v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 628,110 $ 879,520
Prepaid expenses and other current assets 19,181 13,432
Research and development incentives receivable 35,594 35,653
Total current assets 682,885 928,605
Property and equipment, net 6,021 9,516
Operating lease right-of-use assets 15,886 7,673
Other assets 12,805 11,074
Total assets 717,597 956,868
Current liabilities:    
Accounts payable 9,669 15,793
Accrued expenses and other current liabilities 44,354 41,246
Deferred revenue, current portion 2,961 10,191
Total current liabilities 56,984 67,230
Operating lease liabilities, net of current portion 14,096 3,990
Deferred revenue, net of current portion 35,508 91,467
Other longterm liabilities 1,032 1,121
Total liabilities 107,620 163,808
Commitments and contingencies (Note 11)
Shareholders' equity:    
Ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 159,685,229 and 155,876,645 shares authorized at December 31, 2025 and December 31, 2024, respectively; 69,367,896 and 69,061,418 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 894 890
Additional paid-in capital 1,512,339 1,472,842
Accumulated other comprehensive (loss) income (3,505) 119
Accumulated deficit (899,751) (680,791)
Total shareholders' equity 609,977 793,060
Total liabilities and shareholders' equity $ 717,597 $ 956,868