Contract liabilities represent the Group’s obligation to transfer services to a customer for which the Group has received advanced consideration, before the performance obligation has been satisfied. These liabilities are recognized when a customer prepays for services or when the Group has an unconditional right to consideration before the performance obligation is fulfilled.

Contract liabilities comprise entirely of advance consideration received from customers (deferred revenue) in respect of the AstraZeneca collaboration as of September 30, 2025. The current contract liabilities represent the amount of estimated revenue to be reported in the next 12 months related to amounts invoiced to its partners, while the non-current portion represents everything beyond 12 months. Current and non-current contract liabilities include future revenue from collaboration recharged expenses, upfront payments, and milestones achieved to September 30, 2025.



	September 30, 2025			December 31, 2024
	$000s			$000s
Contract liabilities:
Current		301			306
Non-current		55,251			51,790
Total contract liabilities at period end		55,552			52,096

Contract liabilities:
At January 1, 2024		81,572
Foreign exchange impact		(691	)
Additions during period		14,328
Revenue unwound during period		(43,113	)
At December 31, 2024		52,096

Contract liabilities:
At January 1, 2025		52,096
Foreign exchange impact		3,758
Additions during period		223
Revenue unwound during period		(525	)
At September 30, 2025		55,552

7. Contract liabilities