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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities    
Net loss $ (131,513) $ (96,611)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,741 1,120
Share-based compensation expense 15,901 5,599
Net periodic pension benefit gain (loss) for the qualified pension plan 20 (9)
Other non-cash items 441 (1,211)
Changes in operating assets and liabilities:    
Other receivables (1,692) (566)
Operating lease right-of-use assets (22) 0
Prepaid expenses (3,590) (3,570)
Other non-current assets (748) (1,697)
Trade and other payables (12,515) 8,087
Operating lease liabilities (784) (444)
Accrued expenses and other current liabilities 10,917 (3,368)
Net cash flow used in operating activities (121,844) (92,670)
Cash flow from investing activities    
Purchase of short-term marketable debt securities (117,816) (206,207)
Proceeds from maturities of short-term marketable debt securities 118,236 350,742
Purchase of property and equipment 0 (35)
Net cash flow provided by investing activities 420 144,500
Cash flow from financing activities    
Proceeds from long-term debt, net of issuance costs 24,467 73,022
Issuance of Class A Ordinary Shares under the Sales Agreement, net of transaction costs 50,319 0
Issuance of Class A Ordinary Shares and Pre-Funded Warrants under the 2026 Offering, net of transaction costs 189,759 0
Net cash flow provided by financing activities 265,266 73,122
Effect of movements in exchange rates on cash held (454) 1,303
Net change in cash and cash equivalents 143,388 126,255
Cash and cash equivalents, beginning of period 334,517 180,426
Cash and cash equivalents, end of period 477,905 306,681
Supplementary disclosure of cash flow information:    
Cash paid for interest 3,955 1,156
Non-cash operating lease right-of-use assets obtained in exchange for lease obligations 1,194 0
Equity Incentive Plan    
Cash flow from financing activities    
Proceeds from options exercised 721 0
Employee Stock Option Plan (ESOP)    
Cash flow from financing activities    
Proceeds from options exercised $ 0 $ 100