v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (76,352) $ (51,475)
Adjustments to reconcile net loss before redeemable noncontrolling interest to net cash used in operating activities    
Share-based compensation expense 14,781 9,755
Deferred income taxes (2,582) 0
Depreciation and amortization 52 34
Foreign exchange transaction loss 55 73
Loss on disposal of property and equipment 6 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (984) (1,029)
Other assets 1,210 (814)
Accounts payable and accrued expenses 4,492 919
Net cash used in operating activities (59,322) (42,537)
Cash flows from investing activities    
Purchase of property and equipment (73) (96)
Net cash used in investing activities (73) (96)
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 124,046 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 10,527 0
Payment of employee withholding taxes for restricted share units withheld (131) (34)
Proceeds from exercise of share options 3,198 90
Proceeds from exercise of Pre-Funded Warrants 0 3
Net cash provided by financing activities 137,640 5,152
Net increase (decrease) in cash and cash equivalents 78,245 (37,481)
Cash and cash equivalents, beginning of period 109,407 176,498
Cash and cash equivalents, end of period 187,652 139,017
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 12 3,000
Restricted share units withheld to pay employee withholding taxes 0 7,000
Partial extinguishment of redeemable noncontrolling interest 0 5,831,000
Accretion of redeemable noncontrolling interest to redemption value 0 2,828,000
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    
Share option exercise proceeds receivable $ 53 $ 0