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Condensed Consolidated Statements of Cash Flows - GBP (£)
£ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
(Loss)/profit before tax £ (19,893) £ 10,904
Adjustments to reconcile (loss)/profit to net cash flows from operating activities    
- Depreciation and impairment of property, plant and equipment 436 260
- Share-based payment expense 2,446 1,760
- Net foreign exchange (gain) loss (2,100) 1,269
- Increase in provisions and other liabilities 307 1,513
- Finance income (173) (1)
- Finance costs 1,696 1,915
- Changes in the fair value of financial instruments (1,210) (14,363)
- Other income and expenses (811) 0
- Out-license of intangible asset   9,457
- Other non-cash movements 330  
Working capital adjustments:    
- Decrease/(increase) in receivables and prepayments 331 (1,675)
- Increase/(decrease) in trade and other payables and accruals 1,364 (1,137)
- Taxation (1,529)  
Net cash flows (used in)/from operating activities (18,806) 9,902
Investing activities    
Purchase of property, plant and equipment (10)  
Proceeds from intangible asset 1,484  
Payments to CVR holders (673)  
Interest earned 173 1
Net cash flows from investing activities 974 1
Financing activities    
Proceeds from issuance of ordinary shares   78,532
Transaction costs on issuance of shares   (234)
Proceeds from TAP agreement 153  
Payment of lease liabilities (445) (290)
Net cash flows (used in)/from financing activities (292) 78,008
Net (decrease)/increase in cash and cash equivalents (18,124) 87,911
Cash and cash equivalents at the beginning of the period 94,296 23,469
Effect of exchange rate changes on cash and cash equivalents 243 (1,287)
Cash and cash equivalents at the end of the period £ 76,415 £ 110,093