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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.

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- 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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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- 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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
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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.

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-Topic 740
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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