10.	LOSS PER SHARE

Basic loss per ordinary share

Basic loss per ordinary share is calculated by dividing the net loss attributable to owners of the parent of US$31,789,000 (2023: loss of US$24,018,000) (2022: loss of US$41,009,000) by the weighted average number of ‘A’ ordinary shares in issue, net of any Treasury Shares, during the year. Basic loss per ordinary share from continuing operations is calculated by dividing the loss from continuing operations attributable to owners of the parent of US$31,216,000 (2023: loss of US$36,868,000) (2022: loss of US$43,586,000) by the weighted average number of ‘A’ ordinary shares in issue, net of any Treasury Shares, during the year.

As at December 31, 2024, the number of ‘A’ ordinary shares for the purposes of the calculation of basic loss per share are 359,193,482 shares (2023: 153,099,405 shares) (2022: 134,939,327 shares).

	December 31, 2024			December 31, 2023			December 31, 2022
‘A’ ordinary shares		359,193,482			153,099,405			134,939,327

Basic loss per share denominator		359,193,482			153,099,405			134,939,327

Reconciliation to weighted average loss per share denominator:
Number of ‘A’ ordinary shares at January 1 (Note 19)		165,865,882			164,985,882			96,162,410
Weighted average number of ‘A’ ordinary shares issued during the year*		205,883,200			669,123			51,332,517
Weighted average number of treasury shares		(12,555,600	)		(12,555,600	)		(12,555,600	)

Basic loss per share denominator		359,193,482			153,099,405			134,939,327

*The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days.

Diluted loss per ordinary share

Diluted loss per ordinary share is calculated by dividing the net loss attributable to owners of the parent by the weighted average number of ‘A’ ordinary shares in issue, net of any Treasury Shares, during the year, plus the weighted average number of ‘A’ ordinary shares that would be issued on the conversion of all the dilutive potential ‘A’ ordinary shares into ‘A’ ordinary shares. As the potentially dilutive instruments were anti-dilutive in all periods presented, basic loss per ‘A’ ordinary share and diluted loss per ‘A’ ordinary share are equivalent.

The following potential ‘A’ ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ‘A’ ordinary shares for the purposes of calculating diluted loss per ‘A’ ordinary share.

	December 31, 2024		December 31, 2023		December 31, 2022
Potentially Dilutive Instruments:
Issuable on exercise of options (Note 20)		-		186,908		2,752,153
Issuable on exercise of warrants to Perceptive (Note 23)		20,173,151		-		-
Issuable on conversion of Exchangeable notes (Note 23)		38,391		38,391		1,436,463
Issuable on conversion of Convertible notes (Note 23)		24,691,358		24,691,358		16,370,709

Total number of potentially dilutive instruments excluded from the weighted average number of ‘A’ ordinary shares in calculating dilutive loss per ‘A’ ordinary share		44,902,900		24,916,657		20,559,325

Of the ‘A’ ordinary shares issuable on exercise of options, NIL are contingently issuable as their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. The conditions governing their exercisability have not been satisfied as at the end of the reporting period.

Loss per ADS

In February 2024, the Company changed the ratio of the ADSs representing its ‘A’ ordinary shares from one (1) ADS representing four (4) ‘A’ ordinary shares to one (1) ADS representing twenty (20) ‘A’ ordinary shares.

Basic loss per ADS is calculated by dividing the loss attributable to owners of the parent of US$31,789,000 (2023: loss of US$24,018,000) (2022: loss of US$41,009,000) by the weighted average number of ADS in issue, net of any Treasury Shares, during the year. Basic loss per ADS from continuing operations is calculated by dividing the loss of US$31,216,000 (2023: loss of US$36,868,000) (2022: loss of US$43,586,000) by the weighted average number of ADS in issue, net of any Treasury Shares, during the year.

As at December 31, 2024, the number of ADS for the purposes of the calculation of basic loss per ADS were 17,959,674 ADS (2023: 7,654,970 ADS) (2022: 6,746,966 ADS).

	December 31, 2024			December 31, 2023			December 31, 2022
ADS		17,959,674			7,654,970			6,746,966

Basic loss per ADS denominator		17,959,674			7,654,970			6,746,966

Reconciliation to weighted average loss per ADS denominator:
Number of ADS at January 1 (Note 19)		8,293,294			8,249,294			4,808,120
Weighted average number of shares issued during the year*		10,294,160			33,456			2,566,626
Weighted average number of treasury shares		(627,780	)		(627,780	)		(627,780	)

Basic loss per ADS denominator		17,959,674			7,654,970			6,746,966

*The weighted average number of ADSs issued during the year is calculated by taking the number of ADSs issued multiplied by the number of days in the year each share is in issue, divided by 365 days.

Diluted loss per ADS

Diluted loss per ADS is calculated by dividing the net loss attributable to owners of the parent by the weighted average number of ADS in issue, net of any Treasury Shares, during the year, plus the weighted average number of ADS that would be issued on the conversion of all the dilutive potential ADS into ADS. As the potentially dilutive instruments were anti-dilutive in all periods presented, basic loss per ADS and diluted earnings per ADS are equivalent.

The following potential ADS are anti-dilutive and are therefore excluded from the weighted average number of ADS for the purposes of calculating dilutive (loss)/earnings per ADS.

	December 31, 2024		December 31, 2023		December 31, 2022
Potentially Dilutive Instruments:
Issuable on exercise of options (Note 20)		-		9,345		137,608
Issuable on exercise of warrants to Perceptive (Note 23)		1,008,658		-		-
Issuable on conversion of Exchangeable notes (Note 23)		1,920		1,920		71,823
Issuable on conversion of Convertible notes (Note 23)		1,234,568		1,234,568		818,535

Total number of potentially dilutive instruments excluded from the weighted average number of ADS in calculating dilutive loss per ADS		2,245,146		1,245,833		1,027,966

Of the ADS issuable on exercise of options, NIL are contingently issuable as their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. The conditions governing their exercisability have not been satisfied as at the end of the reporting period.