Operating Expenses

9 Months Ended

Sep. 30, 2024

Operating Expenses [Abstract]

Operating Expenses

Note 11: Operating Expenses

The Company had an average of 108 employees during the nine months ended September 30, 2024, in comparison with an average of 97 employees during the nine months ended September 30, 2023. The increase is mainly due to hiring to support development activities and quality activities.

The following table summarizes the allocation of personnel expenses by function during the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Research and Development expenses	5,026	3,663	15,251	11,684
Sales & Marketing expenses	164	184	731	557
General & Administrative expenses	3,141	2,876	9,791	8,834
Total personnel expenses	8,331	6,724	25,773	21,075

The following table summarizes the allocation of personnel expenses by nature during the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Wages and salaries	5,301	4,175	15,984	12,691
Social security contributions	1,190	962	3,912	2,846
Expenses for pension commitments	251	234	804	738
Employer contribution to bonus shares	—	—	—	—
Share-based payments	1,590	1,353	5,073	4,800
Total	8,331	6,724	25,773	21,075

The increase in personnel expenses is due to the recruitment of internal resources mostly based in North America to support development activities.