v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 469,928 $ 628,110
Prepaid expenses and other current assets 15,270 19,181
Research and development incentives receivable 52,358 35,594
Total current assets 537,556 682,885
Property and equipment, net 4,214 6,021
Operating lease right-of-use assets 13,433 15,886
Other assets 11,976 12,805
Total assets 567,179 717,597
Current liabilities:    
Accounts payable 9,588 9,669
Accrued expenses and other current liabilities 34,871 44,354
Deferred revenue, current portion   2,961
Total current liabilities 44,459 56,984
Operating lease liabilities, net of current portion 12,864 14,096
Deferred revenue, net of current portion 3,692 35,508
Other long-term liabilities 887 1,032
Total liabilities 61,902 107,620
Commitments and contingencies (Note 10)
Shareholders' equity:    
Ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 163,360,109 and 159,685,229 shares authorized on September 30, 2026 and December 31, 2025, respectively; 69,993,013 and 69,367,896 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 903 894
Additional paid-in capital 1,531,098 1,512,339
Accumulated other comprehensive loss (5,337) (3,505)
Accumulated deficit (1,021,387) (899,751)
Total shareholders' equity 505,277 609,977
Total liabilities and shareholders' equity $ 567,179 $ 717,597