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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 165,596 $ 183,581
Short-term investments 248,478 60,046
Accounts receivable, net 15,594 41,724
Inventory 54,895 26,364
Prepaid expenses and other current assets 42,614 20,084
Total current assets 527,177 331,799
Property and equipment, net 1,943 662
Operating lease right-of-use assets 9,807 10,376
Other long-term assets 11,307 10,315
Intangible asset, net 15,250 16,250
Deferred tax assets 198,149 211,151
Total assets 763,633 580,553
Current liabilities:    
Accounts payable 2,028 2,039
Accrued collaboration expenses 70,015 48,157
Accrued expenses 42,020 32,355
Operating lease liabilities 2,987 1,993
Other current liabilities 22,134 16,077
Total current liabilities 139,184 100,621
Non-current liabilities:    
Non-current deferred revenue 31,811 31,811
Non-current operating lease liabilities 6,510 7,862
Other long-term liabilities 18,522 1,823
Total liabilities 196,027 142,117
Commitments and contingencies (Note 16)
Shareholders' equity:    
Additional paid-in capital 1,029,748 959,722
Accumulated other comprehensive loss (25) (163)
Accumulated deficit (462,138) (521,143)
Total shareholders' equity 567,606 438,436
Total liabilities and shareholders' equity 763,633 580,553
Class A ordinary shares    
Shareholders' equity:    
Ordinary shares value 12 11
Class B ordinary shares    
Shareholders' equity:    
Ordinary shares value 1 1
Class A1 ordinary shares    
Shareholders' equity:    
Ordinary shares value 4 4
Class B1 ordinary shares    
Shareholders' equity:    
Ordinary shares value $ 4 $ 4