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Consolidated Statements of Cash Flows - GBP (£)
£ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Loss for the year £ (30,682) £ (21,412) £ (13,840)
Adjustments for:      
Income tax credit (5,493) (4,239) (4,223)
Amortization and depreciation 890 718 371
Finance income (246) (1,049) (1,065)
Interest expense on lease liabilities 26 21  
Share-based payments 4,305 3,226 1,795
Net foreign exchange losses (gains) 3,481 1,006 (2,959)
Cash flows from (used in) operations before changes in working capital (27,719) (21,750) (19,921)
Movements in working capital:      
(Increase) decrease in prepayments, accrued income and other receivables (9) (2,452) 817
(Decrease) increase in trade payables (155) (43) 1,335
Increase in payroll taxes, social security and accrued expenditure 2,112 393 1,321
Movements in working capital 1,948 (2,102) 3,473
Cash used in operations (25,771) (23,852) (16,448)
Net income tax received 4,152 19 4,224
Net cash used in operating activities (21,619) (23,833) (12,224)
Cash flows from investing activities      
Interest received 319 1,116 973
Payments for property, plant and equipment (361) (46) (210)
Payments for intangible assets (1,271) (1,215) (1,414)
Net cash used in investing activities (1,313) (145) (651)
Cash flows from financing activities      
Payments of lease liabilities (297) (197)  
Proceeds from lease incentives received   25  
Proceeds from issue of share capital - exercise of share options 15 125 207
Proceeds from issue of share capital 66,581    
Share issue expenses (4,499)    
Net cash from (used in) financing activities 61,800 (47) 207
Net increase (decrease) in cash and cash equivalents 38,868 (24,025) (12,668)
Cash and cash equivalents at beginning of year 51,962 76,972 86,703
Effect of exchange rate changes on cash and cash equivalents (3,474) (985) 2,937
Cash and cash equivalents at end of year £ 87,356 £ 51,962 £ 76,972