v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities    
Net loss $ (27,225) $ (55,884)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 145 154
Amortization expense 69 132
Share-based compensation expense 3,755 5,625
Net foreign exchange impacts 153 11,710
Other income, net (1,103) (1,830)
Income tax expense 1 10
Change in operating assets and liabilities:    
Decrease in trade receivables 0 932
(Increase)/decrease in other current assets (1,398) 2,426
Decrease in R&D benefit receivable 12,715 6,343
Decrease in other long-term assets 0 14
Decrease in trade and other payables (745) (3,385)
Decrease in contract liabilities (404) (214)
Decrease in operating lease liabilities (48) (126)
Net cash used in operations (14,085) (34,093)
Cash flow from investing activities    
Redemption of term deposits 139,367 26,558
Purchase of term deposits (64,427) (72,449)
Purchase of property, plant and equipment 0 (52)
Net cash provided by/(used in) investing activities 74,940 (45,943)
Cash flow from financing activities    
Proceeds from issue of ordinary shares 2 15
Net cash provided by financing activities 2 15
Increase/(decrease) in cash and cash equivalents 60,857 (80,021)
Cash and cash equivalents at start of period 11,277 121,330
Effect of exchange rate fluctuations on cash and cash equivalents held (80) 430
Cash and cash equivalents, end of period [1] 72,054 41,739
Supplemental disclosures of cash flow information:    
Tax paid $ (172) $ (509)
[1] Cash at bank comprises balances held by the Group in current, short-term bank deposits, and U.S. Treasury Bills with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value.