Page
|
||
Unaudited Condensed Consolidated Statements of Profit / Loss and Other Comprehensive Loss for the Three and Nine Months Ended September 30, 2022 and 2021
|
2
|
|
Unaudited Condensed Consolidated Statements of Financial Position as at September 30, 2022 and December 31, 2021
|
3
|
|
Unaudited Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2022 and 2021
|
4
|
|
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
|
5
|
|
Unaudited Condensed Consolidated Notes to the Financial Statements
|
6
|
Three months ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||||||
Notes
|
2022
£’000
|
2021
£’000
|
2022
£’000
|
2021
£’000
|
||||||||||||||||
Product revenue, net
|
3
|
|
|
|
|
|||||||||||||||
Pre-product revenue, net
|
3
|
|
|
|
|
|||||||||||||||
Total revenue from sale of therapies
|
|
|
|
|
||||||||||||||||
Collaboration revenue
|
3
|
|
|
|
|
|||||||||||||||
Total revenue
|
|
|
|
|
||||||||||||||||
Cost of product revenue
|
2 |
(
|
)
|
|
(
|
)
|
|
|||||||||||||
Research and development costs
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Selling and administrative expenses
|
4
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
Net other operating (expense) / income
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||
Operating profit / (loss)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Finance income
|
|
|
|
|
||||||||||||||||
Finance costs
|
5
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
Non-operating expense
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Profit / (loss) before taxation
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Income tax credit
|
6
|
|
|
|
|
|||||||||||||||
Profit / (loss) for the period
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Other comprehensive loss
|
||||||||||||||||||||
Other comprehensive loss that is or may be reclassified to profit or loss in subsequent periods:
|
||||||||||||||||||||
Exchange differences on translation of foreign operations
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Total Other comprehensive loss for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Total comprehensive income / (loss) for the period
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Basic earnings / (loss) per share - £
|
7
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Diluted earnings / (loss) per share - £
|
7
|
|
(
|
)
|
(
|
)
|
(
|
)
|
Notes
|
September 30,
2022
£’000
|
December 31,
2021
£’000
|
||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
|
|
||||||||||
Right of use assets
|
9
|
|
|
|||||||||
Other non-current assets
|
|
|
||||||||||
Deferred tax asset
|
6 |
|
|
|||||||||
Total non-current assets
|
|
|
||||||||||
Current assets
|
||||||||||||
Inventory
|
2 |
|
|
|||||||||
Trade and other receivables
|
8
|
|
|
|||||||||
Tax receivable
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
||||||||||
Total current assets
|
|
|
||||||||||
Total assets
|
|
|
||||||||||
Equity
|
||||||||||||
Share capital
|
|
|
||||||||||
Share premium
|
|
|
||||||||||
Foreign currency translation reserve
|
(
|
)
|
|
|||||||||
Other reserves
|
|
|
||||||||||
Share-based payment reserve
|
|
|
||||||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||||||
Total equity
|
|
|
||||||||||
Non-current liabilities
|
||||||||||||
Interest-bearing loans and borrowings
|
|
|
||||||||||
Deferred revenue
|
3
|
|
|
|||||||||
Lease liabilities
|
9
|
|
|
|||||||||
Provisions
|
|
|
||||||||||
Total non-current liabilities
|
|
|
||||||||||
Current liabilities
|
||||||||||||
Trade and other payables
|
12
|
|
|
|||||||||
Deferred revenue
|
3
|
|
|
|||||||||
Lease liabilities
|
9
|
|
|
|||||||||
Provisions
|
|
|
||||||||||
Total current liabilities
|
|
|
||||||||||
Total liabilities
|
|
|
||||||||||
Total equity and liabilities
|
|
|
Notes
|
Share
capital
£’000
|
Share
premium
£’000
|
Foreign
currency
translation
reserve
£’000
|
Share-
based
payment
reserve
£’000
|
Other
reserve
£’000
|
Accumulated
deficit
£’000
|
Total
equity
£’000
|
|||||||||||||||||||||||||
At January 1, 2022
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||
Loss for the period
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Other comprehensive loss
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|||||||||||||||||||||||
Total comprehensive loss for the period
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Exercise of share options
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Capital reduction in Group’s parent company
|
10
|
|
(
|
)
|
|
|
(
|
)
|
|
|
||||||||||||||||||||||
Issue of share capital
|
10
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity-settled share-based payment transactions
|
11
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
At September 30, 2022
|
|
|
(
|
)
|
|
|
(
|
)
|
|
Notes
|
Share
capital
£’000
|
Share
premium
£’000
|
Foreign
currency
translation
reserve
£’000
|
Share-
based
payment
reserve
£’000
|
Other
reserve
£’000
|
Accumulated
deficit
£’000
|
Total
equity
£’000
|
|||||||||||||||||||||||||
At January 1, 2021
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||
Loss for the period
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Other comprehensive loss
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|||||||||||||||||||||||
Total comprehensive loss for the period
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Issue of share capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Exercise of share options
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity-settled share-based payment transactions
|
11
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
At September 30, 2021
|
|
|
|
|
|
(
|
)
|
|
Nine Months Ended
September 30,
|
||||||||||||
Notes |
2022
£’000
|
2021
£’000
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Loss for the period
|
(
|
)
|
(
|
)
|
||||||||
Adjustments for:
|
||||||||||||
Equity settled share-based payment expense
|
11 |
|
|
|||||||||
Depreciation
|
|
|
||||||||||
Net finance costs (non-operating expense)
|
|
|
||||||||||
Foreign exchange differences
|
(
|
)
|
|
|||||||||
Other
|
(
|
)
|
|
|||||||||
Income tax credit
|
6 |
(
|
)
|
(
|
)
|
|||||||
Working capital adjustments:
|
||||||||||||
Increase in receivables and other non-current assets
|
(
|
)
|
(
|
)
|
||||||||
Increase in trade and other payables
|
|
|
||||||||||
Decrease in deferred revenue
|
(
|
)
|
(
|
)
|
||||||||
Other working capital movements
|
(
|
)
|
(
|
)
|
||||||||
Cash used in operations
|
(
|
)
|
(
|
)
|
||||||||
Net taxation paid
|
(
|
)
|
|
|||||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||||||
Cash flows used in investing activities
|
||||||||||||
Proceeds from sale of property, plant and equipment
|
|
|
||||||||||
Purchase of property, plant and equipment
|
(
|
)
|
(
|
)
|
||||||||
Proceeds from investment in sub-leases
|
|
|
||||||||||
Other investing activities
|
|
|
||||||||||
Net cash flows used in investing activities
|
(
|
)
|
(
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||
Gross proceeds from issue of share capital
|
10 |
|
|
|||||||||
Costs from issue of share capital
|
10 |
(
|
)
|
(
|
)
|
|||||||
Exercise of share options
|
|
|
||||||||||
Interest paid on non-current interest-bearing loan
|
(
|
)
|
(
|
)
|
||||||||
Repayment of lease liabilities
|
(
|
)
|
(
|
)
|
||||||||
Net cash flows from financing activities
|
|
|
||||||||||
Increase in cash and cash equivalents
|
|
|
||||||||||
Net foreign exchange difference on cash
|
|
|
||||||||||
Cash and cash equivalents at beginning of the year
|
|
|
||||||||||
Cash and cash equivalents at end of the period
|
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2022
£’000
|
2021
£’000
|
2022
£’000
|
2021
£’000
|
|||||||||||||
Product revenue, net
|
|
|
|
|
||||||||||||
Pre-product revenue, net
|
|
|
|
|
||||||||||||
Total revenue from sale of therapies
|
|
|
|
|
||||||||||||
Collaboration revenue
|
||||||||||||||||
GSK
|
|
|
|
|
||||||||||||
Eli Lilly
|
|
|
|
|
||||||||||||
Genentech
|
|
|
|
|
||||||||||||
Total collaboration revenue
|
|
|
|
|
||||||||||||
Total revenue
|
|
|
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2022
£’000
|
2021
£’000
|
2022
£’000
|
2021
£’000
|
|||||||||||||
United States
|
|
|
|
|
||||||||||||
Europe
|
|
|
|
|
||||||||||||
Rest of World
|
|
|
|
|
||||||||||||
Total revenue from sale of therapies
|
|
|
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2022
£’000
|
2021
£’000
|
2022
£’000
|
2021
£’000
|
|||||||||||||
Interest expense on lease liabilities
|
|
|
|
|
||||||||||||
Interest expense on financial liabilities measured at amortized cost
|
|
|
|
|
||||||||||||
|
|
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Profit / (loss) for the period (£’000s)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Basic weighted average number of shares
|
|
|
|
|
||||||||||||
Adjustment for stock options with dilutive effect
|
|
|
|
|
||||||||||||
Diluted weighted average number of shares
|
|
|
|
|
||||||||||||
Basic earnings / (loss) per share (£) (1)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Diluted earnings / (loss) per share (£) (1)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
September 30,
2022
£’000
|
December 31,
2021
£’000
|
|||||||
Trade receivables
|
|
|
||||||
Other receivables
|
|
|
||||||
Prepayments and accrued income
|
|
|
||||||
|
|
Ordinary Shares
|
Deferred Shares
|
|||||||
At January 1, 2022
|
|
|
||||||
New shares issued for cash
|
|
|
||||||
Exercise of share options
|
|
|
||||||
At September 30, 2022
|
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
|
$ |
$ |
$ |
$ |
||||||||||||
Weighted average exercise price
|
|
|
|
|
||||||||||||
Weighted average fair value
|
|
|
|
|
September 30,
2022
£’000
|
December 31,
2021
£’000
|
|||||||
Trade payables
|
|
|
||||||
Other taxation and social security
|
|
|
||||||
Accruals
|
|
|
||||||
Other payables
|
|
|
||||||
|
|