v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 50,811 $ 383,221
Short-term investments 195,403 98,956
Tax incentive receivable 49,121 43,768
Prepaid expenses and other current assets 12,340 10,464
Total current assets 307,675 536,409
Long-term investments 102,825 0
Property and equipment, net 894 744
Operating lease right-of-use assets 10,295 11,013
Deferred tax asset 25,022 26,586
Other non-current assets 1,589 2,046
Total assets 448,300 576,798
Current liabilities:    
Accounts payable 8,683 7,143
Accrued expenses and other current liabilities 20,439 50,855
Total current liabilities 29,122 57,998
Long term debt 109,816 108,940
Operating lease liabilities 7,759 8,286
Other non-current liabilities 29 29
Total liabilities 146,726 175,253
Commitments and contingencies (Note 7)
Shareholders’ equity:    
Ordinary shares: £0.002 nominal value: 222,480,776 shares authorized, 134,421,149 issued and outstanding at September 30, 2025: 184,469,623 shares authorized, 132,631,587 issued and outstanding at December 31, 2024 364 359
Additional paid-in capital 1,418,681 1,385,675
Accumulated other comprehensive income 2,600 4,213
Accumulated deficit (1,120,071) (988,702)
Total shareholders’ equity 301,574 401,545
Total liabilities and shareholders' equity $ 448,300 $ 576,798