v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (218,960) $ (169,031) $ (180,664)
Adjustments to reconcile net loss to net cash used in operating activities:      
Share-based compensation expense 39,464 38,081 32,477
Depreciation and amortization 6,422 7,174 6,546
Non-cash interest   211 383
Loss on extinguishment of debt   954  
Gain on extinguishment of research and development funding liability   (4,476)  
Deferred income tax (benefit) provision (850) (5,226) 3,306
Other non-cash charges   1,036 661
Changes in operating assets and liabilities:      
Accounts receivable     2,482
Research and development incentives receivable 2,892 (11,947) (3,684)
Prepaid expenses and other assets (5,816) (2,044) (2,072)
Operating lease rightofuse assets 4,597 4,402 4,186
Accounts payable (6,871) 3,095 8,002
Accrued expenses and other current liabilities 4,093 9,698 2,398
Operating lease liabilities (5,456) (4,888) (4,109)
Deferred revenue (69,190) (31,952) 68,951
Other long-term liabilities   189 509
Net cash used in operating activities (249,675) (164,724) (60,628)
Cash used in investing activities:      
Purchases of property and equipment (2,350) (1,235) (2,929)
Net cash used in investing activities (2,350) (1,235) (2,929)
Cash flows from financing activities:      
Repayment of debt   (31,863)  
Proceeds from the issuance of ADSs and non-voting ordinary shares, net of issuance costs   544,127 249,345
Proceeds from the exercise of share options and settlement of restricted share units 37 7,528 682
Principal payments on finance lease obligations (168) (42)  
Net cash (used in) provided by financing activities (131) 519,750 250,027
Effect of exchange rate changes on cash, cash equivalents and restricted cash 804 (694) 1,346
Net increase (decrease) in cash, cash equivalents and restricted cash (251,352) 353,097 187,816
Cash, cash equivalents and restricted cash at beginning of period 880,067 526,970 339,154
Cash, cash equivalents and restricted cash at end of period 628,715 880,067 526,970
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents $ 628,110 $ 879,520 $ 526,423
Restricted Cash and Cash Equivalent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current
Restricted cash included in prepaid expenses and other current assets $ 547    
Restricted cash included in other assets 58 $ 547 $ 547
Total cash, cash equivalents and restricted cash 628,715 880,067 526,970
Supplemental disclosure of cash flow information      
Cash paid for interest on debt   1,373 2,753
Cash paid for interest on finance lease obligations 78 23  
Cash (received from) paid for income taxes (717) 792 562
Cash paid for amounts included in the measurement of operating lease liabilities 5,957 5,785 5,595
Changes in purchases of property and equipment in accounts payable and accrued expenses   (4) (1,744)
Non-cash impact to operating lease right-of-use assets and operating lease liabilities $ 12,383   $ 3,898
Property and equipment obtained under finance leases   $ 1,102