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Three Months Ended September 30,
|
||||||||||||
2023
|
2022
|
|||||||||||
$
|
’000
|
£
|
’000
|
£
|
’000
|
|||||||
Product revenue, net
|
60,727
|
49,719
|
33,252
|
|||||||||
Pre-product, revenue, net
|
—
|
—
|
3,051
|
|||||||||
Collaboration revenue
|
2,161
|
1,769
|
4,896
|
|||||||||
Total revenue
|
62,888
|
51,488
|
41,199
|
|||||||||
Cost of product revenue
|
(269
|
)
|
(220
|
)
|
(63
|
)
|
||||||
Research and development expenses
|
(38,693
|
)
|
(31,679
|
)
|
(23,301
|
)
|
||||||
Selling and administrative expenses
|
(24,780
|
)
|
(20,288
|
)
|
(11,663
|
)
|
||||||
Operating (loss) / profit
|
(854
|
)
|
(699
|
)
|
6,172
|
|||||||
Finance income
|
4,997
|
4,091
|
597
|
|||||||||
Finance costs
|
(1,993
|
)
|
(1,632
|
)
|
(1,785
|
)
|
||||||
Net finance income / (costs)
|
3,004
|
2,459
|
(1,188
|
)
|
||||||||
Profit before taxes
|
2,150
|
1,760
|
4,984
|
|||||||||
Income tax credit
|
176
|
144
|
1,244
|
|||||||||
Profit for the period
|
2,326
|
1,904
|
6,228
|
|||||||||
Basic profit per share - $ / £
|
$ |
0.05
|
£
|
0.04
|
£
|
0.13
|
||||||
Diluted profit per share - $ / £
|
$
|
0.04
|
£
|
0.04
|
£
|
0.12
|
||||||
Basic weighted average number of shares
|
49,134,037
|
46,998,420
|
||||||||||
Diluted weighted average number of shares
|
54,158,967
|
51,443,276
|
![]() |
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Nine Months Ended September 30,
|
||||||||||||
2023
|
2022
|
|||||||||||
$
|
’000
|
£
|
’000
|
£
|
’000
|
|||||||
Product revenue, net
|
167,680
|
137,285
|
64,926
|
|||||||||
Pre-product, revenue, net
|
—
|
—
|
9,588
|
|||||||||
Collaboration revenue
|
7,949
|
6,508
|
21,161
|
|||||||||
Total revenue
|
175,629
|
143,793
|
95,675
|
|||||||||
Cost of product revenue
|
(1,568
|
)
|
(1,284
|
)
|
(345
|
)
|
||||||
Research and development expenses
|
(108,576
|
)
|
(88,895
|
)
|
(62,032
|
)
|
||||||
Selling and administrative expenses
|
(106,840
|
)
|
(87,473
|
)
|
(50,579
|
)
|
||||||
Operating loss
|
(41,355
|
)
|
(33,859
|
)
|
(17,281
|
)
|
||||||
Finance income
|
12,274
|
10,049
|
725
|
|||||||||
Finance costs
|
(5,883
|
)
|
(4,817
|
)
|
(4,515
|
)
|
||||||
Net finance income / (cost)
|
6,391
|
5,232
|
(3,790
|
)
|
||||||||
Loss before taxes
|
(34,964
|
)
|
(28,627
|
)
|
(21,071
|
)
|
||||||
Income tax (charge) / credit
|
(297
|
)
|
(243
|
)
|
5,050
|
|||||||
Loss for the period
|
(35,261
|
)
|
(28,870
|
)
|
(16,021
|
)
|
||||||
Basic and diluted loss per share - $ / £
|
(0.72
|
)
|
(0.59
|
)
|
(0.36
|
)
|
||||||
Weighted average number of shares
|
48,671,732
|
44,944,827
|
![]() |
|
September 30,
2023
£’000
|
December 31,
2022
£’000
|
|||||||
Non-current assets
|
||||||||
Property, plant and equipment
|
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
|
4,135
|
4,240
|
||||||
Total non-current assets
|
48,427
|
43,637
|
||||||
Current assets
|
||||||||
Inventory
|
1,857
|
943
|
||||||
Trade and other receivables
|
49,880
|
46,711
|
||||||
Tax receivable
|
—
|
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
|
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
|
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
|
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
|
93,135
|
75,076
|
||||||
Corporation tax liability
|
367
|
—
|
||||||
Interest-bearing loans and borrowings
|
1,024
|
—
|
||||||
Deferred revenue
|
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
|
||||||
Issued number of ordinary shares
|
49,438,256
|
48,088,346
|
![]() |
|
Nine Months Ended September 30,
|
||||||||||||
2023
|
2023
|
2022
|
||||||||||
$
|
’000
|
£
|
’000
|
£
|
’000
|
|||||||
Cash and cash equivalents at beginning of year
|
406,163
|
332,539
|
237,886
|
|||||||||
Net cash flows from / (used in) operating activities
|
14,069
|
11,519
|
(31,923
|
)
|
||||||||
Net cash flows from / (used in) investing activities
|
5,439
|
4,453
|
(139
|
)
|
||||||||
Net cash flows from financing activities
|
19,862
|
16,262
|
115,645
|
|||||||||
Net foreign exchange difference on cash held
|
(999
|
)
|
(818
|
)
|
25,720
|
|||||||
Cash and cash equivalents at end of period
|
444,534
|
363,955
|
347,189
|