Net Loss Per Ordinary Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Ordinary Share

Note 11. Net Loss per Ordinary Share

For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the pre-funded warrants to purchase Ordinary Shares (the “Pre-Funded Warrants”) are included.

Basic and diluted net loss per Ordinary Share was calculated as follows:

	Three months ended March 31,
(In thousands of USD, except share and per share amounts)	2025			2024
Net loss		(39,527	)		(93,767	)
Weighted average Ordinary Shares outstanding, basic and diluted		116,124,941			88,380,230
Net loss per Ordinary Share, basic and diluted		(0.34	)		(1.06	)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive:

	Three months ended March 31,
	2025		2024
Stock options		21,851,453		19,333,254
Restricted Stock Units		663,790		—
Outstanding warrants		2,616,639		2,994,673
Total		25,131,882		22,327,927