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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 879,520 $ 526,423
Prepaid expenses and other current assets 13,432 11,406
Research and development incentives receivable 35,653 24,039
Total current assets 928,605 561,868
Property and equipment, net 9,516 14,515
Operating lease right-of-use assets 7,673 13,169
Other assets 11,074 5,792
Total assets 956,868 595,344
Current liabilities:    
Accounts payable 15,793 13,050
Accrued expenses and other current liabilities 41,246 31,509
Deferred revenue, current portion 10,191 24,978
Total current liabilities 67,230 69,537
Long-term debt, net of discount   30,698
Operating lease liabilities, net of current portion 3,990 9,382
Deferred revenue, net of current portion 91,467 110,216
Other long-term liabilities 1,121 4,579
Total liabilities 163,808 224,412
Commitments and contingencies (Note 11)
Shareholders' equity:    
Ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 155,876,645 and 59,612,613 shares authorized at December 31, 2024 and December 31, 2023, respectively; 69,061,418 and 42,431,766 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 890 550
Additional paid-in capital 1,472,842 883,446
Accumulated other comprehensive income (loss) 119 (1,304)
Accumulated deficit (680,791) (511,760)
Total shareholders' equity 793,060 370,932
Total liabilities and shareholders' equity $ 956,868 $ 595,344