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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (70,161,000) $ (52,690,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation on property and equipment 1,992,000 1,806,000
Amortization of intangible assets 285,000 0
Loss on disposal of property and equipment 3,000 0
Share-based compensation net of amounts capitalized 2,867,000 2,284,000
Interest expense accrued on liabilities related to future royalties and milestones, net 10,137,000 19,260,000
Accretion of available-for-sale securities (2,639,000) 0
Foreign exchange differences (1,896,000) 1,675,000
Non-cash operating lease expense 1,059,000 1,136,000
Deferred income tax 487,000 (232,000)
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current assets 610,000 (10,187,000)
Decrease in prepaid expenses and other non-current assets 116,000 77,000
Increase in inventories, net (10,099,000) 0
Increase in accounts receivable, net (14,335,000) 0
Increase in accounts payable 1,862,000 1,318,000
Increase in deferred revenue 4,725,000 0
Decrease in accrued expenses and other liabilities (3,826,000) (3,777,000)
Increase (decrease) in operating lease liability 3,248,000 (1,184,000)
Net cash used in operating activities (75,565,000) (40,514,000)
Cash flows from investing activities:    
Acquisition of property and equipment (8,243,000) (533,000)
Purchases of marketable securities: available-for-sale debt securities (71,304,000) 0
Maturity / redemption of marketable securities: available-for-sale debt securities 20,000,000 0
Net cash used in investing activities (59,547,000) (533,000)
Cash flows from financing activities:    
Proceeds of issuance of ordinary shares 0 549,977,000
Payments of equity issuance costs 0 (27,520,000)
Proceeds from the exercise of share options 0 285,000
Proceeds from liabilities related to future royalties and milestones, net 0 40,000,000
Payments of issuance costs related to the liabilities related to future royalties and milestones, net 0 (1,301,000)
Net cash provided by financing activities 0 561,441,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,558,000 (1,185,000)
Net (decrease) increase in cash, cash equivalents and restricted cash (131,554,000) 519,209,000
Cash, cash equivalents and restricted cash, beginning of period 228,805,000 240,335,000
Cash, cash equivalents and restricted cash, end of period 97,251,000 759,544,000
Unaudited supplemental cash flow information    
Cash paid for income taxes 9,000 0
Unaudited supplemental non-cash flow information    
Property and equipment purchases included in accounts payable or accrued expenses 2,279,000 555,000
Leased assets obtained in exchange for operating lease liabilities 71,000 0
Capitalized share-based compensation, net of forfeitures 9,000 2,000
Capitalized implementation costs included in accrued expenses 289,000 131,000
Equity issuance costs included in accounts payable and accrued expenses 0 1,839,000
Liability issuance costs included in accounts payable and accrued expenses 0 364,000
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:    
Cash and cash equivalents 95,799,000 758,529,000
Restricted cash 1,452,000 1,015,000
Total cash, cash equivalents and restricted cash $ 97,251,000 $ 759,544,000