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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 | 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 | 18 Aug 2026 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 |
|---|---|---|---|---|---|---|
| Cash and equivalents | — | 353M | 32M | 88M | 42M | 17M |
| Current assets | — | 494M | 147M | 90M | — |
| Metric | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 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. Data: US exchange trading and company filings with the regulator
| 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 |