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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 121,330 $ 68,789
Short-term investments 26,004  
R&D benefit receivable 24,396 22,442
Other current assets 14,664 11,630
Trade receivables 972 290
Total current assets 187,366 103,151
Property, plant and equipment 1,818 1,938
Operating lease right-of-use asset 157 370
Goodwill 9,392 9,981
Other intangible assets 312 362
Other long-term assets 3,590 3,646
Total assets 202,635 119,448
Current liabilities    
Contract liabilities (306) (6,571)
Trade and other payables (16,399) (15,537)
Operating lease liabilities, current (117) (228)
Total current liabilities (16,822) (22,336)
Contract liabilities (51,790) (75,001)
Operating lease liabilities, long-term   (118)
Total liabilities (68,612) (97,455)
Commitments and contingencies (Note 20)
Shareholders' equity    
Ordinary shares - par value £0.05 per share; 141,674,074 shares issued at December 31, 2024 (2023:118,846,966) (10,288) (8,847)
Additional paid-in capital (609,560) (455,765)
Accumulated deficit 474,044 431,894
Accumulated other comprehensive loss 11,781 10,725
Total shareholders' equity (134,023) (21,993)
Total liabilities and shareholders' equity $ (202,635) $ (119,448)