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Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 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 | 18 Aug 2026 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 |
|---|---|---|---|---|---|---|
| Cash and equivalents | — | 517M | 144M | 252M | 27M | 61M |
| Current assets | — | 551M | 171M | 286M | 36M | — |
| Metric | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 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. Data: US exchange trading and company filings with the regulator
| 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 |