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Shareholders' Equity
 12 Months Ended
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 options 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.