v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities    
Net loss after tax $ (88,612) $ (45,309)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 312 336
Amortization expense 243 257
Share-based compensation expense 8,074 16,307
Net foreign exchange impacts 11,022 (2,581)
Other income, net (3,480) (4,472)
Income tax expense 11 845
Change in operating assets and liabilities:    
Decrease/(increase) in trade receivables 1,024 (904)
Decrease/(increase) in other current assets 6,016 (1,330)
Decrease/(increase) in R&D benefit receivable 4,041 (2,337)
Decrease in other long-term assets 3,658
(Decrease)/increase in trade and other payables (4,078) 499
Decrease in contract liabilities (334) (28,786)
Decrease in operating lease liabilities (168) (165)
Net cash used in operating activities (62,271) (67,640)
Cash flow from investing activities    
Redemption of term deposits 118,476 117,412
Purchase of term deposits (166,413) (139,167)
Purchase of property, plant and equipment (55) (211)
Net cash used in investing activities (47,992) (21,966)
Cash flow from financing activities    
Proceeds from issue of ordinary shares 15 142,087
Net cash provided by financing activities 15 142,087
(Decrease)/increase in cash and cash equivalents (110,248) 52,481
Cash and cash equivalents at start of period 121,330 68,789
Effect of exchange rate fluctuations on cash and cash equivalents held 195 60
Cash and cash equivalents, end of period 11,277 121,330
Supplemental disclosures of cash flow information:    
Income Tax Paid net of refunds $ (637) $ (433)