NewAmsterdam Pharma (NAMS) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	NewAmsterdam Pharma Company N.V.
Entity Central Index Key	0001936258
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-41562
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Gooimeer 2-35
Entity Address, City or Town	Naarden
Entity Address, Country	NL
Entity Address, Postal Zip Code	1411 DC
City Area Code	+31
Local Phone Number	(0) 35 206 2971
Entity Incorporation, State or Country Code	P7
Document Transition Report	false
Entity Common Stock, Shares Outstanding		92,385,872
Ordinary Shares, Nominal Value €0.12 Per Share
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, nominal value €0.12 per share
Trading Symbol	NAMS
Security Exchange Name	NASDAQ
Warrants to Purchase Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Ordinary Shares
Trading Symbol	NAMSW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 422,729	$ 340,450
Prepayments and other receivables	15,145	6,341
Total current assets	437,874	346,791
Property, plant and equipment, net	231	46
Operating right of use asset	493	55
Intangible assets	593	170
Long term prepaid expenses		35
Total assets	439,191	347,097
Current liabilities:
Accounts payable	7,039	16,923
Accrued expenses and other current liabilities	10,580	11,398
Deferred revenue, current	4,495	8,942
Lease liability, current	240	60
Derivative warrant liabilities	18,901	12,574
Total current liabilities	41,255	49,897
Deferred revenue, net of current portion		1,019
Lease liability, net of current portion	266
Derivative earnout liability	18,808	7,788
Total liabilities	60,329	58,704
Commitments and contingencies (Note 10)
Shareholders' Equity (deficit):
Ordinary shares	11,435	10,173
Additional paid-in capital	829,399	590,771
Accumulated loss	(466,394)	(316,973)
Accumulated other comprehensive income	4,422	4,422
Total shareholders' equity	378,862	288,393
Total liabilities and shareholders' equity	$ 439,191	$ 347,097

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - € / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value	€ 0.12	€ 0.12
Ordinary shares, authorized	400,000,000	400,000,000
Ordinary shares, issued	92,165,605	82,469,768
Ordinary shares, outstanding	92,165,605	82,469,768

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 29,111	$ 2,941	$ 32,791	$ 13,287
Operating expenses:
Research and development expenses	35,702	43,371	116,511	118,132
Selling, general and administrative expenses	18,412	9,128	49,340	27,048
Total operating expenses	54,114	52,499	165,851	145,180
Operating loss	(25,003)	(49,558)	(133,060)	(131,893)
Other income (expense):
Interest income	4,443	3,059	12,396	8,615
Fair value change - earnout and warrants	(770)	2,521	(30,028)	(4,004)
Foreign exchange gains/(losses)	4,682	(3,155)	1,270	(160)
Loss before tax	(16,648)	(47,133)	(149,422)	(127,442)
Income tax expense	(1)		(1)
Loss and comprehensive loss for the period	$ (16,647)	$ (47,133)	$ (149,421)	$ (127,442)
Net loss per ordinary share
Basic	$ (0.18)	$ (0.57)	$ (1.61)	$ (1.55)
Diluted	$ (0.18)	$ (0.57)	$ (1.61)	$ (1.55)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Loss [Member]	Cumulative Translation Adjustments [Member]
Beginning Balance at Dec. 31, 2022	$ 430,066	$ 10,055	$ 555,625	$ (140,036)	$ 4,422
Beginning Balance, shares at Dec. 31, 2022		81,559,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	2,698	$ 27	2,671
Exercise of warrants, shares		208,032
Share-based compensation	7,663		7,663
Total profit or loss and comprehensive loss for the year	(42,018)			(42,018)
Ending Balance at Mar. 31, 2023	398,409	$ 10,082	565,959	(182,054)	4,422
Ending Balance, shares at Mar. 31, 2023		81,767,812
Beginning Balance at Dec. 31, 2022	430,066	$ 10,055	555,625	(140,036)	4,422
Beginning Balance, shares at Dec. 31, 2022		81,559,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total profit or loss and comprehensive loss for the year	(127,442)
Ending Balance at Sep. 30, 2023	331,835	$ 10,173	584,718	(267,478)	4,422
Ending Balance, shares at Sep. 30, 2023		82,469,768
Beginning Balance at Dec. 31, 2022	$ 430,066	$ 10,055	555,625	(140,036)	4,422
Beginning Balance, shares at Dec. 31, 2022		81,559,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, shares	200,655
Ending Balance at Dec. 31, 2023	$ 288,393	$ 10,173	590,771	(316,973)	4,422
Ending Balance, shares at Dec. 31, 2023		82,469,768
Beginning Balance at Mar. 31, 2023	398,409	$ 10,082	565,959	(182,054)	4,422
Beginning Balance, shares at Mar. 31, 2023		81,767,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	7,514	$ 70	7,444
Exercise of warrants, shares		541,609
Exercise of stock options	105	$ 2	103
Exercise of stock options, shares		14,910
Share-based compensation	5,606		5,606
Total profit or loss and comprehensive loss for the year	(38,291)			(38,291)
Ending Balance at Jun. 30, 2023	373,343	$ 10,154	579,112	(220,345)	4,422
Ending Balance, shares at Jun. 30, 2023		82,324,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	1	$ 0	1
Exercise of warrants, shares		100
Exercise of stock options	185	$ 19	166
Exercise of stock options, shares		145,337
Share-based compensation	5,439		5,439
Total profit or loss and comprehensive loss for the year	(47,133)			(47,133)
Ending Balance at Sep. 30, 2023	331,835	$ 10,173	584,718	(267,478)	4,422
Ending Balance, shares at Sep. 30, 2023		82,469,768
Beginning Balance at Dec. 31, 2023	288,393	$ 10,173	590,771	(316,973)	4,422
Beginning Balance, shares at Dec. 31, 2023		82,469,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares and pre-funded warrants	189,966	$ 759	189,207
Stock issuance of ordinary shares and pre-funded warrants, shares		5,871,909
Exercise of warrants	19,795	$ 121	19,674
Exercise of warrants, shares		926,698
Exercise of stock options	(549)	$ 60	(609)
Exercise of stock options, shares		452,461
Share-based compensation	7,965		7,965
Total profit or loss and comprehensive loss for the year	(93,767)			(93,767)
Ending Balance at Mar. 31, 2024	411,803	$ 11,113	807,008	(410,740)	4,422
Ending Balance, shares at Mar. 31, 2024		89,720,836
Beginning Balance at Dec. 31, 2023	$ 288,393	$ 10,173	590,771	(316,973)	4,422
Beginning Balance, shares at Dec. 31, 2023		82,469,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, shares	591,403
Total profit or loss and comprehensive loss for the year	$ (149,421)
Ending Balance at Sep. 30, 2024	378,862	$ 11,435	829,399	(466,394)	4,422
Ending Balance, shares at Sep. 30, 2024		92,165,605
Beginning Balance at Mar. 31, 2024	411,803	$ 11,113	807,008	(410,740)	4,422
Beginning Balance, shares at Mar. 31, 2024		89,720,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	6,306	$ 38	6,268
Exercise of warrants, shares		294,521
Share-based compensation	8,337		8,337
Total profit or loss and comprehensive loss for the year	(39,007)			(39,007)
Ending Balance at Jun. 30, 2024	387,439	$ 11,151	821,613	(449,747)	4,422
Ending Balance, shares at Jun. 30, 2024		90,015,357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Pre-Funded Warrants		$ 279	(279)
Exercise of Pre-Funded Warrants,Shares		2,105,248
Exercise of stock options	58	$ 5	53
Exercise of stock options, shares		45,000
Share-based compensation	8,012		8,012
Total profit or loss and comprehensive loss for the year	(16,647)			(16,647)
Ending Balance at Sep. 30, 2024	$ 378,862	$ 11,435	$ 829,399	$ (466,394)	$ 4,422
Ending Balance, shares at Sep. 30, 2024		92,165,605

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Loss for the period	$ (149,421)	$ (127,442)
Non-cash adjustments to reconcile loss before tax to net cash flows:
Depreciation and amortization	62	36
Non-cash rent expense	8	5
Fair value change - derivative earnout and warrants	30,028	4,004
Foreign exchange (gains)/losses	(1,270)	160
Share-based compensation	24,204	18,566
Changes in working capital:
Changes in prepayments (current and non-current) and other receivables	(8,769)	988
Changes in accounts payable	(9,751)	(7,824)
Changes in accrued expenses and other current liabilities	(708)	11,266
Changes in deferred revenue	(5,466)	(7,903)
Net cash (used in)/provided by operating activities	(121,083)	(108,144)
Investing activities:
Purchase of property, plant and equipment, including internal use software	(669)	(21)
Net cash used in investing activities	(669)	(21)
Financing activities:
Proceeds from offering of Ordinary shares and Pre-Funded Warrants	190,481
Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants	(515)
Proceeds from exercise of warrants	13,421	8,622
Proceeds from exercise of options	498	290
Payment of withholding taxes related to net share settlement of exercised options	(989)
Net cash provided by financing activities	202,896	8,912
Net change in cash	81,144	(99,253)
Foreign exchange differences	1,135	(168)
Cash at the beginning of the period	340,450	467,728
Cash at the end of the period	422,729	$ 368,307
Noncash financing and investing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 562

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (16,647)	$ (47,133)	$ (149,421)	$ (127,442)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Arrangements Except as set forth below, during the three months ended September 30, 2024, none of our officers or directors adopted, amended or terminated a “Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. On September 20, 2024 , Douglas Kling , our Chief Operating Officer , terminated a Rule 10b5-1 trading arrangement for the potential sale of up to 431,144 Ordinary Shares. The arrangement was initially adopted on March 29, 2024 . On September 25, 2024 , Louise Kooij , our Chief Accounting Officer terminated a Rule 10b5-1 trading arrangement for the potential sale of up to 213,073 Ordinary Shares. The arrangement was initially adopted on June 27, 2024 . On September 26, 2024 , Douglas Kling , our Chief Operating Officer , adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 798,612 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is September 26, 2025 . On September 27, 2024 , Ian Somaiya , our Chief Financial Officer , adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 200,000 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is September 30, 2025 . On September 27, 2024 , Louise, Kooij , our Chief Accounting Officer , adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 110,000 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is September 30, 2025 . There were no “non-Rule 10b5-1 trading arrangements,” as defined in Item 408(c) of Regulation S-K, entered into or terminated during the three months ended September 30, 2024 .
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ian Somaiya
Trading Arrangements, by Individual
Name	Ian Somaiya
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 27, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 30, 2025
Aggregate Available	200,000
Trading arrangements 1 | Douglas Kling
Trading Arrangements, by Individual
Name	Douglas Kling
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 29, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 20, 2024
Aggregate Available	431,144
Trading arrangements 1 | Louise Kooij
Trading Arrangements, by Individual
Name	Louise Kooij
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 27, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 25, 2024
Aggregate Available	213,073
Trading arrangements 2 | Douglas Kling
Trading Arrangements, by Individual
Name	Douglas Kling
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 26, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 26, 2025
Aggregate Available	798,612
Trading arrangements 2 | Louise Kooij
Trading Arrangements, by Individual
Name	Louise, Kooij
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 27, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 30, 2025
Aggregate Available	110,000

The Company

The Company	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	Note 1. The Company NewAmsterdam Pharma Company N.V. (“NewAmsterdam Pharma” or the “Company”) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well-tolerated. The Company was incorporated in the Netherlands as a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the name NewAmsterdam Pharma Company B.V. on June 10, 2022. On November 21, 2022, the Company’s corporate form was converted to a Dutch public limited liability company (naamloze vennootschap) and its name was changed to NewAmsterdam Pharma Company N.V. The Company’s ordinary shares, nominal value € 0.12 per share (the "Ordinary Shares") are listed on the Nasdaq Global Market ("Nasdaq") and trade under the symbol “NAMS.” The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, development by competitors of more advanced or effective therapies, dependence on key executives, protection of and dependence on intellectual property, compliance with government regulations and ability to secure additional capital to fund operations. Significant additional research and development efforts and regulatory approval will be required prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements should be read together with the Company's audited financial statements and accompanying notes for year ended December 31, 2023, included in the Company's Annual Report on Form 10-K (the "Annual Report"), filed with the SEC on February 28, 2024. Any terms not defined herein take the meaning as defined in the Annual Report. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. Prior to 2023, the Company prepared its financial statements in accordance with the International Financial Reporting Standards as issued by the International Accounting Standard Board (“IFRS”) as permitted in the United States based on the Company’s qualification as a foreign private issuer under the rules and regulations of the SEC. In connection with the loss of the Company’s status as a foreign private issuer effective on January 1, 2024, the Company, as a domestic filer, prepared these financial statements in accordance with U.S. GAAP. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. Except for the policy described below, the accounting policies of the Company are consistent with those described in Note 2 of the consolidated financial statements included within the Annual Report. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of Ordinary Shares outstanding during the period. For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the Pre-Funded Warrants issued in the Offering (as defined in Note 7 below) are included. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Principal Transaction Revenue [Line Items]
Revenue	Note 3. Revenue Revenue consisted of the following: Three months ended September 30, Nine months ended September 30, (In thousands of USD) 2024 2023 2024 2023 License revenue attributed from license performance obligation 27,325 — 27,325 5,385 License revenue attributed from R&D performance obligation 1,786 2,941 5,466 7,902 Total revenue 29,111 2,941 32,791 13,287 All revenue recognized from the R&D performance obligation was included within deferred revenue on the consolidated balance sheet as of the beginning of the applicable reporting period.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements As at September 30, 2024 and December 31, 2023, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following: As at September 30, 2024 (In thousands of USD) Level 1 Level 2 Level 3 Total Derivative warrant liability (Public Warrants) 17,732 — — 17,732 Derivative warrant liability (Private Placement Warrants) — 1,169 — 1,169 Derivative earnout liability — — 18,808 18,808 Total financial liabilities 17,732 1,169 18,808 37,709 As at December 31, 2023 (In thousands of USD) Level 1 Level 2 Level 3 Total Derivative warrant liability (Public Warrants) 12,051 — — 12,051 Derivative warrant liability (Private Placement Warrants) — 523 — 523 Derivative earnout liability — — 7,788 7,788 Total financial liabilities 12,051 523 7,788 20,362 The estimated fair value of the derivative earnout liability was determined using Level 3 inputs, other than the Company's share price as a Level 1 input, as no observable market inputs were available. The derivative earnout liability has been measured at fair value using a Black-Scholes pricing model. Given the assumed zero dividend rate and the fact that no strike price exists that would have led to any volatility measure relative to the Company's share price, the fair value of the earnout liability resulting from the Black-Scholes pricing model is entirely driven by the Company’s closing share price as a Level 1 input and the probability of milestone completion as a Level 3 input. As such, the relevant inputs to the fair value of the derivative earnout liability are as follows: September 30, 2024 December 31, 2023 Ordinary Share value (USD) $ 16.60 $ 11.17 Probability of milestone completion 65 % 40 % Dividend yield 0 % 0 % Strike price (USD) 0.00 0.00 On July 29, 2024 the Company announced positive topline results from its Phase 3 BROOKLYN clinical trial. Positive results from the BROOKLYN trial is a component of the milestone which is required in order for the Earnout Shares to be granted. The Company has determined that the reporting of positive data from the BROOKLYN clinical trial increases the probability of achieving the milestone from 40 % to 65 %. The change in fair value results from the increase in the probability of achieving the milestone, a Level 3 input, and the change in the Company's Ordinary Share value between valuation dates. The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of September 30, 2024: Balance on December 31, 2023 7,788 Change in fair value recognized through profit and loss 11,020 Balance on September 30, 2024 18,808 All changes in fair value recognized in the statement of operations are unrealized. There were no sales, purchases, settlements or transfers into or out of Level 3 of the fair value hierarchy related to the derivative earnout liability during the period ended September 30, 2024 .

Prepayments and Other Receivabl

Prepayments and Other Receivables	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments and Other Receivables	Note 5. Prepayments and Other Receivables Prepayments and other receivables consisted of the following: (In thousands of USD) September 30, December 31, Prepaid research and development costs 8,830 2,337 Other prepaid expenses 1,169 2,123 Value added tax receivable 3,500 1,006 Other receivables 1,646 875 Total prepayments and other receivables 15,145 6,341

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued Expenses and Other Current Liabilities	Note 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: (in thousands of USD) September 30, December 31, Accrued research and development materials and services 3,863 5,945 Accrued compensation and benefits 4,188 3,384 Accrued professional fees and other 2,529 2,069 Total accrued expenses and other current liabilities 10,580 11,398

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	Note 7. Shareholders’ Equity Follow-on Offering On February 16, 2024, the Company completed an underwritten public offering (the “Offering”) of 5,871,909 Ordinary Shares at a public offering price of $ 19.00 per Ordinary Share and, in lieu of Ordinary Shares to certain investors, pre-funded warrants ( the “Pre-Funded Warrants”) to purchase 4,736,841 Ordinary Shares at a public offering price of $ 18.9999 per Pre-Funded Warrant, which represents the per share public offering price for the Ordinary Shares, less the $ 0.0001 per share exercise price for each such Pre-Funded Warrant. Of the 5,871,909 Ordinary Shares issued and sold in the offering, 1,383,750 Ordinary Shares were issued and sold pursuant to the exercise of the underwriters’ option to purchase additional Ordinary Shares at the public offering price per share. The Ordinary Shares and Pre-Funded Warrants were issued and sold pursuant to an underwriting agreement, among the Company and Jefferies LLC, Leerink Partners LLC, Piper Sandler & Co. and RBC Capital Markets, LLC, as representatives of the several underwriters listed on Schedule A thereto. The net proceeds to the Company from the Offering were $ 190.0 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. During the period from the date of the Offering to September 30, 2024 a total of 2,105,263 Pre-Funded Warrants were exercised resulting in the issuance of 2,105,248 Ordinary Shares.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 8. Share-Based Compensation The Company has four share-based payment plans and one restricted share award in place as at September 30, 2024: • The Company’s Long-Term Incentive Plan (the “Plan”); • The Company’s Supplementary Long-Term Incentive Plan (the “Supplementary Plan”); • The Company’s Rollover Option Plan (the “Rollover Plan,”); • The Company’s Inducement Plan (the “Inducement Plan,” together with the Plan, the Supplementary Plan and the Rollover Plan, the “Plans”); and • Chief Executive Officer Restricted Share Award. The Plans The Plans are equity-settled, and the Company may grant various forms of equity awards, including the granting of options to purchase Ordinary Shares (“Company Options”) and restricted stock units (“RSUs”), pursuant to the Plans. In total, as of September 30, 2024 a maximum of 22,049,356 Ordinary Shares may be reserved for issuance pursuant to the Plans. The number of Ordinary Shares reserved for grant under the Plan will increase annually on January 1 of each calendar year by 5 % of the then issued and outstanding Ordinary Shares or such lower number as may be determined by the Company's Board of Directors. The contractual term is 10 years from grant date for options granted under the Plans. In general, each Company Option has a four-year vesting period with 25 % vesting after one year and the remaining 75 % vesting in equal monthly installments over the next following three years . Modification of Options During the Period In 2024, a total of 399,153 Company Options granted to one employee were modified. For 210,655 of the modified Company Options the vesting period was shortened, of which 200,655 such modified Company Options also had the exercise period extended. For the other 188,498 modified Company Options only the exercise period was extended. The total fair value of the 210,655 modified Company Options for which the vesting period was shortened is equal to $ 1.2 million. Any expense previously recognized for such Company Options was reversed on the modification date and the full fair value of the modified Company Options is recognized over the applicable service period. For the 188,498 modified Company Options for which only the exercise period was extended the total fair value of the modification is equal to $ 0.1 million, all of which is recognized on the modification date. The changes for the nine months ended September 30, 2023 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows: Number of options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding as at December 31, 2023 15,783,509 $ 7.98 Granted 4,988,848 $ 14.06 Exercised ( 591,403 ) $ 1.27 Forfeited — $ - Outstanding as at September 30, 2024 20,180,954 $ 9.68 8.3 145,756 Options exercisable as at September 30, 2024 7,820,112 $ 6.49 7.6 79,035 The weighted average grant date fair value of Company Options, estimated as of the grant date using the Black-Scholes option pricing model, was $ 6.60 , and $ 4.83 per option for options granted during the nine months ended September 30, 2024 and 2023, respectively. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of Company Options exercised during the nine months ended September 30, 2024 and 2023 was $ 8.7 million and $ 1.7 million, respectively. Weighted average assumptions used to apply this pricing model were as follows: Nine months ended September 30, 2024 2023 Expected life (years) 6.1 6.1 Risk-free rate 3.9 % 4.0 % Volatility 41.7 % 38.3 % Dividend yield 0.0 % 0.0 % Expected Term The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The Company utilizes this method due to lack of historical exercise data and the plain-vanilla nature of the Company’s stock-based awards. Expected Volatility Since the Company was privately held through November 2022, it alone does not have sufficient relevant company-specific historical data to support its expected volatility alone. In prior periods, due to the insufficiency of historical volatility data on the Company’s own securities, the expected volatility input was determined using comparable companies alone. Beginning on January 1, 2024 expected volatility input was determined using a weighted average calculation considering the volatility of the Company’s own securities and the volatilities of a representative group of publicly traded biopharmaceutical companies over a period equal to the expected term of the stock option grants. Initially, the volatility of the Company’s Ordinary Shares is assigned a weighting of 10 %. This weighting will be increased by 5 % per calendar quarter until the expected volatility input is based entirely on the historical volatility of the Company’s Ordinary Shares. For purposes of identifying comparable companies, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Risk-Free Interest Rate The risk-free interest rate is based upon the U.S. Treasury yield curve in effect at the time of grant, with a term that approximates the expected life of the Company Option. Expected Dividend The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its Ordinary Shares. Share-based compensation is classified in the consolidated statement of operations and comprehensive loss as follows: Three months ended September 30, Nine months ended September 30, (in thousands of USD) 2024 2023 2024 2023 Research and development expenses 3,043 3,273 9,514 11,492 Selling, general and administrative expenses 4,953 2,119 14,690 7,074 Total 7,996 5,392 24,204 18,566 As of September 30, 2024, there was $ 33.4 million of unrecognized compensation cost related to Company Options that have not yet vested. These costs are expected to be recognized over a weighted average period of 3.0 years until fully vested. Restricted Stock Units As at September 30, 2024 and December 31, 2023, the Company had allocated 143,002 Earnout Shares to be granted to Participating Optionholders if and when a certain clinical development milestone is achieved during the earnout period. These Earnout Shares will be delivered in the form of awards of RSUs granted pursuant to the Plan to such Participating Optionholders who are at the time of achievement of such milestone still providing services to the Company. The development milestone consists of the achievement and public announcement of positive Phase 3 data for each of the Company’s BROADWAY clinical trial and BROOKLYN clinical trial at any time during the period beginning on November 22, 2022 and ending on the date that is five years after such date. There is no impact on these financial statements with respect to these RSUs due to the uncertainty of achieving the clinical development milestone. Chief Executive Officer Restricted Share Award In July 2021, the Company's chief executive officer, Michael Davidson, M.D., paid the fair market value of the underlying Ordinary Shares (in aggregate $ 838,806 ) when he made an investment in restricted shares issued through Depositary Receipts. The total fair value of these equity-settled share-based payment awards amounts to nil and there will be no expenses recognized in the income statement. This award had a four year vesting period with 25 % vesting on August 1, 2021 and the remaining 75 % vesting in equal monthly installments over the following three years . In connection with the award arrangement, if Dr. Davidson leaves the Company, all unvested Ordinary Shares will be cancelled against payment by the Company to him of the lower of the (i) the purchase price paid and (ii) the fair market value of such Ordinary Shares at the time of forfeiture. In order to reflect the consideration paid and the possibility that the Ordinary Shares would be repurchased if Dr. Davidson becomes a “Good Leaver” (as such term is defined in the award agreement) during the vesting period, the Company has recognized the consideration as a financial liability until the award has fully vested, at which time it will be reclassified to equity provided that Dr. Davidson remains with the Company. This liability is measured at the lower of (i) the purchase price paid and (ii) the fair market value of the Ordinary Shares at the end of the reporting period. The liability for unvested Ordinary Shares as at September 30, 2024 and December 31, 2023 amounted to nil and $ 0.1 million, respectively. For the nine months ended September 30, 2024, the movements in the number of Ordinary Shares outstanding are as follows: Outstanding as at December 31, 2023 608,779 Granted/purchased during the period — Outstanding as at September 30, 2024 608,779 As of September 30, 2024 and December 31, 2023, a total of 608,779 and 519,999 Ordinary Shares had vested, respectively.

Net Loss Per Ordinary Share

Net Loss Per Ordinary Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Ordinary Share	Note 9. Net Loss per Ordinary Share For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the Pre-Funded Warrants issued in the Offering are included. Basic and diluted net loss per Ordinary Share was calculated as follows: Three months ended September 30, Nine months ended September 30, (In thousands of USD, except share and per share amounts) 2024 2023 2024 2023 Net loss ( 16,647 ) ( 47,133 ) ( 149,421 ) ( 127,442 ) Weighted average Ordinary Shares outstanding, basic and diluted 94,754,140 82,466,584 92,666,874 82,058,225 Net loss per Ordinary Share, basic and diluted ( 0.18 ) ( 0.57 ) ( 1.61 ) ( 1.55 ) The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive: As at September 30, 2024 2023 Stock options 20,180,954 14,751,425 Outstanding warrants 2,700,152 4,017,221 Total 22,881,106 18,768,646

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10. Commitments and Contingencies Commitments The Company has entered into a variety of agreements and financial commitments in the normal course of business with contract research organizations, contract manufacturing organizations, and other third parties for preclinical and clinical development and manufacturing services. The terms generally provide the Company with the option to cancel, reschedule and adjust our requirements based on the Company's business needs, prior to the delivery of goods or performance of services. Payments due upon cancellation generally consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company's service providers, up to the date of cancellation. However, some of the Company's service providers also charge cancellation fees upon cancellation. The amount and timing of such payments are not known, but at September 30, 2024 they are estimated to be a maximum of $ 16.7 million. According to the terms of the Menarini License the Company will be responsible for development and commercialization costs related to Licensed Products other than those in the Menarini Territory. In addition, under specified conditions of the agreement, the Company agreed to bear 50 % of certain development costs incurred by the other party in the development of the Licensed Products in the Menarini Territory.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Note 11. Related Parties In the ordinary course of business, the Company may enter into transactions with entities that are associated with a party that meets the criteria of a related party of the Company. These transactions are reviewed quarterly and to date have not been material to the Company’s consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements should be read together with the Company's audited financial statements and accompanying notes for year ended December 31, 2023, included in the Company's Annual Report on Form 10-K (the "Annual Report"), filed with the SEC on February 28, 2024. Any terms not defined herein take the meaning as defined in the Annual Report. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. Prior to 2023, the Company prepared its financial statements in accordance with the International Financial Reporting Standards as issued by the International Accounting Standard Board (“IFRS”) as permitted in the United States based on the Company’s qualification as a foreign private issuer under the rules and regulations of the SEC. In connection with the loss of the Company’s status as a foreign private issuer effective on January 1, 2024, the Company, as a domestic filer, prepared these financial statements in accordance with U.S. GAAP. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. Except for the policy described below, the accounting policies of the Company are consistent with those described in Note 2 of the consolidated financial statements included within the Annual Report.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of Ordinary Shares outstanding during the period. For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the Pre-Funded Warrants issued in the Offering (as defined in Note 7 below) are included. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of License Revenue	Revenue consisted of the following: Three months ended September 30, Nine months ended September 30, (In thousands of USD) 2024 2023 2024 2023 License revenue attributed from license performance obligation 27,325 — 27,325 5,385 License revenue attributed from R&D performance obligation 1,786 2,941 5,466 7,902 Total revenue 29,111 2,941 32,791 13,287

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis	As at September 30, 2024 and December 31, 2023, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following: As at September 30, 2024 (In thousands of USD) Level 1 Level 2 Level 3 Total Derivative warrant liability (Public Warrants) 17,732 — — 17,732 Derivative warrant liability (Private Placement Warrants) — 1,169 — 1,169 Derivative earnout liability — — 18,808 18,808 Total financial liabilities 17,732 1,169 18,808 37,709 As at December 31, 2023 (In thousands of USD) Level 1 Level 2 Level 3 Total Derivative warrant liability (Public Warrants) 12,051 — — 12,051 Derivative warrant liability (Private Placement Warrants) — 523 — 523 Derivative earnout liability — — 7,788 7,788 Total financial liabilities 12,051 523 7,788 20,362
Schedule of Estimated Fair Value of Derivative Earnout Liability	As such, the relevant inputs to the fair value of the derivative earnout liability are as follows: September 30, 2024 December 31, 2023 Ordinary Share value (USD) $ 16.60 $ 11.17 Probability of milestone completion 65 % 40 % Dividend yield 0 % 0 % Strike price (USD) 0.00 0.00
Summary of Reconciliation of Derivative Earnout Liability Measured on Recurring Basis Using Level 3 Inputs	The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of September 30, 2024: Balance on December 31, 2023 7,788 Change in fair value recognized through profit and loss 11,020 Balance on September 30, 2024 18,808 All changes in fair value recognized in the statement of operations are unrealized. There were no sales, purchases, settlements or transfers into or out of Level 3 of the fair value hierarchy related to the derivative earnout liability during the period ended September 30, 2024 .

Prepayments and Other Receiva_2

Prepayments and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepayments and Other Receivables	Prepayments and other receivables consisted of the following: (In thousands of USD) September 30, December 31, Prepaid research and development costs 8,830 2,337 Other prepaid expenses 1,169 2,123 Value added tax receivable 3,500 1,006 Other receivables 1,646 875 Total prepayments and other receivables 15,145 6,341

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: (in thousands of USD) September 30, December 31, Accrued research and development materials and services 3,863 5,945 Accrued compensation and benefits 4,188 3,384 Accrued professional fees and other 2,529 2,069 Total accrued expenses and other current liabilities 10,580 11,398

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The changes for the nine months ended September 30, 2023 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows: Number of options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding as at December 31, 2023 15,783,509 $ 7.98 Granted 4,988,848 $ 14.06 Exercised ( 591,403 ) $ 1.27 Forfeited — $ - Outstanding as at September 30, 2024 20,180,954 $ 9.68 8.3 145,756 Options exercisable as at September 30, 2024 7,820,112 $ 6.49 7.6 79,035
Schedule of Weighted Average Assumptions for Stock Options	Weighted average assumptions used to apply this pricing model were as follows: Nine months ended September 30, 2024 2023 Expected life (years) 6.1 6.1 Risk-free rate 3.9 % 4.0 % Volatility 41.7 % 38.3 % Dividend yield 0.0 % 0.0 %
Schedule of Impact on Results of Operations and Comprehensive Loss of Recording Stock-Based Compensation	Share-based compensation is classified in the consolidated statement of operations and comprehensive loss as follows: Three months ended September 30, Nine months ended September 30, (in thousands of USD) 2024 2023 2024 2023 Research and development expenses 3,043 3,273 9,514 11,492 Selling, general and administrative expenses 4,953 2,119 14,690 7,074 Total 7,996 5,392 24,204 18,566
Schedule of Restricted Stock Unit Activity	For the nine months ended September 30, 2024, the movements in the number of Ordinary Shares outstanding are as follows: Outstanding as at December 31, 2023 608,779 Granted/purchased during the period — Outstanding as at September 30, 2024 608,779

Net Loss Per Ordinary Share (Ta

Net Loss Per Ordinary Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule Of Basic And Diluted Net Loss Per Ordinary Share	Basic and diluted net loss per Ordinary Share was calculated as follows: Three months ended September 30, Nine months ended September 30, (In thousands of USD, except share and per share amounts) 2024 2023 2024 2023 Net loss ( 16,647 ) ( 47,133 ) ( 149,421 ) ( 127,442 ) Weighted average Ordinary Shares outstanding, basic and diluted 94,754,140 82,466,584 92,666,874 82,058,225 Net loss per Ordinary Share, basic and diluted ( 0.18 ) ( 0.57 ) ( 1.61 ) ( 1.55 )
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Ordinary Shares Outstanding	The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive: As at September 30, 2024 2023 Stock options 20,180,954 14,751,425 Outstanding warrants 2,700,152 4,017,221 Total 22,881,106 18,768,646

The Company - Additional Inform

The Company - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 € / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 € / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ordinary shares, par value | € / shares		€ 0.12		€ 0.12
Accumulated deficit	$ 466,394		$ 316,973
Cash	$ 422,729		$ 340,450

Revenue - License Revenue (Deta

Revenue - License Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
License revenue attributed from license performance obligation	$ 27,325		$ 27,325	$ 5,385
License revenue attributed from R&D performance obligation	1,786	$ 2,941	5,466	7,902
Total revenue	$ 29,111	$ 2,941	$ 32,791	$ 13,287

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	$ 37,709	$ 20,362
Derivative
Financial Liabilities Fair Value Disclosure [Abstract]
Derivative earnout liability	18,808	7,788
Derivative | Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	17,732	12,051
Derivative | Private Placement Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	1,169	523
Level 1
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	17,732	12,051
Level 1 | Derivative | Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	17,732	12,051
Level 2
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	1,169	523
Level 2 | Derivative | Private Placement Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	1,169	523
Level 3
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	18,808	7,788
Level 3 | Derivative
Financial Liabilities Fair Value Disclosure [Abstract]
Derivative earnout liability	$ 18,808	$ 7,788

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Estimated Fair Value of Derivative Earnout Liability (Details)	Sep. 30, 2024	Dec. 31, 2023
Share Value (USD)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	16.6	11.17
Probability of Milestone Completion
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	65	40
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0
Strike Price (USD)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Reconciliation of Earnout Liability Measured on Recurring Basis Using Level 3 Inputs (Details) - Recurring - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 7,788
Change in fair value	$ 11,020
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in Fair Value of Earnout and Warrants
Ending balance	$ 18,808

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)	Jul. 29, 2024	Dec. 31, 2023
Probability of Milestone Completion
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	65		40
Probability of Milestone Completion | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	65
Probability of Milestone Completion | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input		40
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales, purchase and settlements	$ 0

Prepayments and Other Receiva_3

Prepayments and Other Receivables - Schedule of Prepayments and Other Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development costs	$ 8,830	$ 2,337
Other prepaid expenses	1,169	2,123
Value added tax receivable	3,500	1,006
Other receivables	1,646	875
Total prepayments and other receivables	$ 15,145	$ 6,341

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued research and development materials and services	$ 3,863	$ 5,945
Accrued compensation and benefits	4,188	3,384
Accrued professional fees and other	2,529	2,069
Total accrued expenses and other current liabilities	$ 10,580	$ 11,398

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions		8 Months Ended
	Feb. 16, 2024 USD ($) $ / shares shares	Sep. 30, 2024 € / shares shares	Dec. 31, 2023 € / shares shares
Class of Stock [Line Items]
Ordinary shares, authorized		400,000,000	400,000,000
Ordinary shares, par value | € / shares		€ 0.12	€ 0.12
Shares outstanding		92,165,605	82,469,768
Pre-Funded Warrants
Class of Stock [Line Items]
Offering price | $ / shares	$ 18.9999
Exercise price of pre-funded warrant | $ / shares	$ 0.0001
Number of warrants to purchase of ordinary shares	4,736,841	2,105,263
Underwritten Public Offering
Class of Stock [Line Items]
Ordinary shares issued	5,871,909	2,105,248
Offering price | $ / shares	$ 19
Shares issued	5,871,909
Ordinary shares issued and sold in offering	1,383,750
Net proceeds from offering | $	$ 190

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($)		9 Months Ended		12 Months Ended
	Jul. 21, 2021	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 01, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options, granted		4,988,848
Number of options vesting		608,779		519,999
Number of options, exercised		591,403		200,655
Weighted average grant date fair value of options		$ 6.6	$ 4.83
Total intrinsic value of stock options exercised		$ 8,700,000	$ 1,700,000
Weighted average remaining vesting period		3 years
Unrecognized Compensation Cost		$ 33,400,000
Underlying ordinary shares	$ 838,806
Liability for unvested ordinary shares		0		100,000
Ordinary shares vested		608,779		519,999
Volatility ordinary shares					10%
Increase in volatility weight percentage of ordinary share per calendar quarter		5%
Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
Share-Based Payment Arrangement, Tranche One | Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage		25%
Share-Based Payment Arrangement, Tranche Two | Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Award vesting percentage				75%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares reserved for issuance		22,049,356
Percentage of ordinary shares reserved for grant will increase annually of issued and outstanding shares		5%
Contractual term				10 years
Vesting period				4 years
Number of options, granted				399,153
Number of options vesting				210,655
Number of options, exercised				188,498
Fair value of modification recognized				$ 100,000
Total fair value of options vesting				$ 1,200,000
Ordinary shares vested				210,655
Employee Stock Option | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage				25%
Employee Stock Option | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
Award vesting percentage				75%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Earnout shares		143,002		143,002

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, beginning balance | shares	15,783,509
Number of options, granted | shares	4,988,848
Number of options, exercised | shares	(591,403)	(200,655)
Number of options, ending balance | shares	20,180,954	15,783,509
Number of options, exercisable | shares	7,820,112
Weighted average exercise price, beginning balance | $ / shares	$ 7.98
Weighted average exercise price, granted | $ / shares	14.06
Weighted average exercise price, exercised | $ / shares	1.27
Weighted average exercise price, ending balance | $ / shares	9.68	$ 7.98
Weighted average exercise price, exercisable | $ / shares	$ 6.49
Weighted average remaining contractual term (in years)	8 years 3 months 18 days
Weighted average remaining contractual term (in years), exercisable	7 years 7 months 6 days
Aggregate intrinsic value | $	$ 145,756
Aggregate intrinsic value, exercisable | $	$ 79,035

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Weighted Average Assumptions (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected life (years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free rate	3.90%	4%
Volatility	41.70%	38.30%
Dividend yield	$ 0	$ 0

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Share-based Compensation As Classified In The Consolidated Statement Of Operations And Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 7,996	$ 5,392	$ 24,204	$ 18,566
Research and Development Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	3,043	3,273	9,514	11,492
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 4,953	$ 2,119	$ 14,690	$ 7,074

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of Movements In The Number Of Ordinary Shares Outstanding (Details)	Sep. 30, 2024 shares
Share-Based Payment Arrangement [Abstract]
Outstanding, Beginning Balance	608,779
Outstanding, Ending Balance	608,779

Net Loss Per Ordinary Share - S

Net Loss Per Ordinary Share - Summary of Basic And Diluted Net Loss Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (16,647)	$ (47,133)	$ (149,421)	$ (127,442)
Weighted Average Ordinary Shares Outstanding, Basic	94,754,140	82,466,584	92,666,874	82,058,225
Weighted Average Ordinary Shares Outstanding, Diluted	94,754,140	82,466,584	92,666,874	82,058,225
Net Loss Per Ordinary Share, Basic	$ (0.18)	$ (0.57)	$ (1.61)	$ (1.55)
Net Loss Per Ordinary Share, Diluted	$ (0.18)	$ (0.57)	$ (1.61)	$ (1.55)

Net Loss Per Ordinary Share -_2

Net Loss Per Ordinary Share - Summary of Potentially Dilutive Securities Have Been Excluded From The Computation Of Diluted Weighted-average Ordinary Shares Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	22,881,106	18,768,646
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	20,180,954	14,751,425
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,700,152	4,017,221

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Estimated maximum cancellation fees	$ 16.7
Percentage of development costs incurred	50%