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Share based compensation | 9 Months Ended
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Sep. 30, 2024
Share based compensation [Abstract] |
Share based compensation |
11. | Share based compensation
Share Options In June 2021, the Company adopted a share option plan referred to herein as the Share Option Plan under which grants of options are made to eligible participants. The Company has reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which include ordinary shares pursuant to share-based equity awards issued to date. As of September 30, 2024, the Company has 427,256 ordinary shares available for the future issuance of share-based equity awards. Under the Share Option Plan, the options may be settled only in ordinary shares of the Company. Therefore, the grants of share options under the Share Option Plan have been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portions of award grants. During the three and nine months ended September 30, 2024, the Company granted the option to purchase 30,500 and 152,000 ordinary shares, respectively, to employees which were in line with the general terms of the Share Option Plan. All share options granted to employees during the three and nine months ended September 30, 2024, had a contractual term (expiration) of eight years from the grant date with an exercise price at the closing market price on the day prior to the grant. During the three and nine months ended September 30, 2024, the Company granted the option to purchase 16,596 and 33,120 ordinary shares to members of the board of directors which vested on the date of grant and are subject to a two year service condition. These share options have a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share. The following table summarizes the share option awards outstanding as of September 30, 2024:
|  | Average exercise price per share in USD |  |  | Number of awards |  |  | Weighted average remaining life in years |
At December 31, 2023 |  |  | 10.35 |  |  |  | 790,720 |  |  |  | 6.57 |
Granted |  |  | 8.07 |  |  |  | 185,120 |  |  |  | 7.41 |
Forfeited |  |  | 11.13 |  |  |  | (207,658 | ) |  |  | 6.05 |
At September 30, 20241 |  |  | 9.59 |  |  |  | 768,182 |  |  |  | 6.21 |
1 190,271 of the awards outstanding as of September 30, 2024, were exercisable. The weighted average grant date fair value of awards granted during the three and nine months ended September 30, 2024, was $8.84 and $8.33 per award, respectively. The fair values of the options granted were determined on the date of the grant using the Black-Scholes option-pricing model. The Company used an independent valuation firm to assist in calculating the fair value of the award grants per participant. The fair values of the options granted during the three and nine months ended September 30, 2024, were determined on the date of the grant using the following assumptions:
|  | Three months ended September 30, 2024 |  |  | Nine months ended September 30, 2024 |
Share price, in USD |  |  | 6.69 - 12.18 |  |  |  | 5.80 - 14.81 |
Strike price, in USD – employees (weighted average) |  |  | 9.51 |  |  |  | 9.82 |
Strike price, in USD – non-executive directors |  |  | 0.025 |  |  |  | 0.025 |
Expected volatility |  |  | 85% - 92% |  |  |  | 85% - 92% |
Award life (weighted average) |  |  | 5.47 |  |  |  | 5.73 |
Expected dividends |  |  | - |  |  |  | - |
Risk-free interest rate |  |  | 3.54% - 4.26% |  |  |  | 3.54% - 4.52% |
The expected volatility was based on selected volatility determined by median values observed among other comparable public companies. The award life is based on the time interval between the date of grant and the date during the life of the share option after which, when making the grant, the Company expected on average that participants would exercise their options. As of September 30, 2024, Other Reserves within equity includes $4.1 million (December 31, 2023: $4.2 million) relating to the Group’s Share Option Plan. Balances which relate to forfeited awards which had previously vested are transferred from Other Reserves to Accumulated Deficit. The amount of expense for all awards recognized for services received during the three months ended September 30, 2024, was $0.3 million (three months ended September 30, 2023: $0.6 million) and for the nine months ended September 30, 2024, was $0.4 million (nine months ended September 30, 2023: $1.6 million).

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