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Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|---|---|
| Research and development | 45m | 30m | 25m | 9m |
| Selling, general and administrative | 39m | 10m | 7m | 4m |
| Operating expenses | 84m | 40m | 32m | 13m |
| Operating income | −84m | −40m | −32m | −13m |
| Pre-tax income | −78m | −36m | −32m | −13m |
| Income tax | 0 | 6,000 | 9,000 | — |
| Net income | −78m | −36m | −32m | −13m |
| Earnings per share | −2.31 | −1.18 | −1.19 | −0.63 |
| Earnings per share, diluted | −2.31 | −1.18 | −1.19 | −0.63 |
| Weighted average shares | 34m | 31m | 27m | 20m |
| Weighted average shares, diluted | 34m | 31m | 27m | 20m |
| Metric | Aug 18, 2026 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|---|
| Cash and equivalents | — | 353m | 32m | 88m | 42m | 17m |
| Current assets | — | 494m | 147m | 90m | — |
| Metric | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|---|---|
| Operating cash flow | −37m | −29m | −30m | −11m |
| Depreciation and amortisation | 172,000 | 164,000 | 139,000 | 64,000 |
| Share-based compensation | 39m | 9m | 4m | 1m |
| Capital expenditure |
Amounts in USD unless stated otherwise. Sources: Nasdaq Trader, Yahoo Finance, U.S. Securities and Exchange Commission (EDGAR)
| Property, plant and equipment | — | 344,000 | 444,000 | 490,000 | — | — |
| Total assets | — | 781m | 152m | 95m | — | — |
| Current liabilities | — | 10m | 6m | 4m | — | — |
| Total liabilities | — | 10m | 6m | 4m | — | — |
| Equity | — | 770m | 146m | 90m | 42m | −15m |
| Shares outstanding | — | 39m | 32m | 29m | — | — |
| Shares issued | — | 39m | 32m | 29m | — | — |
| 71,000 |
| 116,000 |
| 63,000 |
| 394,000 |
| Investing cash flow | −305m | −111m | −63,000 | −394,000 |
| Financing cash flow | 663m | 84m | 76m | 37m |