5 unchanged sentences
Our senior management oversees the management of these risks.
−Removed: The Board of Directors reviews and approves policies for managing each of these risks, which are summarized below.
+Added: Our Board of Directors reviews and approves policies for managing each of these risks, which are summarized below.
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
6 unchanged sentences
We regularly review our investments and monitor the financial markets and we do not currently hedge interest rate exposure.
−Removed: Due to the nature of our investments, we do not believe an immediate 100 basis point change in interest rates would have a
−Removed: material effect on our financial condition.
+Added: Due to the nature of our investments, we do not believe an immediate 100 basis point change in interest rates would have a material effect on our financial condition.
We do not believe that we have any material exposure to interest rate risk or changes in credit ratings arising from our investments.
2 unchanged sentences
Our exposure to the risk of changes in foreign exchange rates relates primarily to cash and trade and other payables denominated in currencies other than our functional currency, the U.S.
−Removed: As of December 31, 2024, our net exposure to foreign currency risk was $108.6 million, mainly related to the Euro.
+Added: As of December 31, 2025, our net exposure to foreign currency
+Added: risk was $95.6 million, mainly related to the Euro.
As of December 31, 2025, the effect of a hypothetical 1% change in exchange rates on currencies denominated in other than our functional currency would result in a potential change in future earnings in our consolidated statement of operations of approximately $1.0 million.
2 unchanged sentences
Other Market Price Risk
−Removed: As a result of the Business Combination, we have derivative warrant liabilities and a derivative earnout liability which are measured at fair value through profit or loss.
−Removed: As at December 31, 2024, the fair value of the derivative warrant liabilities and the derivative earnout liability were $37.5 million and $44.8 million, respectively.
+Added: As a result of the Business Combination, we have derivative warrant liabilities, which are measured at fair value through profit or loss.
+Added: As of December 31, 2025, the fair value of the derivative warrant liabilities totaled $57.3 million.
The value of the derivative warrant liability is directly correlated to the market price of a publicly traded Warrant which is traded under the symbol NAMSW.
With all other variables held constant, a 1% change in the market price of NAMSW would change the value of the derivative warrant liability by 1% or $0.6 million.
−Removed: The value of the derivative earnout liability is directly correlated to the market price of a publicly traded Ordinary Share which is traded under the symbol NAMS.
−Removed: With all other variables held constant, a 1% change in the market price of NAMS would change the value of the derivative earnout liability by 1% or $0.4 million.
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
2 unchanged sentences
Management periodically reviews the creditworthiness of the banks with which it holds assets.
−Removed: We perform research and development activities and do not yet have any sales.
+Added: We perform research and development activities and do not yet have significant sales.
We are able to reclaim VAT, which is recoverable from tax authorities.
Management periodically reviews the recoverability of the balance of input value added tax and believes it is fully recoverable.
+Added: Financial Statements and Supplementary Data
+Added: The financial statements of the Company begin on page F-1 of this Annual Report and are incorporated herein by reference.
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.