Ordinary Shares |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Ordinary Shares | |
| Ordinary Shares | 7. Ordinary Shares At-the-Market In December 2023, the Company entered into an “at-the-market” sales agreement with BofA Securities, Inc., or BofA, pursuant to which the Company may sell from time to time, ordinary shares having an aggregate offering price of up to $100.0 million through BofA, acting as the Company’s agent. During the six-month periods ended June 30, 2026 and 2025, the Company raised gross proceeds of $28.2 million and $9.9 million, respectively, through the sale of 3,164,365 and 1,510,300 ordinary shares, respectively, pursuant to an “at-the-market” equity offering program. Under the “at-the-market” equity program which is currently effective and may remain available for the Company to use in the future, the Company may sell up to an additional $48.4 million of ordinary shares. Whether the Company chooses to affect future sales under the “at-the-market” equity offering program will depend on a number of factors, including, among others, market conditions and the trading price of the Company’s ordinary shares relative to other sources of capital. Equity Financing On April 17, 2026, the Company completed a registered offering of 11,111,111 ordinary shares at a price of $9.00 per share, resulting in gross proceeds of approximately $100.0 million and net proceeds of $93.2 million, after deducting underwriting discounts, commissions and offering expenses payable by the Company. Treasury Shares On December 31, 2025, the Company entered into a share purchase agreement to repurchase 2,300,000 of its ordinary shares from Perceptive Life Sciences Master Fund, Ltd., an affiliate of Perceptive Advisors LLC, at a purchase price of $7.91 per share, for an aggregate purchase price of $18.2 million. The repurchase transaction was completed on January 5, 2026, at which time the Company acquired the shares and recorded them as treasury shares, resulting in a reduction of shareholders’ equity. |