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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The changes for the six months ended June 30, 2025 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value (in thousands of USD) |
Outstanding as at December 31, 2024 |  |  | 19,029,056 |  |  | $ | 10.04 |  |  |  |  |  |  |
Granted |  |  | 4,424,537 |  |  | $ | 24.63 |  |  |  |  |  |  |
Exercised |  |  | (1,249,457 | ) |  | $ | 5.21 |  |  |  |  |  |  |
Outstanding as at June 30, 2025 |  |  | 22,204,136 |  |  | $ | 13.24 |  |  |  | 8.0 |  |  |  | 141,072 |
Options exercisable as at June 30, 2025 |  |  | 9,656,167 |  |  | $ | 8.92 |  |  |  | 7.2 |  |  |  | 89,992 |
Schedule of Weighted Average Assumptions for Stock Options | Weighted average assumptions used to apply this pricing model were as follows:
|  |  |  | Six months ended June 30, |
|  |  |  | 2025 |  |  | 2024 |
Expected life (years) |  |  |  |  | 6.1 |  |  |  | 6.1 |
Risk-free rate |  |  |  |  | 4.4 | % |  |  | 3.9 | %
Volatility |  |  |  |  | 47.5 | % |  |  | 41.4 | %
Dividend yield |  |  |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Restricted Stock Unit Activity | The changes for the six months ended June 30, 2025 in the number of RSUs outstanding are as follows:
|  | Number of RSUs |  |  | Weighted average Fair Value Per Share |
Outstanding as at December 31, 2024 |  |  | 143,002 |  |  | $ | 9.84 |
Granted |  |  | 718,584 |  |  | $ | 25.28 |
Vested |  |  | (143,001 | ) |  | $ | 9.84 |
Forfeited/Cancelled |  |  | (1 | ) |  | $ | 9.84 |
Outstanding as at June 30, 2025 |  |  | 718,584 |  |  | $ | 25.28 |
Summary of Share-Based Payment Expense | The following summarizes the share-based payment expense recognized by type of award and line-item:
|  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
(in thousands of USD) |  |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Share-based compensation expense by type of award |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share options |  |  |  |  | 12,518 |  |  |  | 8,290 |  |  |  | 25,090 |  |  |  | 16,208 |
Restricted stock units |  |  |  |  | 2,661 |  |  |  | — |  |  |  | 5,302 |  |  |  | — |
Total share-based compensation expense |  |  |  |  | 15,179 |  |  |  | 8,290 |  |  |  | 30,392 |  |  |  | 16,208 |
Share-based compensation expense by line-item |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  |  |  |  | 5,108 |  |  |  | 2,992 |  |  |  | 10,331 |  |  |  | 6,471 |
Selling, general and administrative expenses |  |  |  |  | 10,071 |  |  |  | 5,298 |  |  |  | 20,061 |  |  |  | 9,737 |
Total share-based compensation expense |  |  |  |  | 15,179 |  |  |  | 8,290 |  |  |  | 30,392 |  |  |  | 16,208 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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