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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | 4. Segment reporting The CODM reviews Consolidated net loss for the year when assessing the Group’s performance, allocating resources and establishing management’s compensation. In addition to Consolidated net loss, the CODM receives discrete information for revenue by major customer and geographic location. Consolidated net loss is used to monitor budget versus actual results and is reviewed against the Group’s peers and competitors as benchmarking. The Group operates as one reportable segment in the specific technology field of RNA therapeutics. The accounting policies of its operating segment are the same as those described in the Group’s summary of significant accounting policies. The Group derives revenues from customers through royalty income and research collaboration agreements, each representing a major customer, specifically related to the development of RNAi-based medicines. Refer to Note 3 – Revenue for a further description of the types of products from which the Group derives its revenues. The measure of segment assets is reported on the balance sheet as total consolidated assets. The table below provides segment information about the Group:
|  | Year Ended December 31, |
|  |  | 2024 |  |  |  | 2023 |  |  |  | 2022 |
|  | $000s |  |  | $000s |  |  | $000s |
Revenue |  |  | 43,258 |  |  |  | 31,643 |  |  |  | 21,655 |
Less: |  |  |  |  |  |  |  |  |
Cost of sales |  |  | (11,810 | ) |  |  | (12,867 | ) |  |  | (13,463 | )
Contracted development costs (a) |  |  | (42,902 | ) |  |  | (35,048 | ) |  |  | (24,322 | )
Personnel research and development costs (b) |  |  | (20,503 | ) |  |  | (19,468 | ) |  |  | (17,187 | )
Other R&D costs (c) |  |  | (4,478 | ) |  |  | (2,421 | ) |  |  | (2,041 | )
General & administrative expenses |  |  | (26,884 | ) |  |  | (26,222 | ) |  |  | (25,682 | )
Tax expense |  |  | (845 | ) |  |  | (956 | ) |  |  | (688 | )
Other segment items (d) |  |  | 18,855 |  |  |  | 11,111 |  |  |  | 11,394 |
Consolidated net loss |  |  | (45,309 | ) |  |  | (54,228 | ) |  |  | (50,334 | )
(a) Contracted development costs primarily consist of costs incurred under agreements with CROs and investigative sites that conduct its preclinical studies and clinical trials; costs related to manufacturing active pharmaceutical ingredients and drug products for its preclinical studies and clinical trials; and costs for materials used for in-house research and development activities. (b) Personnel R&D costs primarily consist of salaries and personnel-related costs for personnel performing R&D activities or managing those activities that have been out-sourced; and consultants’ costs associated with target selection, preclinical and clinical research activities, and the progression of programs towards clinical trials. (c) Other R&D costs include associated facility costs, equipment and other overheads that are directly attributable to R&D and depreciation of capital assets used for research and development activities. (d) The other segment items include foreign currency gain (loss), net, benefit from R&D credit, and other income/ (expense), net inclusive of bank interest receivable and accretion on U.S. Treasury Bills. An analysis of the group’s assets and revenues by location is shown below:
|  | U.S.A. |  |  | U.K. |  |  | Germany |  |  | Total |
|  | $000s |  |  | $000s |  |  | $000s |  |  | $000s |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |
As at December 31, 2023 |  |  | - |  |  |  | 4,467 |  |  |  | 11,831 |  |  |  | 16,298 |
As at December 31, 2024 |  |  | - |  |  |  | 4,103 |  |  |  | 11,166 |  |  |  | 15,269 |
Revenue analysis for the year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Research collaboration |  |  | - |  |  |  | 20,940 |  |  |  | - |  |  |  | 20,940 |
Royalties |  |  | - |  |  |  | - |  |  |  | 715 |  |  |  | 715 |
|  |  | - |  |  |  | 20,940 |  |  |  | 715 |  |  |  | 21,655 |
Revenue analysis for the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Research collaboration |  |  | - |  |  |  | 30,934 |  |  |  | - |  |  |  | 30,934 |
Royalties |  |  | - |  |  |  | - |  |  |  | 709 |  |  |  | 709 |
|  |  | - |  |  |  | 30,934 |  |  |  | 709 |  |  |  | 31,643 |
Revenue analysis for the year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Research collaboration |  |  | - |  |  |  | 43,114 |  |  |  | - |  |  |  | 43,114 |
Royalties |  |  | - |  |  |  | - |  |  |  | 144 |  |  |  | 144 |
|  |  | - |  |  |  | 43,114 |  |  |  | 144 |  |  |  | 43,258 |

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- Definition The entire disclosure for reporting segments including data and tables. 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