ | 16,488 |  |  | $ | 15,242 |

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