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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities    
Net loss $ (69,707) $ (40,559)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 845 378
Share-based compensation expense 13,355 2,290
Net periodic pension benefit gain (loss) for the qualified pension plan 11 (4)
Other non-cash items 422 124
Changes in operating assets and liabilities:    
Other receivables (894) (146)
Operating lease right-of-use assets (30) 0
Prepaid expenses (10,100) 273
Other non-current assets (749) (1,698)
Trade and other payables (6,173) 3,013
Operating lease liabilities (389) (255)
Accrued expenses and other current liabilities 7,123 (1,556)
Net cash flow used in operating activities (66,286) (38,140)
Cash flow from investing activities    
Purchase of short-term marketable debt securities (59,068) (88,548)
Proceeds from maturities of short-term marketable debt securities 59,166 144,829
Purchase of property and equipment 0 (35)
Net cash flow provided by investing activities 98 56,246
Cash flow from financing activities    
Proceeds from long-term debt, net of issuance costs 24,467 73,022
Issuance of Class A Ordinary Shares, net of transaction costs 6,007 0
Net cash flow provided by financing activities 30,644 73,122
Effect of movements in exchange rates on cash held (483) (88)
Net change in cash and cash equivalents (36,027) 91,140
Cash and cash equivalents, beginning of period 334,517 180,426
Cash and cash equivalents, end of period 298,490 271,566
Supplementary disclosure of cash flow information:    
Cash paid for interest 1,819 0
Non-cash operating lease right-of-use assets obtained in exchange for lease obligations 567 0
Equity Incentive Plan    
Cash flow from financing activities    
Proceeds from options exercised 170 0
Employee Stock Option Plan (ESOP)    
Cash flow from financing activities    
Proceeds from options exercised $ 0 $ 100