Three months ended March 31,

(In thousands of USD)

2025

2024

Revenue

2,978

1,401

Interest income

7,351

3,083

Less:

Personnel expense

10,163

5,269

External R&D expense

29,327

32,604

Manufacturing expense

5,841

3,661

Regulatory expense

1,017

492

Commercial programs

5,907

3,489

General and administrative expense

4,322

3,419

Depreciation and amortization

113

31

Segment adjusted loss before tax

(46,361

)

(44,481

)

Reconciliation to consolidated net loss

Share-based compensation expense

(15,213

)

(7,918

)

Change in fair value - derivatives

17,754

(38,950

)

Foreign exchange gains/(losses)

4,293

(2,418

)

Income tax expense

—

—

Consolidated net loss for the period

(39,527

)

(93,767

)