Related Party Transactions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions Blackstone On November 6, 2021, the Company concurrently entered into the Blackstone Agreements. Refer to Note 12, “Liabilities Related to Sales of Future Royalties and Milestones, Net”, Note 13, “Warrants” and Note 14, "Shareholders Equity”. Subsequent to the execution of the Blackstone Agreements, Blackstone became a related party as Blackstone owns more than 10% of the Company's outstanding voting securities and is therefore one of the principal owners of the Company. In addition, Blackstone received the right to nominate one director to the board of directors of the Company; William Young was appointed to the Company's board of directors as Blackstone’s designee pursuant to this right. As of December 31, 2025, the carrying amount of the Blackstone Collaboration Agreement liability was $236.7 million, which included aggregated accrued interest expense and cumulative catch-up adjustment, of $27.9 million and $10.7 million for the years ended December 31, 2025 and 2024, respectively. Refer to Note 12, “Liabilities Related to Sales of Future Royalties and Milestones, Net” for further details. BioNTech Agreements In February 2024, the Company concurrently entered into the BioNTech Agreements. Upon the execution of the BioNTech Agreements, BioNTech became a related party of the Company. BioNTech owns more than 10% of the Company’s outstanding voting securities and is therefore one of the principal owners of the Company. In addition, BioNTech has the right to nominate one director to the Board of Directors of the Company which BioNTech has not yet exercised. As of December 31, 2025, the carrying amount of the BioNTech Liability was $43.5 million which included aggregated accrued interest expense and cumulative catch-up adjustment of $8.5 million and $1.8 million for the years ended December 31, 2025 and 2024, respectively. Refer to Note 12, “Liabilities Related to Sales of Future Royalties and Milestones, Net” for further details. 2024 Underwritten Offering In connection with our February 2024 underwritten offering, certain of our related parties purchased our ADSs from the underwriters at the public offering price of $6.00 per ADSs, and on the same terms as other investors in registered direct offering. The following table summarizes purchases of ADS by our related parties:
(1) Fidelity Management & Research Company, LLC was a holder of more than 5% of our share capital as of December 31, 2024. (2) Deep Track Capital, LP was a holder of more than 5% of our share capital as of December 31, 2024.
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