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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (174,206) $ (86,047)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 20,922 12,963
Depreciation expense 921 719
Accretion of asset retirement obligation 23 11
Non-cash lease expense 1,593 1,127
Accretion of net investment discounts (12,828) (12,440)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (7,286) (2,080)
Other non-current assets (1,493) (1,777)
Accounts payable 9,772 3,730
Accrued expenses and other current liabilities 6,492 4,693
Operating lease liabilities (1,693) (1,068)
Net cash used in operating activities (157,783) (80,169)
Cash flows from investing activities    
Purchases of short-term investments (453,756) (570,267)
Proceeds from maturities of short-term investments 484,372 179,400
Purchases of property and equipment (2,118) (1,274)
Advance payment received for sale of non-financial asset 5,158  
Net cash provided by (used in) investing activities 33,656 (392,141)
Cash flows from financing activities    
Payments of offering costs (770) (1,796)
Proceeds from issuance of ordinary shares under employee share purchase plan 474 241
Proceeds from exercise of share options 1,385 1,630
Payment of taxes on restricted share units withheld for taxes (618)  
Net cash provided by financing activities 57,529 514,648
Net change in cash and cash equivalents (66,598) 42,338
Beginning of the period 169,510 129,792
End of the period 102,912 172,130
Supplemental disclosures of noncash investing and financing activities    
Offering costs included in accounts payable and accrued expenses and other current liabilities 511 100
Operating lease right-of-use assets obtained in exchange for new lease liabilities 4,921  
Depository issuance cost offset 1,531  
ATM Offering    
Cash flows from financing activities    
Proceeds from issuance of ordinary shares $ 57,058  
Follow-On Offering    
Cash flows from financing activities    
Proceeds from issuance of ordinary shares   $ 514,573