Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||||||
Notes
|
2023
£’000
|
2022
£’000
|
2023
£’000
|
2022
£’000
|
||||||||||||||||
Product revenue, net
|
3
|
49,719
|
33,252
|
137,285
|
64,926
|
|||||||||||||||
Pre-product revenue, net
|
3
|
—
|
3,051
|
—
|
9,588
|
|||||||||||||||
Total revenue from sale of therapies
|
49,719
|
36,303
|
137,285
|
74,514
|
||||||||||||||||
Collaboration revenue
|
3
|
1,769
|
4,896
|
6,508
|
21,161
|
|||||||||||||||
Total revenue
|
51,488
|
41,199
|
143,793
|
95,675
|
||||||||||||||||
Cost of product revenue
|
(220
|
)
|
(63
|
)
|
(1,284
|
)
|
(345
|
)
|
||||||||||||
Research and development expenses
|
(31,679
|
)
|
(23,301
|
)
|
(88,895
|
)
|
(62,032
|
)
|
||||||||||||
Selling and administrative expenses
|
4
|
(20,288
|
)
|
(11,663
|
)
|
(87,473
|
)
|
(50,579
|
)
|
|||||||||||
Operating (loss) / profit
|
(699
|
)
|
6,172
|
(33,859
|
)
|
(17,281
|
)
|
|||||||||||||
Finance income
|
5
|
4,091
|
597
|
10,049
|
725
|
|||||||||||||||
Finance costs
|
(1,632
|
)
|
(1,785
|
)
|
(4,817
|
)
|
(4,515
|
)
|
||||||||||||
Net finance income / (costs)
|
2,459
|
(1,188
|
)
|
5,232
|
(3,790
|
)
|
||||||||||||||
Profit / (loss) before taxation
|
1,760
|
4,984
|
(28,627
|
)
|
(21,071
|
)
|
||||||||||||||
Income tax credit / (charge)
|
6
|
144
|
1,244
|
(243
|
)
|
5,050
|
||||||||||||||
Profit / (loss) for the period
|
1,904
|
6,228
|
(28,870
|
)
|
(16,021
|
)
|
||||||||||||||
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
|
(2,603
|
)
|
(1,730
|
)
|
(1,169
|
)
|
(1,848
|
)
|
||||||||||||
Total other comprehensive loss for the period
|
(2,603
|
)
|
(1,730
|
)
|
(1,169
|
)
|
(1,848
|
)
|
||||||||||||
Total comprehensive (loss) / income for the period
|
(699
|
)
|
4,498
|
(30,039
|
)
|
(17,869
|
)
|
|||||||||||||
Basic earnings / (loss) per share - £
|
7
|
0.04
|
0.13
|
(0.59
|
)
|
(0.36
|
)
|
|||||||||||||
Diluted earnings / (loss) per share - £
|
7
|
0.04
|
0.12
|
(0.59
|
)
|
(0.36
|
)
|
Notes
|
September 30,
2023
£’000
|
December 31,
2022
£’000
|
||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
8
|
8,025
|
6,472
|
|||||||||
Intangible assets
|
1,589
|
410
|
||||||||||
Right of use assets
|
25,832 |
25,173 |
||||||||||
Other non-current assets
|
8,846
|
7,342
|
||||||||||
Deferred tax asset
|
6
|
4,135
|
4,240
|
|||||||||
Total non-current assets
|
48,427
|
43,637
|
||||||||||
Current assets
|
||||||||||||
Inventory
|
1,857
|
943
|
||||||||||
Trade and other receivables
|
9
|
49,880
|
46,711
|
|||||||||
Tax receivable
|
6
|
—
|
11,688
|
|||||||||
Cash and cash equivalents
|
363,955
|
332,539
|
||||||||||
Total current assets
|
415,692
|
391,881
|
||||||||||
Total assets
|
464,119
|
435,518
|
||||||||||
Equity
|
||||||||||||
Share capital
|
10
|
99
|
97
|
|||||||||
Share premium
|
146,205
|
123,751
|
||||||||||
Foreign currency translation reserve
|
(4,266
|
)
|
(3,097
|
)
|
||||||||
Other reserves
|
337,847
|
337,847
|
||||||||||
Share-based payment reserve
|
11
|
101,781
|
81,411
|
|||||||||
Accumulated deficit
|
(290,123
|
)
|
(261,253
|
)
|
||||||||
Total equity
|
291,543
|
278,756
|
||||||||||
Non-current liabilities
|
||||||||||||
Non-current accruals
|
2,531
|
1,479
|
||||||||||
Interest-bearing loans and borrowings
|
38,484
|
39,500
|
||||||||||
Deferred revenue
|
3
|
4,331
|
4,331
|
|||||||||
Lease liabilities
|
29,469
|
28,248
|
||||||||||
Provisions
|
153
|
114
|
||||||||||
Total non-current liabilities
|
74,968
|
73,672
|
||||||||||
Current liabilities
|
||||||||||||
Trade and other payables
|
12
|
93,135
|
75,076
|
|||||||||
Corporation tax liability
|
6
|
367
|
—
|
|||||||||
Interest-bearing loans and borrowings | 1,024 |
- |
||||||||||
Deferred revenue
|
3
|
1,602
|
6,408
|
|||||||||
Lease liabilities
|
1,445
|
1,555
|
||||||||||
Provisions
|
35
|
51
|
||||||||||
Total current liabilities
|
97,608
|
83,090
|
||||||||||
Total liabilities
|
172,576
|
156,762
|
||||||||||
Total equity and liabilities
|
464,119
|
435,518
|
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, 2023
|
97
|
123,751
|
(3,097
|
)
|
81,411
|
337,847
|
(261,253
|
)
|
278,756
|
||||||||||||||||||||||
Loss for the period
|
—
|
—
|
—
|
—
|
—
|
(28,870
|
)
|
(28,870
|
)
|
||||||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
(1,169
|
)
|
—
|
—
|
—
|
(1,169
|
)
|
||||||||||||||||||||||
Total comprehensive loss for the period
|
—
|
—
|
(1,169
|
)
|
—
|
—
|
(28,870
|
)
|
(30,039
|
)
|
|||||||||||||||||||||
Exercise of share options
|
10, 11
|
2
|
22,454
|
—
|
—
|
—
|
—
|
22,456
|
|||||||||||||||||||||||
Equity-settled share-based payment transactions
|
11
|
—
|
—
|
—
|
20,370
|
—
|
—
|
20,370
|
|||||||||||||||||||||||
At September 30, 2023
|
99
|
146,205
|
(4,266
|
)
|
101,781
|
337,847
|
(290,123
|
)
|
291,543
|
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
|
88
|
212,238
|
89
|
54,357
|
386,167
|
(481,392
|
)
|
171,547
|
||||||||||||||||||||||||
Loss for the period
|
—
|
—
|
—
|
—
|
—
|
(16,021
|
)
|
(16,021
|
)
|
|||||||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
(1,848
|
)
|
—
|
—
|
—
|
(1,848
|
)
|
|||||||||||||||||||||||
Total comprehensive loss for the period
|
—
|
—
|
(1,848
|
)
|
—
|
—
|
(16,021
|
)
|
(17,869
|
)
|
||||||||||||||||||||||
Exercise of share options
|
1
|
4,535
|
—
|
—
|
—
|
—
|
4,536
|
|||||||||||||||||||||||||
Capital reduction in Group's parent company
|
—
|
(213,043
|
)
|
—
|
—
|
(48,320
|
)
|
261,363
|
—
|
|||||||||||||||||||||||
Issue of share capital
|
7
|
116,417
|
—
|
—
|
—
|
—
|
116,424
|
|||||||||||||||||||||||||
Equity-settled share-based payment transactions
|
11
|
—
|
—
|
—
|
20,181
|
—
|
—
|
20,181
|
||||||||||||||||||||||||
At September 30, 2022
|
96
|
120,147
|
(1,759
|
)
|
74,538
|
337,847
|
(236,050
|
)
|
294,819
|
Nine Months Ended
September 30,
|
||||||||||||
Notes
|
2023
£’000
|
2022
£’000
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Loss for the period
|
(28,870
|
)
|
(16,021
|
)
|
||||||||
Adjustments for:
|
||||||||||||
Equity settled share-based payment expense
|
11
|
20,370
|
20,181
|
|||||||||
Depreciation
|
3,969
|
4,794
|
||||||||||
Net finance (income) / costs
|
(5,232
|
)
|
3,790
|
|||||||||
Foreign exchange movements
|
(550
|
)
|
(20,498
|
)
|
||||||||
Other
|
11
|
(1
|
)
|
|||||||||
Income tax charge / (credit)
|
243
|
(5,050
|
)
|
|||||||||
Working capital adjustments:
|
||||||||||||
Increase in trade and other receivables and other non-current assets
|
(4,894
|
)
|
(25,021
|
)
|
||||||||
Increase in trade and other payables
|
18,717
|
27,501
|
||||||||||
Decrease in current and non-current deferred revenue
|
(4,806
|
)
|
(20,177
|
)
|
||||||||
Other working capital movements
|
175
|
(807
|
)
|
|||||||||
Cash used in operations
|
(867
|
)
|
(31,309
|
)
|
||||||||
R&D tax credits received
|
6
|
12,566
|
—
|
|||||||||
Taxation paid
|
6
|
(180
|
)
|
(614
|
)
|
|||||||
Net cash from / (used in) operating activities
|
11,519
|
(31,923
|
)
|
|||||||||
Cash flows from investing activities
|
||||||||||||
Proceeds from sale of property, plant and equipment
|
—
|
5
|
||||||||||
Purchase of property, plant and equipment
|
(3,776
|
)
|
(869
|
)
|
||||||||
Purchase of intangible assets
|
(1,178
|
)
|
—
|
|||||||||
Interest income receipts
|
9,407
|
725
|
||||||||||
Net cash flows from / (used in) investing activities
|
4,453
|
(139
|
)
|
|||||||||
Cash flows from financing activities
|
||||||||||||
Gross proceeds from issue of share capital
|
—
|
116,812
|
||||||||||
Costs from issue of share capital
|
—
|
(388
|
)
|
|||||||||
Exercise of share options
|
10, 11
|
22,456
|
4,536
|
|||||||||
Interest paid
|
(5,077
|
)
|
(3,050
|
)
|
||||||||
Repayment of lease liabilities
|
(1,117
|
)
|
(2,265
|
)
|
||||||||
Net cash flows from financing activities
|
16,262
|
115,645
|
||||||||||
Increase in cash and cash equivalents
|
32,234
|
83,583
|
||||||||||
Net foreign exchange difference on cash held
|
(818
|
)
|
25,720
|
|||||||||
Cash and cash equivalents at beginning of the period
|
332,539
|
237,886
|
||||||||||
Cash and cash equivalents at end of the period
|
363,955
|
347,189
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2023
£’000
|
2022
£’000
|
2023
£’000
|
2022
£’000
|
|||||||||||||
Product revenue, net
|
49,719
|
33,252
|
137,285
|
64,926
|
||||||||||||
Pre-product revenue, net
|
—
|
3,051
|
—
|
9,588
|
||||||||||||
Total revenue from sale of therapies
|
49,719
|
36,303
|
137,285
|
74,514
|
||||||||||||
Collaboration revenue
|
||||||||||||||||
Eli Lilly
|
—
|
—
|
—
|
7,361
|
||||||||||||
Genentech
|
1,769
|
4,896
|
6,508
|
13,800
|
||||||||||||
Total collaboration revenue
|
1,769
|
4,896
|
6,508
|
21,161
|
||||||||||||
Total revenue
|
51,488
|
41,199
|
143,793
|
95,675
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2023
£’000
|
2022
£’000
|
2023
£’000
|
2022
£’000
|
|||||||||||||
United States
|
34,500
|
22,508
|
96,845
|
48,327
|
||||||||||||
Europe
|
15,012
|
13,034
|
39,529
|
25,423
|
||||||||||||
Rest of World
|
207
|
761
|
911
|
764
|
||||||||||||
Total revenue from sale of therapies
|
49,719
|
36,303
|
137,285
|
74,514
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Profit / (loss) for the period (£’000s)
|
1,904
|
6,228
|
(28,870
|
)
|
(16,021
|
)
|
||||||||||
Basic weighted average number of shares
|
49,134,037
|
46,998,420
|
48,671,732
|
44,944,827
|
||||||||||||
Adjustment for stock options with dilutive effect
|
5,024,930
|
4,444,856
|
—
|
—
|
||||||||||||
Diluted weighted average number of shares
|
54,158,967
|
51,443,276
|
48,671,732
|
44,944,827
|
||||||||||||
Basic earnings / (loss) per share (£)
|
0.04
|
0.13
|
(0.59
|
)
|
(0.36
|
)
|
||||||||||
Diluted earnings / (loss) per share (£)
|
0.04
|
0.12
|
(0.59
|
)
|
(0.36
|
)
|
September 30,
2023
£’000
|
December 31,
2022
£’000
|
|||||||
Trade receivables
|
33,438
|
27,736
|
||||||
Other receivables
|
4,739
|
7,682
|
||||||
Prepayments and accrued income
|
11,703
|
11,293
|
||||||
49,880
|
46,711
|
Issued share capital
|
Ordinary
|
Deferred
|
||||||
(0.2p per share, except deferred shares which are 0.01p per share)
|
shares
|
shares
|
||||||
At January 1, 2023
|
48,088,346
|
5,793,501
|
||||||
Exercise of share options
|
1,349,910
|
—
|
||||||
At September 30, 2023
|
49,438,256
|
5,793,501
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Weighted average exercise price
|
59.45
|
37.25
|
63.78
|
25.49
|
||||||||||||
Weighted average fair value
|
36.48
|
23.58
|
39.42
|
15.63
|
September 30,
2023
£’000
|
December 31,
2022
£’000
|
|||||||
Trade payables
|
11,195
|
11,716
|
||||||
Other taxation and social security
|
1,187
|
927
|
||||||
Pension liability
|
430
|
34
|
||||||
Accruals
|
80,323
|
62,399
|
||||||
93,135
|
75,076
|