Share-based payment (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangements [Abstract] |
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| Summary of share-based payment arrangements |
As of December 31, 2025, the outstanding plans are as follows: | | | | | | | | | | Plan | Instrument type | Participants | | At-Listing Plan | Restricted Share Units ("RSUs") | All executives and other key management members | | Long Term Incentive Plan | Performance Share Units ("PSUs") and RSUs | EMT and other key management members | | One-time Retention Bonus Plan | RSUs | Eligible employees | | Employee Stock Purchase Plan | Restricted Stock Award ("RSAs") | Eligible employees | | Share Based Retention Program | RSUs | Eligible employees |
| | | | | | | | | | | | | | | | Plan year | Grant date | Vesting period | Vesting commencement | Final vesting date | | 2022 | September 09, 2022 | 3-year cliff | June 24, 2022 | June 24, 2025 | | 2023 | April 03, 2023 | 3-year cliff | January 01, 2023 | April 03, 2026 | | 2024 | April 05, 2024 | 3-year cliff | January 01, 2024 | June 01, 2027 | | 2025 | January 20, 2025 | 3-year cliff | January 01, 2025 | January 20, 2028 |
The fair value of the RSUs granted under these plans are determined by reference to the Group's closing share price on the grant date or the closing share price on the business day immediately preceding the grant date as shown in the following table: | | | | | | | | | | | | | | | | 2022 | 2023 | 2024 | 2025 | | Valuation model | Market price at grant date | Market price on business day immediately preceding grant date | Market price on business day immediately preceding grant date | Market price on business day immediately preceding grant date | | Fair value per instrument | $6.72 | $3.79 | $1.53 | $1.09 |
The units linked to non-market-based vesting conditions were fair valued by reference to the Group's closing share price on the grant date or the closing share price on the business day immediately preceding the grant date as shown in the following table: | | | | | | | | | | | | | | | | 2022 | 2023 | 2024 | 2025 | | Valuation model | Market price at grant date | Market price on business day immediately preceding grant date | Market price on business day immediately preceding grant date | Market price on business day immediately preceding grant date | | Fair value per instrument | $6.72 | $3.79 | $1.53 | $1.09 |
The following table illustrates total share-based compensation expense, all of which was equity settled, for the years ended December 31, 2025, 2024, and 2023: | | | | | | | | | | | | | For the year ended December 31, | | 2025 | 2024 | 2023 | | Selling, general and administrative expense | 7,431 | 7,257 | 5,131 | | Research and development expense | 1,711 | 2,584 | 262 | | Total | 9,142 | 9,841 | 5,393 |
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| Summary of number and weighted average exercise prices of other equity instruments |
The following table illustrates share activity adjusted for ADS Ratio Change (figures are presented in ones) for the years ended December 31, 2025 and 2024. Refer to Note 21 - Equity for further details on the ADS Ratio Change. | | | | | | | | | | | | | | | | | | | | | | | | | At-Listing Plan | Long Term Incentive Plan | One-time Retention Bonus Plan | Employee Stock Purchase Plan | Share Based Retention Program | Total | | RSUs | RSUs | PSUs | RSUs | RSAs | RSUs | All shares | Outstanding as of
January 1, 2024 | 5,097 | | 20,306 | | 65,703 | | — | | — | | — | | 91,106 | | | Granted during the year | — | | 45,162 | | 111,776 | | 333,481 | | 29,228 | | — | | 519,647 | | | Forfeited during the year | (289) | | (11,379) | | (52,842) | | (30,032) | | (306) | | — | | (94,848) | | | Vested during year | (4,808) | | — | | — | | — | | — | | — | | (4,808) | | Outstanding as of
December 31, 2024 | — | | 54,089 | | 124,637 | | 303,449 | | 28,922 | | — | | 511,097 | | | Granted during the year | — | | 131,733 | | 224,561 | | — | | 22,685 | | 29,222 | | 408,201 | | | Forfeited during the year | — | | (18,228) | | (38,508) | | (9,136) | | (23,584) | | (1,588) | | (91,044) | | | Vested during year | — | | (2,979) | | (13,366) | | (297,170) | | — | | — | | (313,515) | | Outstanding as of
December 31, 2025 | — | | 164,615 | | 297,324 | | (2,857) | | 28,023 | | 27,634 | | 514,739 | |
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| Summary of key assumptions and inputs |
The units linked to market-based vesting conditions were measured using a Monte Carlo simulation. The key assumptions and inputs considered for the valuation have been mentioned in the below table: | | | | | | | | | | | | | | | | Assumptions | 2022 | 2023 | 2024 | 2025 | | Beginning of performance period | January 1, 2022 | January 1, 2023 | January 1, 2024 | January 1, 2025 | | End of performance period | December 31, 2024 | December 31, 2025 | December 31, 2026 | December 31, 2027 | | Expected term | 2.3 years | 2.7 years | 2.7 years | 2.9 years | | Risk free rate | 3.5% | 3.8% | 4.5% | 4.3% | | Dividend yield | —% | —% | —% | —% | | Company's volatility | 70.0% | 75.0% | 75.0% | 84.0% | | No of simulation iterations | 100,000 | 100,000 | 100,000 | 50,000 | | Weighted average fair value per PSU | $7.02 | $3.68 | $1.57 | $1.19 |
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