v3.25.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss   $ (81,119) $ (62,481)
Adjustments to reconcile net loss to cash flows from operating activities:      
Depreciation $ 1,100 1,991 1,745
Impairment on lab equipment held-for-sale 3,000 2,975 0
Write-off of prepaid expenses related to program terminations   2,549 0
Share-based compensation expense   (608) 3,389
Amortization of discount on marketable securities   (97) (2,369)
Changes in assets and liabilities:      
Receivable from Former Parent   51 4,543
Prepaid expenses   3,606 (6,572)
Other current assets   283 159
Right-of-use assets   2,422 2,621
Other assets   10 (61)
Accounts payable and accrued expenses   2,672 (3,742)
Operating lease liabilities   (2,849) (3,929)
Other liabilities   (47) 0
Cash flows used in operating activities   (68,161) (66,697)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of marketable securities   0 (143,802)
Sales and maturities of marketable securities   29,000 63,000
Proceeds from sale of property and equipment   780 0
Additions of property and equipment   (15) (55)
Cash flows provided by (used in) investing activities   29,765 (80,857)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of ordinary shares under employee share plans   28 0
Cash flows provided by financing activities   28 0
Net decrease in cash, cash equivalents and restricted cash   (38,368) (147,554)
Cash, cash equivalents and restricted cash-beginning of period   117,431 271,110
Cash, cash equivalents and restricted cash-end of period 79,063 79,063 123,556
RECONCILIATION OF BALANCE SHEET TO STATEMENT OF CASH FLOWS:      
Cash and cash equivalents 77,094 77,094 121,587
Restricted cash, current 1,969 1,969 0
Restricted cash, noncurrent 0 0 1,969
Total cash, cash equivalents and restricted cash as shown in the statement of cash flows $ 79,063 $ 79,063 $ 123,556