XML 363 R70.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Information - Schedule of Operating Segments (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated Statement of Comprehensive Income/(Loss)        
Contract revenue $ 4,659 $ 4,315 $ 750  
Grant revenue 0 513 2,580  
Total revenue 4,659 4,828 3,330  
General and administrative expenses (46,618) (71,469) (53,295)  
Research and development expenses (56,567) (69,454) (96,235)  
Total operating expenses (103,185) (140,923) (149,530)  
Operating income/(loss) (98,527) (136,095) (146,199)  
Other income/(expense):        
Gain on deconsolidation of subsidiary 0 151,808 61,787  
Gain/(loss) on investments held at fair value 38,485 (2,398) 77,945  
Realized gain/(loss) on sale of investments 375 151 (122)  
Gain/(loss) on investments in notes from associates (3,628) 13,131 (27,630)  
Other income/(expense) 1,331 961 (908)  
Other income/(expense) 36,564 163,652 111,072  
Net finance income/(costs) (32,735) 4,773 5,078  
Share of net income/(loss) of associates accounted for using the equity method (17,928) (8,754) (6,055)  
Gain/(loss) on dilution of ownership interest in associates 1,699 199 0  
Income/(loss) before taxes (110,927) 23,774 (36,103)  
Available Funds        
Cash and cash equivalents 252,470 280,641 191,081 $ 149,866
Short-term investments 24,829 86,666    
Wholly-Owned Programs        
Consolidated Statement of Comprehensive Income/(Loss)        
Contract revenue 0 0 0  
Grant revenue   513 270  
Total revenue 0 513 270  
General and administrative expenses (11,401) (8,888) (13,203)  
Research and development expenses (55,900) (56,849) (87,069)  
Total operating expenses (67,301) (65,737) (100,272)  
Operating income/(loss) (67,301) (65,224) (100,002)  
Available Funds        
Cash and cash equivalents 6,361 9,062    
Short-term investments 0 0    
Consolidated cash, cash equivalents and short-term investments 6,361 9,062    
Controlled Founded Entities        
Consolidated Statement of Comprehensive Income/(Loss)        
Contract revenue 0 0 750  
Grant revenue   0 0  
Total revenue 0 0 750  
General and administrative expenses (120) (173) (562)  
Research and development expenses (701) (672) (672)  
Total operating expenses (821) (845) (1,233)  
Operating income/(loss) (821) (845) (483)  
Available Funds        
Cash and cash equivalents 116 432    
Short-term investments 0 0    
Consolidated cash, cash equivalents and short-term investments 116 432    
Parent Company and Other        
Consolidated Statement of Comprehensive Income/(Loss)        
Contract revenue 4,659 4,315 0  
Grant revenue   0 2,310  
Total revenue 4,659 4,315 2,310  
General and administrative expenses (35,097) (62,408) (39,530)  
Research and development expenses 34 (11,933) (8,494)  
Total operating expenses (35,063) (74,341) (48,024)  
Operating income/(loss) (30,405) (70,026) (45,714)  
Available Funds        
Cash and cash equivalents 245,993 271,148    
Short-term investments 24,829 86,666    
Consolidated cash, cash equivalents and short-term investments 270,822 357,814    
Operating segments        
Consolidated Statement of Comprehensive Income/(Loss)        
Contract revenue 4,659 4,315 750  
Grant revenue   513 2,580  
Total revenue 4,659 4,828 3,330  
General and administrative expenses (46,618) (71,469) (53,295)  
Research and development expenses (56,567) (69,454) (96,235)  
Total operating expenses (103,185) (140,923) (149,530)  
Operating income/(loss) (98,527) (136,095) (146,199)  
Other income/(expense):        
Gain on deconsolidation of subsidiary   151,808 61,787  
Gain/(loss) on investments held at fair value 38,485 (2,398) 77,945  
Realized gain/(loss) on sale of investments 375 151 (122)  
Gain/(loss) on investments in notes from associates (3,628) 13,131 (27,630)  
Other income/(expense) 1,331 961 (908)  
Other income/(expense) 36,564 163,652 111,072  
Net finance income/(costs) (32,735) 4,773 5,078  
Share of net income/(loss) of associates accounted for using the equity method (17,928) (8,754) (6,055)  
Gain/(loss) on dilution of ownership interest in associates 1,699 199    
Income/(loss) before taxes (110,927) 23,774 $ (36,103)  
Available Funds        
Cash and cash equivalents 252,470 280,641    
Short-term investments 24,829 86,666    
Consolidated cash, cash equivalents and short-term investments $ 277,299 $ 367,307