v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Loss for the period $ (112,576) $ (56,891)
Non-cash adjustments to reconcile loss for the period to net cash flows:    
Depreciation and amortization 121 97
Non-cash rent expense (13) 3
Fair value change - derivative earnout and warrants (1,387) (20,344)
Loss on disposal of property, plant and equipment 18  
Foreign exchange (gains)/losses 2,139 (12,919)
Amortization of premium/discount on available-for-sale debt securities (42) (985)
Share-based compensation 36,383 30,392
Changes in working capital:    
Changes in prepayments and other receivables 15,354 (5,830)
Changes in accounts payable (3,480) 1,860
Changes in accrued expenses and other current liabilities (5,145) (3,514)
Changes in deferred revenue (1,190) (6,008)
Net cash used in operating activities (69,818) (74,139)
Investing activities:    
Purchase of property, plant and equipment, including internal use software (118) (104)
Maturities of marketable securities 97,500 37,163
Purchases of marketable securities (113,653) (193,340)
Net cash used in investing activities (16,271) (156,281)
Financing activities:    
Transaction costs on December 2024 issue of Ordinary Shares and Pre-Funded Warrants   (1,586)
Proceeds from exercise of warrants 798 184
Proceeds from exercise of options 21,308 11,346
Net cash provided by financing activities 22,106 9,944
Net change in cash, cash equivalents and restricted cash (63,983) (220,476)
Foreign exchange differences (1,832) 12,597
Cash, cash equivalents and restricted cash at the beginning of the period 491,323 771,743
Cash, cash equivalents and restricted cash at the end of the period 425,508 563,864
Noncash financing and investing activities    
Issuance of earnout shares   40,807
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets    
Cash and cash equivalents 424,151 563,864
Restricted cash 1,357  
Cash, cash equivalents and restricted cash $ 425,508 $ 563,864