v3.26.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 91,202 $ (17,864)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation 0 37
Non-cash interest 261 376
Non-cash gain on foreign currency remeasurement (1,276) (1,411)
Non-cash share-based compensation 2,896 3,935
Non-cash lease expenses 518 582
Transaction costs allocated to warrants 643 5,778
Fair value change of warrant liabilities (130,916) (19,460)
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (3,625) (7,887)
Deferred and prepaid tax assets (347) (254)
Other assets (2,468) (1,402)
Operating lease liabilities (525) (575)
Accounts payable (4,177) (3,956)
Accrued expenses and other liabilities (122) (3,556)
Net cash used in operating activities (47,936) (45,657)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of ordinary shares and pre-funded warrants, net of issuance costs 140,643 140,357
Net proceeds from issuance of long term debt 18,582 0
Proceeds from exercise of options 24 2
Net cash provided by financing activities 362,454 140,359
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,884 317
Net increase in cash, cash equivalents and restricted cash 316,402 95,019
Cash, cash equivalents and restricted cash, beginning of the period 149,987 165,470
Cash, cash equivalents and restricted cash, end of the period 466,389 260,489
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 466,010 260,110
Restricted cash 379 379
Total cash, cash equivalents and restricted cash 466,389 260,489
ADS Warrants    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the exercise of ADS warrants 87,871 0
Proceeds from the issuance of pre-funded warrants associated with ADS warrant exercises 115,333 0
Proceeds from issuance of pre-funded warrants, net of issuance costs 115,333 0
Pre-funded Warrants    
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Fair value change of warrant liabilities 64,612  
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of pre-funded warrants associated with ADS warrant exercises 1 0
Proceeds from issuance of pre-funded warrants, net of issuance costs $ 1 $ 0