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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' equity | 18. Shareholders’ equity
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Authorized, allotted, called up and fully paid ordinary shares, par value £0.05 |  |  | 10,288 |  |  |  | 8,847 |  |  |  | 8,151 |
|  | Number |  |  | Number |  |  | Number |
Number of shares in issue |  |  | 141,674,074 |  |  |  | 118,846,966 |  |  |  | 107,808,472 |
Number of ADS in issue |  |  | 47,224,691 |  |  |  | 39,615,655 |  |  |  | 35,936,157 |
The Group has only one class of share. All ordinary shares have equal voting rights and rank pari passu for the distribution of dividends. On August 11, 2022, the Group announced a registered direct offering (the “Offering”) of 5,950,000 of the Group’s ADSs, each representing three ordinary shares, at a price of $9.50 per ADS, with new and existing institutional and accredited investors. The aggregate gross proceeds of the Offering were $56.5 million before deducting $4.1 million in underwriting discounts, commissions and estimated offering expenses. On October 15, 2021, the Group entered into an Open Market Sale Agreement (the "Sales Agreement"), with Jefferies LLC ("Jefferies"), pursuant to which the Group may offer and sell, from time to time, its ADSs through Jefferies. On October 15, 2021, the Group filed a registration statement, which became effective on October 22, 2021, for the issuance and sale of up to $100.0 million of ADSs. During the year ended December 31, 2023, the Group sold 3.4 million ADSs for net proceeds of approximately $32.2 million, before deducting $1.0 million in placement agent fees and other expenses. In 2024, the Group raised additional proceeds of $27.7 million before deducting $0.9 million in placement agent fees and other expenses, from sales of ADSs under the Sales Agreement. On October 22, 2024, the Group filed a new registration statement on Form F-3 which replaced the registration statement originally filed on October 15, 2021, for the issuance and sale, if any, of up to an additional $100 million of its shares represented by ADSs under the Sales Agreement. As of this filing, approximately $139.6 million of ADSs remained. On February 5, 2024, the Group announced a private placement of 5,714,286 of the Group’s ADSs, each representing three ordinary shares, at a price of $21.00 per ADS, with new and existing institutional and accredited investors. The aggregate gross proceeds of the Private Placement were $120.0 million before deducting $7.7 million in placement agent fees and other expenses. Details of the shares issued during the current and previous year are as follows:
Number of shares in issue at December 31, 2023 |  |  | 118,846,966 |
Number of ADS in issue at December 31, 2023 |  |  | 39,615,655 |
Shares issued during the year |  |  | 21,418,665 |
Options exercised at $0.20/ADS or $0.07/ordinary share |  |  | 252,540 |
Options exercised at $2.40/ADS or $0.80/ordinary share |  |  | 268,791 |
Options exercised at $4.23/ADS or $1.41/ordinary share |  |  | 12,000 |
Options exercised at $4.24/ADS or $1.41/ordinary share |  |  | 9,999 |
Options exercised at $5.81/ADS or $1.94/ordinary share |  |  | 375 |
Options exercised at $7.32/ADS or $2.44/ordinary share |  |  | 30,000 |
Options exercised at $7.60/ADS or $2.53/ordinary share |  |  | 584,316 |
Options exercised at $8.20/ADS or $2.73/ordinary share |  |  | 49,998 |
Options exercised at $9.98/ADS or $3.33/ordinary share |  |  | 222 |
Options exercised at $10.68/ADS or $3.56/ordinary share |  |  | 10,500 |
Options exercised at $12.81/ADS or $4.27/ordinary share |  |  | 1,500 |
Options exercised at $12.94/ADS or $4.31/ordinary share |  |  | 2,841 |
Options exercised at $13.80/ADS or $4.60/ordinary share |  |  | 3,708 |
Options exercised at $15.38/ADS or $5.13/ordinary share |  |  | 126,144 |
Options exercised at $16.64/ADS or $5.55/ordinary share |  |  | 1,248 |
Options exercised at $19.50/ADS or $6.50/ordinary share |  |  | 780 |
Options exercised at $20.41/ADS or $6.80/ordinary share |  |  | 10,500 |
Options exercised at $22.01/ADS or $7.34/ordinary share |  |  | 37,545 |
Options exercised at $23.60/ADS or $7.87/ordinary share |  |  | 5,436 |
Number of shares in issue at December 31, 2024 |  |  | 141,674,074 |
Number of equivalent ADS in issue at December 31, 2024 |  |  | 47,224,691 |
At December 31, 2024, there were opti ons outstanding of 17,455,390 (2023: 15,853,459; 2022: 11,571,487) unissued ordinary shares. Details of the options outstanding are as follows:
Year of issue |  | Weighted average Exercise price (£) |  |  | WeightedaverageExerciseprice($) |  |  | At January 1, 2024 |  |  | Options granted |  |  | Options forfeited |  |  | Options expired |  |  | Options exercised |  |  | At December 31, 2024 |  |  | Weighted average years to expiry date |
2014 |  |  | 3.31 |  |  |  | 4.23 |  |  |  | 4,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,000 | ) |  |  | - |  |  |  | - |
2015 |  |  | 3.31 |  |  |  | 4.23 |  |  |  | 3,333 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,333 |  |  |  | 0.51 |
2016 |  |  | 4.02 |  |  |  | 5.14 |  |  |  | 9,857 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,333 | ) |  |  | 6,524 |  |  |  | 1.19 |
2017 |  |  | 6.30 |  |  |  | 8.05 |  |  |  | 39,999 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16,666 | ) |  |  | 23,333 |  |  |  | 2.92 |
2018 |  |  | 0.16 |  |  |  | 0.20 |  |  |  | 36,596 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,003 | ) |  |  | 30,593 |  |  |  | 3.26 |
2019 |  |  | 4.19 |  |  |  | 5.36 |  |  |  | 577,698 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (347,701 | ) |  |  | 229,997 |  |  |  | 4.77 |
2020 |  |  | 6.44 |  |  |  | 8.23 |  |  |  | 261,207 |  |  |  | - |  |  |  | (532 | ) |  |  | - |  |  |  | (26,497 | ) |  |  | 234,178 |  |  |  | 5.42 |
2021 |  |  | 17.50 |  |  |  | 22.37 |  |  |  | 662,344 |  |  |  | - |  |  |  | (7,691 | ) |  |  | (62,502 | ) |  |  | (16,015 | ) |  |  | 576,136 |  |  |  | 6.25 |
2022 |  |  | 14.46 |  |  |  | 18.49 |  |  |  | 1,419,863 |  |  |  | - |  |  |  | (27,309 | ) |  |  | (75,037 | ) |  |  | (7,019 | ) |  |  | 1,310,498 |  |  |  | 7.33 |
2023 |  |  | 10.86 |  |  |  | 13.88 |  |  |  | 2,269,589 |  |  |  | - |  |  |  | (63,858 | ) |  |  | (15,127 | ) |  |  | (42,247 | ) |  |  | 2,148,357 |  |  |  | 8.20 |
2024 |  |  | 14.12 |  |  |  | 18.05 |  |  |  | - |  |  |  | 1,267,514 |  |  |  | (12,000 | ) |  |  | - |  |  |  | - |  |  |  | 1,255,514 |  |  |  | 9.06 |
Total (ADSs) |  |  |  |  |  |  |  |  | 5,284,486 |  |  |  | 1,267,514 |  |  |  | (111,390 | ) |  |  | (152,666 | ) |  |  | (469,481 | ) |  |  | 5,818,463 |  |  |  |
Total (Ordinary Shares) |  |  |  |  |  |  |  |  | 15,853,459 |  |  |  | 3,802,542 |  |  |  | (334,170 | ) |  |  | (457,998 | ) |  |  | (1,408,443 | ) |  |  | 17,455,390 |  |  |  |
ADSs represent three ordinary shares and the exercise price was also converted to represent an ADS price at an exchange rate equal to the closing current year currency conversion of sterling pounds to US dollars, which was 1.25 sterling pounds to 1 US Dollar.

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