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Share-based Payments (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] |
Summary of Share Options and Weighted Average Exercise Prices | 13. Share-based payments (continued) 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, 2018 |  |  | 4,711,502 |  |  |  | 1.29 |
Granted |  |  | 253,500 |  |  |  | 17.01 |
Forfeited |  |  | (143,438 | ) |  |  | 12.74 |
Exercised1 |  |  | (415,312 | ) |  |  | 0.50 |
Outstanding at December 31, 2018 |  |  | 4,406,252 |  |  |  | 1.90 |
Granted |  |  | 1,202,150 |  |  |  | 10.82 |
Forfeited |  |  | (48,625 | ) |  |  | 10.42 |
Lapsed |  |  | (8,750 | ) |  |  | 3.90 |
Exercised2 |  |  | (252,187 | ) |  |  | 0.50 |
Outstanding at December 31, 2019 |  |  | 5,298,840 |  |  |  | 3.91 |
Granted |  |  | 2,665,639 |  |  |  | 4.03 |
Forfeited |  |  | (192,750 | ) |  |  | 10.89 |
Lapsed |  |  | (14,438 | ) |  |  | 7.42 |
Exercised3 |  |  | (32,500 | ) |  |  | 0.45 |
Outstanding at December 31, 20204 |  |  | 7,724,791 |  |  |  | 3.78 |
Vested and exercisable at December 31, 2020 |  |  | 4,176,281 |  |  |  | 2.07 |
Vested and exercisable at December 31, 2019 |  |  | 3,811,736 |  |  |  | 1.15 |
Vested and exercisable at December 31, 2018 |  |  | 3,847,305 |  |  |  | 0.68 |
1. The weighted average share price at the date of exercise of these options was £18.23 |
2. The weighted average share price at the date of exercise of these options was £7.65 |
3. The weighted average share price at the date of exercise of these options was £4.63 |
4. The exercise price of outstanding share options ranges from £0.04 to £18.05 |
Summary of Principal Assumptions Used for Valuation of Share Options | The following principal assumptions were used in the valuation for the 2018 share options.
|  | Options granted on |
|  | Apr 11, 2018 |  |  | Apr 11, 2018 |  |  | May 8, 2018 |  |  | Aug 14, 2018 |
Vesting dates |  | Apr 11, 2019 |  |  | Apr 11, 2018 |  |  | May 8, 2019 |  |  | Aug 14, 2019 |
|  | Apr 11, 2020 |  |  |  |  |  |  | May 8, 2020 |  |  | Aug 14, 2020 |
|  | Apr 11, 2021 |  |  |  |  |  |  | May 8, 2021 |  |  | Aug 14, 2021 |
|  | Apr 11, 2022 |  |  |  |  |  |  | May 8, 2022 |  |  | Aug 14, 2022 |
Volatility |  |  | 64.48 | % |  |  | 60.06 | % |  |  | 65.80 | % |  |  | 68.14 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free investment rate |  |  | 1.04 | % |  |  | 0.83 | % |  |  | 1.02 | % |  |  | 0.93 | %
Fair value of option at grant date |  | £ | 8.97 |  |  | £ | 17.35 |  |  | £ | 8.63 |  |  | £ | 9.65 |
Fair value of share at grant date |  | £ | 17.51 |  |  | £ | 17.51 |  |  | £ | 16.57 |  |  | £ | 18.05 |
Exercise price at date of grant |  | £ | 17.51 |  |  | £ | 0.16 |  |  | £ | 16.57 |  |  | £ | 18.05 |
Lapse date |  | Apr 11, 2028 |  |  | Apr 11, 2028 |  |  | May 8, 2028 |  |  | Aug 14, 2028 |
Expected option life (years) |  |  | 4.50 |  |  |  | 2.00 |  |  |  | 4.50 |  |  |  | 4.50 |
Number of options granted |  |  | 71,500 |  |  |  | 7,500 |  |  |  | 62,000 |  |  |  | 112,500 |
The following principal assumptions were used in the valuation for 2019 share options.
|  | Options granted on |
|  | Mar 13, 2019 |  |  | May 15, 2019 |  |  | Sept 11, 2019 |
Vesting dates |  | Mar 13, 2020 |  |  | May 15, 2020 |  |  | Sept 11, 2020 |
|  | Mar 13, 2021 |  |  | May 15, 2021 |  |  | Sept 11, 2021 |
|  | Mar 13, 2022 |  |  | May 15, 2022 |  |  | Sept 11, 2022 |
|  | Mar 13, 2023 |  |  | May 15, 2023 |  |  | Sept 11, 2023 |
Volatility |  |  | 69.05 | % |  |  | 69.08 | % |  |  | 70.14 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free investment rate |  |  | 0.85 | % |  |  | 0.77 | % |  |  | 0.44 | %
Fair value of option at grant date |  | £ | 5.46 |  |  | £ | 6.07 |  |  | £ | 4.22 |
Fair value of share at grant date |  | £ | 10.13 |  |  | £ | 11.26 |  |  | £ | 7.79 |
Exercise price at date of grant |  | £ | 10.13 |  |  | £ | 11.26 |  |  | £ | 7.79 |
Lapse date |  | Mar 13, 2029 |  |  | May 15, 2029 |  |  | Sept 11, 2029 |
Expected option life (years) |  |  | 4.50 |  |  |  | 4.50 |  |  |  | 4.50 |
Number of options granted |  |  | 120,750 |  |  |  | 967,400 |  |  |  | 114,000 |
The following principal assumptions were used in the valuation for 2020 share options.
|  | Options granted on |
|  | June 10, 2020 |  |  | Sept 9, 2020 |  |  | Sept 9, 2020 |  |  | Dec 9, 2020 |
Vesting dates |  | June 10, 2021 |  |  | Sept 9, 2021 |  |  | Sept 9, 2021 |  |  | Dec 9, 2021 |
|  | June 10, 2022 |  |  | Sept 9, 2022 |  |  | Sept 9, 2022 |  |  | Dec 9, 2022 |
|  | June 10, 2023 |  |  | Sept 9, 2023 |  |  | Sept 9, 2023 |  |  | Dec 9, 2023 |
|  | June 10, 2024 |  |  | Sept 9, 2024 |  |  | Sept 9, 2024 |  |  | Dec 9, 2024 |
Volatility |  |  | 76.59 | % |  |  | 82.98 | % |  |  | 87.21 | % |  |  | 81.26 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free investment rate |  |  | 0.003 | % |  |  | (0.08 | )% |  |  | (0.08 | )% |  |  | (0.03 | )%
Fair value of option at grant date |  | £ | 2.76 |  |  | £ | 4.24 |  |  | £ | 4.24 |  |  | £ | 2.10 |
Fair value of share at grant date |  | £ | 4.78 |  |  | £ | 4.28 |  |  | £ | 4.28 |  |  | £ | 3.48 |
Exercise price at date of grant |  | £ | 4.78 |  |  | £ | 0.04 |  |  | £ | 0.04 |  |  | £ | 3.48 |
Lapse date |  | June 10, 2030 |  |  | Sept 9, 2030 |  |  | - |  |  | Dec 9, 2030 |
Expected option life (years) |  |  | 4.50 |  |  |  | 3.50 |  |  |  | 2.50 |  |  |  | 4.50 |
Number of options granted |  |  | 2,186,780 |  |  |  | 290,356 |  |  |  | 108,503 |  |  |  | 80,000 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2020-01-01 -Paragraph 47 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2020-en-r&anchor=para_47_a&doctype=Standard -URIDate 2020-01-01 + Details
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