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Share-based Payments (Tables)

12 Months Ended

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

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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- Definition

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

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