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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 | 178m | 147m | 103m | 48m |
| Selling, general and administrative | 68m | 33m | 22m | 7m |
| Operating income | −246m | −173m | −127m | −65m |
| Pre-tax income | −330m | −176m | −148m | −61m |
| Income tax | 6m | 0 | 0 | 0 |
| Net income | −336m | −176m | −148m | −61m |
| Earnings per share | −4.83 | −2.80 | −3.43 | −3.18 |
| Earnings per share, diluted | −4.83 | −2.80 | −3.43 | −3.18 |
| Weighted average shares | 70m | 63m | 43m | 19m |
| Metric | Aug 18, 2026 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|---|
| Cash and equivalents | — | 517m | 144m | 252m | 27m | 61m |
| Current assets | — | 551m | 171m | 286m | 36m | — |
| Metric | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|---|---|
| Operating cash flow | −161m | −154m | −97m | −54m |
| Depreciation and amortisation | 1m | 1m | 707,000 | 485,000 |
| Share-based compensation | 35m | 20m | 8m | −1m |
| Capital expenditure |
Amounts in USD unless stated otherwise. Sources: Nasdaq Trader, Yahoo Finance, U.S. Securities and Exchange Commission (EDGAR)
| Goodwill | — | 18m | 18m | 18m | 18m | — |
| Total assets | — | 584m | 205m | 327m | 76m | — |
| Current liabilities | — | 63m | 94m | 91m | 51m | — |
| Equity | — | 455m | 41m | 196m | 7m | 26m |
| Shares issued | — | 79m | 63m | 63m | 22m | 17m |
| 142,000 |
| 640,000 |
| 265,000 |
| 288,000 |
| Investing cash flow | −8m | 16m | −8m | −12m |
| Financing cash flow | 547m | 28m | 335m | 32m |