v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 62,431 $ 61,299
Short-term investments 214,158 233,281
Tax incentive receivable 56,431 53,917
Prepaid expenses and other current assets 15,659 19,378
Total current assets 348,679 367,875
Long-term investments 257,117 282,548
Property and equipment, net 722 807
Operating lease right-of-use assets 9,794 10,047
Deferred tax asset 24,171 24,778
Other non-current assets 1,280 1,440
Total assets 641,763 687,495
Current liabilities:    
Accounts payable 10,658 7,582
Accrued expenses and other current liabilities 25,916 35,353
Total current liabilities 36,574 42,935
Long term debt 110,440 110,095
Operating lease liabilities 7,372 7,573
Other liabilities 29 29
Total liabilities 154,415 160,632
Commitments and contingencies (Note 8)
Shareholders’ equity:    
Ordinary shares: £0.002 nominal value: 222,480,776 shares authorized, 154,728,966 issued and outstanding at March 31, 2026: 222,480,776 shares authorized, 149,228,068 issued and outstanding at December 31, 2025 419 405
Additional paid-in capital 1,750,996 1,709,978
Accumulated other comprehensive income 1,408 2,714
Accumulated deficit (1,265,475) (1,186,234)
Total shareholders’ equity 487,348 526,863
Total liabilities and shareholders' equity $ 641,763 $ 687,495