Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share:


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income (loss), as reported	$	91,202	$	(17,864)
Less: Income attributable to participating pre-funded warrant liabilities	(13,567)		—
Numerator for net income (loss) attributable to ordinary shareholders - basic	$	77,635	$	(17,864)

Effect of dilutive securities
Add: Income attributable to participating pre-funded warrant liabilities	13,567		—
Less: Change in fair value of warrant liabilities	(130,916)		(5,633)
Numerator for net loss attributable to ordinary shareholders - diluted	$	(39,714)	$	(23,497)

Denominator:
Weighted-average number of ordinary shares used in net income (loss) per share - basic	110,064,581		89,192,252
Add: Weighted-average pre-funded warrants	20,202,112		9,449,371
Weighted-average number of ordinary shares used in net loss per share - diluted	130,266,693		98,641,623

Net income (loss) per share - basic	$	0.71	$	(0.20)
Net loss per share - diluted	$	(0.30)	$	(0.24)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the potential ordinary shares excluded from the calculation of diluted net loss per share, because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026	2025
Employee share purchase plan	29,943	37,755
Unvested restricted share units	1,577,522	1,003,044
Share options	9,959,251	9,093,492
Warrants - equity-classified	12,418,922	12,418,922
Warrants - liability-classified	—	36,654,797
	23,985,638	59,208,010