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Warrant liability (Tables)

6 Months Ended

Jun. 30, 2022

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Summary of Warrant Liability

		June 30, 2022 £’000				June 30,    2021 £’000
At January 1			8,336				50,775
Warrants exercised			—				(2,400	)
Fair value changes during the period			(1,210	)			(14,364	)
At June 30			7,126				34,011

		June 30, 2022 £’000				December 31, 2021 £’000
Current			6,904				—
Non-current			222				8,336
Total			7,126				8,336

Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted

The following table lists the weighted average inputs to the models used for the fair value of warrants:

		June 30, 2022				December 31, 2021
Expected volatility (%)			116				75
Risk-free interest rate (%)			2.4				0.9
Expected life of share options (years)			1.0				1.5
Market price of ADS($)			1.12				1.60
Model used			Black-Scholes				Black-Scholes

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Disclosure of detailed information about warrant liability.

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Disclosure of weighted average inputs to the models used for the fair value of warrants granted.

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