v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities    
Net loss $ (55,884) $ (22,067)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 154 174
Amortization expense 132 128
Share-based compensation expense 5,625 8,259
Net foreign exchange impacts 11,710 (111)
Other income, net (1,830) (2,017)
Income tax expense 10 472
Change in operating assets and liabilities:    
Decrease/(Increase) in trade receivables 932 (2,043)
Decrease/(increase) in other current assets 2,426 (2,639)
Decrease in R&D benefit receivable 6,343 6,045
Decrease in other long-term assets 14 277
(Decrease)/increase in trade and other payables (3,385) 3,003
Decrease in contract liabilities (214) (3,942)
Decrease in operating lease liabilities (126) (91)
Net cash used in operations (34,093) (14,552)
Cash flow from investing activities    
Redemption of term deposits 26,558 0
Purchase of term deposits (72,449) (49,866)
Purchase of property, plant and equipment (52) (85)
Net cash used in investing activities (45,943) (49,951)
Cash flow from financing activities    
Proceeds from issue of ordinary shares 15 134,213
Net cash provided by financing activities 15 134,213
(Decrease)/increase in cash and cash equivalents (80,021) 69,710
Cash and cash equivalents at start of period 121,330 68,789
Effect of exchange rate fluctuations on cash and cash equivalents held 430 (49)
Cash and cash equivalents, end of period 41,739 138,450
Supplemental disclosures of cash flow information:    
Tax Paid $ (509) $ (216)