XML 98 R28.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Taxation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of loss before income taxes | The components of (profit)/loss before income taxes are as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
United States |  | $ | (7,429) |  |  | $ | (3,868) |
United Kingdom |  | 61,324 |  |  | 72,316 |
Total |  | $ | 53,895 |  |  | $ | 68,448 |
Components of income tax expense | The components of income tax expense are as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
United States |  | $ | 474 |  |  | $ | 253 |
United Kingdom |  | — |  |  | — |
Total current tax expense |  | $ | 474 |  |  | $ | 253 |
United States |  | $ | — |  |  | $ | — |
United Kingdom |  | — |  |  | — |
Total deferred tax expense |  | — |  |  | — |
Total income tax expense |  | $ | 474 |  |  | $ | 253 |
Reconciliation of the U.K. statutory income tax rate | A reconciliation of the U.K. statutory income tax rate to our effective income tax rate is as follows (in percentages):
|  | December 31,
|  | 2023 |  | 2022
U.K. tax rate |  | 23.5 | % |  | 19.0 | %
Non-deductible expenses |  | (8.0) | % |  | (1.8) | %
Research and development incentive |  | (4.1) | % |  | (8.0) | %
Share options exercised |  | 5.4 | % |  | 2.1 | %
Change in deferred tax valuation allowance |  | (18.1) | % |  | (11.6) | %
Other differences |  | 0.4 | % |  | (0.1) | %
Effective income tax rate |  | (0.9) | % |  | (0.4) | %
Deferred tax assets and liabilities | Components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Deferred tax liabilities: |  |  |  |
Contingent liability (1) |  | $ | (53,851) |  |  | $ | (34,565) |
Total deferred tax liabilities |  | (53,851) |  |  | (34,565) |
Deferred tax assets: |  |  |  |
Net operating losses |  | 54,012 |  |  | 38,893 |
IPR&D asset (1) |  | 47,793 |  |  | 32,700 |
Future exercisable shares |  | 7,548 |  |  | 11,964 |
Other |  | 21 |  |  | (516) |
Total deferred tax assets |  | 109,374 |  |  | 83,041 |
Less: valuation allowance |  | (55,523) |  |  | (48,476) |
Deferred tax assets, net of valuation allowance |  | $ | — |  |  | $ | — |
Movements in the deferred tax valuation allowance
Valuation allowance at January 1 |  | $ | 48,476 |  |  | $ | 30,252 |
Change in tax rates |  | (851) |  |  | — |
Increase in valuation allowance |  | 7,898 |  |  | 18,224 |
Valuation allowance at December 31 |  | $ | 55,523 |  |  | $ | 48,476 |
(1) These relate to the difference in the tax base of the IP R&D asset and assumed contingent liability and the financial reporting base, which is nil under U.S. GAAP.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration