v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (287,528) $ (220,662)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation on property and equipment 8,296 7,554
Amortization of intangible assets 1,518 162
Inventory reserves and write-offs 12,279 0
Loss on disposal of property and equipment 14 223
Share-based compensation net of amounts capitalized 14,438 15,472
Interest expense accrued on liabilities related to future royalties and milestones, net 36,439 8,867
Accretion of available-for-sale securities (8,191) (1,251)
Foreign exchange differences (3,167) 1,898
Non-cash operating lease expense (5,740) 4,716
Loss on termination of operating lease 0 176
Impairment of operating lease right-of-use assets and related property and equipment 349 414
Deferred income tax (286) (185)
Changes in operating assets and liabilities    
Increase in prepaid expenses and other current assets (4,300) (33,524)
(Increase) decrease in prepaid expenses and other non-current assets (266) 938
Increase in inventories, net (40,250) (4,229)
Increase in accounts receivable, net (24,158) 0
Decrease in long-term deposits 0 5
Increase in accounts payable 1,300 1,590
Increase in accrued expenses and other liabilities 1,040 11,934
Increase (decrease) in operating lease liability 14,645 (369)
Net cash used in operating activities (283,568) (206,271)
Cash flows from investing activities:    
Acquisition of property and equipment (19,043) (22,075)
Acquisition of intangibles assets (8,089) (12,744)
Purchases of marketable securities: available-for-sale debt securities (242,619) (359,733)
Proceeds from maturities and redemptions of marketable securities: available-for-sale debt securities 428,209 0
Net cash provided by (used in) investing activities 158,458 (394,552)
Cash flows from financing activities:    
Proceeds from issuance of ordinary shares 0 549,977
Proceeds from exercise of share options 0 602
Proceeds from liabilities related to future royalties and milestones, net 0 70,000
Payments of equity issuance costs 0 (29,360)
Payments of issuance costs related to the liabilities related to future royalties and milestones, net 0 (1,665)
Payments of revenue share (4,339) 0
Net cash (used in) provided by financing activities (4,339) 589,554
Effect of exchange rate changes on cash, cash equivalents and restricted cash 6,279 (261)
Net decrease in cash, cash equivalents and restricted cash (123,170) (11,530)
Cash, cash equivalents and restricted cash, beginning of period 228,805 240,335
Cash, cash equivalents and restricted cash, end of period 105,635 228,805
Supplemental cash flow information    
Cash paid for income taxes 1,968 2,391
Supplemental non-cash flow information    
Property and equipment purchases included in accounts payable or accrued expenses 1,162 1,793
Leased assets terminated and obtained in exchange for operating lease liabilities, net 0 (975)
Leased assets obtained in exchange for operating lease liabilities 9,544 1,694
Capitalized share-based compensation, net of forfeitures 76 3
Capitalized implementation costs included in accrued expenses 130 816
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:    
Cash and cash equivalents 104,132 227,380
Restricted cash 1,503 1,425
Total cash, cash equivalents and restricted cash $ 105,635 $ 228,805