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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 102,912 $ 169,510
Short-term investments 696,131 714,008
Prepaid expenses and other current assets 14,979 7,693
Total current assets 814,022 891,211
Property and equipment, net 4,675 3,478
Operating right-of-use assets 6,863 3,535
Other non-current assets 6,599 5,106
Total assets 832,159 903,330
Current liabilities:    
Accounts payable 17,796 8,024
Accrued expenses and other current liabilities 36,929 26,299
Operating lease liabilities, current portion 2,802 1,698
Total current liabilities 57,527 36,021
Operating lease liabilities, net of current portion 4,288 2,164
Other non-current liabilities 325 302
Total liabilities 62,140 38,487
Commitments and contingencies (Note 5)
Shareholders' equity:    
Undesignated shares - $0.0001 par value; 100,000 shares authorized as of September 30, 2025 and December 31, 2024
Ordinary shares - $0.0001 par value; 500,000 shares authorized as of September 30, 2025 and December 31, 2024; 182,033 and 171,860 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 18 17
Additional paid-in capital 1,272,480 1,193,010
Accumulated other comprehensive income 825 914
Accumulated deficit (503,304) (329,098)
Total shareholders' equity 770,019 864,843
Total liabilities and shareholders' equity $ 832,159 $ 903,330