v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Tax Expense Loss Before Income tax are as follows (in thousands):
Year Ended December 31,
20252024
United Kingdom$(290,109)$(221,661)
United States of America3,580 2,108 
Switzerland and Germany
973 419 
Net Loss Before Income Tax$(285,556)$(219,134)
Schedule of Components of Income Tax Expense
The components of income tax expense are as follows (in thousands):
Year Ended December 31,
20252024
Current tax expense
United States of America
Federal
$(1,674)$(1,228)
State and local
(677)(24)
United Kingdom— 8 
Switzerland and Germany
(252)(459)
Total current tax expense
(2,603)(1,703)
Deferred income tax benefit
United States of America
Federal
316 (140)
State and local
315 4 
United Kingdom— — 
Switzerland and Germany
— 311 
Total deferred income tax benefit631 175 
Total Income Tax Expense$(1,972)$(1,528)
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets consisted of the following at December 31, 2025 and 2024 (in thousands):
December 31,
20252024
Deferred tax assets:
Other differences$15,470 $18,761 
Tax losses237,927 136,406 
Fixed assets(1,816)5,069 
Total deferred tax assets251,581 160,236 
Valuation allowances(248,021)(156,997)
Net Deferred Tax Asset$3,560 $3,239 
Schedule of Movements in the Deferred Tax Asset Valuation Allowance
The movements in the deferred tax asset valuation allowance consisted of the following at December 31, 2025 and 2024 (in thousands):
December 31,
20252024
Valuation allowance as of January 1,
$(156,997)$(122,958)
Decrease in valuation allowance through net loss
(75,459)(36,670)
Foreign currency translation adjustments
(15,565)2,631
Valuation allowance as of December 31,
$(248,021)$(156,997)
Schedule of Reconciliation of Income Tax Expense
A reconciliation of income tax benefit at the United Kingdom statutory corporate income tax rate to the income tax expense is as follows (in thousands): 
Year Ended December 31,
20252024
Net loss before taxes$(285,556)$(219,134)
U.K. statutory tax rate25.0%25.0%
Income tax benefit at U.K. statutory tax rate71,38954,783
United Kingdom
Tax-exempt reimbursable tax credits included within research and development expense—4,934
Non-deductible expenses(17,505)(26,757)
Adjustments in respect of prior years19,7452,363
Valuation allowance changes affecting the provision for income taxes
(74,571)(36,022)
Other, net(198)71
Other foreign jurisdictions(832)(900)
Total income tax expense$(1,972)$(1,528)
Current income tax expense
$(2,603)$(1,703)
Deferred income tax benefit$631$175
Effective rate of income tax0.7%0.7%
Schedule of Tax Years Subject to Jurisdiction The following table summarizes tax years that remain subject to examination by tax jurisdiction as of December 31, 2025:
Jurisdiction
Open Tax Years Based on Originally Filed Returns
United Kingdom
2022 - 2024
United States
2022 - 2024