Financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2025

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Summary of Financial Assets and Liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities.


		Accounting category								Book value on the statement of financial position				Fair Value				Fair Value Hierarchy
As of December 31, 2025		Fair value through profit and loss				Amortized cost												Level 1				Level 2				Level 3
		$ in thousands
Financial assets
Non-current financial assets	(i)						5,088				5,088				5,088				-				-				-
Trade receivables	(i)		-				14,398				14,398				14,398				-				-				-
Subsidies receivables	(i)		-				7,800				7,800				7,800				-				-				-
Current financial assets	(i)		234				146,897				147,130				147,130				-				-				234
Cash and cash equivalents			61,533				-				61,533				61,533				61,533				-				-
Total financial assets			61,767				174,183				235,949				235,949				61,533				-				234

Financial liabilities
Non-current derivative instruments (EIB warrants)			22,059				-				22,059				22,059				-				-				22,059
Other non-current financial liabilities			-				51,953				51,953				52,521				-				-				-
Current financial liabilities	(i)		-				10,460				10,460				10,460				-				-				-
Trade payables	(i)		-				17,277				17,277				17,277				-				-				-
Other current liabilities	(i)		168				12,174				12,342				12,342				-				-				168
Total financial liabilities			22,227				91,865				114,092				114,660				-				-				22,227

(i) As of December 31, 2025, the carrying amount of these assets and liabilities on the statement of consolidated financial position is a reasonable approximation of their fair value.


		Accounting category								Book value on the statement of financial position				Fair Value				Fair Value Hierarchy
As of December 31, 2024		Fair value through profit and loss				Amortized cost												Level 1				Level 2				Level 3
		$ in thousands
Financial assets
Non-current financial assets			4,556				2,965				7,521				7,521				4,556				-				-
Trade receivables			-				6,714				6,714				6,714				-				-				-
Subsidies receivables			-				14,521				14,521				14,521				-				-				-
Current financial assets			117,055				-				117,055				117,055				117,055				-				-
Cash and cash equivalents			143,251				-				143,251				143,251				143,251				-				-
Total financial assets			264,862				24,199				289,061				289,061				264,862				-				-

Financial liabilities
Non-current derivative instruments (EIB warrants)			6,010				-				6,010				6,010				-				-				6,010
Other non-current financial liabilities			-				44,871				44,871				45,038				-				-				45,038
Current financial liabilities			-				16,134				16,134				16,141				-				-				16,141
Trade payables			-				18,664				18,664				18,664				-				-				-
Other current liabilities			-				10,097				10,097				10,097				-				-				-
Total financial liabilities			6,010				132,397				138,408				138,581				-				-				67,189

Summary of Cash, Cash Equivalents and Current Financial Assets Denominated in US Dollars Affected Profit or Loss and Equity

cash, cash equivalents and current financial assets denominated in US dollars and affected profit or loss and equity by the amounts shown below.


		Profit (loss)								Equity, net of tax
Effect in thousands of USD		Strengthening				Weakening				Strengthening				Weakening

USD (10% movement)
Cash and cash equivalents			2,848				(2,848	)			-				-
Current financial assets			13,354				(13,354	)			-				-
Total cash, cash equivent and current financial assets			16,202				(16,202	)			-				-

Schedule of derivative instruments put and call options

As of December 31, 2024 and December 31, 2025 we held derivative instruments consisting in a a combination of put and call options to hedge some of our foreign currency exchange risk. These instruments have the following features:


												Fair value as of December 31,
Maturity date		Instrument		Notional amount USD				Exercise price				2024			2025
				($, in thousands)								($, in thousands)
May 13, 2025		Call options			3,000				1.1000				8			-
May 13, 2025		Put options			5,000				1.0650				(153	)		-
July 11, 2025		Call options			3,000				1.1000				15			-
July 11, 2025		Put options			5,000				1.0650				(157	)		-
February 25, 2026		Call options			5,000				1.1695				-			56
February 25, 2026		Put options			10,000				1.1640				-			(44	)
May 15, 2026		Call options			4,500				1.1550				-			82
May 15, 2026		Put options			9,000				1.1320				-			(21	)
May 26, 2026		Call options			5,000				1.1695				-			95
May 26, 2026		Put options			10,000				1.1640				-			(83	)