XML 60 R40.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of income (loss) before benefit (provision) for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​	2025		​	2024		​	2023
Domestic (1)	​	$	2,775	​	$	(7,674)	​	$	(91,133)
Foreign (2)	​	​	86,093	​	​	(28,478)	​	​	74,481
Total	​	$	88,868	​	$	(36,152)	​	$	(16,652)

​

(1) As a result of the redomiciliation the Company’s years ended December 31, 2025 and 2024 domestic operations refer to the UK and the year ended December 31, 2023 domestic operations refer to Bermuda

(2) As a result of the redomiciliation the Company’s years ended December 31, 2025 and 2024 foreign operations include the United States, Switzerland, Germany, France and Bermuda, and the year ended December 31, 2023 foreign operations include the United States, UK, Switzerland, Germany and France.

Schedule of components of income tax benefit (provision)

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Current income tax benefit (provision):	​	​	​	​	​	​	​	​	​
Domestic (1)	​	$	(16,667)	​	$	1,862	​	$	(122)
United States federal	​		(102)	​		(402)	​		(566)
United States state	​		(85)	​		(252)	​		(567)
Foreign (2)	​	​	(7)	​	​	(117)	​	​	(1,797)
Total current income tax benefit (provision)	​		(16,861)	​		1,091	​		(3,052)
Deferred income tax benefit (provision):	​		​	​		​	​		​
Domestic (1)	​		(2,908)	​		1,913	​		—
United States federal	​		4,150	​		2,075	​		12,958
United States state	​		1,678	​		(178)	​		5,122
Foreign (2)	​	​	(15,922)	​	​	(11,942)	​	​	15,708
Total deferred income tax benefit (provision)	​		(13,002)	​		(8,132)	​		33,788
Total benefit (provision) for income taxes	​	$	(29,863)	​	$	(7,041)	​	$	30,736

(1) As a result of the redomiciliation the Company’s years ended December 31, 2025 and 2024 domestic operations refer to the UK and the year ended December 31, 2023 domestic operations refer to Bermuda

(2) As a result of the redomiciliation the Company’s years ended December 31, 2025 and 2024 foreign operations include the United States, Switzerland, Germany, France and Bermuda, and the year ended December 31, 2023 foreign operations include the United States, UK, Switzerland, Germany and France.

Schedule of reconciliation of the statutory income tax rate of the company's effective income tax rate

​

​	​	​	​	​	​	​
​	​	​	Year Ended
​	​	December 31, 2025
​	​	Dollars		​	Percent
United Kingdom Statutory Tax Rate	​	$	(22,316)	​	25.0	%
Foreign Tax Effects	​	​	​	​	​	​
United States	​	​	​	​	​	​
Statutory tax rate difference between United States and United Kingdom	​	​	714	​	(0.8)	​
State and local income taxes (1)	​	​	342	​	(0.4)	​
Research and development tax credits	​	​	3,509	​	(3.9)	​
Share-based compensation	​	​	6,569	​	(7.4)	​
Other	​	​	(1,035)	​	1.2	​
Switzerland	​	​	​	​	​	​
Statutory tax rate difference between Switzerland and United Kingdom	​	​	5,576	​	(6.2)	​
Cantonal income taxes	​	​	3,439	​	(3.9)	​
Change in valuation allowance	​	​	(10,464)	​	11.7	​
Enacted changes in tax laws or rates	​	​	(7,296)	​	8.2	​
Other	​	​	899	​	(1.0)	​
Other foreign jurisdictions	​	​	(3)	​	-	​
Changes in Unrecognized Tax Benefits	​	​	(10,949)	​	12.3	​
Other Adjustments	​	​	1,152	​	(1.3)	​
Effective income tax rate	​	$	(29,863)	​	33.5	%

(1) State taxes in Massachusetts made up the majority of the tax effect in this category.

​

​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​	2024	​	2023
Statutory income tax rate (1)	​	25.0	%	—	%
United States and Europe tax rate differential		(21.6)	​	(103.1)	​
Research and development tax credits		8.9		13.7	​
Share-based compensation	​	4.8	​	(7.4)	​
United States state taxes, net of federal	​	(2.0)	​	(7.9)	​
Foreign-Derived Intangible Income ("FDII")	​	2.2	​	13.8	​
Uncertain tax positions	​	(31.9)	​	—	​
IP transfers and allocation	​	1,655.4	​	258.6	​
Inventory allocation	​	—	​	181.4	​
Other	​	(2.6)	​	(4.7)	​
Change in valuation allowance	​	(1,657.7)	​	(159.8)	​
Effective income tax rate		(19.5)	%	184.6	%

(1) Prior to the Redomiciliation in 2024, the Company was incorporated and principally subject to taxation in Bermuda. Following the Redomiciliation, the Company is incorporated and principally subject to taxation in the United Kingdom.

Summary of net deferred tax assets

​

​	​	​	​	​	​	​
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Deferred tax assets:	​	​	​	​	​	​
Research and development tax credit carryforwards	​	$	4,093	​	$	967
Share-based compensation	​	​	13,328	​	​	16,296
Operating lease liability	​	​	2,187	​	​	2,559
Intangible assets	​	​	733,224	​	​	773,687
Inventory	​	​	—	​	​	188
Depreciation and amortization	​	​	111	​	​	48
Net operating losses	​	​	109,363	​	​	85,372
Accrued expenses and other liabilities	​	​	4,602	​	​	—
Total deferred tax assets	​	​	866,908	​	​	879,117
Valuation allowance	​		(666,461)	​		(656,712)
Deferred tax liabilities:	​	​	​	​	​	​
Right of use asset	​	​	(2,298)	​	​	(2,695)
Accrued expenses and other liabilities	​		—	​		(8,559)
Net deferred tax assets	​	$	198,149	​	$	211,151

Schedule of uncertainties in income tax provision liability

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​	2025		​ ​ ​	2024		​ ​ ​	2023
Gross balance at the beginning of year	​	$	13,390	​	$	1,794	​	$	1,794
Gross increases based on current period tax positions	​	​	19,387	​	​	11,767	​	​	—
Gross increases based on tax positions of the prior periods	​	​	—	​	​	—	​	​	122
Gross decreases based on tax positions of the prior periods	​	​	(102)	​	​	(171)	​	​	(122)
Unrecognized tax benefits at the end of the year	​	$	32,675	​	$	13,390	​	$	1,794

Summary of income taxes paid net of tax refunds

​

​	​	​	​	​	​	​
​	​	​	​	​	Year Ended
​	​	​	​	​	December 31,
​	​	​	​	​	2025
Foreign:	​	​	​	​	​	​
United States federal	​	​	​	​	$	1,500
United States state and local	​	​	​	​	​	1,512
Total income taxes paid net of tax refunds	​	​	​	​	​	3,012

​

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of supplemental cash flow information for the periods presented.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration