v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (77,098) $ (23,348)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 7,132 3,426
Change in fair value on directors' deferred share units ("DDSU") 1,030 (18)
Change in fair value of 2022 USD Financing Warrants 20,046 (6,999)
Amortization of discounts and premiums on investments, net 591 0
Other non-cash adjustments 220 (19)
Changes in operating assets and liabilities:    
Prepaid and other current assets 585 (1,380)
Other noncurrent assets 118 (10)
Accounts payable 1,780 258
Accrued expenses 2,994 (1,329)
Other liabilities, long-term (29) 0
Net cash used in operating activities (42,631) (29,419)
Cash flows from investing activities    
Purchases of investments 0 (162,458)
Maturity of investments 42,000 0
Net cash provided by (used in) investing activities 42,000 (162,458)
Cash flows from financing activities    
Proceeds from exercise of pre-funded warrants 4 0
Proceeds from exercise of 2022 USD Financing Warrants 3,833 579
Proceeds from exercise of options 1,196 237
Proceeds from issuance of common shares under ESPP 276 186
Net cash provided by financing activities 5,309 1,002
Effect of exchange rate changes on cash 3 (12)
Net increase/(decrease) in cash and cash equivalents 4,681 (190,887)
Cash and cash equivalents, beginning of period 257,837 273,741
Cash and cash equivalents, end of period 262,518 82,854
Supplemental Cash Flow Information    
Cash paid for interest and final payment for credit facility 1,051 602
Supplemental Noncash Disclosures    
Conversion of 2022 USD Financing Warrants to common shares upon exercise of warrants 11,480 295
Lease liabilities arising from obtaining right-of-use assets 135 0
Amortization of deferred financing costs $ 40 $ 0