Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 291,337	$ 347,559
Marketable securities	2,073,015	1,628,269
Prepaid expenses and other current assets	7,418	9,843
Total current assets	2,371,770	1,985,671
Property and equipment, net	108,068	115,851
Restricted cash	7,629	7,629
Operating lease assets	125,592	131,724
Other non-current assets	37,711	24,368
Total assets	2,650,770	2,265,243
Current liabilities:
Accounts payable	11,307	11,138
Accrued expenses	70,278	89,407
Deferred revenue, current	15,189	15,771
Accrued tax liabilities	494	1,113
Operating lease liabilities	18,646	18,578
Other current liabilities	16,982	13,113
Total current liabilities	132,896	149,120
Long-term debt	586,198	0
Operating lease liabilities, net of current portion	178,904	188,168
Other non-current liabilities	6,221	6,142
Total liabilities	904,219	343,430
Commitments and contingencies, see Note 7
Shareholders’ equity:
Common shares, CHF 0.03 nominal value, 144,447,967 and 132,477,166 shares authorized at June 30, 2026 and December 31, 2025, respectively, 96,761,275 and 96,009,657 shares issued at June 30, 2026 and December 31, 2025, respectively, 96,660,959 and 95,894,341 shares outstanding at June 30, 2026 and December 31, 2025, respectively	3,130	3,087
Treasury shares, at cost, 100,316 and 115,316 shares at June 30, 2026 and December 31, 2025, respectively.	(60)	(60)
Additional paid-in capital	3,909,746	3,861,516
Accumulated deficit	(2,161,636)	(1,947,551)
Accumulated other comprehensive (loss) income	(4,629)	4,821
Total shareholders' equity	1,746,551	1,921,813
Total liabilities and shareholders’ equity	$ 2,650,770	$ 2,265,243

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).