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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income taxes |
Schedule of components of net loss before tax provision from income taxes | The components of net loss before income tax provision are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
United Kingdom | ​ | $ | (179,610) | ​ | $ | (182,980) | ​ | $ | (116,275)
United States | ​ |  | 5,814 | ​ |  | 3,773 | ​ |  | 2,034
Total | ​ | $ | (173,796) | ​ | $ | (179,207) | ​ | $ | (114,241)
Schedule of components of the benefit for income taxes | The components of the (benefit from) provision for income taxes are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended
​ | ​ | ​ | December 31,
​ |  | ​ | 2024 |  | 2023 |  | 2022
Current income tax provision (benefit) |  | ​ | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | ​ | $ | 283 | ​ | $ | (1,180) | ​ | $ | 2,048
State | ​ | ​ |  | 178 | ​ |  | (669) | ​ |  | 1,404
Total current income tax provision (benefit) | ​ | ​ |  | 461 | ​ |  | (1,849) | ​ |  | 3,452
Deferred income tax (benefit) provision | ​ | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ | ​ |  | (3,772) | ​ |  | 2,513 | ​ |  | (4,111)
State | ​ | ​ |  | (1,454) | ​ |  | 793 | ​ |  | (865)
Total deferred income tax (benefit) provision | ​ | ​ |  | (5,226) | ​ |  | 3,306 | ​ |  | (4,976)
Total (benefit from) provision for income taxes | ​ | ​ | $ | (4,765) | ​ | $ | 1,457 | ​ | $ | (1,524)
Schedule of reconciliation of the provision (benefit) for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​
​ | ​ | December 31, | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
(Benefit from) provision for income taxes at statutory rate |  | 25.0 | % | 23.5 | % | 19.0 | %
Increases (decreases) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax credits |  | 3.7 | % | 0.6 | % | 0.4 | %
Change in valuation allowance |  | (11.2) | % | (14.8) | % | (16.8) | %
Net losses surrendered for research credit |  | (14.2) | % | (11.1) | % | (6.5) | %
Impact of statutory rate change | ​ | — | % | 2.7 | % | 11.3 | %
Impact of foreign exchange rates | ​ | (1.0) | % | (0.1) | % | (9.9) | %
Other |  | 0.4 | % | (1.6) | % | 3.8 | %
Effective income tax rate |  | 2.7 | % | (0.8) | % | 1.3 | %
Schedule of significant components of the Company's current and deferred tax assets | Significant components of the Company’s deferred tax assets are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Operating loss carryforwards | ​ | $ | 81,492 | ​ | $ | 66,555
Research credit carryforwards | ​ |  | 3,362 | ​ |  | —
Operating lease liability | ​ | ​ | 2,641 | ​ | ​ | 3,680
Share-based compensation | ​ | ​ | 21,035 | ​ | ​ | 15,577
Depreciation & amortization | ​ | ​ | 1,508 | ​ | ​ | —
Accrued expenses and other | ​ |  | 1,952 | ​ |  | 2,742
Total deferred tax assets | ​ |  | 111,990 | ​ |  | 88,554
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use asset | ​ | ​ | (2,201) | ​ | ​ | (3,389)
Total deferred tax liabilities | ​ |  | (2,201) | ​ |  | (3,389)
Valuation allowance | ​ |  | (99,672) | ​ |  | (80,274)
Net deferred tax assets | ​ | $ | 10,117 | ​ | $ | 4,891

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- 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
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- 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
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- 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
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