v3.26.1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2025
Taxation [Abstract]  
Schedule of Income Taxes Recognized in Comprehensive Income Amounts recognized in Consolidated Statement of Comprehensive Income/(Loss):
2025
$
2024
$
2023
$
For the year ended December 31,
Income/(loss) for the year
(110,084)
27,782
(66,628)
Income tax expense/(benefit)
(842)
(4,008)
30,525
Income/(loss) before taxes
(110,927)
23,774
(36,103)
Schedule of Recognized Income Tax Expense Recognized Income Tax Expense/(Benefit):
2025
$
2024
$
2023
$
For the year ended December 31,
Federal - current
874
35,310
(2,246)
State - current
1,018
13,144
(46)
Total current income tax expense/(benefit)
1,892
48,454
(2,292)
Federal - deferred
(2,734)
(46,442)
29,294
State - deferred
—
(6,020)
3,523
Total deferred income tax expense/(benefit)
(2,734)
(52,462)
32,817
Total income tax expense/(benefit), recognized
(842)
(4,008)
30,525
Schedule of Reconciliation of Effective Tax Rate The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate
is as follows:
2025
2024
2023
For the year ended December 31,
$
%
$
%
$
%
US federal statutory rate
(23,295)
21.00
4,994
21.00
(7,573)
21.00
State taxes, net of federal effect
(5,664)
5.11
1,026
4.32
(3,974)
11.01
Tax credits
(1,772)
1.60
(2,517)
(10.59)
(9,167)
25.39
Stock-based compensation
777
(0.70)
2,123
8.93
589
(1.63)
Finance income/(costs) – fair value
accounting
769
(0.69)
1,640
6.90
(556)
1.54
Loss with respect to associate for
which no deferred tax asset is
recognized
639
(0.58)
210
0.88
249
(0.69)
Revaluation of deferred due to rate
change
(271)
0.24
(3,419)
(14.38)
—
—
Nondeductible compensation
505
(0.46)
1,534
6.45
872
(2.42)
Recognition of deferred tax assets
and tax benefits not previously
recognized
(962)
0.87
(12,396)
(52.14)
(433)
1.20
Unrecognized deferred tax asset
—
—
—
—
83,984
(232.63)
Deconsolidation of subsidiary
—
—
3,863
16.25
(17,506)
48.49
Cancellation of Debt Income
—
—
(987)
(4.15)
—
—
Current year losses and credits for
which no deferred tax asset is
recognized
27,288
(24.60)
—
—
—
—
Uncertain tax positions
1,208
(1.09)
—
—
—
—
Other
(66)
0.06
755
3.16
1,321
(3.65)
Worthless stock deduction
—
—
(833)
(3.50)
(17,281)
47.87
(842)
0.76
(4,008)
(16.86)
30,525
(84.52)
Schedule of Deferred Taxes Deferred tax assets have been recognized in the U.S. jurisdiction in respect of the following items:
2025
$
2024
$
For the year ended December 31,
Operating tax losses
33,810
2,621
Tax credits
272
238
Share-based payments
5,989
6,206
Capitalized research & development expenditures
40,696
48,904
Lease liability
3,912
4,851
Sale of future royalties
53,321
42,406
Deferred tax assets
137,999
105,226
Investments held at fair value
(31,289)
(23,565)
Right of use assets
(1,679)
(2,143)
Property and equipment, net
(796)
(1,235)
Investment in associates
—
(637)
Other temporary differences
(2,198)
(1,900)
Deferred tax liabilities
(35,962)
(29,480)
Deferred tax assets (liabilities), net
102,037
75,746
Deferred tax assets (liabilities), net, not recognized
102,037
75,746
Schedule of Unrecognized Deferred Tax Assets Deferred tax assets have not been recognized in respect of the following carryforward losses, credits and temporary differences,
because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.
2025
$
2024
$
For the year ended December 31,
Gross Amount
Tax Effected
Gross Amount
Tax Effected
Deductible temporary difference
254,843
67,955
274,227
72,887
Tax losses*
123,691
33,810
7,815
2,621
Tax credits
272
272
238
238
Total
378,806
102,037
282,280
75,746
*The gross amount in the table above represents federal tax losses; tax-effected amounts reflect both federal and state net operating losses. See the footnote disclosure below for
details  on gross state tax net operating losses carryforwards.
Schedule of Unrecognized Tax Losses and Tax Credits Carryforwards Tax losses and tax credits for which no deferred tax asset was recognized are presented below:
Balance as of December 31,
2025
$
2024
$
Gross Amount
Tax Effected
Gross Amount
Tax Effected
Tax losses expiring:
Within 10 years
2,382
593
1,537
416
More than 10 years
2,440
7,604
3,285
729
Available Indefinitely
118,870
25,613
2,993
1,476
Total*
123,691
33,810
7,815
2,621
Tax credits expiring:
Within 10 years
91
91
44
44
More than 10 years
181
181
194
194
Available indefinitely
—
—
—
—
Total
272
272
238
238
*The gross amount in the table above represents federal tax losses; tax-effected amounts reflect both federal and state net operating losses. See the footnote disclosure below for
details on gross state tax net operating losses carryforwards.
Schedule of Tax Balances as Presented in Consolidated Statement of Financial Position Tax Balances
The tax related balances presented in the Consolidated Statement of Financial Position are as follows:
For the year ended December 31,
2025
$
2024
$
Income tax receivable – current
6,372
—
Tax liability – current
(1,208)
(75)