v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 510,052 $ 628,110
Prepaid expenses and other current assets 17,765 19,181
Research and development incentives receivable 47,419 35,594
Total current assets 575,236 682,885
Property and equipment, net 4,695 6,021
Operating lease right-of-use assets 13,979 15,886
Other assets 12,668 12,805
Total assets 606,578 717,597
Current liabilities:    
Accounts payable 5,662 9,669
Accrued expenses and other current liabilities 39,094 44,354
Deferred revenue, current portion 2,879 2,961
Total current liabilities 47,635 56,984
Operating lease liabilities, net of current portion 13,680 14,096
Deferred revenue, net of current portion 34,077 35,508
Other long-term liabilities 931 1,032
Total liabilities 96,323 107,620
Commitments and contingencies (Note 10)
Shareholders' equity:    
Ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 163,361,109 and 159,685,229 shares authorized on June 30, 2026 and December 31, 2025, respectively; 69,814,145 and 69,367,896 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 900 894
Additional paid-in capital 1,525,680 1,512,339
Accumulated other comprehensive loss (5,416) (3,505)
Accumulated deficit (1,010,909) (899,751)
Total shareholders' equity 510,255 609,977
Total liabilities and shareholders' equity $ 606,578 $ 717,597