v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 61,299 $ 383,221
Short-term investments 233,281 98,956
Tax incentive receivable 53,917 43,768
Prepaid expenses and other current assets 19,378 10,464
Total current assets 367,875 536,409
Long-term investments 282,548 0
Property and equipment, net 807 744
Operating lease right-of-use assets 10,047 11,013
Deferred tax asset 24,778 26,586
Other non-current assets 1,440 2,046
Total assets 687,495 576,798
Current liabilities:    
Accounts payable 7,582 7,143
Accrued expenses and other current liabilities 35,353 50,855
Total current liabilities 42,935 57,998
Long term debt (Note 6) 110,095 108,940
Operating lease liabilities 7,573 8,286
Other noncurrent liabilities 29 29
Total liabilities 160,632 175,253
Commitments and contingencies (Note 7)
Shareholders’ equity    
Ordinary shares: £0.002 nominal value: 184,469,623 shares authorized; 149,228,068 shares issued and outstanding at December 31, 2025 and 132,631,587shares issued and outstanding at December 31, 2024 405 359
Additional paid-in capital 1,709,978 1,385,675
Accumulated other comprehensive income 2,714 4,213
Accumulated deficit (1,186,234) (988,702)
Total shareholders’ equity 526,863 401,545
Total liabilities and shareholders’ equity $ 687,495 $ 576,798