v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (50,527) $ (33,435)
Adjustments to reconcile net loss to net cash used in operating activities    
Share-based compensation expense 9,465 7,376
Deferred income taxes (2,753) 0
Depreciation and amortization 32 20
Foreign exchange transaction loss 46 67
Loss on disposal of property and equipment 5 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,343) (249)
Other assets 1,511 0
Accounts payable and accrued expenses 3,740 (872)
Net cash used in operating activities (39,824) (27,093)
Cash flows from investing activities    
Purchase of property and equipment (37) (64)
Net cash used in investing activities (37) (64)
Cash flows from financing activities    
Proceeds from issuance of Class A Ordinary Shares in connection with February 2026 Equity Offering, net of $8.5 million of underwriters’ fees and discounts 123,371 0
Proceeds from issuance of Pre-Funded Warrants in connection with February 2026 Equity Offering, net of $0.7 million of underwriters’ fees and discounts 11,202 0
Payment of employee withholding taxes for restricted stock units withheld 0 (34)
Proceeds from exercise of stock options 1,015 90
Net cash provided by financing activities 135,588 5,149
Net increase (decrease) in cash and cash equivalents 95,727 (22,008)
Cash and cash equivalents, beginning of period 109,407 176,498
Cash and cash equivalents, end of period 205,134 154,490
Supplemental Disclosure    
Cash paid for taxes 0 0
Cash paid for interest 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment included in accounts payable and accrued expenses 23 12,000
Restricted Share Units Withheld to Pay Employee Withholding Taxes 99 0
At The Market Offering    
Cash flows from financing activities    
Proceeds from issuance of Class A Ordinary Shares in connection with a sale under the ATM, net of $0.2 million of commissions 0 5,093
Private Placement February 2026    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Stock option exercise proceeds receivable $ 1,120 $ 0