Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 347,559	$ 298,257
Marketable securities	1,628,269	1,605,569
Accounts receivable	0	25,000
Prepaid expenses and other current assets	9,843	8,306
Total current assets	1,985,671	1,937,132
Property and equipment, net	115,851	134,093
Restricted cash	7,629	11,519
Operating lease assets	131,724	143,461
Other non-current assets	24,368	15,829
Total assets	2,265,243	2,242,034
Current liabilities:
Accounts payable	11,138	14,709
Accrued expenses	89,407	41,072
Deferred revenue, current	15,771	3,845
Accrued tax liabilities	1,113	451
Operating lease liabilities	18,578	17,288
Other current liabilities	13,113	10,417
Total current liabilities	149,120	87,782
Deferred revenue, non-current	0	12,323
Operating lease liabilities, net of current portion	188,168	206,405
Other non-current liabilities	6,142	3,444
Total liabilities	343,430	309,954
Commitments and contingencies (Note 9)
Shareholders’ equity:
Common shares, CHF 0.03 nominal value, 132,477,166 shares authorized at December 31, 2025 and December 31, 2024, 96,009,657 and 85,912,297 shares issued at December 31, 2025 and December 31, 2024, respectively, 95,894,341 and 85,741,981 shares outstanding at December 31, 2025 and December 31, 2024, respectively	3,087	2,698
Treasury shares, at cost, 115,316 and 170,316 shares at December 31, 2025 and December 31, 2024, respectively	(60)	(62)
Additional paid-in capital	3,861,516	3,293,556
Accumulated deficit	(1,947,551)	(1,365,952)
Accumulated other comprehensive income	4,821	1,840
Total shareholders’ equity	1,921,813	1,932,080
Total liabilities and shareholders’ equity	$ 2,265,243	$ 2,242,034