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Income taxes (Tables)

12 Months Ended

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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Tabular disclosure of components of net income (loss) before tax provision from income taxes.

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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-Name Accounting Standards Codification
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