v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Loss for the period $ (56,891) $ (132,774)
Non-cash adjustments to reconcile loss before tax to net cash flows:    
Depreciation and amortization 97 34
Non-cash rent expense 3 3
Fair value change - derivative earnout and warrants (20,344) 29,258
Foreign exchange (gains)/losses (12,919) 3,412
Amortization of premium/discount on available-for-sale debt securities (985)  
Share-based compensation 30,392 16,208
Changes in working capital:    
Changes in prepayments and other receivables (5,830) (8,276)
Changes in accounts payable 1,860 (11,656)
Changes in accrued expenses and other current liabilities (3,514) (1,110)
Changes in deferred revenue (6,008) (3,680)
Net cash used in operating activities (74,139) (108,581)
Investing activities:    
Purchase of property, plant and equipment, including internal use software (104) (594)
Maturities of available-for-sale debt securities 37,163  
Purchases of available-for-sale debt securities (193,340)  
Net cash used in investing activities (156,281) (594)
Financing activities:    
Proceeds from exercise of warrants 184 13,421
Proceeds from exercise of options 11,346 440
Payment of withholding taxes related to net share settlement of exercised options   (989)
Net cash provided by financing activities 9,944 202,838
Net change in cash (220,476) 93,663
Foreign exchange differences 12,597 (3,405)
Cash at the beginning of the period 771,743 340,450
Cash at the end of the period 563,864 430,708
Noncash financing and investing activities    
Right-of-use assets obtained in exchange for new operating lease liabilities   562
Issuance of earnout shares 40,807  
February 2024 Offering    
Financing activities:    
Proceeds from February 2024 offering of Ordinary Shares and Pre-Funded Warrants   190,481
Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants   $ (515)
December 2024 Offering    
Financing activities:    
Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants $ (1,586)