v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 105,156 $ 383,221
Short-term investments 179,349 98,956
Tax incentive receivable 49,608 43,768
Prepaid expenses and other current assets 13,605 10,464
Total current assets 347,718 536,409
Long-term investments 140,395 0
Property and equipment, net 681 744
Operating lease right-of-use assets 10,778 11,013
Deferred tax asset 26,391 26,586
Other, net 1,882 2,046
Total assets 527,845 576,798
Current liabilities:    
Accounts payable 5,132 7,143
Accrued expenses and other current liabilities 19,070 50,855
Total current liabilities 24,202 57,998
Long term debt 109,252 108,940
Operating lease liabilities 8,115 8,286
Other liabilities 29 29
Total liabilities 141,598 175,253
Commitments and contingencies (Note 7)
Shareholders’ equity:    
Ordinary shares: £0.002 nominal value: 184,469,623 shares authorized, 133,554,598 issued and outstanding at March 31, 2025: 184,469,623 shares authorized, 132,631,587 issued and outstanding at December 31, 2024 362 359
Additional paid-in capital 1,398,647 1,385,675
Accumulated other comprehensive income 2,075 4,213
Accumulated deficit (1,014,837) (988,702)
Total shareholders’ equity 386,247 401,545
Total liabilities and shareholders' equity $ 527,845 $ 576,798