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Property and equipment | 12 Months Ended
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Dec. 31, 2025
Disclosure of detailed information about property, plant and equipment [abstract] |
Property and equipment | Property and equipment 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. The Company rec ords property and equipment under accrued expense for amounts to be paid within the next 12 months. F or the year ended December 31, 2025, $1.0 million was recorded in accrued expense for property and equipment, an d for the year ended December 31, 2024, no amounts were recorded. Property and equipment, net movement for the years ended December 31, 2025 and 2024, respectively are as follows (in USD thousands):
|  | Leasehold improvements |  | Machinery and equipment |  | Computer hardware |  | Furniture and fixtures |  | Total
January 1, 2025 |  | $ | 6,456 |  |  | $ | 1,861 |  |  | $ | 1,361 |  |  | $ | 1,244 |  |  | $ | 10,922 |
Additions |  | 1,110 |  |  | 403 |  |  | 2 |  |  | — |  |  | 1,515 |
Disposals |  | (252) |  |  | — |  |  | (55) |  |  | (181) |  |  | (488) |
Currency Translation Adjustment |  | 971 |  |  | 293 |  |  | 158 |  |  | 153 |  |  | 1,575 |
December 31, 2025 |  | $ | 8,285 |  |  | $ | 2,557 |  |  | $ | 1,466 |  |  | $ | 1,216 |  |  | $ | 13,524 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |
January 1, 2025 |  | $ | (2,615) |  |  | $ | (1,170) |  |  | $ | (973) |  |  | $ | (955) |  |  | $ | (5,713) |
Additions |  | (1,181) |  |  | (303) |  |  | (180) |  |  | (146) |  |  | (1,810) |
Disposals |  | 252 |  |  | — |  |  | 55 |  |  | 181 |  |  | 488 |
Currency Translation Adjustment |  | (399) |  |  | (185) |  |  | (120) |  |  | (120) |  |  | (824) |
December 31, 2025 |  | $ | (3,943) |  |  | $ | (1,658) |  |  | $ | (1,218) |  |  | $ | (1,040) |  |  | $ | (7,859) |
Net book value at December 31, 2025 |  | $ | 4,342 |  |  | $ | 899 |  |  | $ | 248 |  |  | $ | 176 |  |  | $ | 5,665 |
|  | Leasehold improvements |  | Machinery and equipment |  | Computer hardware |  | Furniture and fixtures |  | Total
January 1, 2024 |  | $ | 6,855 |  |  | $ | 1,975 |  |  | $ | 1,460 |  |  | $ | 1,310 |  |  | $ | 11,600 |
Additions |  | 86 |  |  | 115 |  |  | 1 |  |  | 15 |  |  | 217 |
Disposals |  | — |  |  | (66) |  |  | (14) |  |  | — |  |  | (80) |
Currency Translation Adjustment |  | (485) |  |  | (163) |  |  | (86) |  |  | (81) |  |  | (815) |
December 31, 2024 |  | $ | 6,456 |  |  | $ | 1,861 |  |  | $ | 1,361 |  |  | $ | 1,244 |  |  | $ | 10,922 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |
January 1, 2024 |  | $ | (1,576) |  |  | $ | (993) |  |  | $ | (831) |  |  | $ | (731) |  |  | $ | (4,131) |
Additions |  | (1,182) |  |  | (269) |  |  | (208) |  |  | (276) |  |  | (1,935) |
Disposals |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Currency Translation Adjustment |  | 143 |  |  | 92 |  |  | 52 |  |  | 52 |  |  | 339 |
December 31, 2024 |  | $ | (2,615) |  |  | $ | (1,170) |  |  | $ | (973) |  |  | $ | (955) |  |  | $ | (5,713) |
Net book value at December 31, 2024 |  | $ | 3,841 |  |  | $ | 691 |  |  | $ | 388 |  |  | $ | 289 |  |  | $ | 5,209 |
Included in leasehold improvements and machinery and equipment are $1.1 million and $0.3 million, respectively, related to assets under construction that have not yet been placed into service and begun depreciating as of December 31, 2025. These assets are primarily related to a lab expansion that was completed in early 2026.

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