v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 114,356 $ (78,776)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation expense 7,433 10,551
Foreign currency loss (gain) 4,303 (12,311)
Depreciation and amortization 5,831 6,271
Change in right-of-use assets 1,264 5,133
Gain on termination of lease liabilities   (1,365)
Loss (gain) on disposal of equipment, furniture and fixtures 46 (122)
Undistributed losses of equity method investee 71,902  
Amortization of interest on asset retirement obligations 74 98
Amortization of debt discount 663 552
Non-cash consideration received from related party - revenue arrangement (104,988)  
Loss on derivative liability 5,223  
Acquired in-process research and development 27,728  
(Increase) decrease in operating assets:    
Accounts receivable (3,180)  
Accounts receivable - related party (2,818) (1,653)
Unbilled receivables - related party (24,365)  
Contract assets - related party   986
Prepaid expenses 2,039 144
Tax incentive receivable 437 4,851
Other current assets (25,015) 1,516
Other assets, net 71  
Increase (decrease) in operating liabilities:    
Accounts payable 611 (2,968)
Accrued expenses (12,842) (12,595)
Lease liabilities (1,906) (5,271)
Corporate tax liability 2,362  
Other current liabilities (39,606) 5,904
Deferred revenue 361  
Deferred revenue - related party (50,711) (1,720)
Net cash used in operating activities (20,727) (80,775)
Cash flows from investing activities:    
Purchase of property, plant and equipment (2,340) (2,944)
Acquisition of in-process research and development assets (24,228)  
Proceeds from sale of non-controlling interest 674  
Proceeds from sale of equipment, furniture and fixtures   473
Net cash used in investing activities (25,894) (2,471)
Cash flows from financing activities:    
Exercise of share options 828 35
Payments of withholdings on shares withheld for income taxes (5,960) (2,761)
Payments on lease obligations - financing leases (29)  
Proceeds from the issuance of ordinary shares 128,207 9,915
Issuance costs in connection with ordinary shares (6,074) (26)
Payment for treasury shares (18,193)  
Contributions from non-controlling interest 3  
Payment of notes payable (75,000)  
Proceeds from royalty notes payable 100,000  
Net cash provided by financing activities 123,782 7,163
Net increase (decrease) in cash, cash equivalents and restricted cash 77,161 (76,083)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12 4,839
Cash, cash equivalents and restricted cash at beginning of the period 68,193 105,668
Cash, cash equivalents and restricted cash at end of the period 145,366 34,424
Supplemental disclosure of non-cash transactions:    
Non-cash contribution for acquisition of in-process research and development 3,263  
Issuance of shares in connection with a license agreement 249  
Fixed asset acquisitions included in accounts payable and accrued expenses 61 892
Issuance costs in connection with sale of ordinary shares in accounts payable and accrued expenses at end of period 793  
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 7,888 $ 5,557