Verona Pharma plc(NASDAQ:VRNA) 
Verona Pharma plc, a clinical stage biopharmaceutical company, focuses on development and commercialization of therapies for the treatment of respiratory diseases with unmet medical needs. Its product candidate is ensifentrine, an inhaled and dual inhibitor of the phosphodiesterase (PDE) 3 and PDE4 ...
Website: http://www.veronapharma.com
Founded: 2005
Full Time Employees: 33
Sector: Healthcare
Industry: Biotechnology
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
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revenue: | |||||||||||||||||||
product sales | 102,939,000 | 71,256,000 | 36,637,000 | 5,624,000 | |||||||||||||||
other revenue | 199,000 | 5,000,000 | |||||||||||||||||
total revenue | 103,138,000 | 76,256,000 | |||||||||||||||||
yoy | |||||||||||||||||||
qoq | 35.25% | ||||||||||||||||||
operating expenses: | |||||||||||||||||||
cost of sales | 4,756,000 | 3,407,000 | 2,039,000 | 543,000 | |||||||||||||||
research and development | 12,950,000 | 14,054,000 | 7,870,000 | 10,552,000 | 19,388,000 | 6,764,000 | 4,122,000 | 2,958,000 | -2,474,000 | 12,610,000 | 6,838,000 | 9,838,000 | 14,982,000 | 17,625,000 | 22,709,000 | 22,560,000 | 20,563,000 | 13,574,000 | |
selling, general and administrative | 72,127,000 | 69,112,000 | 45,085,000 | 35,196,000 | 49,035,000 | 20,434,000 | 14,972,000 | 13,353,000 | 12,439,000 | 9,589,000 | 8,323,000 | 5,290,000 | 5,526,000 | 7,440,000 | 5,757,000 | 10,883,000 | |||
total operating expenses | 89,833,000 | 86,573,000 | 54,994,000 | 46,291,000 | 68,423,000 | 27,198,000 | 19,094,000 | 16,311,000 | 9,965,000 | 22,199,000 | 15,161,000 | 15,128,000 | 20,508,000 | 25,065,000 | 28,466,000 | 33,443,000 | 28,548,000 | 22,856,000 | |
operating income | 13,305,000 | -10,317,000 | -18,339,000 | -40,667,000 | -68,423,000 | -27,198,000 | -19,094,000 | -16,311,000 | -9,965,000 | -22,199,000 | -20,508,000 | -25,065,000 | -28,548,000 | -22,856,000 | |||||
yoy | -119.45% | -62.07% | -3.95% | 149.32% | 586.63% | 22.52% | -51.41% | -11.43% | -28.16% | 9.66% | |||||||||
qoq | -228.96% | -43.74% | -54.90% | -40.57% | 151.57% | 42.44% | 17.06% | 63.68% | -55.11% | -18.18% | 24.90% | ||||||||
operating margin % | 12.90% | -13.53% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | NaN% | -Infinity% | -Infinity% | NaN% | NaN% | -Infinity% | -Infinity% | |
other income: | |||||||||||||||||||
research and development tax credit | 556,000 | 1,612,000 | 847,000 | 585,000 | 1,034,000 | -309,000 | -1,934,000 | 2,313,000 | 796,000 | 2,127,000 | 5,409,000 | 1,302,000 | 4,975,000 | 4,749,000 | |||||
loss on extinguishment of debt | -407,000 | -3,653,000 | |||||||||||||||||
interest income | 4,302,000 | 3,891,000 | 3,994,000 | 4,750,000 | 3,140,000 | 3,378,000 | 3,292,000 | 3,390,000 | 3,402,000 | 2,677,000 | 1,862,000 | 779,000 | 165,000 | 15,000 | 3,000 | 4,000 | 3,000 | 4,000 | |
interest expense | -6,822,000 | -10,195,000 | -10,317,000 | -9,882,000 | -1,757,000 | -1,586,000 | -623,000 | -401,000 | -740,000 | -293,000 | -230,000 | -116,000 | -91,000 | -84,000 | -85,000 | -86,000 | -85,000 | -84,000 | |
foreign exchange gain | 1,097,000 | 470,000 | -1,450,000 | 1,475,000 | 25,000 | 1,206,000 | -1,012,000 | 740,000 | 932,000 | -1,707,500 | -3,245,000 | -2,662,000 | 59,000 | -86,000 | 40,000 | 163,000 | |||
total other income | -1,423,000 | -6,241,000 | -7,217,000 | -2,045,000 | -1,398,000 | 4,909,000 | 1,668,000 | 1,468,000 | 5,629,000 | 4,626,000 | -455,000 | 2,821,000 | 310,000 | 4,954,000 | 4,621,000 | 6,505,000 | 1,646,000 | ||
income before income taxes | 11,882,000 | -16,558,000 | -25,556,000 | -42,712,000 | -69,821,000 | -25,040,000 | -14,185,000 | -14,643,000 | -8,497,000 | -16,570,000 | -17,687,000 | -24,755,000 | -22,043,000 | -21,210,000 | |||||
income tax benefit | 39,000 | 239,000 | |||||||||||||||||
net income | 11,921,000 | -16,319,000 | -33,827,000 | -42,962,000 | -70,835,000 | -25,794,000 | -14,132,000 | -14,687,000 | -8,807,000 | -16,743,000 | -17,766,000 | -24,837,000 | -22,068,000 | -21,290,000 | |||||
yoy | -116.83% | -36.73% | 139.36% | 192.52% | 704.30% | 54.06% | -50.43% | -32.59% | -19.49% | 16.66% | |||||||||
qoq | -173.05% | -51.76% | -21.26% | -39.35% | 174.62% | 82.52% | -3.78% | 66.77% | -47.40% | -28.47% | 3.65% | ||||||||
net income margin % | 11.56% | -21.40% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | NaN% | -Infinity% | -Infinity% | NaN% | NaN% | -Infinity% | -Infinity% | |
income per ordinary share - basic | 20 | ||||||||||||||||||
income per ordinary share - diluted | 20 | ||||||||||||||||||
income per ads - basic | 140 | ||||||||||||||||||
income per ads - diluted | 130 | ||||||||||||||||||
weighted-average ordinary shares outstanding - basic | 685,155,000 | ||||||||||||||||||
weighted-average ordinary shares outstanding - diluted | 727,223,000 | ||||||||||||||||||
weighted-average ads outstanding - basic | 85,644,000 | ||||||||||||||||||
weighted-average ads outstanding - diluted | 90,903,000 | ||||||||||||||||||
loss per ordinary share - basic and diluted | -20 | -55 | -70 | -110 | -40 | -15 | -20 | -10 | -30 | -40 | -50 | -50 | -50 | ||||||
weighted-average shares outstanding - basic and diluted | 679,405,000 | 652,310,582,000 | 651,944,000 | 648,217,000 | 645,701,000 | 634,142,660,000 | 638,238,749,000 | 634,469,423,000 | 621,451,000 | 484,777,837,000 | 470,786,767,000 | 469,465,085,000 | |||||||
income tax expense | -8,271,000 | -250,000 | -1,014,000 | -754,000 | 53,000 | -44,000 | -310,000 | -173,000 | -56,250 | -64,000 | -79,000 | -82,000 | -58,000 | -127,000 | -25,000 | -80,000 | |||
other income/ | |||||||||||||||||||
foreign exchange (loss)/gain | -219,000 | -923,000 | |||||||||||||||||
total other income/(expense) | 2,158,000 | ||||||||||||||||||
revenue | 40,000,000 | ||||||||||||||||||
gross profit | |||||||||||||||||||
yoy | |||||||||||||||||||
qoq | |||||||||||||||||||
gross margin % | 0% | 0% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | |
operating expenses | |||||||||||||||||||
operating profit | -15,175,250 | -15,128,000 | -11,211,750 | 6,557,000 | |||||||||||||||
other income | |||||||||||||||||||
fair value movement on warrants | 2,000 | 40,000 | 2,711,000 | -507,000 | |||||||||||||||
profit before income taxes | -14,506,250 | -15,583,000 | -8,018,750 | 11,178,000 | |||||||||||||||
net profit | -14,562,500 | -15,647,000 | -8,076,750 | 11,051,000 | |||||||||||||||
profit per ordinary share - basic | -30 | -30 | -17.5 | 20 | |||||||||||||||
profit per ordinary share - diluted | -30 | -30 | -17.5 | 20 | |||||||||||||||
weighted-average shares outstanding - basic | 544,134,136,000 | 475,334,354,000 | |||||||||||||||||
weighted-average shares outstanding - diluted | 544,134,136,000 | 515,819,439,000 | |||||||||||||||||
other comprehensive profit: | |||||||||||||||||||
foreign currency translation adjustments | |||||||||||||||||||
total comprehensive profit attributable to shareholders of the company | -8,076,750 | 11,051,000 | |||||||||||||||||
general and administrative | 7,985,000 | 9,282,000 | |||||||||||||||||
benefit from research and development tax credit | 3,836,000 | 2,070,000 | |||||||||||||||||
other comprehensive loss: | |||||||||||||||||||
total comprehensive loss attributable to shareholders of the company | -22,068,000 | -21,290,000 | |||||||||||||||||
other comprehensive income: |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2018-03-21 | 2017-12-31 | 2017-11-03 | 2017-09-30 | 2017-08-08 | 2017-06-30 |
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assets | ||||||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 438,016,000 | 401,415,000 | 399,757,000 | 336,040,000 | 404,599,000 | 254,882,000 | 271,772,000 | 257,366,000 | 270,727,000 | 291,415,000 | 227,827,000 | 231,701,000 | 111,510,000 | 132,764,000 | 148,380,000 | 166,547 | 146,035,000 | 169,598,000 | 187,986,000 | 201,968 | 18,081 | 20,059 | 22,934 | 33,823 | 22,434 | 18,726 | 19,784 | 27,561 | 36,574 | 29,013 | 31,443 | 31,443 | 31,393,327 | 31,393,327 | 62,613,988 | 62,613,988 |
accounts receivable | 82,858,000 | 62,159,000 | 31,496,000 | 6,904,000 | 25,002,000 | |||||||||||||||||||||||||||||||
prepaid expenses | 11,432,000 | 11,317,000 | 7,573,000 | 7,964,000 | 5,433,000 | 3,622,000 | 3,617,000 | 3,332,000 | 894,000 | 1,561,000 | 2,499,000 | 3,355,000 | 4,731,000 | 1,246,000 | 4,037,000 | 6,672 | 9,817,000 | 7,247,000 | 4,538,000 | |||||||||||||||||
tax incentive receivable | 4,061,000 | 5,935,000 | 5,762,000 | 5,587,000 | 3,684,000 | 11,461,000 | 9,510,000 | 10,150,000 | 11,842,000 | |||||||||||||||||||||||||||
inventory | 8,612,000 | 7,244,000 | 6,249,000 | 4,315,000 | ||||||||||||||||||||||||||||||||
other current assets | 3,872,000 | 12,955,000 | 2,735,000 | 3,443,000 | 2,576,000 | 1,875,000 | 3,365,000 | 6,319,000 | 6,060,000 | 2,073,000 | 3,388,000 | 3,077,000 | 2,206,000 | 2,525,000 | 2,063,000 | 667 | 2,320,000 | 1,484,000 | 1,720,000 | |||||||||||||||||
total current assets | 548,851,000 | 501,025,000 | 453,572,000 | 364,253,000 | 416,292,000 | 271,840,000 | 289,708,000 | 276,527,000 | 287,831,000 | 306,891,000 | 242,996,000 | 258,454,000 | 138,632,000 | 152,955,000 | 170,063,000 | 184,492 | 216,283,000 | 188,601,000 | 212,474 | 25,271 | 31,398 | 40,923 | 50,728 | 57,864 | 62,319 | 71,665 | 74,079 | 78,096 | 80,417 | 87,078 | 87,078 | |||||
non-current assets: | ||||||||||||||||||||||||||||||||||||
furniture and equipment | 991,000 | 1,048,000 | 1,105,000 | 40,000 | 44,000 | 22,000 | 24,000 | 10,000 | 11,000 | 12,000 | 73,000 | 81,000 | 91,000 | 71,000 | 80,000 | 88 | 89,000 | 98,000 | 107,000 | |||||||||||||||||
inventory, long-term | 5,910,000 | 6,508,000 | 1,972,000 | |||||||||||||||||||||||||||||||||
goodwill | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 545,000 | 544,000 | 545,000 | 545,000 | 545,000 | 545 | 545,000 | 545,000 | 545,000 | 545 | 441 | 441 | 441 | 441 | 441 | 441 | 441 | 441 | 441 | 441 | 441 | 441 | 441,000 | 441,000 | 441,000 | 441,000 |
equity interest | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000 | ||||||||||||||||||||
right-of-use assets | 1,574,000 | 1,810,000 | 2,048,000 | 1,980,000 | 2,242,000 | 2,505,000 | 2,847,000 | 388,000 | 542,000 | 698,000 | 854,000 | 793,000 | 588,000 | 744,000 | 899,000 | 1,435 | 1,585,000 | 906,000 | 1,050,000 | 1,210 | 971 | |||||||||||||||
total non-current assets | 24,020,000 | 24,911,000 | 20,670,000 | 17,565,000 | 17,831,000 | 18,072,000 | 15,943,000 | 16,098,000 | 16,255,000 | 16,418,000 | 16,224,000 | 16,360,000 | 17,068 | 2,219,000 | 1,549,000 | 33,353 | 27,004 | 4,465 | 4,212 | 3,823 | 2,826 | 2,882 | 2,596 | 2,590 | 2,554 | 2,544 | 2,426 | 2,426 | ||||||||
total assets | 572,871,000 | 525,936,000 | 474,242,000 | 381,818,000 | 434,123,000 | 289,912,000 | 308,124,000 | 292,470,000 | 303,929,000 | 323,146,000 | 259,468,000 | 274,872,000 | 154,856,000 | 169,315,000 | 186,587,000 | 201,560 | 218,502,000 | 190,150,000 | 204,206,000 | 245,827 | 52,275 | 35,863 | 45,135 | 54,551 | 60,690 | 65,201 | 74,261 | 76,669 | 80,650 | 82,961 | 89,504 | 89,504 | 94,900,476 | 94,900,476 | 102,230,971 | 102,230,971 |
liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||||||
accounts payable | 3,434,000 | 9,077,000 | 11,266,000 | 6,831,000 | 4,152,000 | 4,651,000 | 3,492,000 | 823,000 | 2,493,000 | 7,237,000 | 2,910,000 | 8,002,000 | 9,364,000 | 8,064,000 | 10,044,000 | 9 | 34,000 | 541,000 | 178,000 | |||||||||||||||||
accrued expenses | 43,328,000 | 32,335,000 | 16,757,000 | 18,143,000 | 19,630,000 | 8,269,000 | 3,585,000 | 7,397,000 | 7,467,000 | 17,703,000 | 13,752,000 | 22,978,000 | 28,603,000 | 28,877,000 | 22,256,000 | 26,457 | 17,188,000 | 8,514,000 | 10,863,000 | |||||||||||||||||
royalties payable | 3,088,000 | 4,487,000 | 1,100,000 | 169,000 | ||||||||||||||||||||||||||||||||
revenue interest purchase security agreement | 102,019,000 | 96,338,000 | ||||||||||||||||||||||||||||||||||
current operating lease liabilities | 1,014,000 | 1,078,000 | 1,120,000 | 952,000 | 1,031,000 | 1,118,000 | 1,180,000 | 376,000 | 545,000 | 650,000 | 675,000 | |||||||||||||||||||||||||
taxes payable | 8,889,000 | 8,889,000 | 1,011,000 | 1,011,000 | 424,000 | 283,000 | 285,000 | 311,000 | 235,000 | 147,000 | 397 | |||||||||||||||||||||||||
other current liabilities | 374,000 | 678,000 | 2,862,000 | 844,000 | 1,200,000 | 736,000 | 435,000 | 416,000 | 444,000 | 509,000 | 1,409,000 | 294,000 | 121,000 | 144,000 | 327,000 | 185 | 300,000 | 133,000 | 118,000 | |||||||||||||||||
total current liabilities | 51,238,000 | 56,544,000 | 42,681,000 | 27,950,000 | 48,346,000 | 14,774,000 | 8,692,000 | 9,012,000 | 10,949,000 | 26,523,000 | 19,029,000 | 32,128,000 | 38,863,000 | 37,903,000 | 33,422,000 | 27,740 | 58,364,000 | 12,698,000 | 14,203,000 | 16,859 | 8,460 | 8,025 | 9,616 | 12,460 | 9,728 | 5,973 | 10,225 | 10,390 | 12,778 | 16,281 | 8,596 | 8,596 | 8,827,222 | 8,827,222 | 8,215,766 | 8,215,766 |
non-current liabilities: | ||||||||||||||||||||||||||||||||||||
term loan | 242,434,000 | 241,742,000 | 120,341,000 | 120,009,000 | 119,687,000 | 48,546,000 | 48,374,000 | 19,905,000 | 19,857,000 | 19,809,000 | 9,768,000 | 5,035,000 | 4,981,000 | 4,928,000 | 4,874,000 | 4,821 | 4,767,000 | 4,685,000 | 4,635,000 | |||||||||||||||||
non-current operating lease liabilities | 926,000 | 1,055,000 | 1,241,000 | 1,349,000 | 1,478,000 | 1,604,000 | 1,775,000 | 20,000 | 30,000 | 65,000 | 205,000 | |||||||||||||||||||||||||
total non-current liabilities | 243,360,000 | 242,797,000 | 227,002,000 | 223,377,000 | 217,503,000 | 50,150,000 | 50,149,000 | 19,925,000 | 19,887,000 | 19,874,000 | 9,973,000 | 5,259,000 | 5,113,000 | 5,105,000 | 5,160,000 | 5,618 | 5,741,000 | 5,038,000 | 5,149,000 | 31,253 | 24,622 | 2,014 | 1,654 | 1,808 | 1,139 | 1,113 | 1,102 | 1,080 | 1,061 | 1,030 | 1,027 | 1,027 | 852,070 | 852,070 | 835,685 | 835,685 |
total liabilities | 294,598,000 | 299,341,000 | 269,683,000 | 251,327,000 | 265,849,000 | 64,924,000 | 58,841,000 | 28,937,000 | 30,836,000 | 46,397,000 | 29,002,000 | 37,387,000 | 43,976,000 | 43,008,000 | 38,582,000 | 33,358 | 64,105,000 | 17,736,000 | 19,352,000 | |||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||||||||||||||
shareholders' equity: | ||||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 703,189,462 and 703,189,462 issued, and 687,930,486 and 677,008,254 outstanding, at june 30, 2025 and december 31, 2024, respectively | 45,021,000 | |||||||||||||||||||||||||||||||||||
additional paid-in capital | 805,918,000 | 766,369,000 | 728,199,000 | 621,628,000 | 616,618,000 | 602,497,000 | 601,063,000 | 601,180,000 | 596,059,000 | 590,915,000 | 529,187,000 | 525,858,000 | 390,543,000 | 388,204,000 | 385,070,000 | 382,005 | 379,282,000 | 375,261,000 | 366,411,000 | |||||||||||||||||
ordinary shares held in treasury | -964,000 | -1,402,000 | -1,659,000 | -828,000 | -1,203,000 | -1,282,000 | -1,517,000 | -746,000 | -975,000 | -1,208,000 | -1,549,000 | -449,000 | -591,000 | -739,000 | -603,000 | -770 | -843,000 | -1,670,000 | -1,700,000 | |||||||||||||||||
accumulated other comprehensive loss | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601,000 | -4,601 | -4,601,000 | -4,601,000 | -4,601,000 | |||||||||||||||||
accumulated deficit | -567,101,000 | -578,792,000 | -562,401,000 | -528,479,000 | -485,311,000 | -414,397,000 | -388,433,000 | -374,053,000 | -359,143,000 | -350,110,000 | -333,097,000 | -322,442,000 | -306,653,000 | -288,739,000 | -263,716,000 | -240,287 | -251,265,000 | -228,370,000 | -207,050,000 | |||||||||||||||||
total shareholders' equity | 278,273,000 | 226,595,000 | 204,559,000 | 130,491,000 | 168,274,000 | 224,988,000 | 249,283,000 | 263,533,000 | 273,093,000 | 276,749,000 | 230,466,000 | 237,485,000 | 110,880,000 | 126,307,000 | 148,005,000 | 168,202 | 154,397,000 | 172,414,000 | 184,854,000 | |||||||||||||||||
total liabilities and shareholders' equity | 572,871,000 | 525,936,000 | 474,242,000 | 381,818,000 | 434,123,000 | 289,912,000 | 308,124,000 | 292,470,000 | 303,929,000 | 323,146,000 | 259,468,000 | 274,872,000 | 154,856,000 | 169,315,000 | 186,587,000 | 201,560 | 218,502,000 | 190,150,000 | 204,206,000 | |||||||||||||||||
ordinary £0.05 par value shares; 703,189,462 and 703,189,462 issued, and 681,056,022 and 677,008,254 outstanding, at march 31, 2025 and december 31, 2024, respectively | 45,021,000 | |||||||||||||||||||||||||||||||||||
revenue interest purchase and sale agreement | 687,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares: 703,189,462 and 667,659,630 issued, and 677,008,254 and 643,536,094 outstanding, at december 31, 2024 and 2023, respectively | 45,021,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 667,659,630 and 667,659,630 issued, and 654,649,358 and 643,536,094 outstanding, at september 30, 2024 and december 31, 2023, respectively | 42,771,000 | |||||||||||||||||||||||||||||||||||
license agreement obligations | 21,322,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 667,659,630 and 667,659,630 issued, and 648,654,174 and 643,536,094 outstanding, at june 30, 2024 and december 31, 2023, respectively | 42,771,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 667,659,630 and 667,659,630 issued, and 647,372,062 and 643,536,094 outstanding, at march 31, 2024 and december 31, 2023, respectively | 42,771,000 | |||||||||||||||||||||||||||||||||||
tax incentive receivables | 10,954,000 | 9,282,000 | 15,583,000 | |||||||||||||||||||||||||||||||||
total non-current assets: | 18,416,000 | 16,472,000 | 16,524,000 | 1,702,000 | ||||||||||||||||||||||||||||||||
shareholders' equity | ||||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares: 667,659,630 and 631,338,246 issued, and 643,536,094 and 606,301,054 outstanding, at december 31, 2023 and 2022, respectively | 42,771,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 651,659,630 and 631,338,246 issued, and 639,520,054 and 606,301,054 outstanding, at september 30, 2023 and december 31, 2022, respectively | 41,753,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 651,659,630 and 631,338,246 issued, and 635,787,302 and 606,301,054 outstanding, at june 30, 2023 and december 31, 2022, respectively | 41,753,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 651,659,630 and 631,338,246 issued, and 631,987,078 and 606,301,054 outstanding, at march 31, 2023 and december 31, 2022, respectively | 41,753,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares: 631,338,246 and 489,177,550 issued, and 606,301,054 and 480,082,966 outstanding, at december 31, 2022 and 2021, respectively | 40,526,000 | |||||||||||||||||||||||||||||||||||
tax and tax incentive receivable | 20,321,000 | 20,185,000 | 16,420,000 | 10,606 | ||||||||||||||||||||||||||||||||
operating lease liability | 569,000 | 464,000 | 583,000 | 648,000 | 690 | 749,000 | 757,000 | 798,000 | ||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 608,138,246 and 489,177,550 issued, and 602,215,606 and 480,082,966 outstanding, at september 30, 2022 and december 31, 2021, respectively | 39,119,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 494,058,246 and 489,177,550 issued, and 485,298,326 and 480,082,966 outstanding, at june 30, 2022 and december 31, 2021, respectively | 32,182,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 494,058,246 and 489,177,550 issued, and 482,944,390 and 480,082,966 outstanding, at march 31, 2022 and december 31, 2021, respectively | 32,182,000 | |||||||||||||||||||||||||||||||||||
warrants | 2 | 42,000 | 2,753,000 | 2,246,000 | ||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares: 489,177,550 and 488,304,446 issued, and 480,082,966 and 463,304,446 outstanding, at december 31, 2021 and 2020, respectively | 31,855,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 489,177,550 and 488,304,446 issued, and 477,649,646 and 463,304,446 outstanding, at september 30, 2021 and december 31, 2020, respectively | 31,855 | |||||||||||||||||||||||||||||||||||
tax and tax incentive receivables | 14,108,000 | 10,272,000 | 8,260,000 | |||||||||||||||||||||||||||||||||
contract asset | 4,001,000 | |||||||||||||||||||||||||||||||||||
equity interest receivable | 15,000,000 | |||||||||||||||||||||||||||||||||||
deferred revenue | 40,051,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 488,739,150 and 488,304,446 issued, and 471,839,302 and 463,304,446 outstanding, at june 30, 2021 and december 31, 2020, respectively | 31,824,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 488,304,446 and 488,304,446 issued, and 463,745,750 and 463,304,446 outstanding, at march 31, 2021 and december 31, 2020, respectively | 31,794,000 | |||||||||||||||||||||||||||||||||||
short-term investments | ||||||||||||||||||||||||||||||||||||
total current assets: | 202,504,000 | |||||||||||||||||||||||||||||||||||
ordinary £0.05 par value shares; 488,304,446 and 105,326,638 issued, and 463,304,446 and 105,326,638 outstanding, at december 31, 2020 and 2019, respectively | 31,794,000 | |||||||||||||||||||||||||||||||||||
intangible assets | 31,507 | 25,430 | 2,772 | 2,757 | 2,241 | 2,174 | 2,171 | 2,134 | 2,138 | 2,100 | 2,088 | 1,969 | 1,969 | 2,003,841 | 2,003,841 | 1,961,631 | 1,961,631 | |||||||||||||||||||
property, plant and equipment | 107 | 37 | 42 | 43 | 1,141 | 211 | 270 | 21 | 11 | 13 | 15 | 16 | 16 | 12,819 | 12,819 | 12,703 | 12,703 | |||||||||||||||||||
right-of-use asset | 1,194 | 1,096 | ||||||||||||||||||||||||||||||||||
prepayments and other receivables | 4,668 | 4,420 | 1,972 | 2,770 | 3,486 | 3,427 | 2,476 | 2,463 | 1,963 | 2,227 | 1,870 | 1,810 | 1,810 | 3,916,024 | 3,916,024 | 2,434,900 | 2,434,900 | |||||||||||||||||||
current tax receivable | 5,838 | 2,770 | 8,667 | 7,396 | 6,177 | 7,912 | 5,808 | 4,499 | 3,226 | 7,013 | 5,929 | 5,006 | 5,006 | 3,068,523 | 3,068,523 | 2,809,932 | 2,809,932 | |||||||||||||||||||
short term investments | 700 | 7,823 | 7,242 | 24,091 | 35,309 | 44,919 | 41,329 | 32,282 | 43,605 | 48,819 | 48,819 | 54,064,942 | 54,064,942 | 31,956,817 | 31,956,817 | |||||||||||||||||||||
equity and liabilities | ||||||||||||||||||||||||||||||||||||
capital and reserves attributable to equity holders: | ||||||||||||||||||||||||||||||||||||
share capital | 30,054 | 5,324 | 5,311 | 5,266 | 5,266 | 5,266 | 5,266 | 5,266 | 5,266 | 5,251 | 5,251 | 5,251 | 5,251 | 5,250,870 | 5,250,870 | 5,244,203 | 5,244,203 | |||||||||||||||||||
share premium | 330,068 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,862 | 118,861,212 | 118,861,212 | 118,721,212 | 118,721,212 | |||||||||||||||||||
share-based payment reserve | 23,430 | 12,572 | 11,811 | 10,364 | 9,789 | 9,209 | 8,543 | 7,923 | 7,253 | 6,549 | 6,041 | 5,022 | 5,022 | 4,092,921 | 4,092,921 | 3,070,095 | 3,070,095 | |||||||||||||||||||
cumulative translation adjustment | -5,796 | |||||||||||||||||||||||||||||||||||
accumulated loss | -180,041 | -117,565 | -110,160 | -100,627 | -93,634 | -83,514 | -74,556 | -69,117 | -66,182 | -63,851 | -64,504 | -49,254 | ||||||||||||||||||||||||
total equity | 197,715 | 19,193 | 25,824 | 33,865 | 40,283 | 49,823 | 58,115 | 62,934 | 65,199 | 66,811 | 65,650 | 79,881 | 79,881 | 85,221,184 | 85,221,184 | 93,179,520 | 93,179,520 | |||||||||||||||||||
derivative financial instrument | 1,857 | 711 | 783 | 895 | 415 | 769 | 882 | 2,492 | 4,658 | 7,249 | 10,250 | 1,273 | 1,273 | 3,997,333 | 3,997,333 | 2,809,670 | 2,809,670 | |||||||||||||||||||
lease liabilities | 808 | 638 | 623 | 163 | ||||||||||||||||||||||||||||||||
trade and other payables | 14,194 | 7,111 | 6,619 | 8,261 | 11,605 | 8,796 | 4,850 | 7,733 | 5,732 | 5,529 | 5,766 | 7,154 | 7,154 | 4,751,798 | 4,751,798 | 5,308,334 | 5,308,334 | |||||||||||||||||||
assumed contingent liability | 30,552 | 1,103 | ||||||||||||||||||||||||||||||||||
non-current lease liability | 667 | 677 | 809 | 491 | 640 | |||||||||||||||||||||||||||||||
deferred income | 34 | 38 | 49 | 60 | 72 | 83 | 95 | 106 | 118 | 129 | 140 | 152 | 152 | |||||||||||||||||||||||
total equity and liabilities | 245,827 | 52,275 | 35,863 | 45,135 | 54,551 | 60,690 | 65,201 | 74,261 | 76,669 | 80,650 | 82,961 | 89,504 | 89,504 | 94,900,476 | 94,900,476 | 102,230,971 | 102,230,971 | |||||||||||||||||||
assumed contingent obligation | 23,907 | 1,156 | 1,096 | 1,056 | 1,018 | 996 | 962 | 932 | 890 | 875 | 875 | 852,070 | 852,070 | 835,685 | 835,685 | |||||||||||||||||||||
lease liability | 460 | 440 | ||||||||||||||||||||||||||||||||||
finance lease liabilities | 241 | |||||||||||||||||||||||||||||||||||
tax payable—u.s. operations | 265 | 169 | 169 | |||||||||||||||||||||||||||||||||
tax payable — u.s. operations | ||||||||||||||||||||||||||||||||||||
non-current assets: - sum | 2,457,660 | 2,415,334 | ||||||||||||||||||||||||||||||||||
current assets: - sum | 92,442,816 | 99,815,637 | ||||||||||||||||||||||||||||||||||
tax payable — us operations | 78,091 | 78,091 | 97,762 | 97,762 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||||||||||||
net loss: | 11,921,000 | -16,319,000 | -33,827,000 | -14,132,000 | -14,687,000 | -8,807,000 | -16,743,000 | -10,451,000 | -15,647,000 | -17,766,000 | -24,837,000 | -23,262,000 | 11,051,000 | -22,068,000 | -21,290,000 | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||
foreign exchange loss | -1,097,000 | -470,000 | -1,206,000 | 1,012,000 | -740,000 | -932,000 | -3,288,000 | 3,849,000 | 2,137,000 | 1,119,000 | ||||||||||||||||||||||
amortization of debt issuance costs | 692,000 | 654,000 | ||||||||||||||||||||||||||||||
accretion of ripsa | 0 | 1,654,000 | 3,893,000 | |||||||||||||||||||||||||||||
accretion of redemption premium on debt | 0 | 0 | 30,000 | 90,000 | 22,000 | 33,000 | 33,000 | 18,000 | 14,000 | 31,000 | 32,000 | 31,000 | 31,000 | 31,000 | 32,000 | 31,000 | ||||||||||||||||
loss on extinguishment of debt | 0 | 407,000 | 0 | 0 | ||||||||||||||||||||||||||||
share-based compensation | 34,814,000 | 37,477,000 | 13,738,000 | 7,654,000 | 15,594,000 | 4,258,000 | 4,569,000 | 5,079,000 | 5,074,000 | 4,290,000 | 4,504,000 | 2,816,000 | 3,053,000 | 3,748,000 | 4,187,000 | 4,938,000 | 7,450,000 | 8,850,000 | ||||||||||||||
depreciation | 293,000 | 295,000 | 259,000 | 266,000 | 270,000 | 263,000 | 155,000 | 157,000 | 157,000 | |||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
accounts receivable | -20,699,000 | -30,663,000 | -24,592,000 | |||||||||||||||||||||||||||||
prepaid expenses | -115,000 | -3,744,000 | 391,000 | -2,531,000 | -1,811,000 | -5,000 | -285,000 | -2,438,000 | 667,000 | 938,000 | 856,000 | 1,376,000 | -3,485,000 | 2,791,000 | 2,635,000 | 3,145,000 | -2,570,000 | -2,709,000 | ||||||||||||||
tax incentive receivable | -556,000 | -1,611,000 | 7,786,000 | -585,000 | 310,000 | 1,933,000 | -2,313,000 | -2,652,000 | -4,883,000 | -1,578,000 | ||||||||||||||||||||||
inventory | -770,000 | -5,531,000 | -3,906,000 | |||||||||||||||||||||||||||||
other current assets | 9,408,000 | -9,980,000 | 708,000 | -867,000 | -907,000 | 942,000 | 3,037,000 | -244,000 | -3,378,000 | 1,362,000 | -311,000 | -871,000 | 319,000 | -462,000 | -1,396,000 | 1,653,000 | -836,000 | 236,000 | ||||||||||||||
accounts payable | -5,643,000 | -2,189,000 | 4,435,000 | 2,679,000 | -499,000 | 1,255,000 | 2,573,000 | -1,670,000 | -4,744,000 | 4,327,000 | -5,104,000 | -1,362,000 | 1,300,000 | -1,980,000 | 10,035,000 | -25,000 | -507,000 | 363,000 | ||||||||||||||
accrued expenses | 10,993,000 | 16,113,000 | -1,921,000 | 3,125,000 | 6,855,000 | 4,762,000 | -3,996,000 | -70,000 | -10,236,000 | 3,951,000 | -9,226,000 | -5,625,000 | -274,000 | 6,621,000 | -4,206,000 | 9,270,000 | 8,674,000 | -2,349,000 | ||||||||||||||
royalties payable | -1,399,000 | 3,387,000 | 931,000 | |||||||||||||||||||||||||||||
operating lease liabilities | -193,000 | -228,000 | -262,000 | -208,000 | -213,000 | -152,000 | ||||||||||||||||||||||||||
income taxes | -9,214,000 | -240,000 | 7,878,000 | 0 | 1,011,000 | 754,000 | -83,000 | -15,000 | ||||||||||||||||||||||||
other current liabilities | -304,000 | -2,184,000 | 2,018,000 | -356,000 | 464,000 | 301,000 | 19,000 | -28,000 | -65,000 | -886,000 | 1,319,000 | -10,000 | -48,000 | -65,000 | -79,000 | |||||||||||||||||
net cash from operating activities | 30,561,000 | -11,561,000 | -28,836,000 | -62,655,000 | -17,102,000 | -13,610,000 | -10,402,000 | -12,727,000 | -21,311,000 | -5,782,000 | -7,738,000 | -18,095,000 | -19,517,000 | -14,512,000 | -17,323,000 | 22,825,000 | -20,205,000 | -18,551,000 | -45,050,295 | -12,993 | -2,571 | -10,141 | -9,281 | -6,458 | -8,218 | -9,863 | -5,055 | -711 | -6,109 | -6,236 | ||
capital expenditures | 0 | -535,000 | -535,000 | 0 | -29,000 | -16,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
free cash flows | 30,561,000 | -12,096,000 | -29,371,000 | -62,655,000 | -17,131,000 | -13,626,000 | -10,402,000 | -12,727,000 | -21,311,000 | -7,738,000 | -18,095,000 | -19,517,000 | -14,512,000 | -17,324,000 | 22,825,000 | -20,205,000 | -45,050,295 | -12,993 | -2,571 | -10,141 | -9,281 | -6,458 | -8,218 | -9,863 | -5,055 | -711 | -6,109 | -6,236 | ||||
cash flows from investing activities: | ||||||||||||||||||||||||||||||||
purchases of furniture and equipment | 0 | -535,000 | -535,000 | 0 | -29,000 | -16,000 | 0 | 0 | -1,000 | |||||||||||||||||||||||
net cash from investing activities | 0 | -535,000 | -535,000 | 0 | -29,000 | -16,000 | 0 | 0 | -1,000 | |||||||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||||||||||||
proceeds from term loans | 0 | 122,500,000 | 0 | 0 | ||||||||||||||||||||||||||||
proceeds from ripsa | 0 | 0 | ||||||||||||||||||||||||||||||
payment of debt issuance costs | 0 | -4,612,000 | -1,939,000 | -364,000 | ||||||||||||||||||||||||||||
repurchase of ripsa | 0 | -109,921,000 | ||||||||||||||||||||||||||||||
repayment of 2023 term loans | 0 | |||||||||||||||||||||||||||||||
payments of withholding taxes from share-based awards | 0 | -4,287,000 | -4,263,000 | -6,143,000 | -1,473,000 | -3,575,000 | -2,341,000 | -900,000 | -689,000 | -793,000 | -901,000 | -2,167,000 | ||||||||||||||||||||
proceeds from exercise of share options | 4,943,000 | 5,165,000 | 924,000 | 3,668,000 | 0 | 816,000 | -3,000 | 48,000 | 77,000 | 1,827,000 | 1,001,000 | |||||||||||||||||||||
net cash from financing activities | 4,943,000 | 13,457,000 | 94,157,000 | -7,087,000 | 24,012,000 | 48,000 | 124,000 | 68,685,000 | 2,614,000 | 139,619,000 | -689,000 | -726,000 | -901,000 | -1,817,000 | -131 | -132 | -128 | -84 | -84 | |||||||||||||
effect of exchange rate changes on cash and cash equivalents | 1,097,000 | 297,000 | -1,069,000 | 1,183,000 | 16,000 | -141,000 | 796,000 | -682,000 | 499,000 | 685,000 | 1,250,000 | -1,333,000 | -1,019,000 | -378,000 | 58,000 | -485,000 | 41,000 | 163,000 | ||||||||||||||
net change in cash and cash equivalents | 36,601,000 | 1,658,000 | 63,717,000 | -68,559,000 | 149,717,000 | -16,890,000 | 14,406,000 | -13,361,000 | -20,688,000 | 63,588,000 | -3,874,000 | 120,191,000 | -21,254,000 | -15,616,000 | -18,167,000 | |||||||||||||||||
cash and cash equivalents at beginning of the period | 0 | 399,757,000 | 0 | 0 | 271,772,000 | 0 | 0 | 227,827,000 | 0 | 0 | 148,380,000 | 0 | 0 | 187,986,000 | ||||||||||||||||||
cash and cash equivalents at end of the period | 36,601,000 | 401,415,000 | -68,559,000 | 149,717,000 | 254,882,000 | -13,361,000 | -20,688,000 | 291,415,000 | 120,191,000 | -21,254,000 | 132,764,000 | 20,512,000 | -23,563,000 | 169,598,000 | ||||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||
income taxes paid | 393,000 | 30,000 | 0 | 30,000 | 89,000 | 0 | 1,000 | |||||||||||||||||||||||||
interest paid | 6,246,000 | 10,151,000 | 3,878,000 | 4,431,000 | 1,088,000 | 933,000 | 778,000 | 543,000 | 441,000 | 244,000 | 158,000 | 75,000 | 62,000 | 53,000 | 53,000 | 53,000 | 54,000 | 55,000 | ||||||||||||||
operating activities: | ||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||||||||||||||
proceeds from issuance of ordinary shares | 0 | 0 | 47,000 | 56,862,000 | 67,000 | |||||||||||||||||||||||||||
payment of offering costs in connection with the issuance of ordinary shares | 49,000 | |||||||||||||||||||||||||||||||
proceeds from 2023 term loan, net of repayment of oxford term loan and debt issuance costs incurred | ||||||||||||||||||||||||||||||||
repayment of term loans | ||||||||||||||||||||||||||||||||
svb term loan repayment costs | ||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of the year | ||||||||||||||||||||||||||||||||
cash and cash equivalents at end of the year | ||||||||||||||||||||||||||||||||
foreign exchange gain | -31,000 | -155,000 | ||||||||||||||||||||||||||||||
amortization of debt issue costs | 13,000 | 23,000 | 21,000 | 23,000 | 22,000 | 22,000 | 51,000 | 19,000 | ||||||||||||||||||||||||
net income: | -70,835,000 | -25,794,000 | ||||||||||||||||||||||||||||||
foreign exchange loss/ | -25,000 | 219,000 | ||||||||||||||||||||||||||||||
other non-cash items | 203,000 | 82,000 | 15,000 | 15,000 | 73,000 | |||||||||||||||||||||||||||
license agreement obligations | ||||||||||||||||||||||||||||||||
proceeds from oxford term loan | ||||||||||||||||||||||||||||||||
net cash (used in)/provided by financing activities | -3,123,000 | |||||||||||||||||||||||||||||||
depreciation and amortization | 151,000 | 157,000 | 165,000 | 163,000 | 162,000 | 162,000 | 152,000 | 153,000 | ||||||||||||||||||||||||
tax incentive receivables | ||||||||||||||||||||||||||||||||
repayment of svb term loan | ||||||||||||||||||||||||||||||||
right-of-use asset | ||||||||||||||||||||||||||||||||
lease liabilities | -179,000 | -140,000 | -165,000 | 197,000 | -164,000 | -174,000 | -550,000 | -216,000 | 603,000 | -210,000 | ||||||||||||||||||||||
proceeds from draw under the oxford term loan | 0 | 0 | 9,996,000 | |||||||||||||||||||||||||||||
taxes payable | 141,000 | -2,000 | -26,000 | 76,000 | 88,000 | -304,000 | ||||||||||||||||||||||||||
fair value movement on warrants | -2,000 | -40,000 | -2,711,000 | 507,000 | ||||||||||||||||||||||||||||
equity interest recognized as revenue | ||||||||||||||||||||||||||||||||
right-of-use assets | ||||||||||||||||||||||||||||||||
proceeds from issuance of oxford term loan | ||||||||||||||||||||||||||||||||
oxford term loan issuance costs | ||||||||||||||||||||||||||||||||
equity interest receivable | ||||||||||||||||||||||||||||||||
proceeds from at-the-market sales agreement | 0 | 0 | 67,000 | 350,000 | ||||||||||||||||||||||||||||
deferred revenue | ||||||||||||||||||||||||||||||||
impairment of right-of-use asset | ||||||||||||||||||||||||||||||||
sale of short-term investments | ||||||||||||||||||||||||||||||||
proceeds from issuance of term loan | ||||||||||||||||||||||||||||||||
term loan issuance costs | ||||||||||||||||||||||||||||||||
equity interest | ||||||||||||||||||||||||||||||||
tax and tax incentive receivables | -3,836,000 | -2,012,000 | ||||||||||||||||||||||||||||||
non-current assets | ||||||||||||||||||||||||||||||||
other liabilities | 167,000 | 15,000 | ||||||||||||||||||||||||||||||
net decrease in cash and cash equivalents | -3,076 | -913 | -1,784 | |||||||||||||||||||||||||||||
net increase in cash and cash equivalents | -18,388,000 | 157,386,169 | 176,926 | 11,059 | ||||||||||||||||||||||||||||
cash flows from investing activities | ||||||||||||||||||||||||||||||||
purchases of short-term investments | ||||||||||||||||||||||||||||||||
cash flows from financing activities | ||||||||||||||||||||||||||||||||
proceeds from the issuance of term loan | ||||||||||||||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||||||||||||||
loss before taxation | -27,504 | -8,772 | -10,834 | -12,766 | -11,071 | -6,719 | -4,215 | -3,459 | -416 | -16,043 | ||||||||||||||||||||||
finance income | -772 | -141 | -391 | 960 | -1,109 | -342 | -1,860 | -942 | -740 | -941 | -160 | |||||||||||||||||||||
finance expense | 1,735 | 395 | 52 | 355 | -68 | -633 | 820 | -2,138 | -2,564 | -4,297 | 10,324 | -2,148,864 | 1,173,222 | |||||||||||||||||||
share-based payment charge | 7,095 | 761 | 1,447 | 575 | 580 | 666 | 620 | 670 | 704 | 508 | 1,019 | -1,988,212 | 1,022,826 | |||||||||||||||||||
increase in prepayments and other receivables | 752 | -417 | 201 | |||||||||||||||||||||||||||||
increase in trade and other payables | 4,077 | -3,403 | 3,689 | 1,965 | 213 | -2,792,783 | ||||||||||||||||||||||||||
depreciation of property, plant and equipment and right of use asset | 221 | |||||||||||||||||||||||||||||||
impairment of right of use asset | 57 | 0 | 232 | |||||||||||||||||||||||||||||
unrealized foreign exchange losses | -19 | -233 | 1 | |||||||||||||||||||||||||||||
amortization of intangible assets | 59 | 31 | 30 | 29 | 27 | 26 | 24 | 24 | 23 | 22 | 21 | -50,189 | 18,153 | |||||||||||||||||||
cash from operating activities | -14,709 | -9,281 | -10,819 | -5,051 | -5,620 | -5,794 | -6,236 | |||||||||||||||||||||||||
cash inflow from taxation | 1,716 | 0 | -4 | -815,551 | ||||||||||||||||||||||||||||
cash flow from investing activities: | ||||||||||||||||||||||||||||||||
interest received | 50 | 43 | 98 | 60 | 531 | 171 | 125 | 202 | 301 | 315 | 65 | -87,228 | 20,329 | |||||||||||||||||||
purchase of plant and equipment | -4 | -17 | 0 | -19 | -2 | -12 | 0 | 0 | -1 | |||||||||||||||||||||||
payment for patents and computer software | -123 | -60 | -45 | -60 | -94 | -29 | -61 | -20 | -61 | -34 | -140 | |||||||||||||||||||||
transfer to short term investments | -29,793 | -11,065 | -3,858 | |||||||||||||||||||||||||||||
maturity of short term investments | 1,944 | 700 | 7,148 | 0 | 24,448 | 11,714 | 8,972 | 11,512 | 20,906 | 23,562 | 8,386 | |||||||||||||||||||||
net cash generated in investing activities | 1,802 | 683 | 7,197 | 17,645 | 11,837 | 9,034 | ||||||||||||||||||||||||||
cash flow from financing activities: | ||||||||||||||||||||||||||||||||
proceeds of private placement | ||||||||||||||||||||||||||||||||
transaction costs of private placement | ||||||||||||||||||||||||||||||||
payment of lease liabilities | ||||||||||||||||||||||||||||||||
net cash generated from / (used) in financing activities | ||||||||||||||||||||||||||||||||
cash and cash equivalents at the beginning of the period | 7,494 | 0 | 22,934 | 0 | 0 | 19,784 | 0 | 0 | 31,443 | 0 | ||||||||||||||||||||||
effect of exchange rates on cash and cash equivalents | -533 | 41 | 201 | -761 | 330 | 173 | -145 | 580 | 345 | 892 | -646 | |||||||||||||||||||||
cash and cash equivalents at the end of the period | 183,887 | -1,978 | 20,059 | 11,389 | 3,708 | 18,726 | -9,013 | 7,561 | 29,013 | -31,361,884 | -31,220,661 | |||||||||||||||||||||
decrease in prepayments and other receivables | -2,463 | 753 | -19 | 84 | 35 | |||||||||||||||||||||||||||
repayment of lease liabilities | ||||||||||||||||||||||||||||||||
decrease in trade and other payables | -1,553 | -2,899 | -1,434 | |||||||||||||||||||||||||||||
depreciation of property, plant and equipment and right of use assets | 122 | |||||||||||||||||||||||||||||||
repayment of finance lease liabilities | -132 | -84 | ||||||||||||||||||||||||||||||
income before taxation | ||||||||||||||||||||||||||||||||
depreciation of property, plant, equipment and right of use asset | ||||||||||||||||||||||||||||||||
unrealised fx gains/ losses | ||||||||||||||||||||||||||||||||
purchase of short term investments | ||||||||||||||||||||||||||||||||
net cash generated from / (used in) investing activities | ||||||||||||||||||||||||||||||||
cash flow used in financing activities: | ||||||||||||||||||||||||||||||||
gross proceeds from the april 2017 global offering | ||||||||||||||||||||||||||||||||
transaction costs on april 2017 global offering | ||||||||||||||||||||||||||||||||
net cash (used in) / generated from financing activities | ||||||||||||||||||||||||||||||||
net increase / (decrease) in cash and cash equivalents | ||||||||||||||||||||||||||||||||
cash and cash equivalents at the beginning of the year | ||||||||||||||||||||||||||||||||
cash and cash equivalents at the end of the year | ||||||||||||||||||||||||||||||||
depreciation of property, plant and equipment | 117 | 79 | 78 | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||
unrealized foreign exchange gains | 12 | 14 | -11 | |||||||||||||||||||||||||||||
cash outflow from taxation | ||||||||||||||||||||||||||||||||
loss on disposal of property plant and equipment | ||||||||||||||||||||||||||||||||
net cash generated from investing activities | ||||||||||||||||||||||||||||||||
gross proceeds from issue of shares and warrants | ||||||||||||||||||||||||||||||||
transaction costs on issue of shares and warrants | ||||||||||||||||||||||||||||||||
net cash generated from financing activities | -63,182,511 | |||||||||||||||||||||||||||||||
net cash generated from / (used in) in investing activities | ||||||||||||||||||||||||||||||||
net cash generated in financing activities | ||||||||||||||||||||||||||||||||
net cash generated / (used) in investing activities | ||||||||||||||||||||||||||||||||
£'000s | ||||||||||||||||||||||||||||||||
net cash (used) / generated in investing activities | 4,452 | |||||||||||||||||||||||||||||||
cash used in operating activities: | ||||||||||||||||||||||||||||||||
loss on disposal of property, plant and equipment | ||||||||||||||||||||||||||||||||
decrease / (increase) in prepayments and other receivables | ||||||||||||||||||||||||||||||||
loss on disposal of intangible assets | ||||||||||||||||||||||||||||||||
net (decrease) / increase in cash and cash equivalents | ||||||||||||||||||||||||||||||||
depreciation of plant and equipment | 1,621 | |||||||||||||||||||||||||||||||
payments for patents | ||||||||||||||||||||||||||||||||
transaction costs on global offering | ||||||||||||||||||||||||||||||||
(decrease)/increase in trade and other payables | ||||||||||||||||||||||||||||||||
short term investments | ||||||||||||||||||||||||||||||||
gross proceeds from issue of shares | ||||||||||||||||||||||||||||||||
net cash (used) / generated from financing activities | ||||||||||||||||||||||||||||||||
decrease/(increase) in prepayments and other receivables |