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 March 31, 2026. 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 March 31, 2026.



	March 31, 2026			December 31, 2025
	$000s			$000s
Contract liabilities:
Current		-			168
Non-current		55,218			55,454
Total contract liabilities at period end		55,218			55,622

Contract liabilities:
At January 1, 2025		52,096
Foreign exchange impact		3,860
Additions during period		225
Revenue unwound during period		(559	)
At December 31, 2025		55,622

Contract liabilities:
At January 1, 2026		55,622
Foreign exchange impact		18
Additions during period		-
Revenue unwound during period		(422	)
At March 31, 2026		55,218

7. Contract liabilities