0001104659-26-020562 | 10-K | XBRL Viewer | Structure Therapeutics INC

Shareholders' Equity - Schedule of weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Option Indexed to Issuer's Equity [Line Items]
Expected dividend yield	0.00%
Employee Stock Option
Option Indexed to Issuer's Equity [Line Items]
Expected term (in years)	6 years	6 years	6 years 1 month 6 days
Expected volatility	104.80%	101.30%	101.30%
Risk-free interest rate	4.10%	4.20%	3.70%
Expected dividend yield	0.00%	0.00%	0.00%
ESPP
Option Indexed to Issuer's Equity [Line Items]
Expected term (in years)	1 year 4 months 24 days	1 year 3 months 18 days	1 year 2 months 12 days
Expected volatility	105.50%	106.30%	90.30%
Risk-free interest rate	3.90%	4.60%	4.80%
Expected dividend yield	0.00%	0.00%	0.00%

Organization and Nature of the Business

12 Months Ended

Dec. 31, 2025

Organization and Nature of the Business

Organization and Nature of the Business

1.	Organization and Nature of the Business

Structure Therapeutics Inc. (the “Company”) is a clinical stage global biopharmaceutical company aiming to develop and deliver novel oral therapeutics to treat a wide range of chronic diseases with unmet medical need. The Company was incorporated in February 2019 in the Cayman Islands, with operating subsidiaries in the United States and China. In June 2022, the Company changed its name from ShouTi Inc. to Structure Therapeutics Inc.

Prior to the formation of the Company, the operating activities were carried out by the subsidiaries of the Company. Structure Therapeutics USA Inc., a Delaware corporation (“StructureTx US”), was incorporated on June 6, 2016 (previously known as ShouTi Inc.). On January 20, 2017, StructureTx US was reorganized as a limited liability company. Annapurna Bio, Inc. (“Annapurna”), a Delaware corporation, was incorporated on January 26, 2017, and Gasherbrum Bio, Inc. (“Gasherbrum”), a Delaware corporation, was incorporated on April 19, 2017.

On April 18, 2019, Annapurna, Gasherbrum, StructureTx US and the Company entered into a share exchange agreement (the “Share Exchange Agreement”). As a result of the Share Exchange Agreement, StructureTx US, Annapurna and Gasherbrum became wholly-owned subsidiaries of the Company. At the closing of the Share Exchange Agreement on April 18, 2019, the Company issued to the shareholders of Annapurna, Gasherbrum, and StructureTx US an aggregate of 10,766,250 ordinary shares (the “Share Exchange”). On April 19, 2019, ShouTi LLC was converted into ShouTi Inc., a Delaware corporation, which subsequently changed its name to Structure Therapeutics USA Inc. The Share Exchange was accounted for as a capital transaction.

On June 28, 2019, ShouTi Hong Kong Ltd (“ShouTi Hong Kong”) was incorporated as a wholly-owned subsidiary of the Company. On July 26, 2019, Shanghai ShouTi Biotechnology Co., Ltd (“Shanghai ShouTi”) was incorporated as a wholly-owned subsidiary of ShouTi Hong Kong. On April 1, 2020, Lhotse Bio, Inc. (“Lhotse”) was incorporated as a wholly-owned subsidiary of the Company.

On February 10, 2021, the Company incorporated Basecamp Bio Inc. (“Basecamp Bio”) in the Cayman Islands with a wholly owned subsidiary, Basecamp Bio Hong Kong Limited (“Basecamp HK”) in Hong Kong. Shanghai Basecamp Biotechnology Co., Ltd., a wholly owned subsidiary of Basecamp HK, was established on March 26, 2021 in Shanghai, China. The purpose of Basecamp Bio is to develop certain of the Company’s technologies in Mainland China.

On July 11, 2023, Aconcagua Bio, Inc. (“Aconcagua”) and Gimigela Bio, Inc. (“Gimigela”) were incorporated in the United States as wholly-owned subsidiaries of the Company.

On September 17, 2025, Gangkhar Bio Inc. (“Gangkhar”) was incorporated in the United States as a wholly-owned subsidiary of the Company.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.

Initial Public Offering

In February 2023, the Company closed its initial public offering (“IPO”) of American Depositary Shares (“ADSs”). Each ADS represents three ordinary shares. The net proceeds from the IPO were approximately $166.7 million after deducting underwriting discounts and commissions and estimated offering costs.

Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred shares converted into 67,018,087 ordinary shares. In connection with the completion of its IPO, the Company’s memorandum of association was amended and restated to provide for 500,000,000 authorized ordinary shares with a par value of $0.0001 per share and 100,000,000 authorized undesignated shares with a par value of $0.0001 per share, of such class or classes as may be designated by the Company’s board of directors in accordance with the Company’s amended and restated memorandum and articles of association.

Private Placement

On September 29, 2023, the Company entered into a share purchase agreement with certain institutional investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue to the Purchasers an aggregate of 21,617,295 ordinary shares and 2,401,920 newly designated non-voting ordinary shares at a purchase price of $12.49 per share (or the equivalent of $37.47 per ADS), the closing price of its ADS on the Nasdaq Global Market on September 28, 2023 (the “Private Placement”). Each holder of non-voting ordinary shares had the right to convert each non-voting ordinary share held by such holder into one ordinary share, subject to certain beneficial ownership limitations. The Private Placement closed on October 3, 2023, and the Company received $281.5 million in net proceeds after deducting placement agent fees and other private placement expenses. As of December 31, 2023, all outstanding non-voting ordinary shares had been converted into ordinary shares.

2024 Follow-On Offering

On June 5, 2024, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Jefferies LLC and Leerink Partners LLC, as representatives of the underwriters named therein (collectively, the “2024 Underwriters”), pursuant to which the Company agreed to issue and sell to the 2024 Underwriters an aggregate of 9,066,972 ADSs and granted the 2024 Underwriters an option (the “2024 Underwriters’ Option”) to purchase up to an aggregate of 1,360,045 additional ADSs (the “2024 Follow-On Offering”). The 2024 Follow-On Offering closed on June 7, 2024, at which time the Company issued 10,427,017 ADSs, including the issuance of 1,360,045 ADSs in connection with the full exercise of the 2024 Underwriters’ Option, at a price of $52.50 per ADS. The net proceeds from the 2024 Follow-On Offering were approximately $512.7 million after deducting underwriting discounts and commissions and estimated offering costs.

At-the-Market Offering

In August 2025, the Company entered into a sales agreement (the “ATM Sales Agreement”) with Leerink Partners LLC and Cantor Fitzgerald & Co. (the “ATM Sales Agents”), pursuant to which the Company may, from time to time, offer and sell ADSs through the ATM Sales Agents in any manner deemed to be an “at-the-market offering,” up to an aggregate offering price of $250.0 million (the “ATM Offering”). In September 2025, the Company sold 3,040,000 ADSs under the ATM Sales Agreement, for gross proceeds of approximately $58.5 million. The net proceeds to the Company after deducting sales commissions to the ATM Sales Agents were approximately $57.1 million, and, after further deducting offering expenses, were approximately $55.8 million. As of December 31, 2025, approximately $191.5 million remained available for sale under the ATM Sales Agreement. The shares were sold pursuant to the Company’s automatic shelf registration statement on Form S-3, filed with the Securities and Exchange Commission (“SEC”) on August 6, 2025 (the “Shelf Registration Statement”), and future shares may be sold pursuant to the Shelf Registration Statement or a subsequent registration statement.

2025 Follow-On Offering

On December 9, 2025, the Company entered into an underwriting agreement with Jefferies LLC, Leerink Partners LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of the underwriters named therein (collectively, the “2025 Underwriters”), pursuant to which the Company agreed to issue and sell to the 2025 Underwriters an aggregate of 8,461,538 ADSs, and, in lieu of ADSs to certain investors, pre-funded warrants (“Pre-Funded Warrants”) to purchase ordinary shares represented by 1,538,462 ADSs. In addition, the Company granted the 2025 Underwriters an option (the “2025 Underwriters’ Option”) to purchase up to an aggregate of 1,500,000 additional ADSs at the public offering price, less the underwriting discounts and commissions (the “2025 Follow-On Offering”). The 2025 Follow-On Offering closed on December 11, 2025, at which time the Company issued 9,961,538 ADSs, including the issuance of 1,500,000 ADSs in connection with the full exercise of the 2025 Underwriters’ Option, at a price of $65.00 per ADS, and, in lieu of ADSs to certain investors, Pre-Funded Warrants to purchase ordinary shares represented by 1,538,462 ADSs, at a price to the public of $64.9999 per Pre-Funded Warrant, which represents the per ADS public offering price less the $0.0001 per share exercise price for each such Pre-Funded Warrant. The net proceeds from the 2025 Follow-On Offering were approximately $701.5 million after deducting underwriting discounts and commissions and estimated offering costs.

Liquidity and Capital Resources

The Company has incurred significant net operating losses and negative cash flows from operations since inception and had an accumulated deficit of $470.3 million as of December 31, 2025. Prior to completion of its IPO, the Company has financed its operations primarily through the private placement of equity securities. In February 2023, the Company completed its IPO for net proceeds of approximately $166.7 million. In October 2023, the Company closed its Private Placement for net proceeds of approximately $281.5 million. In June 2024, the Company closed its 2024 Follow-On Offering, for net proceeds of approximately $512.7 million. In September 2025, the Company sold 3,040,000 ADSs under the ATM Sales Agreement for net proceeds of approximately $55.8 million. In December 2025, the Company closed its 2025 Follow-On Offering, for net proceeds of approximately $701.5 million.

As of December 31, 2025, the Company had cash, cash equivalents and short-term investments of $1,446.2 million. Based on its current business plan, the Company believes that its current cash, cash equivalents and short-term investments will be sufficient to fund its projected operations for at least 12 months from the date of the issuance of these consolidated financial statements.

Ordinary Shares

12 Months Ended

Dec. 31, 2025

Ordinary Shares

Ordinary Shares

6. Ordinary Shares

As of December 31, 2025, the Company’s amended and restated memorandum and articles of association, authorizes the Company to issue 500,000,000 ordinary shares and 100,000,000 undesignated shares, all of which remain undesignated shares, all with a par value of $0.0001 per share. The undesignated shares may be designated by the Company’s board of directors in accordance with the Company’s amended and restated memorandum and articles of association.

Ordinary shareholders are entitled to dividends if and when declared by the Company’s board of directors. As of December 31, 2025 and 2024, no dividends on ordinary shares had been declared by the board of directors.

The Company has the following ordinary shares reserved for future issuance (in thousands):



		DECEMBER 31,
		2025		2024
Share options issued and outstanding		15,355		12,597
Share options available for future grant		10,082		10,722
Pre-Funded Warrants outstanding		4,615		—
Restricted share units outstanding		4,292		1,051
Ordinary shares available for employee share purchase plan		3,909		2,324
Total ordinary shares reserved		38,253		26,694

- Definition

The entire disclosure for equity.

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+ Details

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan
Percentage of matching contributions contributed by eligible employees	100.00%	100.00%
Percentage of employees eligible compensation	4.00%	4.00%
Matching contributions	$ 1.0	$ 0.6	$ 0.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Fair value to amortized cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
AMORTIZED COST	$ 1,440,609	$ 874,422
UNREALIZED LOSSES	(17)	(427)
UNREALIZED GAINS	1,071	1,341
FAIR VALUE	1,441,663	875,336
Money market funds
Fair Value Measurements
AMORTIZED COST	795,089	161,328
FAIR VALUE	795,089	161,328
U.S. government bonds
Fair Value Measurements
AMORTIZED COST	384,571	262,316
UNREALIZED LOSSES	(1)	(48)
UNREALIZED GAINS	822	747
FAIR VALUE	385,392	263,015
U.S. government agency bonds
Fair Value Measurements
AMORTIZED COST	24,922	46,890
UNREALIZED LOSSES		(11)
UNREALIZED GAINS	19	78
FAIR VALUE	24,941	46,957
Corporate debt securities
Fair Value Measurements
AMORTIZED COST	236,027	403,888
UNREALIZED LOSSES	(16)	(368)
UNREALIZED GAINS	230	516
FAIR VALUE	$ 236,241	$ 404,036

Shareholders' Equity - Additional information (Details) $ / shares in Units, $ in Thousands			1 Months Ended					12 Months Ended
	Dec. 11, 2025 USD ($) $ / shares shares	Jun. 07, 2024 shares	Jun. 30, 2025 Milestone	Mar. 31, 2024 tranche shares	Feb. 28, 2023 shares	Jan. 31, 2023 shares	Apr. 30, 2019	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) Milestone $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 09, 2025 shares
Shareholders' Equity
Ordinary shares, shares authorized								500,000,000	500,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001
Undesignated shares, shares authorized								100,000,000	100,000,000
Undesignated shares, par value \| $ / shares								$ 0.0001	$ 0.0001
Total fair value of options vested \| $								$ 24,900	$ 19,800	$ 5,500
Share-based compensation expense \| $								28,991	18,794	8,191
Total unrecognized compensation expense related to unvested shares options \| $								$ 75,500
Remaining weighted-average vesting period								2 years 7 months 6 days
Aggregate intrinsic value of options exercised \| $								$ 11,900	$ 16,600	$ 3,900
Weighted-average per share grant-date fair value \| $ / shares								$ 5.95	$ 10.26	$ 6.21
Proceeds from issuance of pre-funded warrants \| $								$ 94,000
Follow on offering 2025 \| Prefunded warrants
Shareholders' Equity
Number of warrants issued	1,538,462
Number of shares	4,615,386
Price per share \| $ / shares	$ 64.9999
Exercise price \| $ / shares	$ 0.0001
Issuance of pre-funded warrants, issuance costs and underwriting discounts \| $	$ 6,200
Proceeds from issuance of pre-funded warrants \| $	$ 93,800
Exercise of ordinary share warrants								0
American Depositary Shares (ADSs) \| Follow on offering 2025
Shareholders' Equity
Sale of Stock, number of shares issued in transaction	9,961,538
American Depositary Shares (ADSs) \| Follow on offering 2025 \| Prefunded warrants
Shareholders' Equity
Number of shares	1,538,462										1,538,462
Price per share \| $ / shares	$ 64.9999
American Depositary Shares (ADSs) \| Underwriters' Option
Shareholders' Equity
Sale of Stock, number of shares issued in transaction	1,500,000	1,360,045
Ordinary shares
Shareholders' Equity
Ordinary shares, shares authorized								500,000,000
Undesignated shares
Shareholders' Equity
Undesignated shares, shares authorized								100,000,000
Restricted share units
Shareholders' Equity
Shares granted								3,821,000
ESPP
Shareholders' Equity
Remaining weighted-average vesting period								1 year 1 month 6 days
Total unrecognized compensation expense related to unvested restricted shares \| $								$ 1,200
Employee \| Restricted share units
Shareholders' Equity
Share-based compensation expense \| $								$ 900	$ 1,700
Shares granted				381,252
Number of tranches \| tranche				3
Number Of milestones \| Milestone			3
Number of milestones achievement certified \| Milestone			2
Number of milestones achievement probable \| Milestone									2
2019 Plan
Shareholders' Equity
Expiration term							10 years
2019 Plan \| Options and Restricted share awards
Shareholders' Equity
Vesting period							4 years
2023 Equity Incentive Plan
Shareholders' Equity
Number of shares reserved for issuance						12,000,000		33,032,833
2023 Equity Incentive Plan \| Incentive share option
Shareholders' Equity
Percentage of voting power of share						10.00%
Expiration term						5 years
2023 Equity Incentive Plan \| Employee Stock Option
Shareholders' Equity
Vesting period						4 years
2023 Equity Incentive Plan \| Performance Options
Shareholders' Equity
Number of shares reserved for issuance					1,200,000
Vesting period					4 years
Share-based compensation expense \| $								$ 0
Employee Stock Purchase Plan 2023 \| ESPP
Shareholders' Equity
Exercise price as percent of estimated fair value					85.00%
Number of shares reserved for issuance					1,000,000
Shares granted								133,182	68,262	0
Tranche three \| Employee \| Restricted share units
Shareholders' Equity
Share-based compensation expense \| $								$ 0
Maximum \| 2023 Equity Incentive Plan \| ESPP
Shareholders' Equity
Expiration term						10 years
Maximum \| Scenario of voting power more than 10% \| 2019 Plan
Shareholders' Equity
Expiration term							5 years
Minimum \| 2019 Plan \| Incentive and nonstatutory share options
Shareholders' Equity
Exercise price as percent of estimated fair value							100.00%
Minimum \| 2019 Plan \| Employee \| Incentive share option
Shareholders' Equity
Exercise price as percent of estimated fair value							110.00%
Percentage of voting power of share							10.00%
Minimum \| 2023 Equity Incentive Plan \| Incentive share option
Shareholders' Equity
Exercise price as percent of estimated fair value						110.00%

Income Taxes - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Increase (decrease) in valuation allowance	$ 38,800	$ 16,600	$ 23,800
Unrecognized income tax benefits	9,497	7,947	877	$ 289
Increase In Net Operating loss Carryforwards
Income Taxes
Increase (decrease) in valuation allowance			10,400
Full expensing of domestic research or experimental expenditures
Income Taxes
Increase (decrease) in valuation allowance	91,700
Capitalization of Research and Experimental Expenditure
Income Taxes
Increase (decrease) in valuation allowance		$ 16,400	$ 10,900
U.S. federal
Income Taxes
Operating loss carryforwards	194,500
Tax credit carryforward	10,800
State
Income Taxes
Operating loss carryforwards	275,800
Tax credit carryforward	$ 2,400

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value, as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):



		DECEMBER 31,
		2025												2024
		LEVEL 1			LEVEL 2			LEVEL 3			TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Money market funds		$	795,089		$	—		$	—		$	795,089		$	161,328		$	—		$	—		$	161,328
U.S. government bonds			385,392			—			—			385,392			263,015			—			—			263,015
U.S. government agency bonds			—			24,941			—			24,941			—			46,957			—			46,957
Corporate debt securities			—			236,241			—			236,241			—			404,036			—			404,036
Total fair value of financial assets		$	1,180,481		$	261,182		$	—		$	1,441,663		$	424,343		$	450,993		$	—		$	875,336



		DECEMBER 31,
		2025												2024
			AMORTIZED		UNREALIZED						FAIR				AMORTIZED		UNREALIZED						FAIR
		COST			LOSSES			GAINS			VALUE			COST			LOSSES			GAINS			VALUE
Money market funds		$	795,089		$	—		$	—		$	795,089		$	161,328		$	—		$	—		$	161,328
U.S. government bonds			384,571			(1)			822			385,392			262,316			(48)			747			263,015
U.S. government agency bonds			24,922			—			19			24,941			46,890			(11)			78			46,957
Corporate debt securities			236,027			(16)			230			236,241			403,888			(368)			516			404,036
Total fair value of financial assets		$	1,440,609		$	(17)		$	1,071		$	1,441,663		$	874,422		$	(427)		$	1,341		$	875,336

As of December 31, 2025 and 2024, the Company did not have any liabilities measured at fair value on a recurring basis. There were no transfers in and out of Level 3 during the years ended December 31, 2025, 2024 and 2023. Contractual maturities of short-term investments are generally not more than one year. As of December 31, 2025, the remaining contractual maturities of $541.1 million of investments were within one year and $105.5 million of investments were after one year through two years. The Company has classified these securities as short-term investments on its consolidated balance sheets as they are available for use in the current operations.

The unrealized losses for marketable securities related to changes in interest rates and the Company has the intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. No

allowance for credit losses was recorded at either December 31, 2025 or 2024, and no impairment losses were recognized for the years ended December 31, 2025, 2024 and 2023.

Money market funds and U.S. government bonds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Corporate debt securities and U.S. government agency bonds are classified within Level 2 of the fair value hierarchy as they take into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies - Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Number of Reportable Segments \| segment	1
Number of operating segments \| segment	1
Operating expenses:
General and administrative	$ 61,554	$ 49,414	$ 32,672
Other license income	(100,000)
Gains on sale of non-financial assets	(10,249)
Total operating expenses	176,560	158,228	102,775
Loss from operations	(176,560)	(158,228)	(102,775)
Interest and other income, net	35,873	36,012	13,391
Loss before provision for income taxes	(140,687)	(122,216)	(89,384)
Provision for income taxes	515	310	236
Net loss attributable to ordinary shareholders	(141,202)	(122,526)	(89,620)
Single Reporting Segment
Operating expenses:
Discovery research and development	105,120	53,314	32,526
Clinical research and development	98,215	44,266	32,591
Other research and development expenses	21,920	11,234	4,986
General and administrative	61,554	49,414	32,672
Other license income	(100,000)
Gains on sale of non-financial assets	(10,249)
Total operating expenses	176,560	158,228	102,775
Loss from operations	(176,560)	(158,228)	(102,775)
Interest and other income, net	35,873	36,012	13,391
Loss before provision for income taxes	(140,687)	(122,216)	(89,384)
Provision for income taxes	515	310	236
Net loss attributable to ordinary shareholders	$ (141,202)	$ (122,526)	$ (89,620)

Commitments and Contingencies - Additional information (Details) $ in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2025 USD ($) ft²	Feb. 28, 2025 USD ($) ft²	Jun. 30, 2023 USD ($) ft² Y	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies
Operating lease expense				$ 4.2	$ 2.5	$ 1.8
Short-term lease costs				$ 1.4	0.8	0.9
Weighted average remaining lease term				2 years 10 months 24 days
Weighted average discount rate				7.70%
Cash paid				$ 2.9	1.7	$ 0.6
Fair Value \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input			0.4
Settlement term \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input \| Y			3.4
Discount rate \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input			0.068
Other non-current liabilities
Commitments and Contingencies
Asset retirement obligation				$ 0.3	$ 0.3
Shanghai ShouTi \| Office Space Lease
Commitments and Contingencies
Area of office space (in sq ft) \| ft²			22,500
Annual base rent			$ 0.7
Shanghai ShouTi \| Lab Lease
Commitments and Contingencies
Annual base rent			$ 0.3
Area of space leased (in square feet) \| ft²			8,400
Shanghai ShouTi \| Office and laboratory space lease
Commitments and Contingencies
Annual base rent	$ 0.3
Area of space leased (in square feet) \| ft²	5,000
Structure USA \| Office Space Lease
Commitments and Contingencies
Annual base rent		$ 1.0
Area of subleased space (in square feet) \| ft²			11,800
Sub lease annual base rent			$ 0.5
Sub lease, percentage of increase to annual base rent			3.00%
Area of space leased (in square feet) \| ft²		22,365
Percentage of increase to annual base rent		3.00%

Organization and Nature of the Business (Details) $ / shares in Units, $ in Thousands								1 Months Ended				12 Months Ended
	Dec. 11, 2025 USD ($) $ / shares shares	Dec. 09, 2025 shares	Jun. 07, 2024 USD ($) $ / shares shares	Jun. 05, 2024 shares	Oct. 03, 2023 USD ($)	Sep. 29, 2023 item shares	Feb. 07, 2023 USD ($) item $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Aug. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Sep. 28, 2023 $ / shares	Apr. 18, 2019 shares
Organization and Nature of the Business
Net proceeds \| $													$ 172,296
Shares authorized								500,000,000				500,000,000			500,000,000
Shares, par value \| $ / shares								$ 0.0001				$ 0.0001			$ 0.0001
Number of ordinary shares for each non voting share converted \| item						1
Accumulated deficit \| $								$ 470,300				$ 470,300			$ 329,098
Cash, cash equivalents and short-term investments \| $								1,446,200				1,446,200
IPO
Organization and Nature of the Business
Number of ADR's for each ordinary share \| item							3
Net proceeds \| $							$ 166,700
IPO \| Common shares
Organization and Nature of the Business
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in shares)							67,018,087
Shares authorized							500,000,000
Shares, par value \| $ / shares							$ 0.0001
IPO \| Designated shares
Organization and Nature of the Business
Shares authorized							100,000,000
Shares, par value \| $ / shares							$ 0.0001
Private Placement
Organization and Nature of the Business
Purchase Price \| $ / shares																$ 12.49
Net proceeds after deducting \| $											$ 281,500
Net proceeds \| $					$ 281,500
Private Placement \| Common shares
Organization and Nature of the Business
Aggregate shares agreed to sell						21,617,295
Private Placement \| Non-Voting Ordinary Shares
Organization and Nature of the Business
Aggregate shares agreed to sell						2,401,920
Private Placement \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Purchase Price \| $ / shares																$ 37.47
2024 Follow-On Offering
Organization and Nature of the Business
Net proceeds after deducting \| $			$ 512,700							$ 512,700
2024 Follow-On Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Purchase Price \| $ / shares			$ 52.5
Sale of Stock, number of shares issued in transaction			10,427,017
Underwriters' Option \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Option granted to purchase maximum number of shares				1,360,045
Sale of Stock, number of shares issued in transaction	1,500,000		1,360,045
Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Aggregate shares agreed to sell				9,066,972
At the Market offering
Organization and Nature of the Business
Maximum amount of issuance value \| $														$ 250,000
Net proceeds \| $												57,058
Remaining value of common stock under ATM program \| $								191,500				$ 191,500
At the Market offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Net proceeds after deducting \| $									$ 55,800
Shares issued									3,040,000
Gross proceeds \| $									$ 58,500
Net proceeds \| $									$ 57,100
2025 Follow-On Offering
Organization and Nature of the Business
Net cash proceeds \| $	$ 701,500							$ 701,500
2025 Follow-On Offering \| Prefunded warrants
Organization and Nature of the Business
Number of shares	4,615,386
Price per share \| $ / shares	$ 64.9999
Exercise price \| $ / shares	0.0001
2025 Follow-On Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Aggregate shares agreed to sell		8,461,538
Purchase Price \| $ / shares	$ 65
Option granted to purchase maximum number of shares		1,500,000
Sale of Stock, number of shares issued in transaction	9,961,538
2025 Follow-On Offering \| American Depositary Shares (ADSs) \| Prefunded warrants
Organization and Nature of the Business
Number of shares	1,538,462	1,538,462
Price per share \| $ / shares	$ 64.9999
Share exchange agreement with subsidiaries
Organization and Nature of the Business
Redeemable convertible preferred shares issued (in shares)																	10,766,250

Income Taxes - Reconciliation of expected tax to total provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes (Amount)
U.S. federal statutory income tax rate	$ (29,544)	$ (25,665)	$ (18,771)
U.S. state and local income taxes, net of U.S. federal income tax effect	(187)	(4,980)	(68)
Tax credits:
U.S. federal R&D tax credits	(5,115)	(2,767)	(2,064)
Changes in valuation allowances	28,790	23,116	16,884
Changes in unrecognized tax benefits	1,446	5,707	589
Nontaxable or nondeductible items:
Stock-based compensation	5,225	2,406	1,012
Other	67	365	90
Total provision for (benefit from) income taxes:	$ 515	$ 310	$ 236
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES
Income Taxes (Percent)
Tax computed at Cayman Island statutory rate (as a percent)	21.00%	21.00%	21.00%
State income tax, net of federal benefit (as a percent)	0.10%	4.10%	0.10%
Tax credits:
U.S. federal R&D tax credits (as a percent)	3.60%	2.30%	2.30%
Changes in valuation allowances (as a percent)	(20.50%)	(18.90%)	(18.90%)
Changes in unrecognized tax benefits (as a percent)	(1.00%)	(4.70%)	(0.70%)
Nontaxable or nondeductible items:
Stock-based compensation (as a percent)	(3.70%)	(2.00%)	(1.10%)
Other (as a percent)		(0.30%)	(0.10%)
Effective tax rate (as a percent)	(0.40%)	(0.30%)	(0.30%)
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	CALIFORNIA	CALIFORNIA	CALIFORNIA
China
Income Taxes (Amount)
Foreign tax effects:	$ (167)	$ (163)	$ 731
Income Taxes (Percent)
Foreign tax effects: (as a percent)	0.10%	0.10%	(0.80%)
Cayman
Income Taxes (Amount)
Foreign tax effects:		$ 2,291	$ 1,400
Income Taxes (Percent)
Foreign tax effects: (as a percent)		(1.90%)	(1.60%)
Other
Income Taxes (Amount)
Foreign tax effects:			$ 433
Income Taxes (Percent)
Foreign tax effects: (as a percent)			(0.50%)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (141,202)	$ (122,526)	$ (89,620)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	28,991	18,794	8,191
Depreciation expense	1,333	992	295
Accretion of asset retirement obligation	345	4	21
Non-cash lease expense	2,211	1,601	634
Accretion of net investment discounts	(15,587)	(18,465)	(5,975)
Gains on sale of non-financial assets	(10,249)
Changes in operating assets and liabilities:
Other receivable	(100,000)
Prepaid expenses and other current assets	(16,413)	(1,408)	(4,037)
Other non-current assets	4,389	(5,061)	15
Accounts payable	4,765	3,307	(860)
Accrued expenses and other current liabilities	21,514	7,717	12,163
Operating lease liabilities	(2,296)	(1,591)	(315)
Net cash used in operating activities	(222,199)	(116,636)	(79,488)
Cash flows from investing activities
Purchases of short-term investments	(547,379)	(702,519)	(417,356)
Proceeds from maturities of short-term investments	630,540	344,900	151,181
Purchases of property and equipment	(3,614)	(1,290)	(2,167)
Proceeds from sale of non-financial asset	10,249
Net cash provided by (used in) investing activities	89,796	(358,909)	(268,342)
Cash flows from financing activities
Proceeds from issuance of pre-funded warrants in 2025 Follow-On Offering, net of underwriting discounts and commissions	94,000
Proceeds from issuance of ordinary shares in initial public offering, net of underwriting discounts and commissions			172,296
Proceeds from private placement financing, gross			300,000
Payments of offering costs	(2,020)	(1,796)	(21,565)
Proceeds from issuance of ordinary shares under employee share purchase plan	921	632
Proceeds from exercise of share options	4,525	1,854	800
Payment of taxes on restricted share units withheld for taxes	(618)
Net cash provided by financing activities	762,516	515,263	451,531
Net change in cash and cash equivalents	630,113	39,718	103,701
Beginning of the period	169,510	129,792	26,091
End of the period	799,623	169,510	129,792
Supplemental disclosures of noncash investing and financing activities
Offering costs included in accounts payable and accrued expenses and other current liabilities	442	100	53
Operating lease right-of-use assets obtained in exchange for new lease liabilities	4,921		5,508
Depository issuance cost offset	1,531
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	894		48
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering			199,975
Recognition of asset retirement obligation			277
Conversion of non-voting ordinary shares into ordinary shares			1
Exchange of ordinary shares to non-voting ordinary shares			$ 1
ATM Offering
Cash flows from financing activities
Proceeds from issuance of ordinary shares	57,058
Follow-On Offering
Cash flows from financing activities
Proceeds from issuance of ordinary shares	$ 608,650	$ 514,573

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Shareholders' Equity

Schedule of share option activity

A summary of share option activity is set forth below (in thousands except per share amounts and years):



		OUTSTANDING AWARDS
							WEIGHTED-
		NUMBER OF					AVERAGE
		SHARES		WEIGHTED-			REMAINING
		UNDERLYING		AVERAGE			CONTRACTUAL	AGGREGATE
		OUTSTANDING		EXERCISE			TERM	INTRINSIC
		OPTIONS		PRICE			(IN YEARS)	VALUE
As of December 31, 2024		12,597			6.36		7.84		50,294
Granted		4,720			7.22
Exercised		(1,291)			3.50
Forfeited		(671)			11.48
As of December 31, 2025		15,355			6.65		7.53		253,901
Exercisable at December 31, 2025		8,099			4.98		6.45		147,458
Vested and expected to vest at December 31, 2025		15,355			6.65		7.53		253,901

Schedule of weighted-average assumptions



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Expected term (in years)		6.0		6.0		6.1
Expected volatility		104.8	%	101.3	%	101.3	%
Risk-free interest rate		4.1	%	4.2	%	3.7	%
Expected dividend yield		0.0	%	0.0	%	0.0	%

Schedule of recognized share-based compensation

The Company recognized share-based compensation as follows (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Research and development		$	14,182	$	7,992	$	3,761
General and administrative			14,809		10,802		4,430
Total share-based compensation		$	28,991	$	18,794	$	8,191

ESPP

Shareholders' Equity

Schedule of weighted-average assumptions



	YEAR ENDED
	DECEMBER 31,
	2025		2024		2023
Expected term (in years)	1.4		1.3		1.2
Expected volatility	105.5	%	106.3	%	90.3	%
Risk-free interest rate	3.9	%	4.6	%	4.8	%
Expected dividend yield	0.0	%	0.0	%	0.0	%

Restricted share units

Shareholders' Equity

Schedule of restricted share units activity

A summary of restricted share unit activity is set forth below (in thousands except per share amounts):



				WEIGHTED-
		NUMBER OF		AVERAGE
		UNITS		GRANT DATE
		OUTSTANDING		FAIR VALUE
Outstanding, December 31, 2024		1,051		$	11.90
Granted		3,821			8.23
Vested		(308)			11.73
Forfeited		(272)			9.70
Outstanding, December 31, 2025		4,292		$	8.78

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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+ Details

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2024 tranche	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Deferred offering costs \| $		$ 0.0	$ 0.0
Expected dividend yield		0.00%
Employee Stock Option
Composition of Certain Consolidated Financial Statement Line Items
Expected dividend yield		0.00%	0.00%	0.00%
Restricted share units \| Employee
Composition of Certain Consolidated Financial Statement Line Items
Number of tranches \| tranche	3
Minimum
Composition of Certain Consolidated Financial Statement Line Items
Estimated useful lives of the assets		2 years
Maximum
Composition of Certain Consolidated Financial Statement Line Items
Estimated useful lives of the assets		5 years

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Series A redeemable convertible preferred shares	Series A+ redeemable convertible preferred shares	Series B redeemable convertible preferred stock	Series B1 redeemable convertible preferred stock	Ordinary shares Common shares IPO	Ordinary shares Common shares Follow-On Offering	Ordinary shares Common shares ATM Offering	Ordinary shares Common shares	Non-Voting Ordinary Shares Common shares	Additional Paid-In Capital IPO	Additional Paid-In Capital Follow-On Offering	Additional Paid-In Capital ATM Offering	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	IPO	Follow-On Offering	ATM Offering	Total
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable convertible preferred shares	$ 32,001	$ 26,000	$ 133,015	$ 8,959
Shares Issued	19,200	12,800	32,857	2,161
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering	$ (32,001)	$ (26,000)	$ (133,015)	$ (8,959)
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in Shares)	(19,200)	(12,800)	(32,857)	(2,161)
Beginning balance at Dec. 31, 2022								$ 1					$ 1,921	$ (110)	$ (116,952)				$ (115,140)
Beginning balance (in shares) at Dec. 31, 2022								10,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering								$ 7					199,968						199,975
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in shares)								67,018
Net exercise of ordinary share warrants (Shares)								106
Exchange of ordinary shares to non-voting ordinary shares								$ (1)	$ 1
Exchange of ordinary shares to non-voting ordinary shares (in shares)								(7,411)	7,411
Issuance of ordinary shares					$ 3			$ 2		$ 166,667			281,457			$ 166,670			281,459
Issuance of ordinary shares (in shares)					37,053			21,617	2,401
Issuance of ordinary shares upon exercise of vested share options								$ 1					799						800
Issuance of ordinary shares upon exercise of vested share options (in shares)								498
Conversion of non-voting ordinary shares into ordinary shares								$ 1	$ (1)
Conversion of non-voting ordinary shares into ordinary shares ( in shares)								9,812	(9,812)
Share-based compensation expense													8,191						8,191
Unrealized gain on investments, net														631					631
Net loss															(89,620)				(89,620)
Ending balance at Dec. 31, 2023								$ 14					659,003	521	(206,572)				452,966
Ending balance (in shares) at Dec. 31, 2023								139,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares						$ 3					$ 512,727						$ 512,730
Issuance of ordinary shares (in shares)						31,281
Issuance of ordinary shares upon exercise of vested share options													1,854						$ 1,854
Issuance of ordinary shares upon exercise of vested share options (in shares)								1,283											1,291
Issuance of ordinary shares pursuant to employee share purchase plan													632						$ 632
Issuance of ordinary shares pursuant to employee share purchase plan (in shares)								69
Issuance of ordinary shares upon vesting of restricted share units (in shares)								7
Share-based compensation expense													18,794						18,794
Unrealized gain on investments, net														393					393
Net loss															(122,526)				(122,526)
Ending balance at Dec. 31, 2024								$ 17					1,193,010	914	(329,098)				864,843
Ending balance (in shares) at Dec. 31, 2024								171,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares						$ 3	$ 1				607,624	$ 55,776					607,627	$ 55,777
Issuance of ordinary shares (in shares)						29,885	9,120
Issuance of ordinary shares upon exercise of vested share options													4,525						4,525
Issuance of ordinary shares upon exercise of vested share options (in shares)								1,291
Issuance of ordinary shares pursuant to employee share purchase plan													921						921
Issuance of ordinary shares pursuant to employee share purchase plan (in shares)								133
Issuance of ordinary shares upon vesting of restricted share units (in shares)								190
Issuance of ordinary shares upon vesting of performance share units (in Shares)								118
Shares withheld for taxes													(618)						(618)
Shares withheld for taxes (in shares)								(84)
Depository issuance cost offset													1,531						1,531
Pre-funded warrants issued in connection with the 2025 Follow-On Offering, net of issuance costs and underwriting discounts of $6,159											$ 93,842						$ 93,842
Share-based compensation expense													28,991						28,991
Unrealized gain on investments, net														140					140
Net loss															(141,202)				(141,202)
Ending balance at Dec. 31, 2025								$ 21					$ 1,985,602	$ 1,054	$ (470,300)				$ 1,516,377
Ending balance (in shares) at Dec. 31, 2025								212,513

Ordinary Shares (Tables)

12 Months Ended

Dec. 31, 2025

Ordinary Shares

Schedule of ordinary shares reserved for future issuance

The Company has the following ordinary shares reserved for future issuance (in thousands):



		DECEMBER 31,
		2025		2024
Share options issued and outstanding		15,355		12,597
Share options available for future grant		10,082		10,722
Pre-Funded Warrants outstanding		4,615		—
Restricted share units outstanding		4,292		1,051
Ordinary shares available for employee share purchase plan		3,909		2,324
Total ordinary shares reserved		38,253		26,694

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

10. Income Taxes

The components of income (loss) before income taxes by U.S. and foreign jurisdictions are as follows (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2025		2024		2023
Income (loss) before income tax expense:
United States	$	(144,077)	$	(113,107)	$	(79,895)
Foreign		3,390		(9,109)		(9,489)
Total	$	(140,687)	$	(122,216)	$	(89,384)

The provision for (benefit from) income taxes consists of the following (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Current tax provision (benefit):
U.S. Federal		$	—	$	—	$	—
U.S. State			9		8		5
Foreign			427		320		217
			436		328		222
Deferred tax provision (benefit):
U.S. Federal			—		—		—
U.S. State			—		—		—
Foreign			79		(18)		14

Total provision for (benefit from) income taxes:		$	515	$	310	$	236

The Company adopted ASU 2023-09 retrospectively in the year ended December 31, 2025. The Company is domiciled in the Cayman Islands; however, it is a resident for U.S. federal income tax purposes. Consequently, the Company has elected to use the U.S. federal statutory income tax rate of 21% as the applicable statutory rate for its effective tax rate reconciliation. This rate is the rate of the primary jurisdiction in which the Company is subject to income tax. A reconciliation of the U.S. federal statutory income tax rate to its effective tax rate, pursuant to the disclosure requirements of ASU 2023-09 for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands, except percentages):



		YEAR ENDED
		DECEMBER 31,
		2025					2024						2023
		$			%		$			%			$			%
U.S. federal statutory income tax rate		$	(29,544)		21.0	%	$	(25,665)		21.0	%		$	(18,771)		21.0	%
U.S. state and local income taxes, net of U.S. federal income tax effect¹			(187)		0.1			(4,980)		4.1				(68)		0.1
Foreign tax effects:
China			(167)		0.1			(163)		0.1				731		(0.8)
Cayman			—		—			2,291		(1.9)				1,400		(1.6)
Other			—		—			—		—				433		(0.5)
Tax credits:
U.S. federal R&D tax credits			(5,115)		3.6			(2,767)		2.3				(2,064)		2.3
Changes in valuation allowances			28,790		(20.5)			23,116		(18.9)				16,884		(18.9)
Changes in unrecognized tax benefits			1,446		(1.0)			5,707		(4.7)				589		(0.7)
Nontaxable or nondeductible items:
Stock-based compensation			5,225		(3.7)			2,406		(2.0)				1,012		(1.1)
Other			67		—			365		(0.3)				90		(0.1)
		$	515		(0.4)	%	$	310		(0.3)	%		$	236		(0.3)	%

¹ The states that contribute to the majority (greater than 50%) of the tax effect in this category include California for 2025, 2024, and 2023.

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
U.S. Federal		$	—	$	—	$	—
U.S. State:
California			13		13		4
New Jersey			4		20		—
Other			(2)		5		—
Foreign - China			619		332		8
Income taxes paid, net of refunds		$	634	$	370	$	12

A valuation allowance has been recognized to offset the Company’s deferred tax assets, as necessary, by the amount of any tax benefits that, based on evidence, are not expected to be realized.

Significant components of the Company’s deferred tax asset or liability are shown below (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Deferred tax assets:
Net operating loss		$	55,310	$	26,182	$	29,217
Capitalized research and development			36,464		33,313		16,911
Tax credits			9,580		5,054		2,631
Stock-based compensation and bonus accrual			3,386		2,433		1,737
Operating lease liability			1,241		656		1,030
Accrued expenses			2,108		1,302		1,036
Other			250		152		213
Total deferred tax assets			108,339		69,092		52,775
Less: Valuation allowance			(106,954)		(68,179)		(51,551)

Deferred tax liabilities:
Right-of-use assets			(1,139)		(487)		(960)
Property and equipment			(78)		(81)		(110)
Other			(111)		(242)		(109)
Total deferred tax liabilities			(1,328)		(810)		(1,179)
Net deferred tax assets		$	57	$	103	$	45

The Company considers the earnings of its foreign subsidiaries to be indefinitely reinvested outside of the U.S. The amount of unrecognized deferred tax liability on these undistributed earnings where the potential income taxes or foreign withholding taxes that might arise if such earnings were distributed in the future was not material as of December 31, 2025 where the potential U.S. income taxes or foreign withholding taxes that might arise if such earnings were distributed in the future.

The Company maintained a full valuation allowance against its U.S. net deferred tax assets as of December 31, 2025, 2024 and 2023. The valuation allowance increased by $38.8 million, $16.6 million and $23.8 million during the years ended December 31, 2025, 2024 and 2023, respectively. The change in valuation allowance for the year ended December 31, 2025 is primarily attributable to domestic net operating loss carryforwards primarily due to the full expensing of domestic research or experimental (“R&E”) expenditures of $91.7 million resulting from the One Big Beautiful Bill Act (the “OBBBA”). The change in valuation allowance for the year ended December 31, 2024 is primarily attributable to the capitalization of R&E expenditures of $16.4 million resulting from the Tax Cuts and Jobs Act (“TCJA”). The change in valuation allowance for the year ended December 31, 2023 is primarily attributable to increases in current year net operating loss (“NOL”) carryforwards of $10.4 million and the capitalization of R&E expenditures of $10.9 million. The Company will continue to assess the likelihood of realization of its deferred tax assets in each of the applicable jurisdictions in future periods and will adjust the valuation allowance accordingly.

As of December 31, 2025, the Company had U.S. federal NOLs and federal tax credit carryforwards of $194.5 million and $10.8 million, respectively. The federal NOLs will begin to expire in 2036 and the federal tax credits will begin to expire in 2039, if not utilized. In addition, as of December 31, 2025, the Company had state NOLs and state tax credit carryforwards of approximately $275.8 and $2.4 million, respectively, as reported on the Company’s state income tax returns. The state NOLs will begin to expire in 2036, if not utilized. State tax credits and the federal NOLs carryforwards incurred in tax years beginning after December 31, 2017 can be carried forward indefinitely.

Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change NOLs and tax attributes to offset future taxable income or tax liability. The Company may have undergone ownership changes in the past, which could result in limitations on its ability to utilize its NOLs, or future changes in its stock ownership, some of which are outside of its control, could result in an ownership change under Section 382 and similar state provisions. Such an annual limitation could result in the expiration of the NOLs and tax credit carryforwards before utilization, and it would not be material to the consolidated financial statements.

A reconciliation of the beginning and ending balances of total unrecognized tax benefits are as follows (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Beginning of year		$	7,947	$	877	$	289
Additions for tax positions related to current year			1,550		839		574
Additions for tax positions related to prior years			—		6,248		14
Reductions for tax positions related to prior years			—		(17)		—
End of year		$	9,497	$	7,947	$	877

As of December 31, 2025, 2024 and 2023, the Company had gross unrecognized tax benefits of approximately $9.5 million, $7.9 million and 0.9 million, respectively, related to research and development tax credits and state NOLs, all of which would give rise to additional deferred tax assets if recognized. This would also give rise to a corresponding increase in the valuation allowance, and would not impact the Company’s effective tax rate. The Company did not accrue interest or penalties related to unrecognized tax benefits because the liability would be offset by existing tax attributes as of December 31, 2025, 2024 and 2023.

The Company is subject to taxation in the United States and foreign jurisdictions. As of December 31, 2025, the Company’s tax years 2017 to 2025 remain subject to examination in most jurisdictions. As of December

31, 2025, the Company was not under examination by the Internal Revenue Service, or by any state or foreign tax jurisdiction. Due to differing interpretations of tax laws and regulations, tax authorities may dispute the Company’s tax filing positions. The Company evaluates its exposures associated with its tax filing positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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+ Details

Shareholders' Equity - Employee Share Purchase Plan (Details)	1 Months Ended				12 Months Ended
	Jan. 31, 2026 shares	Feb. 28, 2023 item shares	Jan. 31, 2023 shares	Apr. 30, 2019	Dec. 31, 2025 shares
2023 Equity Incentive Plan
Shareholders' Equity
Number of shares reserved for issuance			12,000,000		33,032,833
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Percentage					4.00%
2023 Equity Incentive Plan \| Subsequent Event
Shareholders' Equity
Increase in number of shares that were reserved for issuance	8,500,536
2019 Plan
Shareholders' Equity
Expiration term				10 years
Incentive share option \| 2023 Equity Incentive Plan
Shareholders' Equity
Expiration term			5 years
Percentage of voting power of share			10.00%
Incentive share option \| 2023 Equity Incentive Plan \| Minimum
Shareholders' Equity
Purchase price of common stock percent			110.00%
ESPP \| Employee Stock Purchase Plan 2023
Shareholders' Equity
Purchase price of common stock percent		85.00%
Offering period of the plan		24 months
Number of purchase period \| item		4
Purchase period of the plan within each offering period		6 months
Number of shares reserved for issuance		1,000,000
Number of shares available for grant					3,909,366
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Percentage					1.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Number Of Ordinary Shares					3,000,000
ESPP \| Employee Stock Purchase Plan 2023 \| Subsequent Event
Shareholders' Equity
Increase in number of shares that were reserved for issuance	2,125,134
ESPP \| 2023 Equity Incentive Plan \| Maximum
Shareholders' Equity
Expiration term			10 years

Shareholders' Equity - Summary of share option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
NUMBER OF SHARES UNDERLYING OUTSTANDING OPTIONS
Beginning balance (in shares)	12,597
Granted		4,720
Exercised		(1,291)
Forfeited		(671)
Ending balance (in shares)	15,355	12,597
Exercisable	8,099
Vested and expected to vest	15,355
WEIGHTED-AVERAGE EXERCISE PRICE
Beginning balance (in dollars per share)	$ 6.36
Granted (in dollars per share)		$ 7.22
Exercised (in dollars per share)		3.5
Forfeited (in dollars per share)		11.48
Ending balance (in dollars per share)	6.65	$ 6.36
Exercisable (in dollars per share)	4.98
Vested and expected to vest (in dollars per share)	$ 6.65
WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM and AGGREGATE INTRINSIC VALUE
Outstanding	7 years 6 months 10 days	7 years 10 months 2 days
Exercisable	6 years 5 months 12 days
Vested and expected to vest	7 years 6 months 10 days
Outstanding	$ 253,901	$ 50,294
Exercisable	147,458
Vested and expected to vest	$ 253,901

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Undesignated shares, par value	$ 0.0001	$ 0.0001
Undesignated shares, shares authorized	100,000	100,000
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	500,000	500,000
Ordinary shares, shares issued	212,513	171,860
Ordinary shares, shares outstanding	212,513	171,860

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

Net Loss Per Share

11. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except per share amounts):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Numerator:
Net loss		$	(141,202)	$	(122,526)	$	(89,620)
Denominator:
Weighted-average ordinary shares outstanding			177,331		157,922		110,198
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants			265		—		—
Weighted average shares used to compute net loss per share, basic and diluted			177,596		157,922		110,198
Net loss per share, basic and diluted		$	(0.80)	$	(0.78)	$	(0.81)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been antidilutive (in thousands):




		DECEMBER 31,
		2025	2024	2023
Options to purchase ordinary shares		15,355	12,597	11,899
Unvested restricted share units		4,292	1,051	—
Shares committed under ESPP		344	217	106
Total		19,991	13,865	12,005

Composition of Certain Consolidated Financial Statement Line Items (Tables)

12 Months Ended

Dec. 31, 2025

Composition of Certain Consolidated Financial Statement Line Items

Schedule of property and equipment

Property and equipment, net consists of the following (in thousands):



		DECEMBER 31,
	Useful life (years)	2025			2024
Laboratory equipment	5	$	5,307		$	3,008
Furniture and fixtures	5		516			249
Computer equipment and software	5		985			497
Leasehold improvements	Lesser of useful life or lease term		1,536			1,360
Construction in progress	—		1,278			—
		$	9,622		$	5,114
Less: Accumulated depreciation			(2,969)			(1,636)
Property and equipment, net		$	6,653		$	3,478

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):



		DECEMBER 31,
		2025			2024
Accrued compensation		$	12,434		$	7,290
Accrued research and development expenses			12,404			5,460
Accrued clinical expenses			15,791			7,025
Accrued professional services			4,470			2,918
Accrued other liabilities			1,444			3,606
Total accrued expenses and other current liabilities		$	46,543		$	26,299

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

5. Commitments and Contingencies

Operating Leases

In June 2023, Shanghai ShouTi entered into a lease agreement for approximately 22,500 square feet of office space in Shanghai, China, for its research and development operations office, which commenced in July 2023 and will expire on December 31, 2026. The annual base rent is approximately $0.7 million based on the exchange rate upon entering into this lease agreement, and Shanghai ShouTi is also responsible for the payment of additional costs and fees related to its use of the premises.

According to the lease agreement, the Company is obligated to restore the premises and all fixtures, fittings and equipment in the premises to its original condition. The Company’s asset retirement obligations are primarily associated with leasehold improvements which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. The Company recognized an asset retirement obligation at the inception of a lease at its estimated fair value based on the expected timing of payment of the related costs. In the determination of fair value for an asset retirement obligation, the Company uses various assumptions and judgments, including such factors as the existence of a legal obligation, estimated amounts and timing of settlements, discount and inflation rates. The key estimates as of the inception date were the fair value of the asset retirement obligation of $0.4 million, timing of the settlement of 3.4 years and the discount rate of 6.8%. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the leasehold improvements and depreciated over its useful life. As of December 31, 2025 and 2024 the Company had asset retirement obligations of $0.3 million and $0.3 million, respectively, which are recorded in other non-current liabilities on the consolidated balance sheets.

In June 2023, StructureTx US entered into a sublease agreement for approximately 11,800 square feet of office space located in South San Francisco, California for its corporate headquarters. The lease commenced in July 2023 and will expire on August 31, 2027. The annual base rent will initially be approximately $0.5 million and will increase annually by 3%, and StructureTx US will also be responsible for the payment of additional costs and fees related to its use of the premises.

In June 2023, Shanghai ShouTi entered into another lease agreement for approximately 8,400 square feet of laboratory space located in Shanghai, China for its research and development activities. The lease commenced in December 2023 and will expire on January 31, 2027. The annual base rent will be approximately $0.3 million based on the exchange rate upon entering into this lease agreement, and Shanghai ShouTi is also responsible for the payment of additional costs and fees related to its use of the premises.

In February 2025, StructureTx US entered into a sublease agreement for approximately 22,365 square feet of office space located in South San Francisco, California to expand its corporate headquarters. The lease

commenced in March 2025 and will expire on October 31, 2029. The annual base rent will initially be approximately $1.0 million and will increase annually by 3%, and StructureTx US will also be responsible for the payment of additional costs and fees related to its use of the premises.

In March 2025, Shanghai ShouTi entered into another lease agreement for approximately 5,000 square feet of office and laboratory space located in Shanghai, China for its research and development activities. The lease commenced in June 2025 and will expire on August 9, 2028. The annual base rent will be approximately $0.3 million based on the exchange rate upon entering into this lease agreement, and Shanghai ShouTi is also responsible for the payment of additional costs and fees related to its use of the premises.

The maturities of operating lease liabilities as of December 31, 2025, were as follows (in thousands):



		DECEMBER 31,
		2025
2026		$	3,253
2027			1,726
2028			1,279
2029			938
Total undiscounted lease payments			7,196
Less: imputed interest			(709)
Total operating lease liability			6,487
Less: current portion			(2,878)
Operating lease liability, net of current portion		$	3,609

Operating lease expense was $4.2 million, $2.5 million and $1.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, including $1.4 million, $0.8 million and $0.9 million short-term lease costs for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the weighted average remaining lease term was 2.9 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.7%. During the years ended December 31, 2025, 2024 and 2023, cash paid for amounts included in operating lease liabilities of $2.9 million, $1.7 million and $0.6 million, respectively, was included in operating activities on the consolidated statements of cash flows.

Indemnification Agreements

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential number of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by the applicable law and the amended and restated memorandum and articles of association of the Company. The Company currently has directors’ and officers’ liability insurance. As of December 31, 2025 and 2024, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently had not recognized any related liabilities.

Legal Proceedings

The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (141,202)	$ (122,526)	$ (89,620)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes - Current and deferred income tax provision (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax provision (benefit):
U.S. State	$ 9	$ 8	$ 5
Foreign	427	320	217
Current tax provision (benefit)	436	328	222
Deferred tax provision (benefit):
Foreign	79	(18)	14
Total provision for (benefit from) income taxes:	$ 515	$ 310	$ 236

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

License Agreement

12 Months Ended

Dec. 31, 2025

License Agreement

License Agreement

8. License Agreement

In December 2025, the Company entered into non-exclusive license agreement (the “GNE Agreement”) with Genentech, Inc. (“Genentech”) and F. Hoffmann-La Roche Ltd (“Roche”, and together with Genentech, “GNE”) under which the Company granted to GNE a non-exclusive, sublicensable, royalty-bearing license, under the Company’s licensed patents, to make, use, sell, offer for sale, and import licensed products (the “License”). The Company concluded that this type of transaction did not meet the definition of “ordinary activities” of the Company and GNE is not considered a “customer” in this transaction. In the absence of a specific guidance, the Company applied ASC 606, Revenue from Contracts with Customers, by analogy to account for the GNE Agreement.

Under the terms of the GNE Agreement, the Company received an upfront payment of $100.0 million from Genentech in January 2026. In addition, the Company is eligible to receive low single digit royalties on annual worldwide net sales of licensed products.

Unless terminated earlier, the GNE Agreement shall continue in full force and effect, on a country-by-country and licensed product-by-licensed product basis, until the expiration of the last to expire valid claim of a licensed patent. GNE may, in its sole discretion, terminate the GNE Agreement in its entirety at any time and without cause upon 60 days’ prior written notice to the Company. Each party may terminate the GNE Agreement in its entirety if the other party materially breaches the GNE Agreement and fails to cure within specified period. In addition, the Company may terminate the GNE Agreement in its entirety if GNE commences a legal, administrative or other action challenging the validity, enforceability, patentability or scope of any licensed patent.

The Company determined that the License is the only promise and performance obligation in the GNE Agreement.

To determine the consideration amount to recognize under the GNE Agreement, the Company evaluated all payments to be received during the contract. The Company determined that at inception the transaction price was $100.0 million which consisted of fixed consideration of $100.0 million represented by the upfront payment. The transaction price was recognized as other license income at the point in time when the License was delivered to GNE in December 2025. As of December 31, 2025, the other receivable under the GNE Agreement was $100.0 million, all of which was received in January 2026. The royalties will be recognized if and when the underlying sales occur.

Asset Purchase Agreement (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Asset Purchase Agreement (Details) - USD ($) $ in Millions	Aug. 31, 2025	Dec. 31, 2025
Asset Purchase Agreement
Initial payments	$ 10.0
Contingent milestone payments	$ 90.0
Advance payment received		$ 10.2

Asset Purchase Agreement

12 Months Ended

Dec. 31, 2025

Asset Purchase Agreement

Asset Purchase Agreement

9. Asset Purchase Agreement

In August 2025, Basecamp Bio entered into an asset purchase agreement (the “Exelixis Agreement”) with Exelixis, Inc. related to the sale of certain early-stage non-metabolic and non-obesity assets. The Company concluded that the sale of such assets should be accounted for under the guidance at ASC 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, as this type of transaction did not meet the definition of “ordinary activities” of the Company and Exelixis is not considered a “customer” in this transaction.

Under the Exelixis Agreement, the Company is eligible for initial payments totaling $10.0 million and patent cost reimbursements, and contingent milestone payments of up to $90.0 million in the aggregate. In addition, the Company is eligible to receive tiered, low single digit royalties on the net sales of approved products. As of December 31, 2025, initial payments and patent cost reimbursements of $10.2 million has been received and is included in gains on sale of non-financial asset on the consolidated statements of operations and comprehensive loss. At the inception of the Exelixis Agreement and as of December 31, 2025, it was determined that it was not more likely than not that the variable consideration related to the contingent milestone payments and royalties will be received and, therefore, such variable consideration was excluded from the total consideration. The contingent milestone payments will be recognized if and when it becomes more likely than not that the underlying milestones will be achieved and royalties will be recognized if and when the related sales occur.

Commitments and Contingencies - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies.
2026	$ 3,253
2027	1,726
2028	1,279
2029	938
Total undiscounted lease payments	7,196
Less: imputed interest	(709)
Total operating lease liability	6,487
Less: current portion	(2,878)	$ (1,698)
Operating lease liability, net of current portion	$ 3,609	$ 2,164

Defined Contribution Plan

12 Months Ended

Dec. 31, 2025

Defined Contribution Plan

Defined Contribution Plan

12. Defined Contribution Plan

The Company maintains a defined contribution plan under Section 401(k) of the Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. For the years ended December 31, 2025 and 2024, the Company started to make safe-harbor matching contributions of 100% of each dollar contributed by eligible employees, up to 4% of an employee’s eligible compensation. The Company may also make discretionary contributions to the 401(k) plan. During the years ended December 31, 2025, 2024 and 2023, matching contributions were $1.0 million, $0.6 million and $0.2 million, respectively.

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk management and strategy

We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and trade secrets, data we may collect about trial participants in connection with clinical studies, sensitive third-party data, business plans, transactions, and financial information (“Information Systems and Data”).

The cybersecurity function within the Company helps identify, assess and manage the Company’s cybersecurity threats and risks. Our cybersecurity function identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example manual tools, internal or external audits, automated tools, subscribing to and analyzing reports and services that identify cybersecurity threats and threat actors, conducting vulnerability assessments to identify vulnerabilities, conducting scans of the threat environment, and evaluating threats reported to us. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: an incident response policy, incident detection and response, data encryption, network security controls, system monitoring, penetration testing, employee training, a dedicated cybersecurity staff member, and physical security mechanisms.

Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, the cybersecurity function works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business.

We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example cybersecurity software providers, managed cybersecurity service providers, and penetration testing firms. We also use third-party service providers to perform a variety of functions throughout our business, such as application providers and hosting companies. We manage cybersecurity risks associated with our use of these providers by reviewing their security assessments and applicable reports.

For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including:

●

Confidentiality agreements with employees and third-parties may not prevent unauthorized disclosure of trade secrets and other proprietary information;

●

The adoption and deployment of AI in our, and any third-party collaborators’ operations, and in particular our and any third-party collaborators’ R&D efforts to explore new targets and develop effective products, may not be effective and may expose us to risk;

●

If our information technology systems or data, or those of third-parties upon which we rely, are or were compromised or experienced significant disruptions of our information technology systems or data security incidents, we could experience adverse consequences including but not limited to significant financial, legal, regulatory, business and reputational harm; litigation; fines and penalties;

disruptions of our business operations; loss of revenue or profits; loss of customers or sales; or other adverse consequences; and

●

We rely on trade secret and proprietary know-how which can be difficult to trace and enforce and, if we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. Our Audit Committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats.

Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Senior Director of Internal Controls and SOX Compliance, who has over 20 years in the areas of internal controls and SOX compliance reporting; our Director of IT Security and Compliance, who has over 20 years of IT experience, the past four of which have been in security; and our CFO, who has over 20 years of business development experience.

Our cybersecurity function is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CFO and cybersecurity function are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.

Our response process to cybersecurity incidents is designed to escalate certain incidents to members of management depending on the circumstances, including the CFO. Our CFO and others work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response policy includes reporting to the Audit Committee for certain cybersecurity incidents.

The Audit Committee receives periodic reports from our cybersecurity function concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Audit Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our Audit Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Role of Management [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Senior Director of Internal Controls and SOX Compliance

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

our Senior Director of Internal Controls and SOX Compliance, who has over 20 years in the areas of internal controls and SOX compliance reporting; our Director of IT Security and Compliance, who has over 20 years of IT experience, the past four of which have been in security; and our CFO, who has over 20 years of business development experience.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of segment consolidated net loss, including significant segment expenses

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2025			2024			2023
Operating expenses:
Discovery research and development	$	105,120		$	53,314		$	32,526
Clinical research and development		98,215			44,266			32,591
Other research and development expenses		21,920			11,234			4,986
General and administrative		61,554			49,414			32,672
Other license income		(100,000)			—			—
Gains on sale of non-financial assets		(10,249)			—			—
Total operating expenses		176,560			158,228			102,775
Loss from operations		(176,560)			(158,228)			(102,775)
Interest and other income, net		35,873			36,012			13,391
Loss before provision for income taxes		(140,687)			(122,216)			(89,384)
Provision for income taxes		515			310			236
Segment net loss and net loss attributable to ordinary shareholders	$	(141,202)		$	(122,526)		$	(89,620)

Shareholders' Equity - Summary of restricted share units activity (Details) - Restricted share units shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
NUMBER OF UNITS OUTSTANDING
Beginning balance (in shares) \| shares	1,051
Granted \| shares	3,821
Vested (in shares) \| shares	(308)
Forfeited \| shares	272
Ending balance (in shares) \| shares	4,292
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Beginning balance (in dollars per share) \| $ / shares	$ 11.9
Granted \| $ / shares	8.23
Vested (in dollars per share) \| $ / shares	11.73
Forfeited (in dollars per share) \| $ / shares	9.7
Ending balance (in dollars per share) \| $ / shares	$ 8.78

Related Party Transactions (Details) $ in Millions	1 Months Ended		12 Months Ended
Related Party Transactions (Details) $ in Millions	Nov. 30, 2023 USD ($)	Oct. 31, 2020 USD ($)	Dec. 31, 2025 USD ($) Milestone	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2026 USD ($)
Related Party Transactions
Related party payable				$ 0.3
Other Liability, Related Party [Extensible Enumeration]				us-gaap:RelatedPartyMember
Other Liability, Related Party, Name [Extensible Enumeration]				Schrodinger, Inc.
Schrodinger, Inc. \| Aconcagua Collaboration Agreement
Related Party Transactions
Aggregate payment			$ 3.0
Schrodinger, Inc. \| Aconcagua Collaboration Agreement \| Subsequent Event
Related Party Transactions
Aggregate payment						$ 6.0
Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Payments made.				$ 3.2	$ 0.3
Software platform use for research purposes \| Schrodinger, Inc. \| Lhotse Collaboration Agreement
Related Party Transactions
Aggregate payment made				0.8
Collaboration agreement term		10 years
Collaboration agreement extension term		3 years
Payments paid or accrued			0.0	0.0
Software platform use for research purposes \| Schrodinger, Inc. \| Lhotse Collaboration Agreement \| Maximum
Related Party Transactions
Aggregate payment		$ 17.0
Software platform use for research purposes \| Schrodinger, Inc. \| Aconcagua Collaboration Agreement
Related Party Transactions
Aggregate payment made				3.3
Collaboration agreement term	10 years
Collaboration agreement extension term	3 years
Payments paid or accrued			$ 9.0	$ 0.0
Number of Milestones \| Milestone			2
Software platform use for research purposes \| Schrodinger, Inc. \| Aconcagua Collaboration Agreement \| Maximum
Related Party Transactions
Payments paid or accrued	$ 89.0

Income Taxes - Net deferred tax asset and liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss	$ 55,310	$ 26,182	$ 29,217
Capitalized research and development	36,464	33,313	16,911
Tax credits	9,580	5,054	2,631
Stock-based compensation and bonus accrual	3,386	2,433	1,737
Operating lease liability	1,241	656	1,030
Accrued expenses	2,108	1,302	1,036
Other	250	152	213
Total deferred tax assets	108,339	69,092	52,775
Less: Valuation allowance	(106,954)	(68,179)	(51,551)
Deferred tax liabilities:
Right-of-use assets	(1,139)	(487)	(960)
Property and equipment	(78)	(81)	(110)
Other	(111)	(242)	(109)
Total deferred tax liabilities	(1,328)	(810)	(1,179)
Net deferred tax assets	$ 57	$ 103	$ 45

Fair Value Measurements - Level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Total fair value of financial assets	$ 1,441,663	$ 875,336
LEVEL 1
Fair Value Measurements
Total fair value of financial assets	1,180,481	424,343
LEVEL 2
Fair Value Measurements
Total fair value of financial assets	261,182	450,993
Recurring \| Money market funds
Fair Value Measurements
Total fair value of financial assets	795,089	161,328
Recurring \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	385,392	263,015
Recurring \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	24,941	46,957
Recurring \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	236,241	404,036
Recurring \| LEVEL 1 \| Money market funds
Fair Value Measurements
Total fair value of financial assets	795,089	161,328
Recurring \| LEVEL 1 \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	385,392	263,015
Recurring \| LEVEL 2 \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	24,941	46,957
Recurring \| LEVEL 2 \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	$ 236,241	$ 404,036

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 799,623	$ 169,510
Short-term investments	646,574	714,008
Other receivable	100,000
Prepaid expenses and other current assets	24,106	7,693
Total current assets	1,570,303	891,211
Property and equipment, net	6,653	3,478
Operating right-of-use assets	6,245	3,535
Other non-current assets	717	5,106
Total assets	1,583,918	903,330
Current liabilities:
Accounts payable	13,864	8,024
Accrued expenses and other current liabilities	46,543	26,299
Operating lease liabilities, current portion	2,878	1,698
Total current liabilities	63,285	36,021
Operating lease liabilities, net of current portion	3,609	2,164
Other non-current liabilities	647	302
Total liabilities	67,541	38,487
Commitments and contingencies (Note 5)
Shareholders' equity:
Undesignated shares - $0.0001 par value; 100,000 shares authorized as of December 31, 2025 and December 31, 2024
Ordinary shares - $0.0001 par value; 500,000 shares authorized as of December 31, 2025 and December 31, 2024; 212,513 and 171,860 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	21	17
Additional paid-in capital	1,985,602	1,193,010
Accumulated other comprehensive income	1,054	914
Accumulated deficit	(470,300)	(329,098)
Total shareholders' equity	1,516,377	864,843
Total liabilities and shareholders' equity	$ 1,583,918	$ 903,330

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies.

Schedule of maturities of operating lease liabilities

The maturities of operating lease liabilities as of December 31, 2025, were as follows (in thousands):



		DECEMBER 31,
		2025
2026		$	3,253
2027			1,726
2028			1,279
2029			938
Total undiscounted lease payments			7,196
Less: imputed interest			(709)
Total operating lease liability			6,487
Less: current portion			(2,878)
Operating lease liability, net of current portion		$	3,609

Composition of Certain Consolidated Financial Statement Line Items

12 Months Ended

Dec. 31, 2025

Composition of Certain Consolidated Financial Statement Line Items

Composition of Certain Consolidated Financial Statement Line Items

3. Composition of Certain Consolidated Financial Statement Line Items

Property and equipment, net consists of the following (in thousands):



		DECEMBER 31,
	Useful life (years)	2025			2024
Laboratory equipment	5	$	5,307		$	3,008
Furniture and fixtures	5		516			249
Computer equipment and software	5		985			497
Leasehold improvements	Lesser of useful life or lease term		1,536			1,360
Construction in progress	—		1,278			—
		$	9,622		$	5,114
Less: Accumulated depreciation			(2,969)			(1,636)
Property and equipment, net		$	6,653		$	3,478

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $1.3 million, $1.0 million and $0.3 million, respectively.

As of December 31, 2025, the Company’s other non-current assets consist of long-term deposit and deferred tax assets. As of December 31, 2024, the Company’s other non-current assets consist of prepaid clinical expenses.

Accrued expenses and other current liabilities consisted of the following (in thousands):



		DECEMBER 31,
		2025			2024
Accrued compensation		$	12,434		$	7,290
Accrued research and development expenses			12,404			5,460
Accrued clinical expenses			15,791			7,025
Accrued professional services			4,470			2,918
Accrued other liabilities			1,444			3,606
Total accrued expenses and other current liabilities		$	46,543		$	26,299

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related Party Transactions

13. Related Party Transactions

Ramy Farid, the President and Chief Executive Officer of Schrödinger, Inc. (“Schrödinger”) was a member of the Company’s board of directors until June 25, 2024, at which time Mr. Farid ceased being a related party. During the years ended December 31, 2024 and 2023, the Company had existing collaboration agreements to use the results provided by Schrödinger’s software platform for its research purposes. During the years ended December 31, 2024 and 2023, the Company paid $3.2 million and $0.3 million to Schrödinger, respectively, and had a payable balance of $0.3 million to Schrödinger as of December 31, 2024.

Lhotse Collaboration Agreement with Schrödinger LLC

In October 2020, Lhotse Bio, Inc. (“Lhotse”), the Company’s wholly-owned subsidiary, entered into a collaboration agreement (the “Lhotse-Schrödinger Agreement”) with Schrödinger LLC, one of the Company’s shareholders, to discover and develop novel, orally bioavailable, small molecule inhibitors of lysophosphatidic acid 1 receptor (“LPA1R”). Under the Lhotse-Schrödinger Agreement, Schrödinger LLC was obligated to provide computational modeling and design support, including by using its technology platform to perform virtual screens, and Lhotse was obligated to provide day-to-day chemistry and biology support. Pursuant to the Lhotse-Schrödinger Agreement, a joint steering committee comprised of representatives from both parties to oversee the research performed under the agreement. During the term of the Lhotse-Schrödinger Agreement and for a specified period thereafter while Lhotse was engaged in active development of any compound having activity against LPA1R that was discovered or developed under the Lhotse-Schrödinger Agreement, Schrödinger LLC was obligated to work exclusively with Lhotse on the design, research, development and commercialization of compounds that inhibit LPA1R. Lhotse solely owned the research results, work product, inventions and other intellectual property generated under the Lhotse-Schrödinger Agreement that were directed to LPA1R.

Under the Lhotse-Schrödinger Agreement, Lhotse was obligated to pay Schrödinger LLC a quarterly active program payment in the low six digits for each successive three-month period during which Schrödinger LLC continued to perform research work as agreed by the parties, and as of December 31, 2024, the Company has paid to Schrödinger LLC an aggregate of $0.8 million. If Lhotse developed and commercialized a product containing a compound (a “Lhotse Collaboration Compound”), that was discovered or developed under the Lhotse-Schrödinger Agreement (a “Lhotse Collaboration Product”), Lhotse was obligated to pay Schrödinger LLC development and regulatory milestone payments of up to an aggregate of $17.0 million, regardless of the number of Lhotse Collaboration Products that reach such milestones. Lhotse will also be obligated to pay Schrödinger LLC tiered royalties on a Lhotse Collaboration Product-by-Lhotse Collaboration Product basis equal to low single digit percentages on aggregate worldwide net sales of Lhotse Collaboration Products, subject to specified reductions and offsets. Lhotse’s obligation to pay royalties to Schrödinger LLC was to expire on a Lhotse Collaboration Product-by-Lhotse Collaboration Product and country-by-country basis on the later of (i) the expiration of the last-to-expire Lhotse patent claim covering the composition of matter of the Lhotse Collaboration Compound contained in such Lhotse Collaboration Product in such country, (ii) the expiration of regulatory, pediatric, orphan drug, or data exclusivity with respect to such Lhotse Collaboration Product in such country, and (iii) ten years after the first commercial sale of such Lhotse Collaboration Product in such country (the “Lhotse Royalty Term”).

Unless terminated earlier, the Lhotse-Schrödinger Agreement continued for three years, subject to extension by mutual written agreement of the parties. Either party may have terminated the Lhotse-Schrödinger Agreement for the other party’s uncured material breach, subject to certain notice and cure periods, or for the other party’s bankruptcy or insolvency. Lhotse’s obligation to make milestone and royalty payments (subject to the Lhotse Royalty Term) to Schrödinger LLC continues after the expiration or termination of the Lhotse-Schrödinger Agreement. As of December 31, 2025 and 2024, no milestone or royalty payments have been paid or accrued.

Aconcagua Collaboration Agreement with Schrödinger

In November 2023, Aconcagua Bio, Inc. (“Aconcagua”), the Company’s wholly-owned subsidiary, entered into a collaboration agreement (the “Aconcagua-Schrödinger Agreement”) with Schrödinger to discover and develop novel, small molecule modulators of a specific target. Under the Aconcagua-Schrödinger Agreement, Schrödinger is obligated to provide computational modeling and design support, including by using its technology platform to perform virtual screens, and Aconcagua is obligated to provide day-to-day chemistry and biology support. Pursuant to the Aconcagua-Schrödinger Agreement, a joint steering committee comprised of representatives from both parties oversees the research performed under the agreement.

During the term of the Aconcagua-Schrödinger Agreement or if longer, for a specified number of years after the effective date of the Aconcagua-Schrödinger Agreement, Schrödinger is obligated, subject to certain exceptions, to work exclusively with Aconcagua on the design, research, development and commercialization of compounds that inhibit the target. Aconcagua will solely own the research results, work product, inventions and other intellectual property generated under the Aconcagua-Schrödinger Agreement other than improvements to Schrödinger’s background intellectual property.

During the term of the Aconcagua-Schrödinger Agreement, Aconcagua is obligated to pay Schrödinger a monthly active program payment in the low six digits, which payment includes fees payable for certain Schrödinger software employed in the collaboration, and as of December 31, 2024, the Company has paid to Schrödinger an aggregate of $3.3 million.

If Aconcagua develops and commercializes a product containing a compound (“Aconcagua Collaboration Compound”) that is discovered or developed under the Aconcagua-Schrödinger Agreement or a derivative thereof (“Aconcagua Collaboration Product”), Aconcagua is obligated to pay Schrödinger development, regulatory and commercialization milestone payments of up to an aggregate of $89.0 million for the first Aconcagua Collaboration Product to achieve a particular milestone event, regardless of the number of Aconcagua Collaboration Products that reach such milestones. Aconcagua will also be obligated to pay Schrödinger tiered royalties in the low single digit range on aggregate worldwide net sales of all Aconcagua Collaboration Products, subject to specified reductions and offsets. Aconcagua’s obligation to pay royalties to Schrödinger will expire on a Aconcagua Collaboration Product-by-Aconcagua Collaboration Product and country-by-country basis on the later of (i) the expiration of the last-to-expire Aconcagua owned patent claim covering the composition of matter of the Aconcagua Collaboration Compound contained in such Aconcagua Collaboration Product in such country and (ii) ten years after the first commercial sale of such Aconcagua Collaboration Product in such country (“Aconcagua Royalty Term”).

Unless terminated earlier, the Aconcagua-Schrödinger Agreement will continue for three years, subject to extension by mutual written agreement of the parties. Either party may terminate the Aconcagua-Schrödinger Agreement for convenience after a specified period or for the other party’s uncured material breach. Aconcagua’s obligation to make milestone and royalty payments (subject to the Aconcagua Royalty Term) to Schrödinger continues after the expiration or termination of the Aconcagua-Schrödinger Agreement, unless the Aconcagua-Schrödinger Agreement is terminated under specified circumstances. As of December 31, 2024, no milestone or royalty payments had been paid or accrued under this agreement. As of December 31, 2025, two milestones of $9.0 million were achieved and $3.0 million was paid under this agreement. The remaining $6.0 million was paid in January 2026.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Composition of Certain Consolidated Financial Statement Line Items - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Composition of Certain Consolidated Financial Statement Line Items
Accrued compensation	$ 12,434	$ 7,290
Accrued research and development expenses	12,404	5,460
Accrued clinical expenses	15,791	7,025
Accrued professional services	4,470	2,918
Accrued other liabilities	1,444	3,606
Total accrued expenses and other current liabilities	$ 46,543	$ 26,299

License Agreement (Details) - GNE Agreement $ in Millions	1 Months Ended
License Agreement (Details) - GNE Agreement $ in Millions	Dec. 31, 2025 USD ($) D
License Agreement
Agreement termination period \| D	60
Transaction price	$ 100.0
Accounts receivable	100.0
Genentech
License Agreement
Upfront payment received	$ 100.0

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

Schedule of computation of basic and diluted net loss per share attributable to ordinary shareholders



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Numerator:
Net loss		$	(141,202)	$	(122,526)	$	(89,620)
Denominator:
Weighted-average ordinary shares outstanding			177,331		157,922		110,198
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants			265		—		—
Weighted average shares used to compute net loss per share, basic and diluted			177,596		157,922		110,198
Net loss per share, basic and diluted		$	(0.80)	$	(0.78)	$	(0.81)

Schedule of outstanding shares of potentially dilutive securities excluded from the computation of diluted net loss per share




		DECEMBER 31,
		2025	2024	2023
Options to purchase ordinary shares		15,355	12,597	11,899
Unvested restricted share units		4,292	1,051	—
Shares committed under ESPP		344	217	106
Total		19,991	13,865	12,005

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Shareholders' Equity

Shareholders' Equity

7. Shareholders’ Equity

2019 Equity Incentive Plan

In April 2019, the Company adopted the 2019 Equity Incentive Plan (“2019 Plan”), under which its board of directors can issue share options. Awards granted under the 2019 Plan may be either incentive share options (“ISOs”), nonstatutory share options (“NSOs”), share appreciation rights (“SARs”), or restricted share units (“RSUs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. The exercise price of ISOs and NSOs shall not be less than 100% of the estimated fair value of the shares on the date of grant. The exercise price of ISOs granted to an employee who, at the time of grant, owns shares representing more than 10% (“10% shareholder”) of the voting power of all classes of shares of the Company shall be no less than 110% of the estimated fair value of the shares on the date of grant. The options usually have a term of 10 years (or no more than five years if granted to a 10% shareholder). Vesting conditions determined by the plan administrator may apply to share options and may include continued service, performance and/or other conditions. Generally, options and restricted share awards vest over a four-year period.

2023 Equity Incentive Plan

In January 2023, prior to the IPO closing, the Company’s board of directors and shareholders approved the 2023 Equity Incentive Plan (“2023 Plan”), which became effective upon the IPO closing. The Company initially reserved 12,000,000 ordinary shares for issuance of share-based compensation awards, including ISOs, NSOs, stock appreciation rights, restricted stock units and other stock-based awards, plus shares available for issuance under the 2019 Plan. ISOs may be granted only to Company employees (including officers and directors who are also employees). Shares options granted under the 2019 Plan that are forfeited or lapse unexercised will be available for issuance under the 2023 Plan. Once the 2023 Plan became effective, no further grants were made under the 2019 Plan.

Options under the 2023 Plan may be granted for periods of up to 10 years at exercise prices no less than the fair market value of the Company’s ordinary shares on the date of grant; provided, however, that the exercise price of an ISO granted to a 10% shareholder may not be less than 110% of the fair market value of the shares on the date of grant and such option may not be exercisable after the expiration of five years from the date of grant. Vesting conditions determined by the plan administrator may apply to share options and may include continued service, performance and/or other conditions. Generally, share options vest over a four-year period.

The maximum number of ordinary shares that may be issued under the 2023 Plan as of December 31, 2025 was 33,032,833. In addition, the number of ordinary shares reserved for issuance under the Company’s 2023 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2024 through January 1, 2033, in an amount equal to 4% of the total number of ordinary shares outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of ordinary shares determined by the Company’s board of directors. In January 2026, the number of ordinary shares available for issuance under the 2023 Plan was increased by 8,500,536 shares as a result of the automatic increase provision in the 2023 Plan.

Options

A summary of share option activity is set forth below (in thousands except per share amounts and years):



		OUTSTANDING AWARDS
							WEIGHTED-
		NUMBER OF					AVERAGE
		SHARES		WEIGHTED-			REMAINING
		UNDERLYING		AVERAGE			CONTRACTUAL	AGGREGATE
		OUTSTANDING		EXERCISE			TERM	INTRINSIC
		OPTIONS		PRICE			(IN YEARS)	VALUE
As of December 31, 2024		12,597			6.36		7.84		50,294
Granted		4,720			7.22
Exercised		(1,291)			3.50
Forfeited		(671)			11.48
As of December 31, 2025		15,355			6.65		7.53		253,901
Exercisable at December 31, 2025		8,099			4.98		6.45		147,458
Vested and expected to vest at December 31, 2025		15,355			6.65		7.53		253,901

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying share options and the fair value of the Company’s ordinary shares for share options that were in-the-money at

the end of each period. The aggregate intrinsic value of options exercised for the years ended December 31, 2025, 2024 and 2023 was $11.9 million, $16.6 million and $3.9 million, respectively.

The total fair value of options that vested during the years ended December 31, 2025, 2024 and 2023 was $24.9 million, $19.8 million and $5.5 million, respectively.

The Company estimated the fair value of share options using the Black Scholes option-pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The options granted during the years ended December 31, 2025, 2024 and 2023 had a weighted-average per share grant-date fair value of $5.95, $10.26 and $6.21 per share, respectively, which was estimated using the following weighted-average assumptions:



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Expected term (in years)		6.0		6.0		6.1
Expected volatility		104.8	%	101.3	%	101.3	%
Risk-free interest rate		4.1	%	4.2	%	3.7	%
Expected dividend yield		0.0	%	0.0	%	0.0	%

Performance Options

In February 2023, the Company’s board of directors approved the grant of performance share options for 1,200,000 ordinary shares, which were granted under the 2023 Plan. Each share option would vest over four years, subject to the achievement of certain clinical milestones as determined by the Company’s compensation committee in the first year following the grant, and subject to the employees’ continuous service through each vesting date. The performance milestones were not achieved in the first year following the grant, and the performance share options were cancelled in February 2024. As such, no share-based compensation expense has been or will be recognized for such performance share options.

Employee Share Purchase Plan

In February 2023, the Company adopted the 2023 Employee Share Purchase Plan (“ESPP”). The Company allows eligible employees to purchase shares of the Company's ordinary shares through payroll deductions at a price equal to 85% of the lesser of the fair market value of the ordinary shares as of the first date of each offering period or the ending date of each purchase period. Each offering period is typically 24 months consisting of four purchase periods of six months. There were 1,000,000 ordinary shares initially reserved for issuance under the ESPP. The number of ordinary shares reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2024 through January 1, 2033, by the lesser of (i) 1% of the total number of our outstanding share capital on the last day of the calendar month before the date of the automatic increase; and (ii) 3,000,000 ordinary shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). In January 2026, the number of ordinary shares available for issuance under the ESPP was increased by 2,125,134 shares as a result of the automatic increase provision in the ESPP.

The offering period and purchase periods are determined by the board of directors. The Company issued 133,182, 68,262 and 0 shares under the ESPP during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, 3,909,366 shares under the ESPP remain available for purchase.

Compensation expense is calculated using the fair value of the employees' purchase rights under the Black-Scholes model, which was estimated using the following weighted-average assumptions:



	YEAR ENDED
	DECEMBER 31,
	2025		2024		2023
Expected term (in years)	1.4		1.3		1.2
Expected volatility	105.5	%	106.3	%	90.3	%
Risk-free interest rate	3.9	%	4.6	%	4.8	%
Expected dividend yield	0.0	%	0.0	%	0.0	%

Restricted Share Units

A summary of restricted share unit activity is set forth below (in thousands except per share amounts):



				WEIGHTED-
		NUMBER OF		AVERAGE
		UNITS		GRANT DATE
		OUTSTANDING		FAIR VALUE
Outstanding, December 31, 2024		1,051		$	11.90
Granted		3,821			8.23
Vested		(308)			11.73
Forfeited		(272)			9.70
Outstanding, December 31, 2025		4,292		$	8.78

In March 2024, the Company granted 381,252 restricted share units with service and performance conditions to certain employees. The awards are divided into three equal tranches, and the vesting of each tranche was contingent on the occurrence of certain milestone events and fulfilment of service condition. As of December 31, 2024, the Company concluded that the two milestones were probable of achievement and therefore recognized compensation expense of $1.7 million during the year ended December 31, 2024. In June 2025, the Company’s compensation committee certified the achievement of two of the three milestones, effective July 1, 2025. Because the third milestone was not achieved, the third tranche of performance share units was forfeited, effective July 1, 2025. As such, no share-based compensation expense has been or will be recognized for this third tranche of performance share units. During the year ended December 31, 2025, the Company recognized compensation expense of $0.9 million related to these restricted share units.

Share-Based Compensation Associated with Awards to Employees and Non-Employees

The Company recognized share-based compensation as follows (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Research and development		$	14,182	$	7,992	$	3,761
General and administrative			14,809		10,802		4,430
Total share-based compensation		$	28,991	$	18,794	$	8,191

As of December 31, 2025, the total unrecognized share-based compensation expense related to unvested share options and restricted share units was $75.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.6 years.

As of December 31, 2025, the total unrecognized share-based compensation expense related to the ESPP was $1.2 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.1 years.

Pre-Funded Warrants

On December 11, 2025, in connection with the 2025 Follow-On Offering the Company issued 9,961,538 ADSs, including the issuance of 1,500,000 ADSs in connection with the full exercise of the 2025 Underwriters’ Option, and, in lieu of ADSs to certain investors, 1,538,462 Pre-Funded Warrants to purchase 4,615,386 ordinary shares. The Pre-Funded Warrants were sold at a public offering price of $64.9999 per Pre-Funded Warrant, which represents the per ADS public offering price less the $0.0001 per share exercise price for each such Pre-Funded Warrant. The Pre-Funded Warrants do not have an expiration date and are exercisable at any time. The Pre-Funded Warrants are classified as a component of permanent equity within the Company's consolidated balance sheets as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of ordinary shares upon exercise. Upon issuance, the Company recorded the Pre-Funded Warrants at the net proceeds, after deducting $6.2 million of underwriting discount and commissions and other offering expenses, of approximately $93.8 million. The Company may receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants. As of December 31, 2025, none of the Pre-Funded Warrants have been exercised.

Income Taxes - Reconciliation of the change in unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Beginning of year	$ 7,947	$ 877	$ 289
Additions for tax positions related to current year	1,550	839	574
Additions for tax positions related to prior years		6,248	14
Reductions for tax positions related to prior years		(17)
End of year	$ 9,497	$ 7,947	$ 877

Ordinary Shares - Schedule of ordinary shares reserved for future issuance (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Ordinary Shares
Share options issued and outstanding	15,355	12,597
Share options available for future grant	10,082	10,722
Pre-Funded Warrants outstanding	4,615
Restricted share units outstanding	4,292	1,051
Ordinary shares available for employee share purchase plan	3,909	2,324
Total ordinary shares reserved	38,253	26,694

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 225,255	$ 108,814	$ 70,103
General and administrative	61,554	49,414	32,672
Other license income	(100,000)
Gains on sale of non-financial assets	(10,249)
Total operating expenses	176,560	158,228	102,775
Loss from operations	(176,560)	(158,228)	(102,775)
Interest and other income, net	35,873	36,012	13,391
Loss before provision for income taxes	(140,687)	(122,216)	(89,384)
Provision for income taxes	515	310	236
Net loss attributable to ordinary shareholders	$ (141,202)	$ (122,526)	$ (89,620)
Net loss per share, basic	$ (0.8)	$ (0.78)	$ (0.81)
Net loss per share, diluted	$ (0.8)	$ (0.78)	$ (0.81)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	177,596	157,922	110,198
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	177,596	157,922	110,198
Other comprehensive income:
Unrealized gain on investments, net	$ 140	$ 393	$ 631
Total other comprehensive income	140	393	631
Comprehensive loss	$ (141,062)	$ (122,133)	$ (88,989)

Net Loss Per Share - Computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (141,202)	$ (122,526)	$ (89,620)
Denominator:
Weighted-average ordinary shares outstanding	177,331	157,922	110,198
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants	265
Weighted average shares used to compute net loss per share, basic	177,596,000	157,922,000	110,198,000
Weighted average shares used to compute net loss per share, diluted	177,596,000	157,922,000	110,198,000
Net loss per share, basic	$ (0.8)	$ (0.78)	$ (0.81)
Net loss per share, diluted	$ (0.8)	$ (0.78)	$ (0.81)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Ordinary Shares - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Undesignated shares, shares authorized	100,000,000	100,000,000
Undesignated shares, par value	$ 0.0001	$ 0.0001
Ordinary shares
Class of Stock [Line Items]
Ordinary shares, shares authorized	500,000,000
Undesignated shares
Class of Stock [Line Items]
Undesignated shares, shares authorized	100,000,000
Common shares
Class of Stock [Line Items]
Dividends on ordinary shares	$ 0	$ 0
Common shares \| Ordinary shares
Class of Stock [Line Items]
Exchange of ordinary shares to non-voting ordinary shares (in shares)			(7,411,000)
Common shares \| Non-voting ordinary shares
Class of Stock [Line Items]
Exchange of ordinary shares to non-voting ordinary shares (in shares)			7,411,000

Fair Value Measurements - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Transfers in and out of Level 3	$ 0	$ 0	$ 0
Contractual maturities of investments within one year	541,100
Contractual maturities of investments after one year through two years	105,500
Allowance for credit losses	0	0
Impairment losses	$ 0	$ 0	$ 0

Shareholders' Equity - Schedule of recognized share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shareholders' Equity
Total share-based compensation	$ 28,991	$ 18,794	$ 8,191
Research and development
Shareholders' Equity
Total share-based compensation	14,182	7,992	3,761
General and administrative
Shareholders' Equity
Total share-based compensation	$ 14,809	$ 10,802	$ 4,430

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Composition of Certain Consolidated Financial Statement Line Items - Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Property and equipment, gross	$ 9,622	$ 5,114
Less: Accumulated depreciation	(2,969)	(1,636)
Property and equipment, net	6,653	3,478
Depreciation expense	$ 1,333	992	$ 295
Laboratory equipment
Composition of Certain Consolidated Financial Statement Line Items
Useful life (years)	5 years
Property and equipment, gross	$ 5,307	3,008
Furniture and fixtures
Composition of Certain Consolidated Financial Statement Line Items
Useful life (years)	5 years
Property and equipment, gross	$ 516	249
Computer equipment and software
Composition of Certain Consolidated Financial Statement Line Items
Useful life (years)	5 years
Property and equipment, gross	$ 985	497
Leasehold improvements
Composition of Certain Consolidated Financial Statement Line Items
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Property and equipment, gross	$ 1,536	$ 1,360
Construction in progress
Composition of Certain Consolidated Financial Statement Line Items
Property and equipment, gross	$ 1,278

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis



		DECEMBER 31,
		2025												2024
		LEVEL 1			LEVEL 2			LEVEL 3			TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Money market funds		$	795,089		$	—		$	—		$	795,089		$	161,328		$	—		$	—		$	161,328
U.S. government bonds			385,392			—			—			385,392			263,015			—			—			263,015
U.S. government agency bonds			—			24,941			—			24,941			—			46,957			—			46,957
Corporate debt securities			—			236,241			—			236,241			—			404,036			—			404,036
Total fair value of financial assets		$	1,180,481		$	261,182		$	—		$	1,441,663		$	424,343		$	450,993		$	—		$	875,336



		DECEMBER 31,
		2025												2024
			AMORTIZED		UNREALIZED						FAIR				AMORTIZED		UNREALIZED						FAIR
		COST			LOSSES			GAINS			VALUE			COST			LOSSES			GAINS			VALUE
Money market funds		$	795,089		$	—		$	—		$	795,089		$	161,328		$	—		$	—		$	161,328
U.S. government bonds			384,571			(1)			822			385,392			262,316			(48)			747			263,015
U.S. government agency bonds			24,922			—			19			24,941			46,890			(11)			78			46,957
Corporate debt securities			236,027			(16)			230			236,241			403,888			(368)			516			404,036
Total fair value of financial assets		$	1,440,609		$	(17)		$	1,071		$	1,441,663		$	874,422		$	(427)		$	1,341		$	875,336

Net Loss Per Share - Outstanding shares of potentially dilutive securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Loss Per Share
Total	19,991	13,865	12,005
Options to purchase ordinary shares
Net Loss Per Share
Total	15,355	12,597	11,899
Unvested restricted share units
Net Loss Per Share
Total	4,292	1,051
Shares committed under ESPP
Net Loss Per Share
Total	344	217	106

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction gain (loss) included in determining net loss was not material for the periods presented.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses

during the reporting periods. Such estimates include lease liability, accruals for research and development activities, share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of medicines that target chronic diseases with unmet medical need. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews consolidated financial statements and decides how to allocate resources and evaluate segment performance based on net loss reported in the consolidated statements of operations and comprehensive loss. The Company’s long-lived assets are primarily in China.

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2025			2024			2023
Operating expenses:
Discovery research and development	$	105,120		$	53,314		$	32,526
Clinical research and development		98,215			44,266			32,591
Other research and development expenses		21,920			11,234			4,986
General and administrative		61,554			49,414			32,672
Other license income		(100,000)			—			—
Gains on sale of non-financial assets		(10,249)			—			—
Total operating expenses		176,560			158,228			102,775
Loss from operations		(176,560)			(158,228)			(102,775)
Interest and other income, net		35,873			36,012			13,391
Loss before provision for income taxes		(140,687)			(122,216)			(89,384)
Provision for income taxes		515			310			236
Segment net loss and net loss attributable to ordinary shareholders	$	(141,202)		$	(122,526)		$	(89,620)

Concentration of Credit Risk

The Company is exposed to credit risk from its deposits of cash, cash equivalents and short-term investments in excess of the amount of insurance provided on such deposits. The Company invests its cash, cash equivalents and short-term investments in money market funds, corporate debt securities, U.S. government bonds and U.S. government agency bonds. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by investing in investment-grade securities and using banks and institutions it believes are creditworthy. The Company has not experienced any losses on its deposits of cash, cash equivalents and short-term investments to date. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of

proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical studies and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting.

The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies and materials for use in its clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services.

Cash and Cash Equivalents

The Company considers all highly-liquid investments purchased with maturities of 90 days or less from the original date of purchase to be cash equivalents. As of December 31, 2025 and 2024, the Company’s cash and cash equivalents consist of cash deposited with banks and investments in money market funds.

Short-Term Investments

The Company classifies its investments as available-for-sale and records them at fair value based upon market prices at period end. Unrealized gains and losses that are deemed temporary in nature are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. The Company may sell these securities at any time for use in current operations.

Credit Losses

For short-term investments in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the available-for-sale debt securities. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings.

If not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the short-term investments by a rating agency, and any adverse conditions specifically related to the short-term investments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the short-term investments is compared to the amortized cost basis of the short-term investments. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, with a corresponding adjustment to interest and other income, net, limited by the amount that the fair value is less than the amortized cost basis. The Company has elected to exclude accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment. The Company writes off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. At December 31, 2025 and 2024, gross unrealized losses on the Company’s available-for-sale securities were not material and, accordingly, no credit loss reserves were recognized.

Fair Value of Financial Instruments

The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value.

The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4).

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally two to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in operating expenses in the period realized. Maintenance and repairs are charged to operating expenses as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment, net and right-of-use assets, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. During the years ended December 31, 2025, 2024 and 2023, the Company did not recognize any such impairment charges.

Deferred Offering Costs

The Company capitalizes, within other non-current assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its IPO, Private Placement, 2024 Follow-On Offering, At-the-Market Offering and 2025 Follow-On Offering, until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds received as a result of the equity financing. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs will be immediately written off to general and administrative expenses. Upon closing the equity financing, all deferred offering costs were charged against the proceeds from the respective equity financing and recorded in shareholders’ equity as a reduction of additional paid-in capital. As of December 31, 2025 and 2024, there were no deferred offering costs recorded on the consolidated balance sheets.

Accrued Research and Development and Clinical Expenses

The Company has entered into various agreements with contract manufacturing organizations (“CMOs”) and contract research organizations (“CROs”). The Company’s research and development and clinical accruals are determined based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The Company determines its costs through discussions with

internal clinical stakeholders and outside service providers as to the progress or stage of completion of clinical studies or services and the contracted fee to be paid for such services. The determined costs of research and development and clinical studies provided, but not yet invoiced, are included in other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original amounts, the Company will adjust the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered.

Leases

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Operating leases with terms greater than one year are initially recognized on the consolidated balance sheets as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include any options to purchase the underlying asset that the Company is reasonably certain to exercise. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s facility leases and to account for the lease and non-lease components as a single lease component.

Research and Development Expenses

Research and development expenses include costs directly attributable to the conduct of research and development programs, including payroll and related expenses, costs for CMOs, costs for CROs, materials, supplies, consulting costs, and the allocated portions of facility costs, such as rent, utilities, insurance, information technology costs and general support services. Research and development costs are expensed within the consolidated statements of operations and comprehensive loss as incurred.

The Company estimates research and development accruals based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued expenses and other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company adjusts the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered.

Share-Based Compensation

The Company accounts for share-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all share-based payments including share options. The fair value method requires the Company to estimate the fair value of share options on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for

forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions. The assumptions are as follows:

●

Expected term. The expected term represents the period that the share-based awards are expected to be outstanding. The expected term is calculated using the simplified method which is used when there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method.

●

Expected volatility. The Company estimated the volatility data based on a study of publicly traded industry peer companies as it did not have sufficient trading history for its ordinary shares. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own share price becomes available.

●

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options.

●

Expected Dividend yield. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

The Company has granted share options to employees based in China. The exercise of share options granted to such employees was conditioned on a liquidity event, such as an IPO or change in control, which was not considered probable until consummated. The liquidity event condition was satisfied upon the closing of the IPO, and the Company recognized cumulative share-based compensation expense for share options granted to employees based in China.

The Company has granted restricted share units with service and performance conditions to certain employees. The awards are divided into three equal tranches, and the vesting of each tranche is contingent on the occurrence of certain milestone events and fulfilment of service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestones is considered probable. The expense to be recognized for these awards is based on the grant date fair value of the Company’s ordinary shares multiplied by the number of units granted.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates as income and expense in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. In determining the need for a valuation allowance, we consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which the Company operates, historical earnings, taxable income in prior years, if carryback is permitted under the law, carryforward periods and prudent and feasible tax planning strategies. Due to cumulative losses over recent years and based on all available positive and negative

evidence, the Company has determined that it is more likely than not that its U.S. and certain foreign deferred tax assets will not be realizable as of December 31, 2025. To the extent sufficient positive evidence becomes available, the Company may release a portion, or all, of its valuation allowance in one or more future periods. A release of the valuation allowance, if any, would result in the recognition of certain deferred tax assets and a potentially material income tax benefit for the period in which such release is recorded.

The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position is sustainable upon examination by the taxing authority, based on the technical merits. The Company measures the tax benefit recognized as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. Significant judgment is required to evaluate uncertain tax positions. The Company’s evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law or guidance, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in our income tax expense in the period in which we make the change, which could have a material impact on our effective tax rate and operating results.

The Company calculates the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years and record adjustments based on filed income tax returns when identified. The amount of income taxes paid is subject to examination by U.S. federal, state and foreign tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts and circumstances existing at that time. To the extent the assessment of such tax position changes, we record the change in estimate in the period in which we make the determination.

Net Loss Per Share Attributable to Ordinary Shareholders

Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, including the Pre-Funded Warrants, without consideration of potentially dilutive securities. Ordinary shares into which pre-funded warrants may be exercised are considered outstanding for the purposes of computing basic net loss per share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date (see Note 7). Diluted net loss per ordinary share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares, including the Pre-Funded Warrants, and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the unvested restricted share units, ordinary shares committed under the employee share purchase plan and share options are considered to be potentially dilutive securities.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. Other comprehensive income (loss) represents unrealized gains or losses on short-term investments that are reported as a component of shareholders’ equity on the consolidated balance sheets.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of

information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is applicable to the Company beginning with its Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The adoption of this ASU using a retrospective approach will only impact disclosures and did not have a material impact on the Company’s consolidated financial statements (see Note 10).

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional information about a reporting entity’s certain expense categories in the notes to financial statements in interim and annual reporting periods. Among other provisions, the new standard requires disclosure of disaggregated amounts for expenses such as employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity’s financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurement guidance. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. This ASU addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ATM Offering
Issuance of ordinary shares, sales commission and offering expenses	$ 2,744
Follow-On Offering
Issuance of ordinary shares, issuance costs and underwriting discount	39,873	$ 34,688
Issuance of pre-funded warrants, issuance costs and underwriting discounts	$ 6,158
IPO
Issuance of ordinary shares, issuance costs and underwriting discount			$ 18,586
Private Placement
Issuance of ordinary shares, issuance costs and underwriting discount			$ 18,538

Income Taxes - Loss before income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss before income tax expense:
United States	$ (144,077)	$ (113,107)	$ (79,895)
Foreign	3,390	(9,109)	(9,489)
Loss before provision for income taxes	$ (140,687)	$ (122,216)	$ (89,384)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of loss before income tax expense

The components of income (loss) before income taxes by U.S. and foreign jurisdictions are as follows (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2025		2024		2023
Income (loss) before income tax expense:
United States	$	(144,077)	$	(113,107)	$	(79,895)
Foreign		3,390		(9,109)		(9,489)
Total	$	(140,687)	$	(122,216)	$	(89,384)

Summary of provision for (benefit from) income taxes

The provision for (benefit from) income taxes consists of the following (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Current tax provision (benefit):
U.S. Federal		$	—	$	—	$	—
U.S. State			9		8		5
Foreign			427		320		217
			436		328		222
Deferred tax provision (benefit):
U.S. Federal			—		—		—
U.S. State			—		—		—
Foreign			79		(18)		14

Total provision for (benefit from) income taxes:		$	515	$	310	$	236

Summary of effective tax rate of the company's provision (benefit) for income taxes differs from the federal statutory rate



		YEAR ENDED
		DECEMBER 31,
		2025					2024						2023
		$			%		$			%			$			%
U.S. federal statutory income tax rate		$	(29,544)		21.0	%	$	(25,665)		21.0	%		$	(18,771)		21.0	%
U.S. state and local income taxes, net of U.S. federal income tax effect¹			(187)		0.1			(4,980)		4.1				(68)		0.1
Foreign tax effects:
China			(167)		0.1			(163)		0.1				731		(0.8)
Cayman			—		—			2,291		(1.9)				1,400		(1.6)
Other			—		—			—		—				433		(0.5)
Tax credits:
U.S. federal R&D tax credits			(5,115)		3.6			(2,767)		2.3				(2,064)		2.3
Changes in valuation allowances			28,790		(20.5)			23,116		(18.9)				16,884		(18.9)
Changes in unrecognized tax benefits			1,446		(1.0)			5,707		(4.7)				589		(0.7)
Nontaxable or nondeductible items:
Stock-based compensation			5,225		(3.7)			2,406		(2.0)				1,012		(1.1)
Other			67		—			365		(0.3)				90		(0.1)
		$	515		(0.4)	%	$	310		(0.3)	%		$	236		(0.3)	%

¹ The states that contribute to the majority (greater than 50%) of the tax effect in this category include California for 2025, 2024, and 2023.

Summary of income tax paid, net of refunds received, by jurisdiction



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
U.S. Federal		$	—	$	—	$	—
U.S. State:
California			13		13		4
New Jersey			4		20		—
Other			(2)		5		—
Foreign - China			619		332		8
Income taxes paid, net of refunds		$	634	$	370	$	12

Summary of significant components of the company's deferred tax asset or liability

Significant components of the Company’s deferred tax asset or liability are shown below (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Deferred tax assets:
Net operating loss		$	55,310	$	26,182	$	29,217
Capitalized research and development			36,464		33,313		16,911
Tax credits			9,580		5,054		2,631
Stock-based compensation and bonus accrual			3,386		2,433		1,737
Operating lease liability			1,241		656		1,030
Accrued expenses			2,108		1,302		1,036
Other			250		152		213
Total deferred tax assets			108,339		69,092		52,775
Less: Valuation allowance			(106,954)		(68,179)		(51,551)

Deferred tax liabilities:
Right-of-use assets			(1,139)		(487)		(960)
Property and equipment			(78)		(81)		(110)
Other			(111)		(242)		(109)
Total deferred tax liabilities			(1,328)		(810)		(1,179)
Net deferred tax assets		$	57	$	103	$	45

Summary of reconciliation of the change in unrecognized tax benefits

A reconciliation of the beginning and ending balances of total unrecognized tax benefits are as follows (in thousands):



		YEAR ENDED
		DECEMBER 31,
		2025		2024		2023
Beginning of year		$	7,947	$	877	$	289
Additions for tax positions related to current year			1,550		839		574
Additions for tax positions related to prior years			—		6,248		14
Reductions for tax positions related to prior years			—		(17)		—
End of year		$	9,497	$	7,947	$	877

Income Taxes - Cash paid for income taxes, net of refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign - China	$ 619	$ 332	$ 8
Income taxes paid, net of refunds	634	370	12
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. State	13	13	$ 4
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. State	4	20
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. State	$ (2)	$ 5

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 15, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Securities Act File Number	001-41608
Entity Registrant Name	Structure Therapeutics Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1480821
Entity Address, Address Line One	601 Gateway Blvd.
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	457-1978
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 834.9
Entity Common Stock, Shares Outstanding		212,525,437
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s definitive proxy statement for its 2026 Annual General Meeting of Shareholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001888886
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California
American Depositary Shares (ADSs)
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares (ADSs), each representing three ordinary shares, par value $0.0001 per ordinary share
Trading Symbol	GPCR
Security Exchange Name	NASDAQ
Common shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Segments

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2025			2024			2023
Operating expenses:
Discovery research and development	$	105,120		$	53,314		$	32,526
Clinical research and development		98,215			44,266			32,591
Other research and development expenses		21,920			11,234			4,986
General and administrative		61,554			49,414			32,672
Other license income		(100,000)			—			—
Gains on sale of non-financial assets		(10,249)			—			—
Total operating expenses		176,560			158,228			102,775
Loss from operations		(176,560)			(158,228)			(102,775)
Interest and other income, net		35,873			36,012			13,391
Loss before provision for income taxes		(140,687)			(122,216)			(89,384)
Provision for income taxes		515			310			236
Segment net loss and net loss attributable to ordinary shareholders	$	(141,202)		$	(122,526)		$	(89,620)

Concentration of Credit Risk

Risks and Uncertainties

Cash and Cash Equivalents

Short-Term Investments

Credit Losses

Fair Value of Financial Instruments

Property and Equipment, Net

Impairment of Long-Lived Assets

Deferred Offering Costs

Accrued Research and Development and Clinical Expenses

Leases

Research and Development Expenses

Share-Based Compensation

forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions. The assumptions are as follows:

●

Expected Dividend yield. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

Income Taxes

Net Loss Per Share Attributable to Ordinary Shareholders

Comprehensive Income (Loss)

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true