XML 35 R26.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis | As of June 30, 2025 and December 31, 2024, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:
|  | As at June 30, 2025 |
(In thousands of USD) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative warrant liability (Public Warrants) |  |  | 19,596 |  |  |  | — |  |  |  | — |  |  |  | 19,596 |
Derivative warrant liability (Private Placement Warrants) |  |  | — |  |  |  | 1,336 |  |  |  | — |  |  |  | 1,336 |
Derivative earnout liability |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total financial liabilities |  |  | 19,596 |  |  |  | 1,336 |  |  |  | — |  |  |  | 20,932 |
|  | As at December 31, 2024 |
(In thousands of USD) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative warrant liability (Public Warrants) |  |  | 35,134 |  |  |  | — |  |  |  | — |  |  |  | 35,134 |
Derivative warrant liability (Private Placement Warrants) |  |  | — |  |  |  | 2,380 |  |  |  | — |  |  |  | 2,380 |
Derivative earnout liability |  |  | — |  |  |  | — |  |  |  | 44,798 |  |  |  | 44,798 |
Total financial liabilities |  |  | 35,134 |  |  |  | 2,380 |  |  |  | 44,798 |  |  |  | 82,312 |
Schedule of Estimated Fair Value of Derivative Earnout Liability | As such, the relevant inputs to the fair value of the derivative earnout liability are as follows:
|  |  |  | At Settlement |  |  | December 31, 2024 |
Ordinary Share value (USD) |  |  |  | $ | 23.41 |  |  | $ | 25.70 |
Probability of milestone completion |  |  |  |  | 100 | % |  |  | 100 | %
Dividend yield |  |  |  |  | 0 | % |  |  | 0 | %
Strike price (USD) |  |  |  |  | 0.00 |  |  |  | 0.00 |
Summary of Reconciliation of Derivative Earnout Liability Measured on Recurring Basis Using Level 3 Inputs | The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of June 30, 2025:
Balance on December 31, 2024 |  |  |  |  | 44,798 |
Change in fair value recognized through profit and loss |  |  |  |  | (3,992 | )
Settlement of derivative earnout liability upon achievement of milestone |  |  |  |  | (40,806 | )
Balance on June 30, 2025 |  |  |  |  | — |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration