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Net Income (Loss) Per Share | 3 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The Company computes basic net income (loss) per share by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period. Net income (loss) reflects the allocation of undistributed earnings to participating securities, including certain pre-funded warrants, pursuant to the two-class method. The Company computes diluted net loss per share by dividing net loss by the weighted-average number of shares and dilutive potential share equivalents then outstanding during the period. Included within the weighted-average number of ordinary shares used in net income (loss) per share for the three-months ended March 31, 2026 and 2025, are ADSs issuable upon the exercise of the Pre-funded Warrants, as the Pre-funded Warrants are exercisable at any time for nominal consideration, and as such are considered outstanding for the purpose of calculating diluted net loss per share. The Company’s potentially dilutive securities, which include unvested ordinary shares, unvested restricted share units, options granted and equity-classified warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share:
| Three Months Ended March 31,
| 2026 |  | 2025
Numerator: |  |  |
Net income (loss), as reported | $ | 91,202 |  |  | $ | (17,864) |
Less: Income attributable to participating pre-funded warrant liabilities | (13,567) |  |  | — |
Numerator for net income (loss) attributable to ordinary shareholders - basic | $ | 77,635 |  |  | $ | (17,864) |
Effect of dilutive securities |  |  |
Add: Income attributable to participating pre-funded warrant liabilities | 13,567 |  |  | — |
Less: Change in fair value of warrant liabilities | (130,916) |  |  | (5,633) |
Numerator for net loss attributable to ordinary shareholders - diluted | $ | (39,714) |  |  | $ | (23,497) |
Denominator: |  |  |
Weighted-average number of ordinary shares used in net income (loss) per share - basic | 110,064,581 |  |  | 89,192,252 |
Add: Weighted-average pre-funded warrants | 20,202,112 |  |  | 9,449,371 |
Weighted-average number of ordinary shares used in net loss per share - diluted | 130,266,693 |  |  | 98,641,623 |
Net income (loss) per share - basic | $ | 0.71 |  |  | $ | (0.20) |
Net loss per share - diluted | $ | (0.30) |  |  | $ | (0.24) |
The following table sets forth the potential ordinary shares excluded from the calculation of diluted net loss per share, because including them would have had an anti-dilutive effect:
| Three Months Ended March 31,
| 2026 |  | 2025
Employee share purchase plan | 29,943 |  |  | 37,755 |
Unvested restricted share units | 1,577,522 |  |  | 1,003,044 |
Share options | 9,959,251 |  |  | 9,093,492 |
Warrants - equity-classified | 12,418,922 |  | 12,418,922 |
Warrants - liability-classified | — |  | 36,654,797 |
| 23,985,638 |  | 59,208,010

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