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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:    
Loss for the period $ (39,527) $ (93,767)
Non-cash adjustments to reconcile loss for the period to net cash flows:    
Depreciation and amortization 52 15
Non-cash rent expense 3 1
Fair value change - derivative earnout and warrants (17,754) 38,950
Foreign exchange (gains)/losses (4,293) 2,418
Amortization of premium/discount on available-for-sale debt securities (513)  
Share-based compensation 15,213 7,918
Changes in working capital:    
Changes in prepayments (current and non-current) and other receivables 16,031 956
Changes in accounts payable 2,251 (8,311)
Changes in accrued expenses and other current liabilities (4,953) (1,381)
Changes in deferred revenue (2,978) (1,401)
Net cash used in operating activities (36,468) (54,602)
Investing activities:    
Purchase of property, plant and equipment, including internal use software (16) (385)
Maturity of available-for-sale debt securities 12,500  
Purchase of available-for-sale debt securities (9,629)  
Net cash (used in)/provided by investing activities 2,855 (385)
Financing activities:    
Proceeds from exercise of warrants 183 8,763
Proceeds from exercise of options 7,922 440
Payment of withholding taxes related to net share settlement of exercised options   (989)
Net cash provided by financing activities 6,519 198,180
Net change in cash (27,094) 143,193
Foreign exchange differences 3,771 (2,496)
Cash at the beginning of the period 771,743 340,450
Cash at the end of the period 748,420 481,147
Noncash financing and investing activities    
Receivable related to exercise of warrants   1,271
Issuance of earnout shares 40,807  
February 2024 Offering    
Financing activities:    
Proceeds from February 2024 offering of Ordinary Shares and Pre-Funded Warrants   190,481
Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants   $ (515)
December 2024 Offering    
Financing activities:    
Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants $ (1,586)