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Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]  
Prepaid Expenses and Other Current Assets

5. Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

($'000)

 

 

($'000)

 

VAT receivable

 

$

653

 

 

$

599

 

Prepaid research and development services

 

 

1,204

 

 

 

632

 

Insurance claim receivable

 

 

—

 

 

 

1,950

 

Employee taxes on PSU vesting to be remitted

 

 

1,602

 

 

 

—

 

Security deposits

 

 

475

 

 

 

615

 

Other prepaid expense and current assets

 

 

555

 

 

 

1,360

 

Total

 

$

4,489

 

 

$

5,156

 

 

In June 2024, ADSs were sold on behalf of certain employees upon vesting of PSUs to cover ensuing income tax and social security obligations. Proceeds of $1.6 million were owed to the Company by its broker at June 30, 2024 and received shortly thereafter. The Company used these funds to settle its liability (see Note 8) to remit these amounts to the relevant taxing authorities on the employees' behalf.