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Share-based Payments (Tables)
 12 Months Ended
Dec. 31, 2025
Share-based Payments [Abstract]  
Schedule of Share-Based Payment Expense as Reflected in the Consolidated Statement of Income/(Loss) The following table provides the classification of the Group’s consolidated share-based payment expense as
reflected in the Consolidated Statement of Income/(Loss):
Year ended December 31,
2025
$
2024
$
2023
$
General and administrative
6,893
21,993
3,185
Research and development
1,329
857
1,230
Total
8,222
22,850
4,415
Schedule of RSU Activity During the twelve months ended December 31, 2025 and 2024, the Group granted the following RSUs to certain non-executive
Directors, executives and employees:
Year ended December 31,
2025
2024
Time-based RSUs
4,855,916
4,388,116
Performance-based RSUs
1,494,919
1,822,151
Total RSUs
6,350,835
6,210,267
RSU activity for the years ended December 31, 2025, 2024 and 2023 is detailed as follows:
Number of
Shares/Units
Weighted
Average Grant
Date Fair Value
(GBP) (*)
Outstanding (Non-vested) at January 1, 2023
6,090,780
1.74
RSUs Granted in Period
3,679,669
1.28
Vested
(716,029)
2.00
Forfeited
(1,880,274)
1.94
Outstanding (Non-vested) at December 31, 2023
7,174,146
1.10
RSUs Granted in Period
6,210,267
1.63
Vested
(1,347,729)
1.71
Forfeited
(3,057,962)
1.75
Outstanding (Non-vested) at December 31, 2024
8,978,722
1.29
RSUs Granted in Period
6,350,835
1.14
Vested
(3,184,023)
1.62
Forfeited
(2,757,344)
1.39
Outstanding (Non-vested) at December 31, 2025
9,388,190
1.20
*For liability awards - based on fair value at reporting date or settlement date.
Schedule of Stock Option Activity Stock option activity for the years ended December 31, 2025, 2024 and 2023, is detailed as follows:
Number of
Options
Wtd Average
Exercise Price
(GBP)
Wtd Average of
remaining
contractual
term (in years)
Wtd Average
Stock Price at
Exercise (GBP)
Outstanding at January 1, 2023
17,793,881
2.31
8.03
Granted
3,120,975
2.22
Exercised
(534,034)
1.71
2.46
Forfeited and expired
(3,424,232)
2.40
Options Exercisable at December 31, 2023
9,065,830
2.19
6.01
Outstanding at December 31, 2023
16,956,590
2.29
7.20
Granted
2,665,875
1.87
Exercised
(412,729)
1.73
2.20
Forfeited and expired
(4,725,746)
2.24
Options Exercisable at December 31, 2024
9,534,400
2.33
4.45
Outstanding at December 31, 2024
14,483,990
2.25
5.87
Granted
381,000
1.24
Exercised
(65,000)
1.20
1.39
Forfeited and expired
(2,388,931)
2.41
Options Exercisable at December 31, 2025
9,690,271
2.28
4.87
Outstanding at December 31, 2025
12,411,059
2.19
5.62
Schedule of Terms and Conditions of Share-Based Payment Arrangement The fair value of the stock options awarded by the Group was estimated on the grant date using the Black-Scholes option valuation
model, considering the terms and conditions upon which options were granted, with the following weighted-average assumptions:
At December 31,
2025
2024
2023
Expected volatility
45.18%
44.76%
43.69%
Expected term (in years)
6.16
6.16
6.16
Risk-free interest rate
3.81%
4.31%
4.04%
Expected dividend yield
—
—
—
Exercise price (GBP)
1.24
1.87
2.22
Underlying stock price (GBP)
1.24
1.87
2.22
Schedule of Range of Exercise Prices of Outstanding Share Options For shares outstanding as of December 31, 2025, the range of exercise prices is detailed as follows:
Range of Exercise Prices (GBP)
Options
Outstanding
Wtd
Average
Exercise
Price (GBP)
Wtd Average of
remaining
contractual
term (in years)
0.01
89,845
—
3.75
1.00 to 2.00
5,627,230
1.62
5.73
2.00 to 3.00
4,100,484
2.25
6.49
3.00 to 4.00
2,593,500
3.40
4.07
Total
12,411,059
2.19
5.62
Schedule of Subsidiary Share-Based Payments A summary of stock option activity by number of shares in these subsidiaries is presented in the following table:
Outstanding as
of January 1,
2025
Granted During
the Year
Exercised
During the
Year
Expired During
the Year
Forfeited
During the
Year
Deconsolidation
During the Year
Outstanding as
of December
31, 2025
Entrega
334,500
—
—
(87,500)
—
—
247,000
Outstanding as
of January 1,
2024
Granted During
the Year
Exercised
During the Year
Expired During
the Year
Forfeited During
the Year
Deconsolidation
During the Year
Outstanding as
of December
31, 2024
Entrega
344,500
—
—
(5,000)
(5,000)
—
334,500
Seaport
—
22,429,780
—
—
(29,018)
(22,400,762)
—
Outstanding as
of January 1,
2023
Granted During
the Year
Exercised
During the Year
Expired During
the Year
Forfeited During
the Year
Deconsolidation
During the Year
Outstanding as
of December
31, 2023
Entrega
344,500
—
—
—
—
—
344,500
Follica
2,776,120
—
—
(2,170,547)
(605,573)
—
—
Vedanta
1,824,576
—
—
(1,313)
(29,607)
(1,793,656)
—
Schedule of Weighted Average Exercise Prices for Options Outstanding The weighted-average exercise prices, remaining contractual life and exercise price range for the options outstanding and
exercisable as of December 31, 2025, were as follows:
Outstanding and exercisable at December 31, 2025
Number of
options
Weighted-
average
exercise price
$
Weighted-
average
contractual life
outstanding
Exercise Price
Range
$
Entrega
247,000
1.85
2.41
0.02-2.36