Leases

6 Months Ended

Jun. 30, 2024

7. Leases

In August 2015, the Company entered into a lease agreement under which it leased office space located on the fourth floor of One Cavendish Place, London, with a lease term ending in August 2025. In June 2021, the Company entered into a new lease agreement to lease additional office space located on the fifth floor of that building for a lease period ending in June 2026. At the same time, the Company entered into a revisionary lease to extend the term for the original fourth floor lease to be coterminous with the fifth floor, ending in June 2026.

The total lease expense included in the statements of operations and comprehensive loss was $0.2 million and $0.3 million in the three and six months ended June 30, 2024, respectively and $0.2 million and $0.3 million in the three and six months ended June 30, 2023, respectively. There were no material variable lease costs.


	As of June 30,
	2024			2023
Operating leases
Weighted-average remaining contractual lease term (years)		1.95			2.95
Weighted average discount rate		10.0	%		10.0	%


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	($'000)		($'000)		($'000)		($'000)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	193	$	191	$	387	$	377

The following table summarizes the maturities of the Company’s operating lease liabilities as of June 30, 2024:


	As of June 30, 2024
	($'000)
Maturity analysis of the operating lease liabilities for the years ending December 31,
2024	$	387
2025		771
2026		193
Total undiscounted payments		1,351
Less: Present value discount		(120	)
Lease liability	$	1,231
Lease liability – current	$	679
Lease liability – non-current	$	552