Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Summary of Significant Accounting Policies |
|
| Schedule of changes in Accumulated other comprehensive (loss) income |
The following table shows the changes in Accumulated other comprehensive (loss) income (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
Accumulated |
|
|
Total |
|
|
foreign |
|
unrealized |
|
|
accumulated |
|
|
currency |
|
(losses) gains on |
|
|
other |
|
|
translation |
|
available-for-sale |
|
|
comprehensive |
|
|
adjustments |
|
debt securities |
|
|
(loss) income |
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
|
$ |
(10,785) |
|
$ |
(357) |
|
$ |
(11,142) |
Foreign currency translation adjustments |
|
|
60,421 |
|
|
— |
|
|
60,421 |
Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 |
|
|
(49,581) |
|
|
— |
|
|
(49,581) |
Unrealized holding losses on available-for-sale debt securities, net of tax of $0 |
|
|
— |
|
|
(573) |
|
|
(573) |
Balance at December 31, 2022 |
|
$ |
55 |
|
$ |
(930) |
|
$ |
(875) |
Foreign currency translation adjustments |
|
|
(37,921) |
|
|
— |
|
|
(37,921) |
Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 |
|
|
34,112 |
|
|
— |
|
|
34,112 |
Unrealized holding gains on available-for-sale debt securities, net of tax of $0 |
|
|
— |
|
|
1,134 |
|
|
1,134 |
Reclassification from accumulated other comprehensive (loss) income of gains on available-for-sale debt securities included in net income, net of tax of $0 |
|
|
— |
|
|
(198) |
|
|
(198) |
Balance at December 31, 2023 |
|
$ |
(3,754) |
|
$ |
6 |
|
$ |
(3,748) |
Foreign currency translation adjustments |
|
|
10,470 |
|
|
— |
|
|
10,470 |
Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 |
|
|
(8,635) |
|
|
— |
|
|
(8,635) |
Unrealized holding gains on available-for-sale debt securities, net of tax of $0 |
|
|
— |
|
|
11 |
|
|
11 |
Balance at December 31, 2024 |
|
$ |
(1,919) |
|
$ |
17 |
|
$ |
(1,902) |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of amounts reclassified out of other comprehensive (loss) income |
The following amounts were reclassified out of Other comprehensive (loss) income (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
Amount reclassified |
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
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|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
Affected line item in |
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|
|
|
|
|
|
|
|
|
|
Component of accumulated other comprehensive income |
|
2024 |
|
2023 |
|
2022 |
|
the Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains on available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustment for gains on available-for-sale debt securities |
|
$ |
— |
|
$ |
(198) |
|
$ |
— |
|
Other (expense) income, net |
|
| Schedule of the reconciliation of cash, cash equivalents, and restricted cash |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows (in thousands).
|
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|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
91,139 |
|
$ |
143,991 |
Restricted cash |
|
|
2,067 |
|
|
3,026 |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
|
$ |
93,206 |
|
$ |
147,017 |
|
| Schedule of investments in available-for-sale debt securities |
As of December 31, 2024, the Company has the following investments in available-for-sale debt securities, (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Gross |
|
Aggregate |
|
|
Remaining |
|
Amortized |
|
unrealized |
|
unrealized |
|
estimated |
|
|
contractual maturity |
|
cost |
|
gains |
|
losses |
|
fair value |
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
Less than 3 months |
|
$ |
8,946 |
|
$ |
2 |
|
$ |
— |
|
$ |
8,948 |
|
|
|
|
$ |
8,946 |
|
$ |
2 |
|
$ |
— |
|
$ |
8,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency bonds |
|
Less than 3 months |
|
$ |
7,012 |
|
$ |
3 |
|
$ |
— |
|
$ |
7,015 |
Corporate debt securities |
|
Less than 3 months |
|
|
2,021 |
|
|
— |
|
|
— |
|
|
2,021 |
U.S. Treasury securities |
|
Less than 3 months |
|
|
44,271 |
|
|
14 |
|
|
— |
|
|
44,285 |
Corporate debt securities |
|
3 months to 1 year |
|
|
4,206 |
|
|
— |
|
|
(3) |
|
|
4,203 |
U.S. Treasury securities |
|
3 months to 1 year |
|
|
2,941 |
|
|
1 |
|
|
— |
|
|
2,942 |
|
|
|
|
$ |
60,451 |
|
$ |
18 |
|
$ |
(3) |
|
$ |
60,466 |
As of December 31, 2023, the Company had the following investments in available-for-sale debt securities (in thousands):
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Gross |
|
Aggregate |
|
|
Remaining |
|
Amortized |
|
unrealized |
|
unrealized |
|
estimated |
|
|
contractual maturity |
|
cost |
|
gains |
|
losses |
|
fair value |
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
Less than 3 months |
|
$ |
1,601 |
|
$ |
— |
|
$ |
(1) |
|
$ |
1,600 |
|
|
|
|
$ |
1,601 |
|
$ |
— |
|
$ |
(1) |
|
$ |
1,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
3 months to 1 year |
|
|
2,940 |
|
|
7 |
|
|
— |
|
|
2,947 |
|
|
|
|
$ |
2,940 |
|
$ |
7 |
|
$ |
— |
|
$ |
2,947 |
|
| Schedule of aggregate fair value and number of securities held by the Company in an unrealized loss position |
The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of December 31, 2024 and 2023 are as follows (in thousands):
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|
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|
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|
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|
December 31, 2024 |
|
December 31, 2023 |
|
|
Fair market value of investments in an unrealized loss position |
|
Number of investments in an unrealized loss position |
|
Unrealized losses |
|
Fair market value of investments in an unrealized loss position |
|
Number of investments in an unrealized loss position |
|
Unrealized losses |
Marketable securities in a continuous loss position for less than 12 months: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
4,679 |
|
|
2 |
|
$ |
(3) |
|
$ |
1,600 |
|
|
1 |
|
$ |
(1) |
|
|
$ |
4,679 |
|
|
2 |
|
$ |
(3) |
|
$ |
1,600 |
|
|
1 |
|
$ |
(1) |
|
| Schedule of estimated useful lives of property, plant and equipment |
Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. The following table provides the range of estimated useful lives used for each asset type:
|
|
|
Computer equipment |
|
3 to 5 years |
Laboratory equipment |
|
5 years |
Office equipment |
|
5 years |
Leasehold improvements |
|
the expected duration of the lease |
|
| Schedule of numerator and denominator in the basic and diluted loss per share computation |
The following table reconciles the numerator and denominator in the basic and diluted loss per share computation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Numerator for basic and diluted loss per share |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(70,814) |
|
$ |
(113,871) |
|
$ |
(165,456) |
Net loss attributable to shareholders used for basic and diluted EPS calculation |
|
$ |
(70,814) |
|
$ |
(113,871) |
|
$ |
(165,456) |
|
|
|
|
|
|
|
|
|
|
Denominator for basic and diluted loss per share |
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to calculate basic and diluted loss per share |
|
|
1,513,810,852 |
|
|
1,206,440,978 |
|
|
967,242,403 |
|
| Schedule of potentially dilutive equity instruments excluded from the diluted loss per share calculation |
The effects of the following potentially dilutive equity instruments have been excluded from the diluted loss per share calculation because they would have an antidilutive effect on the loss per share for the period:
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Weighted average number of share options |
|
252,267,387 |
|
185,994,528 |
|
155,673,264 |
|