v3.26.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Income/(loss) for the year $ (110,084) $ 27,782 $ (66,628)
Non-cash items:      
Depreciation and amortization 3,348 3,571 4,933
Share-based compensation expense 8,222 22,850 4,415
(Gain)/loss on investment held at fair value (38,485) 2,398 (77,945)
Realized (gain)/loss on sale of investments (375) (151) 265
Gain on dilution of ownership interest in associates (1,699) (199) 0
Gain on deconsolidation of subsidiary 0 (151,808) (61,787)
Share of net (gain)/loss of associates accounted for using the equity method 17,928 8,754 6,055
(Gain)/loss on investments in notes from associates 3,628 (13,131) 27,630
(Gain)/loss on disposal of assets (93) 14 318
Impairment of fixed assets 112 226 1,260
Income taxes expense/(benefit) (842) (4,008) 30,525
Finance (income)/costs, net 32,735 (4,773) (5,078)
Changes in operating assets and liabilities:      
Trade and other receivables (236) 629 9,750
Prepaid expenses and other financial assets (1,862) (1,262) 2,834
Deferred revenue 0 0 (283)
Trade and other payables (1,025) (9,695) 3,844
Other 0 92 1,374
Income taxes paid (5,503) (37,913) (150)
Interest received 13,621 23,547 14,454
Interest paid (4,521) (1,295) (1,701)
Net cash provided by (used in) operating activities (85,131) (134,369) (105,917)
Cash flows from investing activities:      
Purchase of property and equipment (6) (11) (70)
Proceeds from sale of property and equipment 269 255 865
Purchases of intangible assets 0 0 (175)
Investment in preferred shares held at fair value (888) (14,400) 0
Sale of investments held at fair value 2,753 298,109 33,309
Investment in convertible notes from associates (150) 0 (16,850)
Short-term note to associate 0 (660) 0
Repayment of short-term note from associate 0 660 0
Cash derecognized upon loss of control over subsidiary 0 (91,570) (13,784)
Purchases of short-term investments (84,049) (308,942) (178,860)
Proceeds from maturity of short-term investments 145,310 357,447 244,556
Other 50 0 0
Net cash provided by (used in) investing activities 63,288 240,888 68,991
Cash flows from financing activities:      
Receipts from Royalty Purchase Agreement 0 25,000 100,000
Issuance of subsidiary preferred shares 0 68,100 0
Payment of lease liability (3,579) (3,394) (3,338)
Exercise of stock options 106 895 1,153
Repurchase of ordinary shares from Tender Offer, including associated costs (2,053) (102,768) 0
Payments of withholding taxes in connection with stock-based awards (801) 0 0
Purchase of treasury stock 0 (4,791) (19,650)
Other 0 0 (23)
Net cash provided by (used in) financing activities (6,328) (16,958) 78,141
Net increase (decrease) in cash and cash equivalents (28,171) 89,560 41,215
Cash and cash equivalents at beginning of year 280,641 191,081 149,866
Cash and cash equivalents at end of year 252,470 280,641 191,081
Supplemental disclosure of non-cash investment and financing activities:      
Purchase of intangible assets not yet paid in cash 0 0 25
Cost associated with Tender Offer not yet paid in cash 0 2,076 0
Settlement of restricted stock units through issuance of equity 1,404 1,301 1,142
Conversion of note receivable from associate into preferred shares $ 2,836 $ 0 $ 0