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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 330,843 $ 471,388
Prepaid expenses and other current assets 9,131 14,024
Total current assets 339,974 485,412
Non-current assets:    
Property and equipment, net 2,463 3,081
Operating lease right-of-use assets 8,849 10,708
Deferred tax assets 0 43,239
Restricted cash, non-current 860 860
Other non-current assets 482 3,808
Total non-current assets 12,654 61,696
Total assets 352,628 547,108
Current liabilities:    
Accounts payable 10,503 7,770
Accrued research and development 9,544 13,428
Deferred revenue, current 2,685 8,850
Restructuring liability 17,614 0
Lease liability, current 2,879 2,610
Other current liabilities 8,211 15,843
Total current liabilities 51,436 48,501
Non-current liabilities:    
Deferred revenue, non-current 0 3,448
Lease liability, non-current 6,203 8,233
Total non-current liabilities 6,203 11,681
Total liabilities 57,639 60,182
Commitments and contingencies (Note 6)
Shareholders’ equity:    
Euro deferred shares, €22 nominal value: Authorized shares — 10,000 at September 30, 2025 and December 31, 2024 Issued and outstanding shares — none at September 30, 2025 and December 31, 2024 0 0
Ordinary shares, $0.01 par value: Authorized shares — 100,000,000 at September 30, 2025 and December 31, 2024. Issued and outstanding shares — 53,829,982 and 53,826,982 at September 30, 2025 and December 31, 2024, respectively 538 538
Additional paid-in capital 1,619,295 1,588,729
Accumulated deficit (1,324,844) (1,102,341)
Total shareholders’ equity 294,989 486,926
Total liabilities and shareholders’ equity $ 352,628 $ 547,108