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Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
1 Months Ended 5 Months Ended 6 Months Ended
Jan. 29, 2021
Jun. 30, 2021
Jun. 30, 2022
Cash flows from operating activities:      
Net loss $ (829) $ (280,142) $ (119,159)
Adjustments to reconcile net loss to net cash used in operating activities:      
Acquired in-process research and development 0 220,454 0
Share-based compensation expense 0 5,960 11,321
Depreciation and amortization 0 9 60
Change in fair value of financial instruments 0 11,312 (6,320)
Changes in operating assets and liabilities:      
Tax incentive receivable 74 (5,187) (5,300)
Prepaid expenses and other assets 681 (4,783) 872
Accounts payable (358) 2,159 623
Accrued expenses and other liabilities (589) 4,706 7,957
Other, net (28) 0 52
Net cash used in operating activities (1,049) (45,512) (109,894)
Cash flows from investing activities:      
Cash acquired upon acquisition of Centessa Subsidiaries 0 68,038 0
Cash paid to acquire in-process research and development 0 (4,596) 0
Purchase of property and equipment 0 (74) (469)
Net cash (used in) provided by investing activities 0 63,368 (469)
Cash flows from financing activities:      
Proceeds from option exercises 0 292 405
Debt issuance costs 0 0 (261)
Proceeds from the sale of preferred shares, net of issuance costs 0 241,597 0
Proceeds from the sale of ordinary shares in connection with initial public offering, net of issuance costs paid in cash 0 345,833 0
Other, net 0 (12) 0
Net cash provided by financing activities 0 587,710 144
Effect of exchange rate on cash and cash equivalents 80 3,228 (702)
Net (decrease) increase in cash and cash equivalents (969) 608,794 (110,921)
Cash and cash equivalents at beginning of period 7,227 4,965 595,082
Cash and cash equivalents at end of period 6,258 613,759 484,161
Supplemental disclosure:      
Interest paid 0 0 3,153
Income taxes paid 0 0 862
Non-cash investing and financing activities:      
Issuance of ordinary shares to settle outstanding contingent value rights 0 0 39,680
Issuance of ordinary shares upon acquisition of Centessa Subsidiaries 0 262,698 0
Issuance of contingent value rights upon acquisition of Centessa Subsidiaries 22,618 0
Issuance of Series A convertible preferred shares upon conversion of debt 0 6,250 0
Forgiveness of convertible term loan 0 6,199 0
Unpaid initial public offering issuance costs at June 30, 2021 $ 0 $ 1,697 $ 0