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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 5,657 $ 11,277
Short-term investments 64,421 73,837
R&D benefit receivable 22,216 22,007
Other current assets 10,558 11,537
Trade receivables 0 0
Total current assets 102,852 118,658
Property, plant and equipment 1,396 1,581
Operating lease right-of-use asset 142 167
Goodwill 10,358 10,621
Other intangible assets 248 288
Other long-term assets 127 127
Total assets 115,123 131,442
Current liabilities    
Contract liabilities 0 (168)
Trade and other payables (10,367) (13,356)
Operating lease liabilities, current (93) (89)
Total current liabilities (10,460) (13,613)
Contract liabilities (55,218) (55,454)
Operating lease liabilities (43) (71)
Total liabilities (65,721) (69,138)
Commitments and contingencies (Note 11)
Shareholders' equity    
Ordinary shares - par value GBP 0.05 per share; 141,703,840 shares issued at March 31, 2026 (December 31, 2025: 141,701,848) (10,290) (10,290)
Additional paid-in capital (620,006) (617,562)
Accumulated deficit 577,526 562,572
Accumulated other comprehensive loss 3,368 2,976
Total shareholders' equity (49,402) (62,304)
Total liabilities and shareholders' equity $ (115,123) $ (131,442)