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Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Summary of Share Options and Weighted Average Exercise Prices

Share options and weighted average exercise prices are as follows for the reporting periods presented:

		Number of shares				Weighted average exercise price per share
						£
Outstanding at January 1, 2015			2,873,747				0.26
Granted			—				—
Forfeited			—				—
Exercised			—				—
Outstanding at December 31, 2015			2,873,747				0.26
Granted			507,690				3.81
Forfeited			—				—
Cancelled			(50,000	)			2.95
Exercised1			(83,250	)			2.40
Outstanding at December 31, 2016			3,248,187				0.72
Granted			1,500,815				2.58
Forfeited			(7,500	)			0.16
Cancelled			—				—
Exercised2			(30,000	)			4.00
Outstanding at December 31, 2017			4,711,502				1.29
Vested and exercisable at December 31, 20173			4,030,833				0.36
Vested and exercisable at December 31, 2016			2,841,419				0.36
Vested and exercisable at December 31, 2015			2,262,500				0.23
1. The weighted average share price at the date of exercise of these options was £9.00
2. The weighted average share price at the date of exercise of these options was £10.43
3. Share options granted to a non-executive director in 2016 are not included in these calculations. These share options were exercised and will only be fully unencumbered after a period of four years from the grant date.

Summary of Principal Assumptions used for Valuation of Share Options

The following principal assumptions were used in the valuation for the 2016 share options.

				Options granted on
				Jun 30, 2016						Aug 22, 2016						Aug 22, 2016						Aug 22, 2016						Aug 22, 2016
Vesting dates				Oct 12, 2016						Aug 22, 2016						Aug 22, 2016						Dec 07, 2016						Mar 01, 2017
				Oct 12, 2017						Aug 22, 2017						Aug 22, 2017						Dec 07, 2017						Mar 01, 2018
				Oct 12, 2018																		Dec 07, 2018						Mar 01, 2019
				Oct 12, 2019																		Dec 07, 2019						Mar 01, 2020
Volatility					69.05	%					67.92	%					67.92	%					67.92	%					67.92	%
Dividend yield					0	%					0	%					0	%					0	%					0	%
Risk-free investment rate					0.11	%					0.07	%					0.07	%					0.07	%					0.07	%
Fair value of option at grant date		£			4.02			£			6.15			£			6.01			£			5.74			£			5.62
Fair value of share at grant date		£			6.97			£			8.61			£			8.61			£			8.61			£			8.61
Exercise price at date of grant		£			4.00			£			2.80			£			3.00			£			3.40			£			3.60
Lapse date				June 30, 2026						Aug 22, 2026						Aug 22, 2026						Aug 22, 2026						Aug 22, 2026
Expected option life (years)					2.50						2.36						2.36						2.36						2.36
Number of options granted					270,690						12,500						37,500						25,000						11,250
				Options granted on
				Aug 22, 2016						Aug 22, 2016						Oct 28, 2016						Oct 28, 2016						Dec 12, 2016
Vesting dates				May 01, 2017						May 16, 2017						Oct 28, 2017						Oct 28, 2016						Dec 12, 2017
				May 01, 2018						May 16, 2018						Oct 28, 2018						Oct 28, 2017						Dec 12, 2018
				May 01, 2019						May 16, 2019						Oct 28, 2019						Oct 28, 2018						Dec 12, 2019
				May 01, 2020						May 16, 2020						Oct 28, 2020												Dec 12, 2020
Volatility					67.92	%					67.92	%					68.38	%					68.38	%					60.92	%
Dividend yield					0	%					0	%					0	%					0	%					0	%
Risk-free investment rate					0.07	%					0.07	%					0.28	%					0.28	%					0.06	%
Fair value of option at grant date		£			5.62			£			5.62			£			5.85			£			5.46			£			5.22
Fair value of share at grant date		£			8.61			£			8.61			£			8.76			£			8.76			£			9.19
Exercise price at date of grant		£			3.60			£			3.60			£			3.40			£			4.00			£			4.00
Lapse date				Aug 22, 2026						Aug 22, 2026						Oct 28, 2026						Oct 28, 2026						Dec 12, 2026
Expected option life (years)					2.36						2.36						2.17						2.17						0.50
Number of options granted					5,000						37,500						12,500						50,000						45,750

The following principal assumptions were used in the valuation for share 2017 options.

				May 16, 2017						Sep 13, 2017						Sep 14, 2017						Sep 14, 2017						Sep 14, 2017
Vesting dates				Oct 28, 2017						Sep 13, 2018						Mar 06, 2018						Sep 14, 2018						Sep 14, 2018
				Oct 28, 2018						Sep 13, 2019						Mar 06, 2019						Sep 14, 2019						Sep 14, 2019
				Oct 28, 2019						Sep 13, 2020						Mar 06, 2020						Sep 14, 2020						Sep 14, 2020
				Oct 28, 2020						Sep 13, 2021						Mar 06, 2012						Sep 14, 2021						Sep 14, 2021
Volatility					66.56	%					66.94	%					66.97	%					66.97	%					66.97	%
Dividend yield					0	%					0	%					0	%					0	%					0	%
Risk-free investment rate					0.12	%					0.27	%					0.36	%					0.36	%					0.36	%
Fair value of option at grant date		£			7.70			£			6.15			£			6.08			£			6.08			£			6.08
Fair value of share at grant date		£			11.08			£			10.43			£			10.34			£			10.34			£			10.34
Exercise price at date of grant		£			4.00			£			5.40			£			5.40			£			5.40			£			5.40
Lapse date				May 16, 2027						Sep 13, 2027						Sep 14, 2027						Sep 14, 2027						Sep 14, 2027
Expected option life (years)					2.63						2.30						2.30						2.30						2.30
Number of options granted					23,250						14,690						25,000						110,310						12,500
				Sep 14, 2017						Sep 15, 2017						Sep 15, 2017						Sep 27, 2017						Sep 27, 2017
Vesting dates				Sep 14, 2018						Sep 15, 2018						Sep 15, 2017						Mar 20, 2018						Sep 27, 2018
				Sep 14, 2019						Sep 15, 2019												Mar 20, 2019						Sep 27, 2019
				Sep 14, 2020						Sep 15, 2020												Mar 20, 2020						Sep 27, 2020
				Sep 14, 2021						Sep 15, 2021												Mar 20, 2021						Sep 27, 2021
Volatility					66.97	%					67.02	%					67.02	%					67.11	%					67.11	%
Dividend yield					0	%					0	%					0	%					0	%					0	%
Risk-free investment rate					0.36	%					0.44	%					0.44	%					0.47	%					0.47	%
Fair value of option at grant date		£			3.90			£			6.76			£			10.11			£			4.36			£			4.36
Fair value of share at grant date		£			10.34			£			10.15			£			10.15			£			11.19			£			11.19
Exercise price at date of grant		£			10.80			£			4.00			£			0.04			£			11.19			£			11.19
Lapse date				Sep 14, 2027						Sep 15, 2027						Sep 15, 2027						Sep 27, 2027						Sep 27, 2027
Expected option life (years)					2.30						2.29						2.29						2.26						2.26
Number of options granted					25,000						45,750						1,028,533						37,500						178,282

X

- Definition

The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options.

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X

- Definition

The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]]

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