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Share-based compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-based compensation | Share-based compensation The Company has adopted various share-based compensation incentive plans. Under these plans the Company may at its discretion grant to the plan participants, such as directors, certain employees, and service providers awards in the form of restricted shares and restricted share units (“RSUs”), share options, share appreciation rights, performance awards and other share-based awards. The 2019 Equity Incentive Plan was adopted in November 2019 while the Conditional Share Capital Plan and the Inducement Plan were adopted in December 2023. 2019 Equity Incentive Plan In November 2019, the Company adopted the 2019 Equity Incentive Plan. Under the 2019 Equity Incentive Plan, the Company may at its discretion grant to plan participants, such as directors, certain employees and service providers, awards in the form of restricted shares and RSUs, share options, share appreciation rights, performance awards and other share-based awards. The Company has reserved 22,591,355 common shares for future issuance under the 2019 Equity Incentive Plan (including share-based equity awards granted to date less awards forfeited). As of September 30, 2025, the Company has 6,975,464 common shares available for the future issuance of share-based equity awards. As of September 30, 2025 and December 31, 2024, the cumulative amount recorded as a net increase to additional paid-in capital within equity on the unaudited condensed consolidated balance sheets in respect of the 2019 Equity Incentive Plan was $164,690 and $160,945, respectively. The amounts of expense recognized for all awards for services received during the three and nine months ended September 30, 2025 were $1,116 and $3,996, respectively, and $1,541 and $1,408 during the three and nine months ended September 30, 2024, respectively. Conditional Share Capital Plan In December 2023, the Company adopted the Conditional Share Capital Plan. Under the Conditional Share Capital Plan, the Company may at its discretion grant to plan participants, such as directors, certain employees and service providers, awards in the form of restricted shares and RSUs, share options, share appreciation rights, performance awards and other share-based awards. The Company has reserved 8,000,000 common shares for future issuance under this plan. On February 13, 2025 the Company issued its 2025 annual equity award under the Conditional Share Capital Plan, which was approved by the Compensation Committee of the Board of Directors and by the Board of Directors for the senior management team, consisted of 5,015,765 RSUs. No share options were issued in connection with this award. As of September 30, 2025, the Company has 1,684,004 common shares available for the future issuance of share-based equity awards. As of September 30, 2025 and December 31, 2024, the cumulative amount recorded as a net increase to additional paid-in capital within equity on the unaudited condensed consolidated balance sheet in respect of the Conditional Share Capital Plan was $4,893 and $2,964. The amounts of expense for all awards recognized for services received during the three and nine months ended September 30, 2025 were $699 and $1,929, respectively, and $970 and $3,008 during the three and nine months ended September 30, 2024, respectively. Inducement Plan In December 2023, the Company adopted the Inducement Plan. Under the Inducement Plan, the Company may at its discretion grant to any employee who is eligible to receive an employment inducement grant in accordance with NYSE Listed Company Manual 303A.08. The maximum number of common shares in respect of which awards may be granted under the Inducement Plan is 2,000,000 common shares (including share-based equity awards granted to date, less awards forfeited), subject to adjustment in the event of certain corporate transactions or events if necessary to prevent dilution or enlargement of the benefits made available under the plan. Equity incentive awards under the Inducement Plan may be granted in the form of options, share appreciation rights, restricted shares, restricted share units, performance awards or other share-based awards but not “incentive stock options” for purposes of U.S. tax laws. As of September 30, 2025, the Company has 1,087,943 common shares available for the future issuance of share-based equity awards under this plan. As of September 30, 2025 and December 31, 2024, the cumulative amount recorded as a net increase to additional paid-in capital within equity on the unaudited condensed consolidated balance sheet in respect of the Inducement Plan was $1,111 and $554. The amounts of expense for all awards recognized for services received during the three and nine months ended September 30, 2025 were $184 and $557, respectively, and $232 and $327 during the three and nine months ended September 30, 2024. Share Options Pursuant to the 2019 Equity Incentive Plan, the Conditional Share Capital Plan and Inducement Plan (the “Share-based Compensation Plans”), the Company may grant share options to its directors, certain employees and service providers working for the benefit of the Company at the time. The exercise price per share option is set by the Company at the fair market value of the underlying common shares on the date of grant, as determined by the Company, which is generally the closing share price of the Company’s common shares traded on the NYSE. The awards generally vest 25% on the first anniversary of the date of grant, and thereafter evenly on a monthly basis over the subsequent three years. The contractual term of each share option award granted is ten years. Under the grant, the options may be settled only in common shares of the Company. Therefore, the grants of share options under the 2019 Equity Incentive Plan and Inducement Plan have been accounted for as equity-settled under US GAAP. 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. This results in a front-loaded charge to the Company’s unaudited condensed consolidated statements of operations and a corresponding increase to additional paid-in capital within equity on the unaudited condensed consolidated balance sheets. The expense recognized for services received during the three and nine months ended September 30, 2025 were $531 and $2,114, respectively, and $1,386 and $641 during the three and nine months ended September 30, 2024, respectively. Movements in the number of awards outstanding under the Plans described above and their related weighted average strike prices are as follows:
|  | Weighted average strike price per share (in $ per share) |  | Number of awards |  | Weighted average remaining life in years |  | Aggregate Intrinsic Value (in $ thousands)
Outstanding as of December 31, 2024 |  | $8.69 |  | 10,697,288 |  |  | 7.56 |  | $ | — |
Granted |  | 2.61 |  | 536,650 |  |  |  |  |
Forfeited |  | 3.53 |  | (422,773) |  |  |  |  |
Expired |  | 17.41 |  | (302,625) |  |  |  |  |
Exercised |  | 2.18 |  | (146,213) |  |  |  |  |
Outstanding as of September 30, 2025 |  | $8.43 |  | 10,362,327 |  |  | 6.88 |  | $ | — |
As of September 30, 2025, 7,003,807 awards are vested and exercisable out of the total outstanding awards of 10,362,327 common shares. As of September 30, 2025, the weighted average strike price and weighted average remaining life for vested and exercisable awards is $10.83 and 6.27 years, respectively. Awards outstanding as of September 30, 2025 have expiration dates through 2035. The weighted average grant date fair value of the awards granted during the nine months ended September 30, 2025 was $2.21. The aggregate intrinsic value of vested and exercisable options was zero. As of September 30, 2025, the unrecognized compensation cost related to 3,358,520 unvested share options expected to vest was $4.3 million. This unrecognized cost will be recognized over an estimated weighted-average amortization period of 1.59 years. The exercise price of stock options granted is equal to the closing price of the common stock on the date of grant. The fair values of the options granted under the 2019 Equity Incentive Plan and the Inducement Plan were estimated on the date of the grant using the Black-Scholes option-pricing model. Expected volatility is historical volatility of our common stock. The award life for options granted was based on the time interval between the date of grant and the date during the ten-year life after which, when making the grant, the Company expected on average that participants would exercise their options. The assumptions used were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected volatility |  | 100% |  | 95% |  | 100 | % |  | 95 | %
Expected life, (years) |  | 6.08 |  | 6.08 |  | 6.08 |  | 6.08
Expected dividend yield |  | — |  |  | — |  |  | — |  |  | — |
Risk-free interest rate |  | 3.87-3.94% |  | 3.63-4.35% |  | 3.87-4.43% |  | 3.63-4.54%
RSUs Pursuant to the Share-based Compensation Plans, the Company may grant RSUs to its directors, certain employees and service providers working for the benefit of the Company at the time. The awards generally vest annually over a period of two to three years commencing on the first anniversary of the date of grant. The RSUs may be settled only in common shares of the Company. Therefore, the grant of RSUs under both the 2019 Equity Incentive Plan and Conditional Share Capital Plan have been accounted for as equity-settled under US GAAP. 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. This results in a front-loaded charge to the Company’s unaudited condensed consolidated statements of operations and a corresponding increase to additional paid-in capital within equity on the unaudited condensed consolidated balance sheets. The expense recognized for services received during the three and nine months ended September 30, 2025 is $1,468 and $4,368, respectively, and $1,357 and $4,102 during the three and nine months ended September 30, 2024, respectively. An amount of $250 was withheld for tax withholding obligations during the nine months ended September 30, 2025. The following table summarizes the RSU awards outstanding as of September 30, 2025:
| Number of awards |  | Weighted average grant date fair value (in $ per share)
December 31, 2024 | 3,106,310 |  |  | $1.81
Granted | 5,295,765 |  |  | 1.71
Vested (1) | (511,433) |  |  | 5.38
Forfeited | (873,880) |  |  | 1.44
September 30, 2025 | 7,016,762 |  |  | $1.52
(1) Includes 87,054 shares withheld to cover tax withholding obligations in connection with the vesting of RSUs previously granted. The total fair value of RSU awards vested (as measured on the date of vesting) during the nine months ended September 30, 2025 was $1,364.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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