v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 44,242 $ 383,221
Short-term investments 206,482 98,956
Tax incentive receivable 40,704 43,768
Prepaid expenses and other current assets 8,935 10,464
Total current assets 300,363 536,409
Long-term investments 153,406 0
Property and equipment, net 733 744
Operating lease right-of-use assets 10,539 11,013
Deferred tax asset 25,366 26,586
Other non-current assets 1,720 2,046
Total assets 492,127 576,798
Current liabilities:    
Accounts payable 5,692 7,143
Accrued expenses and other current liabilities 24,002 50,855
Total current liabilities 29,694 57,998
Long term debt 109,545 108,940
Operating lease liabilities 7,940 8,286
Other non-current liabilities 29 29
Total liabilities 147,208 175,253
Commitments and contingencies (Note 7)
Shareholders’ equity:    
Ordinary shares: £0.002 nominal value: 222,480,776 shares authorized, 133,913,556 issued and outstanding at June 30, 2025: 184,469,623 shares authorized, 132,631,587 issued and outstanding at December 31, 2024 363 359
Additional paid-in capital 1,408,145 1,385,675
Accumulated other comprehensive income 1,591 4,213
Accumulated deficit (1,065,180) (988,702)
Total shareholders’ equity 344,919 401,545
Total liabilities and shareholders' equity $ 492,127 $ 576,798