v3.25.0.1

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2024

Financial instruments

Financial assets at amortized cost

​

​	​	​	​	​	​	​	​	​
​		Carrying value				Fair value
​		December 31,		December 31,		December 31,		December 31,
​	​	2024	​	2023	​	2024	​	2023
​	​	£ 000	​	£ 000	​	£ 000	​	£ 000
Cash and cash equivalents		22,556		48,680		22,556		48,680
Trade and other receivables	​	18,297	​	21,351	​	18,297	​	21,351
Restricted cash		1,700		1,700		1,700		1,700
​		42,553		71,731		42,553		71,731

Scheduled of financial liabilities by fair value hierarchy

Financial liabilities at amortized cost:

​

​	​	​	​	​	​	​	​	​
​		Carrying Value				Fair Value
​		December 31,		December 31,		December 31,		December 31,
​	​	2024	​	2023	​	2024	​	2023
​	​	£ 000	​	£ 000	​	£ 000	​	£ 000
Trade and other payables		15,585		19,794		15,585		19,794
Lease liabilities		2,201		2,620		2,201		2,620
​		17,786		22,414		17,786		22,414

​

All balances have been recognized in level 2 of the fair value hierarchy.

​

Financial liabilities at fair value through profit or loss:

​

​	​	​	​	​	​	​	​	​
​		Carrying Value				Fair Value
​		December 31,		December 31,		December 31,		December 31,
​	​	2024	​	2023	​	2024	​	2023
​	​	£ 000	​	£ 000	​	£ 000	​	£ 000
Convertible Senior Secured Notes	​	524,242		109,291	​	524,242		109,291
Warrant liabilities	​	434		907	​	434		907
​	​	524,676		110,198	​	524,676		110,198

Schedule of fair value measurement inputs for valuation of convertible loan notes

​

​	​	​	​	​	​	​
​		December 31,		December 23,		December 31,
​	​	2024	​	2024	​	2023
Share price ($)		12.58	​	7.42	​	6.88
Conversion price ($)	​	3.50	​	3.50	​	110.00
Interest rate (%)	​	12.00	​	12.00	​	9.00
Credit spread (%)	​	40.64	​	41.04	​	27.50
Expected life (years)		4.00	​	4.00	​	3.00
Risk-free rate (%)	​	4.40	​	4.40	​	4.00
Dividend yield (%)		—	​	—	​	—
Volatility (%)		85.00	​	85.00	​	90.00

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- Definition

Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities Explanatory

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- Definition

The disclosure of financial assets. [Refer: Financial assets]

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- Definition

The disclosure of financial liabilities. [Refer: Financial liabilities]

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-Paragraph 7
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