v3.26.1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 40,992	$ 69,802
Prepaid expenses and other current assets	2,531	2,175
Research and development incentives receivables	1,497	2,786
Total current assets	45,020	74,763
Property and equipment, net	137	257
Operating lease right-of-use assets, net	244	727
Intangible assets, net	516	643
Total assets	45,917	76,390
Current liabilities:
Accounts payable	1,333	2,440
Accrued expenses	2,026	4,071
Convertible loan notes - current	0	5,535
Operating lease liabilities - current	202	707
Other current liabilities	741	1,095
Total current liabilities	4,302	13,848
Warrant liabilities - non current	38	821
Operating lease liabilities- non current	0	187
Other non-current liabilities	661	565
Total liabilities	5,001	15,421
Commitments and contingencies (Note 17)
Shareholders' Equity
Ordinary shares, par value 0.003 per share; 795,658,504 shares issued at December 31, 2025 (December 31, 2024: 775,728,034)	3,135	3,059
Additional paid-in capital	549,622	539,642
Accumulated deficit	(501,018)	(462,883)
Accumulated other comprehensive loss	(10,823)	(18,849)
Total shareholders' equity	40,916	60,969
Total liabilities and shareholders' equity	$ 45,917	$ 76,390

Current portion of research and development incentives receivables.

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