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Financial instruments and risks (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract] |
Summary of Financial Instruments | The Company holds the following financial instruments (in USD thousands):
|  | December 31,
|  | 2025 |  | 2024
Financial assets at amortized cost |  |  |  |
Cash and cash equivalents |  | $ | 70,289 |  |  | $ | 80,226 |
Accounts receivable |  | 15,001 |  |  | 7,436 |
Other financial non-current assets |  | 1,995 |  |  | 994 |
Total financial assets at amortized cost |  | $ | 87,285 |  |  | $ | 88,656 |
Financial assets at fair value through statement of loss |  |  |  |
Equity investment |  | 1,977 |  |  | — |
Total financial assets |  | $ | 87,285 |  |  | $ | 88,656 |
Financial liabilities at amortized cost |  |  |  |
Accounts payable |  | 8,960 |  |  | 5,220 |
Accrued expenses |  | 20,736 |  |  | 13,217 |
Lease liabilities |  | 15,287 |  |  | 16,793 |
Borrowings |  | 47,733 |  |  | 13,237 |
Total financial liabilities at amortized cost |  | 92,716 |  |  | 48,467 |
Financial liabilities at fair value through statement of loss |  |  |  |
Warrant obligations |  | 1,412 |  |  | 444 |
Total financial liabilities |  | $ | 94,128 |  |  | $ | 48,911 |
Schedule of Fair Value Hierarchy for Financial Assets Measured at Fair Value on a Recurring Basis | The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2025 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 27,528 |  |  | $ | — |  |  | $ | — |
Equity Investments: |  |  |  |  |  |
Equity investments |  | — |  |  | 1,977 |  |  | — |
Total financial assets |  | $ | 27,528 |  |  | $ | 1,977 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |
Warrant obligation: |  |  |  |  |  |
Perceptive Credit Holdings warrants |  | $ | — |  |  | $ | 1,412 |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | 1,412 |  |  | $ | — |
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2024 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |
Money market funds |  | $ | 39,586 |  |  | $ | — |  |  | $ | — |
Total financial assets |  | $ | 39,586 |  |  | $ | — |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |
Warrant obligation: |  |  |  |  |  |
Perceptive Credit Holdings warrants |  | $ | — |  |  | $ | 474 |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | 474 |  |  | $ | — |
Schedule of Fair Value Hierarchy for Financial Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2025 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 27,528 |  |  | $ | — |  |  | $ | — |
Equity Investments: |  |  |  |  |  |
Equity investments |  | — |  |  | 1,977 |  |  | — |
Total financial assets |  | $ | 27,528 |  |  | $ | 1,977 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |
Warrant obligation: |  |  |  |  |  |
Perceptive Credit Holdings warrants |  | $ | — |  |  | $ | 1,412 |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | 1,412 |  |  | $ | — |
The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2024 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |
Money market funds |  | $ | 39,586 |  |  | $ | — |  |  | $ | — |
Total financial assets |  | $ | 39,586 |  |  | $ | — |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |
Warrant obligation: |  |  |  |  |  |
Perceptive Credit Holdings warrants |  | $ | — |  |  | $ | 474 |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | 474 |  |  | $ | — |
Summary of Maturity Profile of Financial Liabilities | The tables below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted cash flows (in USD thousands):
|  | Net carrying amount |  | Within 1 year |  | Between 1 and 5 years |  | After 5 years |  | Total
December 31, 2025 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 15,287 |  |  | $ | 2,992 |  |  | $ | 11,839 |  |  | $ | 1,463 |  |  | $ | 16,294 |
Accounts payable |  | 8,960 |  |  | 8,960 |  |  | — |  |  | — |  |  | 8,960 |
Accrued expenses |  | 20,736 |  |  | 20,736 |  |  | — |  |  | — |  |  | 20,736 |
Borrowings |  | 47,733 |  |  | 5,125 |  |  | 61,958 |  |  | — |  |  | 67,083 |
Total contractual liabilities |  | $ | 92,716 |  |  | $ | 37,813 |  |  | $ | 73,797 |  |  | $ | 1,463 |  |  | $ | 113,073 |
|  | Net carrying amount |  | Within 1 year |  | Between 1 and 5 years |  | After 5 years |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 16,793 |  |  | $ | 2,739 |  |  | $ | 12,518 |  |  | $ | 4,469 |  |  | $ | 19,726 |
Accounts payable |  | 5,220 |  |  | 5,220 |  |  | — |  |  | — |  |  | 5,220 |
Accrued expenses |  | 13,217 |  |  | 13,217 |  |  | — |  |  | — |  |  | 13,217 |
Borrowings |  | 13,237 |  |  | 1,622 |  |  | 20,405 |  |  | — |  |  | 22,027 |
Total contractual liabilities |  | $ | 48,467 |  |  | $ | 22,798 |  |  | $ | 32,923 |  |  | $ | 4,469 |  |  | $ | 60,190 |
Summary of Significant Foreign Exchange Rates | The significant exchange rates that have been applied to these consolidated financial statements are listed below:
|  | December 31, |  | For the twelve months ended December 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2023
Currency |  | Spot rate |  | Average rate
USD/CHF |  | 0.79208 |  |  | 0.90740 |  |  | 0.83064 |  |  | 0.88064 |  |  | 0.89855 |
USD/EUR |  | 0.85092 |  |  | 0.96530 |  |  | 0.88644 |  |  | 0.92455 |  |  | 0.92478 |
USD/GBP |  | 0.74179 |  |  | 0.79870 |  |  | 0.75887 |  |  | 0.78267 |  |  | 0.80428 |
USD/BRL |  | 5.49560 |  |  | 6.17360 |  |  | 5.58911 |  |  | 5.39155 |  |  | 4.97372 |
Summary of Loss Before Tax to Changes in Foreign Exchange Rates | The sensitivity of the Company’s income to possible changes in foreign exchange rates is measured at the local entity level as it depends on the functional currency of each entity. As of December 31, 2025, 2024, and 2023 the Company was exposed principally to movements in four cross currency pairs. The sensitivity of the Company’s loss before tax to such changes was as follows (in USD thousands):
|  | December 31,
|  | 2025 |  | 2024 |  | 2023
Increase / (decrease) in USD/CHF exchange rate by 10% |  | (2,101) |  | / | 2,101 |  | 562 |  | / | (562) |  | 3,034 |  | / | (3,034)
Increase / (decrease) in EUR/CHF exchange rate by 10% |  | 1,020 |  | / | (1,020) |  | (75) |  | / | 75 |  | 508 |  | / | (508)
Increase / (decrease) in GBP/CHF exchange rate by 10% |  | 36 |  | / | (36) |  | 25 |  | / | (25) |  | (23) |  | / | 23
Summary of Equity to Changes in Foreign Exchange Rates | As of December 31, 2025 and 2024 the sensitivity of the Company’s equity to such changes, measured against the USD, was as follows (in USD thousands):
|  | December 31,
|  | 2025 |  | 2024
Increase / (decrease) in USD/CHF exchange rate by 10% |  | (2,561) | / | 2,561 |  | (1,520) | / | 1,520
Increase / (decrease) in USD/EUR exchange rate by 10% |  | (663) | / | 663 |  | 2,244 | / | (2,244)
Increase / (decrease) in USD/GBP exchange rate by 10% |  | (95) | / | 95 |  | 61 | / | (61)

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