v3.25.2
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30,December 31,
20252024
UK R&D tax credit
$36,147 $20,712 
Prepaid research and development14,426 11,332 
VAT recoverable1,181 1,109 
Prepaid insurance premium647 280 
Other current assets1,742 2,388 
$54,143 $35,821 
The Company was uncertain whether it would meet the R&D intensity condition and be eligible for the enhanced effective rate for its tax submission relating to the year ended December 31, 2023. The Company sought clarity from HMRC in the form of a non-statutory clearance and received a positive response in April 2025. The Company filed a resubmission claim relating to the year ended December 31, 2023 at the enhanced rate, which resulted in an increase in its R&D tax relief claim of $4.1 million.