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Financial instruments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Financial instruments

Schedule of financial liabilities measured at fair value

Financial liabilities at fair value through profit and loss:


		June 30, 2022						December 31, 2021
		£000						£000
		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Convertible Senior Secured Notes		—		—		92,450		—		—		112,799
Warrant liabilities		6,187		—		—		10,730		—		—
		6,187		—		92,450		10,730		—		112,799

Recorded as a liability, the following shows the change in fair value during the year ended December 31, 2021:


		£ 000
January 1, 2021		—
Additions		17,801
Change in fair value recognised in profit or loss		(6,817)
Foreign exchange movements		(254)
December 31, 2021		10,730

Schedule of measurement inputs for level 3 fair value financial liabilities

The fair value of the convertible senior secured notes has been estimated using a binomial lattice framework. The following inputs have been used:


		June 30, 2022		December 31, 2021
Risk-free rate		3.00	%	1.25	%
Dividend yield		—		—
Volatility		52.5	%	52.5	%
Credit spread		21.8	%	21.8	%