Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 192,027	$ 347,559
Marketable securities	2,080,521	1,628,269
Prepaid expenses and other current assets	12,531	9,843
Total current assets	2,285,079	1,985,671
Property and equipment, net	104,295	115,851
Marketable Securities, Noncurrent	4,021	0
Restricted cash	7,629	7,629
Operating lease assets	122,611	131,724
Other non-current assets	32,777	24,368
Total assets	2,556,412	2,265,243
Current liabilities:
Accounts payable	20,586	11,138
Accrued expenses	82,018	89,407
Deferred revenue, current	2,546	15,771
Accrued tax liabilities	132	1,113
Operating lease liabilities	18,680	18,578
Other current liabilities	17,000	13,113
Total current liabilities	140,962	149,120
Long-term debt	586,934	0
Operating lease liabilities, net of current portion	174,213	188,168
Other non-current liabilities	6,235	6,142
Total liabilities	908,344	343,430
Commitments and contingencies, see Note 7
Shareholders’ equity:
Common shares, CHF 0.03 nominal value, 144,447,967 and 132,477,166 shares authorized at September 30, 2026 and December 31, 2025, respectively, 96,930,842 and 96,009,657 shares issued at September 30, 2026 and December 31, 2025, respectively, 96,855,526 and 95,894,341 shares outstanding at September 30, 2026 and December 31, 2025, respectively	3,149	3,087
Treasury shares, at cost, 75,316 and 115,316 shares at September 30, 2026 and December 31, 2025, respectively.	(60)	(60)
Additional paid-in capital	3,932,135	3,861,516
Accumulated deficit	(2,273,073)	(1,947,551)
Accumulated other comprehensive (loss) income	(14,083)	4,821
Total shareholders' equity	1,648,068	1,921,813
Total liabilities and shareholders’ equity	$ 2,556,412	$ 2,265,243

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).