Summit Therapeutics (SMMT) 20-F 30 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information Document	11 Months Ended
	Dec. 31, 2019shares
Document And Entity Information [Abstract]
Document type	20-F
Document period end date	Dec. 31, 2019
Amendment flag	false
Registrant name	Summit Therapeutics plc
Central index key	0001599298
Current reporting status	Yes
Current fiscal year end date	--12-31
Filer category	Non-accelerated Filer
Entity well known seasoned issuer	No
Entity shell company	false
Entity emerging growth company	true
Entity ex transition period	true
Entity voluntary filers	No
Transition report	true
Document annual report	false
Document shell company report	false
Entity interactive data current	Yes
Document fiscal year focus	2019
Document fiscal period focus	FY
Entity common stock shares outstanding (in shares)	335,890,281

Consolidated Statement of Finan

Consolidated Statement of Financial Position - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019	[1]	Jan. 31, 2018	[1]
Non-current assets
Goodwill	£ 1,814	£ 1,814		£ 2,478
Intangible assets	9,950	10,604		14,785
Property, plant and equipment	1,167	1,540		2,067
Non-current assets	12,931	13,958		19,330
Current assets
Trade and other receivables	8,116	13,491		11,087
Current tax receivable	3,659	6,328		4,654
Cash and cash equivalents	48,417	26,858	[2]	20,102	[2]
Current assets	60,192	46,677		35,843
Total assets	73,123	60,635		55,173
Non-current liabilities
Deferred revenue	(374)	(831)		(27,270)
Lease liabilities	(320)	(647)		(962)
Financial liabilities on funding arrangements	0	0		(3,090)
Provisions for other liabilities and charges	(2,050)	(1,851)		(1,641)
Deferred tax liability	(1,560)	(1,675)		(2,379)
Non-current liabilities	(4,304)	(5,004)		(35,342)
Current liabilities
Trade and other payables	(8,020)	(8,733)		(8,825)
Lease liabilities	(358)	(358)		(324)
Deferred revenue and income	(1,136)	(3,374)		(13,834)
Contingent consideration	(80)	(629)		0
Current liabilities	(9,594)	(13,094)		(22,983)
Total liabilities	(13,898)	(18,098)		(58,325)
Net assets	59,225	42,537		(3,152)
EQUITY
Share capital	3,359	1,604		736
Share premium account	129,110	92,806		60,237
Share-based payment reserve	1,299	1,148		6,743
Merger reserve	3,027	3,027		3,027
Special reserve	19,993	19,993		19,993
Currency translation reserve	56	56		37
Accumulated losses reserve	(97,619)	(76,097)		(93,925)
Total equity	£ 59,225	£ 42,537	[3]	£ (3,152)	[3]
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
[3]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	[1]	Jan. 31, 2018	[1]
Statement of comprehensive income [abstract]
Revenue	£ 583	£ 43,012		£ 12,360
Other operating income	15,163	15,156		2,725
Operating expenses
Research and development	(31,201)	(39,182)		(28,979)
General and administration	(9,877)	(12,328)		(11,935)
Impairment of goodwill and intangible assets	0	(3,985)	[2]	0	[2]
Total operating expenses	(41,078)	(55,495)		(40,914)
Operating (loss) / profit	(25,332)	2,673		(25,829)
Finance income	4	2,788		3,096
Finance costs	(228)	(467)		(1,187)
(Loss) / profit before income tax	(25,556)	4,994	[2]	(23,920)	[2]
Income tax	3,524	2,496		3,762
(Loss) / profit for the period / year	(22,032)	7,490		(20,158)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations	0	19		(13)
Total comprehensive (loss) / profit	£ (22,032)	£ 7,509		£ (20,171)
Basic and diluted earnings / (loss) per ordinary share from operations (in pounds per share)	£ (0.13)	£ 0.09		£ (0.31)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - GBP (£) £ in Thousands		11 Months Ended		12 Months Ended
		Dec. 31, 2019		Jan. 31, 2019		Jan. 31, 2018
Cash flows from operating activities
(Loss) / profit before income tax		£ (25,556)		£ 4,994	[1],[2]	£ (23,920)	[1],[2]
Adjusted for:
Gain on remeasurement or derecognition of financial liabilities on funding arrangements		0		(539)	[2]	(908)	[2]
Loss on recognition of contingent consideration payable		2		754	[2]	0	[2]
Finance income		(4)		(2,788)	[2]	(3,096)	[2]
Finance costs		228		467	[2]	1,187	[2]
Unrealized foreign exchange loss / (gain)		544		(408)	[2]	1,960	[2]
Depreciation		524		644	[2]	294	[2]
Amortization of intangible fixed assets		760		829	[2]	106	[2]
Loss on disposal of assets		10		43	[2]	40	[2]
Increase / (decrease) in provisions		1		19	[2]	(60)	[2]
Impairment of goodwill and intangible assets		0		3,985	[1],[2]	0	[1],[2]
Share-based payment		661		4,743	[2]	1,607	[2]
Adjusted (loss) / profit from operations before changes in working capital		(22,830)		12,743	[2]	(22,790)	[2]
Decrease / (increase) in trade and other receivables		4,662		(2,210)	[2]	(8,946)	[2]
(Decrease) / increase in deferred revenue		(2,696)		(36,898)	[2]	10,577	[2]
(Decrease) / increase in trade and other payables		(1,004)		68	[2]	3,268	[2]
Cash used by operations		(21,868)		(26,297)	[2]	(17,891)	[2]
Contingent consideration paid		(549)		(192)	[2]	0	[2]
Taxation received		6,234		159	[3]	3,374	[2]
Research and development expenditure credit received		516		(333)	[2]	(23)	[2]
Net cash used by operating activities		(15,667)		(26,663)	[3]	(14,540)	[2]
Investing activities
Acquisition of subsidiaries net of cash acquired		0		0	[2]	(4,775)	[2]
Purchase of property, plant and equipment		(160)		(119)	[2]	(360)	[2]
Purchase of intangible assets		(107)		(6)	[2]	(119)	[2]
Interest received		4		4	[2]	12	[2]
Net cash used by investing activities		(263)		(121)	[2]	(5,242)	[2]
Financing activities
Proceeds from issue of share capital		38,759		34,648	[2]	14,931	[2]
Transaction costs on share capital issued		(701)		(1,313)	[2]	(1,428)	[2]
Proceeds from exercise of warrants		0		0	[2]	10	[2]
Proceeds from exercise of share options		1		102	[2]	392	[2]
Repayment of lease liabilities		(328)		(281)	[2]	(128)	[2]
Repayment of lease interest		(30)		(43)	[2]	(21)	[2]
Net cash generated from financing activities		37,701		33,113	[2]	13,756	[2]
Increase / (decrease) in cash and cash equivalents		21,771		6,329	[2]	(6,026)	[2]
Effect of exchange rates on cash and cash equivalents		(212)		427	[2]	(1,934)	[2]
Cash and cash equivalents at beginning of the period / year	[2]	26,858	[3]	20,102	[3]	28,062
Cash and cash equivalents at end of the period / year		£ 48,417		£ 26,858	[2],[3]	£ 20,102	[2],[3]
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
[3]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Consolidated Statement of Chang

Consolidated Statement of Change in Equity Statement - GBP (£) £ in Thousands		Total		Share capital	Share premium account	Share- based payment reserve	Merger reserve	Special reserve	Currency translation reserve	Accumulated losses reserve	IFRS 16	IFRS 16Accumulated losses reserve
Beginning balance at Jan. 31, 2017		£ (3,493)		£ 618	£ 46,420	£ 5,136	£ (1,943)	£ 19,993	£ 50	£ (73,767)
(Loss) / profit for the period / year | Previously reported		(20,190)
(Loss) / profit for the period / year		(20,158)	[1]							(20,158)
Currency translation adjustment		(13)							(13)
Total comprehensive (loss) profit for the period / year		(20,171)	[1]	0	0	0	0	0	(13)	(20,158)
New share capital issued		14,931		84	14,847
Transaction costs on share capital issued		(1,428)			(1,428)
Issue of ordinary shares as consideration for a business combination		5,000		30			4,970
New share capital issued from exercise of warrants		10		1	9
Share options exercised		392		3	389
Share-based payment		1,607				1,607
Ending balance (Previously reported) at Jan. 31, 2018		(3,184)		736	60,237	6,743	3,027	19,993	37	(93,957)
Ending balance at Jan. 31, 2018	[3]	(3,152)	[2]	736	60,237	6,743	3,027	19,993	37	(93,925)
Change in accounting policy											£ 32	£ 32
(Loss) / profit for the period / year | Previously reported		7,527
(Loss) / profit for the period / year		7,490	[1]							7,490
Currency translation adjustment		19							19
Total comprehensive (loss) profit for the period / year		7,509	[1]	0	0	0	0	0	19	7,490
New share capital issued		34,648		864	33,784
Transaction costs on share capital issued		(1,313)			(1,313)
Share options exercised		102		4	98
Share-based payment		4,743				4,743
Transfer						(10,338)				10,338
Ending balance (Previously reported) at Jan. 31, 2019		42,542		1,604	92,806	1,148	3,027	19,993	56	(76,092)
Ending balance at Jan. 31, 2019	[2],[3]	42,537		1,604	92,806	1,148	3,027	19,993	56	(76,097)
Change in accounting policy											£ (5)	£ (5)
(Loss) / profit for the period / year		(22,032)								(22,032)
Total comprehensive (loss) profit for the period / year		(22,032)		0	0	0	0	0	0	(22,032)
New share capital issued		38,759		1,754	37,005
Transaction costs on share capital issued		(701)			(701)
Warrant expense		15				15
Share options exercised		1		1
Share-based payment		646				646
Transfer						(510)				510
Ending balance at Dec. 31, 2019		£ 59,225		£ 3,359	£ 129,110	£ 1,299	£ 3,027	£ 19,993	£ 56	£ (97,619)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[3]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Basis of accounting

Basis of accounting	11 Months Ended
	Dec. 31, 2019
Basis Of Presentation [Abstract]
Basis of accounting	Basis of accounting The principal accounting policies adopted by Summit Therapeutics plc and its subsidiaries in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods and years presented, unless otherwise stated. In December 2019, the Board of Directors of Summit Therapeutics plc (the "company") adopted a resolution to change the company’s fiscal year end from January 31 to December 31, commencing December 31, 2019. Basis of preparation The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards and IFRS Interpretations Committee interpretations ('IFRS') as issued by the IASB. The Consolidated Financial Statements have been prepared on a going concern basis and under the historical cost convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. These Consolidated Financial Statements were authorized by the Board of Directors on April 30, 2020. Going concern The financial information in these financial statements has been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole, anticipated payments from CARB-X under its contract for the development of its gonorrhea antibiotic program, and anticipated milestone payments from its license and commercialization agreement with Eurofarma are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through January 31, 2021. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States. The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following: equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. While the Group believes that funds would be available in this manner before the end of January 2021, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. The failure of the Group to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Group’s business, results of operations and financial condition. Should the Group be unable to raise additional funding, management has the ability to take mitigating action to fund its operating expenses and capital expenditure requirements in relation to its clinical development activities for only a short period beyond 12 months from the date of issuance of these financial statements. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern. Use of estimates The preparation of the financial statements, in conformity with IFRS, requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. The areas involving higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 2 ‘ Critical accounting judgments and key sources of estimation uncertainty .’ Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of the Group and entities controlled by the Group made up to the reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of in the year / period are included in the Consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. 1 . Basis of accounting (continued) All intra-group transactions, balances, income and expenses are eliminated on consolidation. Revenue recognition Revenue is accounted for in line with principles of IFRS 15 ' Revenue from contracts with customers .' Licensing agreements may consist of multiple elements and provide for varying consideration terms, such as upfront, development, regulatory and sales milestones, sales-based royalties and similar payments. Such arrangements are determined to be within the scope of IFRS 15 and are assessed under the five-step model of the standard to determine revenue recognition. The distinct performance obligations within the contract and the arrangement transaction price are identified. The fair value of the arrangement transaction price is allocated to the different performance obligations based on the relative stand-alone selling price of those services provided and the performance obligation activities to which the terms of the payments specifically relate. The allocated transaction price is recognized over the respective performance period of each performance obligation. Amounts received in advance of the revenue recognition criteria being met are initially reported as deferred revenue on the Consolidated Statement of Financial Position and are recognized as revenue over the development period. Development and regulatory approval milestone payments are included within the allocated transaction price only when it becomes highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues attributable to the development cost share element of a licensing agreement are also recognized over the performance period. Sales-based royalty income and related milestone payments are recognized in the period when the related sales occur or when the relevant milestone is achieved, as the license granted is the predominant element of the performance obligation and the payments are inherently received once the development period is completed and the license granted is useable. Business Combinations The cost of an acquisition is measured as the fair value of the assets exchanged, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired together with liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable net assets is recorded as goodwill. Goodwill is not amortized but is reviewed for impairment at least annually and more frequently whenever there is an indication of impairment. Intangible Assets In-process research and development that is separately acquired as part of a company acquisition or in-licensing agreement is capitalized even if they have not yet demonstrated technical feasibility, which is usually signified by regulatory approval. Amortization will commence when either products underpinned by the intellectual property rights or the rights themselves become available for use . Intangible assets not subject to amortization are tested for impairment at least annually or whenever there is an indicator of impairment. The intangible asset relating to the acquired Discuva Platform capitalized as part of the acquisition of Discuva Limited in December 2017 is available for use. As such, it is subject to amortization over the period of the relevant associated patents. Other intangible assets are amortized in equal installments over their useful estimated lives as follows: All patents (once filed) Over the period of the relevant patents (assumed to be 20 years) Software licenses 3-5 years Option over non-financial assets Over the period of the relevant agreement 1 . Basis of accounting (continued) Impairment of assets At each year / period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use based on an internal discounted cash flow evaluation, where appropriate. Impairment losses recognized for cash-generating units are charged pro rata to the other assets in the cash generating unit. All tangible and intangible assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. See Note 14 'Goodwill' and Note 15 ‘ Intangible assets ’ for details. Property, plant and equipment Property, plant and equipment are stated at cost less depreciation. Cost comprises the purchase price plus any incidental costs of acquisition and commissioning. Depreciation is calculated to write-off the cost, less residual value, in equal annual installments over their estimated useful lives as follows: Leasehold improvements Over the period of the remaining lease Right of use assets Over the period of the lease Laboratory equipment 2-10 years Office and IT equipment 3-5 years The residual value, if not insignificant, is reassessed annually. Financial liabilities on funding arrangements When entering into funding agreements with charitable and not for profit organizations, management is required to assess whether, based on the terms of the agreement, it can avoid a transfer of cash by settling using a non-financial obligation. Under IFRS, when such arrangements also give the counterparties rights over unexploited intellectual property, all or part of the funding agreement should be accounted for as a financial liability recognized in the Statement of Financial Position rather than as a charitable grant. Financial liabilities are initially recognized at fair value using a discounted cash flow model with the difference between the fair value of the liability and the cash received considered to represent a charitable grant. The financial liabilities are subsequently measured at amortized cost using discounted cash flow models which calculate the risk adjusted net present values of estimated potential future cash flows for the relevant project. The financial liabilities are remeasured when there is a specific significant event that provides evidence of a significant change in the probability of successful development such as the completion of a phase of research or public reporting of significant interim data and changes in use or market for a product. The model is updated for changes in the clinical probability of success and other associated assumptions with the discount factor remaining unchanged within the model. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, the expected future cash flows will be discounted using a pre-tax risk-free discount rate. Other operating income Other operating income includes income received and recognized from government agencies, philanthropic, non-government, not for profit organizations and patient advocacy groups which are accounted for in accordance with IAS 20, ‘Accounting for Government Grants and Disclosure of Government Assistance .’ Monies received through these means are held as deferred income in the Consolidated Statement of Financial Position and are released to the Consolidated Statement of Comprehensive Income as the underlying expenditure is incurred and to the extent the conditions of the grant are met. 1 . Basis of accounting (continued) Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the year end date. All differences are taken to the Consolidated Statement of Comprehensive Income. Assets and liabilities of subsidiaries that have a functional currency different from the presentation currency (pound sterling) are translated at the closing rate at the date of each statement of financial position presented. Income and expenses are translated at average exchange rates. Any resulting differences are recognized in other comprehensive income / (loss) in the Consolidated Statement of Comprehensive Income. Employee benefits All employee benefit costs, notably holiday pay, bonuses and contributions to Group or personal defined contribution pension schemes are charged to the Consolidated Statement of Comprehensive Income on an accruals basis. Leases At inception of a contract, a company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use asset and a lease liability are recognized at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if it is reasonably certain to exercise that option and period covered by an option to terminate if it is reasonably certain not to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the applicable incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments or if the assessment of whether a company will exercise a purchase, extension or termination option. See Note 3 'Changes to accounting policies - Adoption of IFRS 16 ' Leases'' for details of the impact of the initial adoption of IFRS 16. The above is lessee accounting only and any practical expedients taken were in line with Note 3. Research and development All ongoing research expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment inherent in the development of the Group’s products, the criteria for development costs to be recognized as an asset, as set out in IAS 38 ‘ Intangible Assets, ’ are not met until a product has received regulatory approval, and it is probable that future economic benefit will flow to the Group. The Group currently has no qualifying expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held on call with the bank. Share-based payments In accordance with IFRS 2 ‘ Share-based Payment, ’ share options and restricted stock units are measured at fair value at their grant date. The fair value for the majority of the options is calculated using the Black-Scholes formula and charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the expected vesting period. For those options issued with vesting conditions other than remaining in employment (for example, those conditional upon the Group achieving certain predetermined financial criteria) a simulation model has been used. At each period end date, the Group revises its estimate of the number of options that are expected to become exercisable. This estimate is not revised according to estimates of changes in market based conditions. Current taxation Income tax is recognized or provided at amounts expected to be recovered or paid using the tax rates and tax laws that have been enacted or substantively enacted at the period end date. 1 . Basis of accounting (continued) Current tax includes research and development tax credits which are calculated in accordance with the U.K. research and development tax credit regime applicable to small and medium sized companies. Research and development expenditure which is not eligible for reimbursement under the small and medium sized companies regime, such as expenditure incurred on projects for which we receive income, may be reimbursed under the U.K. Research and Development Expenditure Credit (‘RDEC’) scheme. Receipts under the RDEC scheme are presented within other operating income as they are similar in nature to grant income. Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the Consolidated Statement of Financial Position differs from its tax base, except for differences arising on: • the initial recognition of goodwill; • the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and • investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference, and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities / (assets) are settled / (recovered). Financial instruments The Group recognizes financial assets and liabilities in the respective categories ‘Financial assets at amortized cost’ and ‘Financial liabilities measured at amortized cost.’ Financial assets at amortized cost are non-derivative financial assets which are held to collect the contractual cash flows on specified dates. They arise when the Group provides money, goods or services directly to the debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the year / period end date, which are classified as non-current assets. Other liabilities consist of trade and other payables, being balances arising in the course of normal business with suppliers, contractors and other service providers, and borrowings, being loans and hire purchase funds advanced for the refit of leasehold premises and the purchase of laboratory equipment, fixtures and fittings. Financial assets at amortized cost, and other liabilities are initially recorded at fair value, and thereafter at amortized cost, if the timing difference is deemed to impact the fair value of the asset or liability. The contingent liability is accounted for as a liability and its value is measured at amortized cost using the effective interest rate method, and is re-measured for changes in estimated cash flows or when the probability of success changes. The Group assesses at each year / period end date the expected credit losses of a financial asset or a group of financial assets with consideration given to the risk of default occurring. Expected credit losses are the difference between the contractual cash flows due to the Group and the cash flows the Group expects to receive. The Group does not hold or trade in derivative financial instruments. Warrants Warrants issued by the Group are recognized and classified as equity when, upon exercise, the Company would issue a fixed amount of its own equity instruments (ordinary shares) in exchange for a fixed amount of cash or another financial asset. Consideration received, net of incremental costs directly attributable to the issue of such new warrants, is shown in equity. Such warrants are not remeasured at fair value in subsequent reporting periods. Warrants issued in which external services are received as consideration for equity instruments of the company should be measured at the fair value of the goods or services received. Only if the fair value of the services cannot be measured reliably would the fair value of the equity instruments granted be used. The fair value for the warrants is calculated using the Black-Scholes formula and charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the period of the consulting services. If the services are terminated prior to the end of the consultancy agreement, the warrants cease vesting and any unvested portion of the warrants will lapse immediately.

Critical accounting judgements

Critical accounting judgements and key sources of estimation uncertainty	11 Months Ended
	Dec. 31, 2019
Disclosure of changes in accounting estimates [abstract]
Critical accounting judgements and key sources of estimation uncertainty	Critical accounting judgments and key sources of estimation uncertainty The preparation of the Consolidated Financial Statements requires the Group to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from those estimates. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the year/period end date that may have a risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are noted below. Revenue Recognition The Group recognizes revenue from licensing fees, collaboration fees, development, regulatory and approval milestone fees, sales milestones and sales-based royalties. Agreements generally include a non-refundable upfront fee, milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones, as well as royalties on product sales of licensed products, if and when such product sales occur. For these agreements, the Group is required to apply judgment as follows: the identification of the number of performance obligations within a contract, the allocation of the transaction price to those performance obligations and the timing of when milestone payments are included in the transaction price. In relation to the license and commercialization agreement with Eurofarma, the Group has assessed that the license to commercialize the Group’s intellectual property is not distinct in the context of the contract and that there is a transformational relationship between the license and the research and development activities delivered as they are highly interrelated elements of the contract. The Group has therefore determined that there is one single performance obligation under IFRS 15 in relation to the license granted and research and development activities which is the transfer of a license for which the associated research and development activities are completed over time. Should the expected completion date be extended, the effect on revenue recognized for the eleven months ended December 31, 2019 would not be material. The allocation of the transaction price is based on the relative stand-alone selling price of those services provided and the performance obligation activities to which the terms of the payments specifically relate. Milestone payments and other variable consideration are only included in the transaction price allocated to a performance obligation when it becomes highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The allocated transaction price is recognized over the respective performance period of each performance obligation. As a result, the upfront payments, development milestones and development cost share income allocated to the license granted and research and development activities, which is the transfer of a license for which the associated research and development activities are completed over time, are initially reported as deferred revenue in the Consolidated Statement of Financial Position and are recognized as revenue over the development period. See Note 5 ' Revenue ' for details of our contracts with customers. Indications of asset impairment The Group is required to exercise judgment as to whether there is any indication that its tangible and intangible assets have suffered an impairment loss when reviewing the carrying value of those assets. See Note 15 ' Intangible assets ' for details of the impairment reviews performed by the Group relating to this financial period. Recognition of research and development expenditure and associated funding income The Group recognizes expenditure incurred in carrying out its research and development activities and the associated funding income in line with management’s best estimation of the work completed on each separately contracted study or activity. This includes the calculation of research and development accruals and prepayments at each period to account for expenditure that has been incurred and the associated funding income. This requires estimations of the expected costs to complete each study or activity and the estimation of the current stage of completion. In all cases, the full cost of each study or activity is expensed by the time the final report or where applicable, product, has been received. See Notes 17 ' Trade and other receivables ' and 18 ' Trade and other payables ' for further details of these estimates. Assumed contingent liability The Group's assumed contingent liability is recognized in the Consolidated Financial Statements at fair value as required by IFRS 3 ' Business Combinations .' In determining the fair value of this liability, a number of assumptions need to be made by management which include significant estimates. See Note 24 ‘ Provisions for other liabilities and charges and contingent liabilities .’

Changes to accounting policies

Changes to accounting policies	11 Months Ended
	Dec. 31, 2019
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Changes to accounting policies	Changes to accounting policies Adoption of IFRS 16 ' Leases' IFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. The standard is effective for reporting periods beginning on or after January 1, 2019, and replaces the accounting standard IAS 17 ' Leases .' Two adoption methods are permitted for transition: retrospectively to all prior reporting periods presented in accordance with IAS 8 ' Accounting Policies, Changes in Accounting Estimates and Errors ,' with certain practical expedients permitted; or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. The Group adopted this new standard effective February 1, 2019, as required, using the full retrospective transition method in accordance with IAS 8 ' Accounting Policies, Changes in Accounting Estimates and Errors .' Under this method, the Group has adjusted its results for the years ended January 31, 2018, and 2019, and applicable interim periods, as if IFRS 16 had been effective for those periods. The Group has assessed the effect of adoption of this standard as it relates to its leased properties in Oxford and Cambridge, U.K., and has concluded that any other contracts are not within the scope of IFRS 16 or are of low value, for which the Group has elected not to apply the requirement of IFRS 16. Due to the adoption of IFRS 16, the Group has recognized both right-of-use assets and lease liabilities related to its U.K. leased properties. The Group no longer recognizes a lease incentive accrual, which was recorded in trade and other payables or remaining rent prepayments, and has reclassified some costs from research and development expenses and general and administration expenses to finance costs, being the interest expense on lease liabilities. In addition, some amounts previously presented as cash outflows from operating activities in the Group's Consolidated Statement of Cash Flows are now presented as cash flows from investing or financing activities. This change in accounting policy has been reflected retrospectively in the comparative Statement of Financial Position for the years ended January 31, 2019, and 2018. The impact of the change in accounting policy to IFRS 16 discussed above on the comparatives to these financial statements is disclosed in the following tables. Impact on Consolidated Statement of Financial Position Original As at January 31, 2019 Adjusted As at January 31, 2019 Impact £000 £000 £000 Non-current assets Property, plant and equipment 616 1,540 924 Current assets Trade and other receivables 13,547 13,491 (56 ) Non-current liabilities Lease liabilities — (647 ) (647 ) Current liabilities Trade and other payables (8,865 ) (8,733 ) 132 Lease liabilities — (358 ) (358 ) Equity Accumulated losses reserve (76,092 ) (76,097 ) (5 ) Changes to accounting policies (continued) Impact on the Consolidated Original Year ended January 31, 2019 Adjusted Year ended January 31, 2019 Impact Statement of Comprehensive Income £000 £000 £000 Operating expenses Research and development (39,174 ) (39,182 ) (8 ) General and administration (12,342 ) (12,328 ) 14 Operating profit 2,667 2,673 6 Finance costs (424 ) (467 ) (43 ) Profit for the period 7,527 7,490 (37 ) Impact on the Consolidated Original Year ended January 31, 2019 Adjusted Year ended January 31, 2019 Impact Statement of Cash Flows £000 £000 £000 Profit before income tax 5,031 4,994 (37 ) Adjusted for: Finance costs 424 467 43 Depreciation 309 644 335 Increase in trade and other receivables (2,218 ) (2,210 ) 8 Decrease in trade and other payables 93 68 (25 ) Financing activities Repayment of lease liabilities — (281 ) (281 ) Repayment of lease interest — (43 ) (43 ) Impact on net cash flows — Impact on Consolidated Statement of Financial Position Original Adjusted £000 £000 £000 Non-current assets Property, plant and equipment 809 2,067 1,258 Current assets Trade and other receivables 11,134 11,087 (47 ) Non-current liabilities Lease liabilities — (962 ) (962 ) Current liabilities Trade and other payables (8,932 ) (8,825 ) 107 Lease liabilities — (324 ) (324 ) Equity Accumulated losses reserve (93,957 ) (93,925 ) 32 Changes to accounting policies (continued) Impact on the Consolidated Original Adjusted Statement of Comprehensive Income £000 £000 £000 Operating expenses Research and development (28,970 ) (28,979 ) (9 ) General and administration (11,999 ) (11,935 ) 64 Operating loss (25,884 ) (25,829 ) 55 Finance costs (1,164 ) (1,187 ) (23 ) Loss for the period (20,190 ) (20,158 ) 32 Impact on the Consolidated Original Adjusted Statement of Cash Flows £000 £000 £000 Loss before income tax (23,952 ) (23,920 ) 32 Adjusted for: Finance costs 1,164 1,187 23 Depreciation 140 294 154 Increase in trade and other receivables (8,993 ) (8,946 ) 47 Increase in trade and other payables 3,375 3,268 (107 ) Financing activities Repayment of lease liabilities — (128 ) (128 ) Repayment of lease interest — (21 ) (21 ) Impact on net cash flows — The Group will continue to monitor interpretations released by the IFRS Interpretations Committee and amendments to IFRS 16 and, as appropriate, will adopt these from the effective dates. For additional details regarding the Group's lease agreements see Note 22 ' Leases .' The Directors do not expect that the adoption of the remaining standards and interpretations in future periods will have a material impact on the financial statements of the Group. During the period ended December 31, 2019 , the following additional new standards, amendments to standards or interpretations became effective for the Group for the first time. The adoption of these interpretations, standards or amendment to standards were either not relevant for the Group or have not led to any significant impact on the Group’s financial statements. International Accounting Standards (IAS/IFRS) Effective Date Amendments to IFRS 9 Financial Instruments, Prepayment Features with Negative Compensation January 1, 2019 Amendments to IAS 19 Employee Benefits, Plan amendments, curtailments or settlements January 1, 2019 Amendments resulting from Annual Improvements 2015–2017 Cycle January 1, 2019 IFRIC 23 Uncertainty over Income Tax Treatments January 1, 2019 Changes to accounting policies (continued) At the date of signing these Consolidated Financial Statements, the following standards, amendments and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: International Accounting Standards (IAS/IFRS) Effective Date Amendments to References to the Conceptual Framework in IFRS Standards January 1, 2020 Amendments to IFRS 3 Business Combinations, Definition of a Business January 1, 2020 Amendments to IAS 1 and IAS 8, Definition of Material January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform January 1, 2020 The Group does not believe the adoption of these standards will have a material impact on the Group's financial statements.

Segmental reporting

Segmental reporting	11 Months Ended
	Dec. 31, 2019
Disclosure of operating segments [abstract]
Segmental reporting	Segmental reporting The Summit Group comprises eleven legal entities, of which four are trading. These included the ten subsidiary companies and the Group holding company, Summit Therapeutics plc. The Group operates in one reportable segment: Drug Development. The chief operating decision-maker has been identified as the Executive Management Team. Up until April 2020, this team consisted of the former Chief Executive Officer, the former Chief Operating Officer (prior to his departure in January 2020) and the former Chief Commercial Officer. From April 2020, the Executive Management Team consists of the Chief Executive Officer, the Executive Vice President and the Interim Chief Operating Officer. The Executive Management Team reviews the consolidated operating results regularly to make decisions about the financial and organizational resources and to assess overall performance. The Drug Development segment covers Summit’s research and development activities carried out by the Group, primarily comprising the CDI program and antibiotic pipeline research activities. The corporate and other activities of Summit Therapeutics plc, Summit (Oxford) Limited, Summit Therapeutics Inc and Discuva Limited, which comprise the costs incurred in providing the facilities, finance, human resource and information technology services, are incurred by the main segment of the Group. Substantially all of the Group’s assets are held in the United Kingdom.

Revenue

Revenue	11 Months Ended
	Dec. 31, 2019
Revenue [abstract]
Revenue	Revenue Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of revenue by category: Licensing agreements 583 42,766 12,050 Research collaboration agreement — 246 310 583 43,012 12,360 Revenue recognized in the period consists of amounts received from the license and commercialization agreement with Eurofarma Laboratórios S.A., and amounts received from the license and collaboration agreement with Sarepta Therapeutics, Inc. which was terminated in August 2019. See Note 19 ‘ Deferred revenue and income ’ for details of amounts deferred in the Consolidated Statement of Financial Position. Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of revenue by geography: United States 126 42,267 12,008 Latin America 457 499 42 Europe — 246 310 583 43,012 12,360 5 . Revenue (continued) The analysis of revenue by geography has been identified on the basis of the customer’s geographical location. Eurofarma Laboratórios S.A. On December 21, 2017, Summit announced it had entered into an exclusive license and commercialization agreement with Eurofarma Laboratórios S.A. ('Eurofarma'), pursuant to which the Group granted Eurofarma the exclusive right to commercialize ridinilazole in specified countries in South America, Central America and the Caribbean. The Group has retained commercialization rights in the rest of the world. Under the terms of the license and commercialization agreement with Eurofarma, the Group received an upfront payment of $2.5 million ( £1.9 million ) from Eurofarma in December 2017. The terms of the contract have been assessed under IFRS 15 ' Revenue from contracts with customers' and currently only the upfront payment is included in the transaction price. The upfront payment was initially reported as deferred revenue in the Consolidated Statement of Financial Position and is recognized as revenue over the development period. The Group recognized revenue related to the upfront payment of £0.5 million during the eleven months ended December 31, 2019. In addition, the Group will be entitled to receive an additional $3.75 million in development milestones upon the achievement of staged patient enrollment targets in the licensed territory in one of the two planned Phase 3 clinical trials of ridinilazole. The Group is eligible to receive up to $21.4 million in development, commercial and sales milestones when cumulative net sales equal or exceed $100.0 million in the Eurofarma licensed territory. Each subsequent achievement of an additional $100.0 million in cumulative net sales will result in the Group receiving additional milestone payments, which, when combined with anticipated product supply transfer payments from Eurofarma paid to the Group in connection with a commercial supply agreement to be entered into between the two parties, will provide payments estimated to range from a mid-teens to high-teens percentage of cumulative net sales in the Eurofarma licensed territory. The Group estimates such product supply transfer payments from Eurofarma will range from a high single-digit to low double-digit percentage of cumulative net sales in the licensed territory. Sarepta Therapeutics, Inc. On October 4, 2016, Summit announced it had entered into an exclusive license and collaboration agreement with Sarepta Therapeutics, Inc. (‘Sarepta’). In June 2018, the Group announced the discontinuation of the development of ezutromid after its Phase 2 clinical trial called PhaseOut DMD did not meet its primary or secondary endpoints. As part of the license and collaboration agreement with Sarepta, the Group agreed to collaborate with Sarepta on the research and development of the licensed products pursuant to a joint development plan through a joint steering committee comprised of an equal number of representatives from each party. From January 1, 2018, the Group was responsible for 55% of the budgeted research and development costs related to the licensed products, and Sarepta was responsible for 45% of such costs. Any costs in excess of 110% of the budgeted amount were borne by the party that incurred such costs. This development cost share income is recognized as part of licensing agreements revenue as the Group acted as a principal in the scope of the research and development activities of the agreement. The Group recognized cost share income for both wind-down activities in relation to PhaseOut DMD and next and future generation utrophin modulation development activities of £0.1 million during the eleven months ended December 31, 2019. Effective as of August 2019, the agreement with Sarepta was terminated with no material ongoing obligations for either party

Other operating income

Other operating income	11 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Other operating income	Other operating income Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of other operating income by category: Income recognized in respect of BARDA 13,864 13,091 1,772 Grant income 650 1,187 13 Income on remeasurement or derecognition of financial liabilities on funding arrangements (Note 21) — 539 908 Research and development credit 649 333 23 Other income — 6 9 15,163 15,156 2,725 BARDA In September 2017, the Group was awarded a funding contract from the Biomedical Advanced Research and Development Authority ('BARDA'), an agency of the US government's Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response, to fund a specified portion of the clinical and regulatory development activities of ridinilazole for the treatment of C. difficile infection ('CDI'). Under the terms of this contract, the Group was initially eligible to receive base period funding of $32 million . In addition, the contract included three option work segments that, if exercised in full by BARDA, would increase the total federal government funding under the contract to approximately $62 million . In August 2018, BARDA exercised one of the option work segments worth $12 million . In June 2019, BARDA increased the total value of the funding contract to up to $63.7 million ; at this time, BARDA also exercised a second of the option work segments worth $9.6 million to bring the total amount of committed BARDA funding to $53.6 million . In January 2020, BARDA increased its award by $8.8 million to bring the total amount of the funding contract to $72.5 million and the total amount of committed BARDA funding to $62.4 million . The remaining federal government funding is dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Group of certain agreed-upon milestones for ridinilazole. Grant income includes income from funding arrangements with CARB-X for the Group's antibiotic pipeline research and development activities. CARB-X In July 2018, the Group was granted a sub-award of up to $4.5 million from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program, or CARB-X. Under the CARB-X award, the Group received an initial $2.0 million in funding from CARB-X in July 2018. In February 2020, CARB-X increased the value of the initial funding by $1.2 million , which means the award for the initial period is now worth up to $3.2 million , with the total award worth up to $5.7 million . The remaining $2.5 million is split into two option segments, which may be exercised by CARB-X upon the achievement of certain development milestones. If exercised in full, this funding could support the development of a selected gonorrhea candidate through the end of a Phase 1 clinical trial. Loss before income tax Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Research and development Employee benefit expense 4,718 6,264 5,616 Share-based payment expense 283 1,091 327 Program related costs 24,288 29,868 21,810 Amortization of intangible assets 760 829 105 Depreciation of property, plant and equipment 272 297 141 Other research and development costs 880 833 980 31,201 39,182 28,979 General and administration Employee benefit expense 2,741 3,238 2,870 Share-based payment expense 363 3,652 1,280 Foreign exchange loss / (gain) 1,037 (491 ) 1,986 Depreciation of property, plant and equipment 252 347 151 Loss on disposal of assets 10 43 40 Other general and administration costs 5,473 4,766 5,539 Loss on contingent consideration — 754 — Royalty expense 1 19 69 9,877 12,328 11,935

Directors and employees

Directors and employees	11 Months Ended
	Dec. 31, 2019
Disclosure Directors And Employees [Abstract]
Directors and employees	Directors and employees The average monthly number of employees of the Group, including Executive Directors, during the year was: Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 Technical, research and development 36 45 34 Corporate and administration 29 29 26 65 74 60 7 . Directors and employees (continued) The average number of employees reflects a decrease in the Group's workforce during the second half of the year ended January 31, 2019, from the implementation of cost-cutting measures following the decision to discontinue ezutromid development in June 2018. The number of employees as at December 31, 2019 , was 70 ( January 31, 2019 : 61 ). This increase reflects hirings to support Phase 3 preparatory activities for ridinilazole. Their aggregate remuneration comprised: Eleven months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Wages and salaries 6,304 8,268 7,493 Social security costs 758 844 643 Other pension costs 396 390 350 Share-based payment 646 4,743 1,607 8,104 14,245 10,093 Included within wages and salaries are termination benefits of £ nil (January 31, 2019: £0.2 million ). Key management of the Group are members of the Executive Management Team. The aggregate amounts of key management compensation for the period are set out below: Eleven months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Short-term employee benefits Wages and salaries 871 1,406 1,520 Social security costs 40 168 162 911 1,574 1,682 Post-employment benefits Amounts paid in lieu of employer pension contributions 46 43 32 Other pension costs 20 11 14 66 54 46 Share-based payment 337 3,177 705 Total remuneration 1,314 4,805 2,433

Loss before income tax

Loss before income tax	11 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Loss before income tax	Other operating income Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of other operating income by category: Income recognized in respect of BARDA 13,864 13,091 1,772 Grant income 650 1,187 13 Income on remeasurement or derecognition of financial liabilities on funding arrangements (Note 21) — 539 908 Research and development credit 649 333 23 Other income — 6 9 15,163 15,156 2,725 BARDA In September 2017, the Group was awarded a funding contract from the Biomedical Advanced Research and Development Authority ('BARDA'), an agency of the US government's Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response, to fund a specified portion of the clinical and regulatory development activities of ridinilazole for the treatment of C. difficile infection ('CDI'). Under the terms of this contract, the Group was initially eligible to receive base period funding of $32 million . In addition, the contract included three option work segments that, if exercised in full by BARDA, would increase the total federal government funding under the contract to approximately $62 million . In August 2018, BARDA exercised one of the option work segments worth $12 million . In June 2019, BARDA increased the total value of the funding contract to up to $63.7 million ; at this time, BARDA also exercised a second of the option work segments worth $9.6 million to bring the total amount of committed BARDA funding to $53.6 million . In January 2020, BARDA increased its award by $8.8 million to bring the total amount of the funding contract to $72.5 million and the total amount of committed BARDA funding to $62.4 million . The remaining federal government funding is dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Group of certain agreed-upon milestones for ridinilazole. Grant income includes income from funding arrangements with CARB-X for the Group's antibiotic pipeline research and development activities. CARB-X In July 2018, the Group was granted a sub-award of up to $4.5 million from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program, or CARB-X. Under the CARB-X award, the Group received an initial $2.0 million in funding from CARB-X in July 2018. In February 2020, CARB-X increased the value of the initial funding by $1.2 million , which means the award for the initial period is now worth up to $3.2 million , with the total award worth up to $5.7 million . The remaining $2.5 million is split into two option segments, which may be exercised by CARB-X upon the achievement of certain development milestones. If exercised in full, this funding could support the development of a selected gonorrhea candidate through the end of a Phase 1 clinical trial. Loss before income tax Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Research and development Employee benefit expense 4,718 6,264 5,616 Share-based payment expense 283 1,091 327 Program related costs 24,288 29,868 21,810 Amortization of intangible assets 760 829 105 Depreciation of property, plant and equipment 272 297 141 Other research and development costs 880 833 980 31,201 39,182 28,979 General and administration Employee benefit expense 2,741 3,238 2,870 Share-based payment expense 363 3,652 1,280 Foreign exchange loss / (gain) 1,037 (491 ) 1,986 Depreciation of property, plant and equipment 252 347 151 Loss on disposal of assets 10 43 40 Other general and administration costs 5,473 4,766 5,539 Loss on contingent consideration — 754 — Royalty expense 1 19 69 9,877 12,328 11,935

Impairment of goodwill and inta

Impairment of goodwill and intangible assets	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about intangible assets [abstract]
Impairment of goodwill and intangible assets	Impairment of goodwill and intangible assets As a result of the Group's decision in June 2018 to discontinue development of ezutromid, management concluded that this was an indication of impairment and hence reviewed the intangible asset and goodwill associated with the acquisition of MuOx Limited which related to the utrophin program acquired. Based on this review, an impairment charge of £4.0 million was recognized during the year ended January 31, 2019, representing the full aggregate carrying value of the intangible asset of £3.3 million and goodwill of £0.7 million . See Note 15 'Intangibles' for details of the assets.

Auditors_ remuneration

Auditors’ remuneration	11 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Auditors’ remuneration	Auditors’ remuneration Services provided by the Group’s auditors During the year, the Group obtained the following services from the Group’s auditors at the cost detailed below: Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Fees payable to the auditors and its associates for the audit of the Company and Consolidated Financial Statements 137 100 132 Fees payable to the auditors and its associates for other services: - Audit of the Company’s subsidiaries (1) 125 119 209 - Audit related assurance services (2) 161 60 — - Other assurance services (3) 174 115 118 - Tax compliance and advisory services 38 25 23 - Other services not covered by the above 22 — — Total fees payable 657 419 482 (1) For the year ended January 31, 2018, fees payable for the Consolidated Financial Statements and fees payable for the Company's subsidiaries include audit services relating to the initial audit and business combination accounting for Discuva Limited. These were non-recurring fees. (2) Fees relate to the review of the quarterly information. (3) For the eleven months ended December 31, 2019, other assurance services include services provided to future SEC filings and qualitative assessment of IFRS to U.S. GAAP differences, in anticipation of the loss of FPI status. For the year ended January 31, 2019, other assurance services includes reporting in connection with the Company’s registration statement on Form F-3 that was filed with the SEC on May 15, 2018. For the year ended January 31, 2018, other assurance services includes reporting in connection with the Company's underwritten public offering completed on September 18, 2017. These amounts were recognized directly in share premium.

Finance income and costs

Finance income and costs	11 Months Ended
	Dec. 31, 2019
Disclosure of finance income and costs [Abstract]
Finance income and costs	Finance income and costs Note Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) (Adjusted*) £000 £000 £000 Finance income Remeasurement or derecognition of financial liabilities on funding arrangements — 2,784 3,085 Interest income on deposits 4 4 11 Finance income 4 2,788 3,096 Finance costs Unwinding of discount factor 22 (198 ) (424 ) (754 ) Lease liability interest 23 (30 ) (43 ) (23 ) Remeasurement of financial liabilities on funding arrangements — — (410 ) Finance costs (228 ) (467 ) (1,187 ) * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 ' Lease s' . ’

Income tax

Income tax	11 Months Ended
	Dec. 31, 2019
Disclosure Of Income Tax [Abstract]
Income tax	Income tax Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) (Adjusted*) £000 £000 £000 Analysis of credit in the period Current tax : Current tax income 3,523 1,286 3,767 Adjustments in respect of prior years (114 ) 506 (5 ) Total current tax 3,409 1,792 3,762 Total deferred tax 115 704 — Total tax 3,524 2,496 3,762 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.’ The difference between the total tax shown above and the amount calculated by applying the standard rate of U.K. corporation tax to the loss before tax is as follows: Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) (Adjusted*) £000 £000 £000 (Loss) / profit before tax (25,556 ) 4,994 (23,920 ) (Loss) / profit multiplied by the standard rate of corporation tax in the United Kingdom (Current tax) 19% (2019: 19%) (4,856 ) 949 (4,585 ) Adjustment on adoption of IFRS 15 — (2,481 ) 2,504 Adjustment on adoption of IFRS 16 (1 ) 7 (7 ) Change in unrecognized tax losses 2,449 820 751 Non-deductible expenses 343 1,797 402 Tax relief for qualifying research and development expenditure (1,494 ) (2,656 ) (3,043 ) Prior year adjustments 114 (506 ) 5 Share options exercised — (15 ) (40 ) Overseas profits taxed at different rates 36 292 251 Release of temporary difference relating to intangible assets (115 ) (703 ) — Total tax (3,524 ) (2,496 ) (3,762 ) * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 ' Leases'. ’ There are no current tax liabilities as at December 31, 2019 (January 31, 2019 : £ nil ; January 31, 2018 : £ nil ). Tax relief for qualifying research and development expenditure relates to U.K. research and development tax credits claimed through the small or medium-sized enterprise scheme ('SME') under the Finance Act 2015. The Finance (No 2) Act 2015, which provides for reductions in the main rate of corporation tax from 20% to 19% effective from April 1, 2017, and to 18% effective from April 1, 2020, was substantively enacted on October 26, 2015. Subsequently, the Finance Act 2016, which provides for a further reduction in the main rate of corporation tax to 17% effective from April 1, 2020, was substantively enacted on September 6, 2016. These rate reductions have been reflected in the calculation of deferred tax at the year end date. In the Spring Budget 2020, the Government announced that from April 1, 2020, the corporation tax rate would remain at 19% (rather than reducing to 17%, as previously enacted). This new law was substantively enacted on March 17, 2020. As the proposal to keep the rate at 19% had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements. However, it is likely that the overall effect of the 12 . Income tax (continued) change, had it been substantively enacted by the balance sheet date, would be to increase the unprovided deferred tax asset by £1.8 million . The closing deferred tax liability at December 31, 2019 , has been calculated at 17% reflecting the tax rate at which the deferred tax liability is expected to be reversed in future periods. Unrecognized deferred tax has been calculated at 17% reflecting the latest enacted rate. In respect of unrecognized deferred tax on losses, the new loss restriction rules effective from April 1, 2017, limit the amount of brought forward losses available to use against future taxable profits on a year by year basis to the extent that taxable profits exceed £5.0 million in each year. However, the losses will not lapse and therefore, the full amount will be relieved over time provided there are sufficient profits against which the losses can be utilized. Please see Note 25 ‘ Deferred tax liability ’ for information on the unrecognized tax losses carried forward.

(Loss) _ Earnings per share

(Loss) / Earnings per share	11 Months Ended
	Dec. 31, 2019
Earnings per share [abstract]
(Loss) / Earnings per share	(Loss) / Earnings per share The calculation of (loss) / earnings per share is based on the following data: Eleven month period ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) 000 000 000 (Loss) / profit for the period / year £ (22,032 ) £ 7,490 £ (20,158 ) Weighted average number of ordinary shares for basic earnings / (loss) earnings per share 164,145 85,702 65,434 Effect of dilutive potential ordinary shares (share options and warrants) — 442 — Weighted average number of ordinary shares for diluted earnings per share 164,145 86,144 65,434 Basic (loss) / earnings per ordinary share from operations £ (0.13 ) 0.09 (0.31 ) Diluted (loss) / earnings per ordinary share from operations £ (0.13 ) 0.09 (0.31 ) * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'. ’ Basic loss per ordinary share has been calculated by dividing the loss for the eleven month period ended December 31, 2019 , by the weighted average number of shares in issue during the eleven month period ended December 31, 2019 . Diluted earnings per ordinary share has been calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares and warrants. Potentially dilutive ordinary shares are the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options and warrants in-the-money compared with the number of shares that would have been issued assuming the exercise of share options and warrants in-the-money. At December 31, 2019 , total outstanding share options were 23,224,188 , total outstanding restricted stock units (‘RSUs’) were 692,306 and total outstanding warrants were 43,100,425 . Of these equity instruments, 67,016,919 were not included in the calculation of potentially dilutive ordinary shares for the year ended December 31, 2019 , as they are not dilutive as exercise price was above market price. IAS 33 ‘ Earnings per Share ’ requires the presentation of diluted earnings per share where a company could be called upon to issue shares that would decrease net profit or loss per share. As the Group reported net losses for the eleven months ended December 31, 2019, and the year ended January 31, 2018, the weighted average number of ordinary shares outstanding used to calculate the diluted earnings / (loss) per ordinary share is the same as that used to calculate the basic earnings / (loss) per ordinary share, as the exercise of share options would have the effect of reducing loss per ordinary share which is not dilutive.

Goodwill

Goodwill	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about intangible assets [abstract]
Goodwill	Goodwill Discuva Limited £000 MuOx Limited £000 Total £000 Cost At February 1, 2019 1,814 664 2,478 At December 31, 2019 1,814 664 2,478 Accumulated impairment At February 1, 2019 — (664 ) (664 ) At December 31, 2019 — (664 ) (664 ) Net book amount At February 1, 2019 1,814 — 1,814 At December 31, 2019 1,814 — 1,814 Discuva Limited £000 MuOx Limited £000 Total £000 Cost At February 1, 2018 1,814 664 2,478 At January 31, 2019 1,814 664 2,478 Accumulated impairment At February 1, 2018 — — — Impairment — (664 ) (664 ) At January 31, 2019 — (664 ) (664 ) Net book amount At February 1, 2018 1,814 664 2,478 At January 31, 2019 1,814 — 1,814 Goodwill represents the difference between the fair value of the identifiable assets acquired and liabilities assumed and the amount paid in consideration . In accordance with IAS 36 ‘ Impairment of Assets, ’ the remaining goodwill has been reviewed for impairment and no further provision is considered necessary. The impairment reviews of goodwill undertaken during the financial period and at the period end are included as part of the intangible assets impairment review in Note 15 ‘ Intangible assets .’ Goodwill relating to MuOx Limited formed part of the same cash-generating unit as the utrophin program acquired. Goodwill relating to Discuva Limited forms part of the same cash-generating unit as the Discuva Platform acquired. On December 23, 2017, the Group acquired 100% of the share capital of Discuva Limited a privately held U.K.-based company, resulting in the recognition of £ 1.8 million of goodwill. Goodwill recognized in respect of Discuva Limited is attributable to the synergies expected with the Group's ongoing business as a result of the acquisition and the existing Discuva Limited workforce (which cannot be separately valued under IFRS accounting standards).

Intangible assets

Intangible assets	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about intangible assets [abstract]
Intangible assets	Intangible assets Utrophin Discuva Platform acquired Option over non-financial assets Other Total Cost At February 1, 2019 3,321 10,670 668 222 14,881 Additions — — — 106 106 At December 31, 2019 3,321 10,670 668 328 14,987 Accumulated amortization At February 1, 2019 (3,321 ) (818 ) (49 ) (89 ) (4,277 ) Charge for the period — (677 ) (45 ) (38 ) (760 ) At December 31, 2019 (3,321 ) (1,495 ) (94 ) (127 ) (5,037 ) Net book amount At February 1, 2019 — 9,852 619 133 10,604 At December 31, 2019 — 9,175 574 201 9,950 Utrophin Discuva Platform acquired Option over non-financial assets Other Total Cost At February 1, 2018 3,321 10,670 668 265 14,924 Additions — — — 6 6 Disposals — — — (49 ) (49 ) At January 31, 2019 3,321 10,670 668 222 14,881 Accumulated amortization At February 1, 2018 — (79 ) (4 ) (56 ) (139 ) Charge for the year — (739 ) (45 ) (45 ) (829 ) Impairment (3,321 ) — — — (3,321 ) Disposals — — — 12 12 At January 31, 2019 (3,321 ) (818 ) (49 ) (89 ) (4,277 ) Net book amount At February 1, 2018 3,321 10,591 664 209 14,785 At January 31, 2019 — 9,852 619 133 10,604 Amortization of intangible assets is included in the line ‘Research and development’ shown on the face of the Consolidated Statement of Comprehensive Income. In accordance with IAS 36, intangible assets not subject to amortization and the associated goodwill are reviewed for impairment annually or whenever there is an indication that the intangible asset may be impaired. The recoverable amount of an asset or a cash-generating unit is defined as the higher of its fair value and its value in use. MuOx Limited goodwill and utrophin program acquired cash-generating unit As discussed in Note 9 ' Impairment of goodwill and intangible assets ,' as a result of the Group's decision in June 2018 to discontinue development of ezutromid, an impairment charge of £4.0 million was recognized during the year January 31, 2019, representing the full aggregate carrying value of the intangible asset of £3.3 million and goodwill of £0.7 million . 15 . Intangible assets (continued) Discuva Limited goodwill and Discuva Platform acquired cash-generating unit The Discuva Platform acquired as part of the acquisition of Discuva Limited and the associated goodwill have been reviewed for impairment. However, the Company was unable to produce a value in use model to measure the recoverable amount as reliable future cash flows cannot yet be determined. The Company has assessed whether the fair value of these assets, determined upon acquisition of Discuva Limited in December 2017, still remain appropriate through evaluating the following seven factors: • there has been any significant change in the results of the Investee Company compared to budget plan or milestone; • there have been any changes in expectation that technical milestones will be achieved; • there has been any significant change in the market for the Investee Company or its products or potential products; • there has been any significant change in the global economy or the economic environment in which the Investee Company operates; • there has been any significant change in the observable performance of comparable companies, or in the valuations implied by the overall market; • any internal matters such as fraud, commercial disputes, litigation, changes in management or strategy; and • evidence from external transactions in the investee’s equity, either by the investee (such as a fresh issue of equity), or by transfers of equity instruments between third parties. The key milestone events that were considered as part of the milestone analysis approach are as follows: • research and development milestones achieved; and • external transactions achieved. The key sensitivity is our ability to meet ongoing milestone events; if these milestone events are not achieved as expected, this would likely result in a material impairment of the Platform up to and including full impairment.

Property, plant and equipment

Property, plant and equipment	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment Cost Leasehold improvements £000 Right of use assets £000 Laboratory equipment £000 Office and IT equipment £000 Total £000 At February 1, 2019 189 1,561 339 496 2,585 Additions — — 155 5 160 Disposals — — (10 ) (6 ) (16 ) Revaluation — — — 1 1 At December 31, 2019 189 1,561 484 496 2,730 Accumulated depreciation At February 1, 2019 (36 ) (515 ) (171 ) (323 ) (1,045 ) Charge for the period (65 ) (272 ) (101 ) (86 ) (524 ) Disposals — — — 6 6 At December 31, 2019 (101 ) (787 ) (272 ) (403 ) (1,563 ) Net book value At February 1, 2019 153 1,046 168 173 1,540 At December 31, 2019 88 774 212 93 1,167 Cost (As adjusted*) Leasehold improvements £000 Right of use assets £000 Laboratory equipment £000 Office and IT equipment £000 Total £000 At February 1, 2018 189 1,561 299 486 2,535 Additions — — 62 57 119 Disposals — — (22 ) (52 ) (74 ) Revaluation — — — 5 5 At January 31, 2019 189 1,561 339 496 2,585 Accumulated depreciation At February 1, 2018 (2 ) (180 ) (36 ) (249 ) (467 ) Charge for the year (34 ) (335 ) (156 ) (119 ) (644 ) Disposals — — 21 47 68 Revaluation — — — (2 ) (2 ) At January 31, 2019 (36 ) (515 ) (171 ) (323 ) (1,045 ) Net book value At February 1, 2018 187 1,380 263 237 2,067 At January 31, 2019 153 1,046 168 173 1,540 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Trade and other receivables

Trade and other receivables	11 Months Ended
	Dec. 31, 2019
Trade and other receivables [abstract]
Trade and other receivables	Trade and other receivables December 31, 2019 January 31, 2019 £000 £000 (Adjusted*) Trade receivables 410 1,656 Other receivables 905 3,791 Prepayments 6,645 7,433 Accrued income 156 611 8,116 13,491 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 ' Lease s' . ’ 17 . Trade and other receivables (continued) Trade receivables consist of amounts outstanding from Sarepta at December 31, 2019 . This amount has been received post the period end. Included within prepayments at December 31, 2019, is £5.8 million (January 31, 2019: £6.8 million ) of prepayments relating to research and development expenditure. These amounts are determined based on the estimated costs to complete each study or activity, the estimation of the current stage of completion and the invoices received. The key sensitivity is the estimated current stage of completion of each study or activity. If the estimated stage of completion increased by 5% then the aggregate increase in accruals and decrease in prepayments would result in an overall increase in total research and development expenses of £ 1.5 million. If the estimated stage of completion decreased by 5%, then the aggregate decrease in accruals and increase in prepayments would result in an overall decrease in total research and development expenses of £ 1.4 million.

Trade and other payables

Trade and other payables	11 Months Ended
	Dec. 31, 2019
Trade and other payables [abstract]
Trade and other payables	Trade and other payables December 31, 2019 January 31, 2019 (Adjusted*) £000 £000 Trade payables 3,389 4,422 Other taxes and social security 245 190 Accruals 4,353 3,963 Other creditors 33 158 8,020 8,733 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.’ Included within accruals at December 31, 2019, is £2.4 million (January 31, 2019: £1.9 million ) of accruals relating to research and development expenditure. These amounts are determined based on the estimated costs to complete each study or activity, the estimation of the current stage of completion and the invoices received. See Note 17 ' Trade and other receivables ' for information regarding the sensitivity of this estimate.

Deferred revenue and income

Deferred revenue and income	11 Months Ended
	Dec. 31, 2019
Accruals and deferred income [abstract]
Deferred revenue and income	Deferred revenue and income December 31, 2019 January 31, 2019 £000 £000 Due within one year Deferred revenue 499 499 Deferred other operating income 637 2,875 1,136 3,374 Due more than one year Deferred revenue 374 831 374 831 Total deferred revenue 873 1,330 Total deferred other operating income 637 2,875 Revenues and other operating income of £3.3 million included in deferred revenue as at January 31, 2019 , were recognized during the period ended December 31, 2019 . Revenues and other operating income of £37.4 million included in deferred revenue as at January 31, 2018, were recognized during the year ended January 31, 2019 . See Note 5 ' Revenue ' for details on the Group's revenue agreements and revenue recognition.

Contingent consideration

Contingent consideration	11 Months Ended
	Dec. 31, 2019
Disclosure of contingent liabilities [abstract]
Contingent consideration	Contingent consideration During the financial year, the Group reassessed the contingent consideration in line with the anticipated settlement of consideration liabilities relating to the acquisition of Discuva Limited ('Discuva') in December 2017. The Group estimated the total expected additional cash outflows to be £0.1 million , w hich is based on the terms of the share purchase agreement. The additional expected payment is primarily due to research and development tax credits received and receivable by Discuva in respect of financial years prior to the Group's acquisition, of which the sellers are due a specified portion of these amounts. During the year ended December 31, 2019 , a payment of £0.5 million was made for the research and development tax credits received, leaving an estimated contingent consideration liability of £0.1 million .

Financial liabilities on fundin

Financial liabilities on funding arrangements	11 Months Ended
	Dec. 31, 2019
Financial Liabilities At Amortised Cost [Abstract]
Financial liabilities on funding arrangements	Financial liabilities on funding arrangements The Group entered into charitable funding arrangements with the Wellcome Trust and the U.S. not for profit organizations, the Muscular Dystrophy Association (‘MDA’) and Duchenne Partners Fund (‘DPF’). In exchange for the funding provided, these arrangements required the Group to pay royalties on potential future revenues generated from the CDI and DMD programs respectively or transfer the rights over unexploited intellectual property. Discount factors used in the financial liability models were calculated using appropriate measures and rates which could have been obtained in the period that the funding agreements were entered into and are in the range of 16% to 18% for the financial liabilities of funding arrangements previously recognized. Because of the Group's decision in June 2018 to discontinue the development of ezutromid, the financial liabilities attributable to the charitable funding arrangements with MDA and DPF were remeasured during the year ended January 31, 2019, as future royalties on revenues generated from the DMD program are no longer anticipated. This remeasurement resulted in a credit to the Statement of Comprehensive Income. The portion of the credit presented as other operating income during the year ended January 31, 2019, represents the component of the funding received from MDA and DPF not previously credited to the Statement of Comprehensive Income upon initial recognition of the financial liability. The portion of the credit presented as finance income during the year ended January 31, 2019, relates to previous remeasurements and discounting associated with the financial liability which were previously recognized as finance costs. The value of the estimated financial liabilities for funding arrangements as of December 31, 2019, amounted to £ nil (January 31, 2019: £ nil ). December 31, 2019 January 31, 2019 £000 £000 At February 1 — 3,090 Unwinding of discount factor — 233 Remeasurement of financial liabilities on funding arrangements - — (2,784 ) Net finance income on funding arrangements accounting for as financial liabilities — (2,551 ) Remeasurement or derecognition of financial liabilities – other operating income — (539 ) At December 31/January 31 — — As the Group is discontinuing the development of ezutromid, there are no sensitivities disclosed in relation to the charitable funding arrangements with MDA and DPF, since there are no reasonably possible changes in assumptions that would result in a different value of the liability as at January 31, 2019 .

Financial instruments

Financial instruments	11 Months Ended
	Dec. 31, 2019
Financial Instruments [Abstract]
Financial instruments	Financial instruments December 31, 2019 January 31, 2019 (Adjusted*) Note £000 £000 Financial assets at amortized cost Trade and other receivables (1) 17 1,315 5,447 Cash and cash equivalents 48,417 26,858 49,732 32,305 Financial liabilities measured at amortized cost Trade and other payables 18 8,020 8,733 8,020 8,733 Financial liabilities measured at fair value through profit and loss Contingent consideration 20 80 629 (1) Prepayments and accrued income have been excluded as they are not considered to be a financial instrument. * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.’ The Group’s activities expose it to a variety of financial risks: foreign currency risk; interest rate risk; credit risk; and liquidity risk. The Group’s principal financial instrument comprises cash and cash equivalents, and this is used to finance the Group’s operations. Other financial instruments include trade and other receivables and trade and other payables that arise directly from its operations. The category of other receivables all mature within one year . The Group has compared fair value to book value for each class of financial asset and liability and no differences were identified. The Group has a policy, which has been consistently followed, of not trading in financial instruments. Fair value estimation For the contingent consideration, the Group has compared fair market value to book value. The contingent consideration is considered a level 3 financial instrument as it is not based on observable market data, given it was based on the share purchase agreement. The movement on this was a £549K decrease for the eleven month period ended December 31, 2019 which related to payments made as detailed in Note 20. Foreign currency risk Foreign currency risk refers to the risk that the value of a financial commitment or recognized asset or liability will fluctuate due to changes in foreign currency rates. The Group’s net income and financial position, as expressed in pounds sterling, are exposed to movements in foreign exchange rates against the U.S. Dollar and the euro. The main trading currencies of the Group are pounds sterling, the U.S. Dollar, and the euro. The Group is exposed to foreign currency risk as a result of trading transactions, including the receipt of potential payments related to the Group’s agreements with Eurofarma, BARDA and CARB-X, capital raises in the U.S. and the translation of foreign bank accounts. The exposure to foreign exchange is monitored by the Group’s finance function. Exposures are generally managed through natural hedging via the currency denomination of cash balances and any realized impact currently is not material to the Group. December 31, 2019 January 31, 2019 £000 £000 Cash at bank and in hand Pounds Sterling 4,162 3,363 Euro 4 — U.S. Dollar 44,251 23,495 48,417 26,858 22 . Financial instruments (continued) Sensitivity Analysis A reasonably possible strengthening or weakening of the U.S. dollar against pounds sterling as of December 31, 2019, and January 31, 2019, would have affected the measurement of the financial instruments denominated in a foreign currency. The following table shows how a movement in a currency would give rise to a profit or (loss) and a corresponding entry in equity. Profit or loss and equity Strengthening Weakening £000 £000 December 31, 2019 USD (5%) (2,107 ) 2,329 January 31, 2019 USD (5%) (1,119 ) 1,237 Interest rate risk One of the risks arising from the Group’s financial instruments is interest rate risk. The Group holds no derivative instruments to manage interest rate risk; instead the Group placed deposits surplus to short-term working capital requirements with a variety of reputable U.K.-based and U.S.-based banks and building societies. There were no amounts on short term deposits at the year end. These balances are placed at fixed rates of deposit with maturities between one month and three months. The Group’s cash and short-term deposits were as follows: December 31, 2019 January 31, 2019 £000 £000 On current account 48,417 26,858 48,417 26,858 The interest rates for dated deposits were dependent on the rates offered by the Group’s borrowers. The interest rate for short-term deposits is variable dependent on the rates offered by the Group’s banks. During the eleven month period ended December 31, 2019 , the banking facilities returned an average rate after fees of 0.02% (year ended January 31, 2019 : 0.02% ). The Group’s exposure to interest rate risk is illustrated with regard to the opening and closing cash balances and the difference that an increase or decrease of 1% in interest rates would have made based on the average cash balance of £ 37.6 million (January 31, 2019 : £ 23.5 million ) in the year: Eleven Months ended December 31, 2019 (1)% Actual 1% Interest rate — 0.02 1.02 Interest received (£000) — 4 239 Year ended January 31, 2019 (1)% Actual 1% Interest rate — 0.02 1.02 Interest received (£000) — 4 239 Credit risk The credit risk with respect to customers is limited as the Group has only a small number of customers, previously being Sarepta and Eurofarma and now solely Eurofarma. The Group had £0.4 million trade receivables outstanding at December 31, 2019 , from Sarepta. The remaining receivables of £0.9 million bear no credit risk as these are predominately comprised of tax receivables. 22 . Financial instruments (continued) Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of short-term cash deposits and trade accounts receivable. Cash is held at a variety of financial institutions with strong credit ratings; these cash deposits typically bore minimal credit risk in the year. Cash balances maintained during the year have been principally held with reputable U.K.-based and U.S.-based banks and building societies. The Group does not believe that this constituted a major credit risk. As of December 31, 2019 , and January 31, 2019 , the majority of cash and cash equivalents were placed with HSBC Bank plc. Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Group ordinarily finances its activities through cash generated from operating activities, and private and public offerings of equity securities. The Group's operating cash flows together with available cash and cash equivalents are expected to be sufficient to enable the Group to fund its anticipated needs through January 31, 2021. See Note 1 ‘Going concern.’ All of the financial liability categories at each balance sheet date, excluding the financial liabilities on funding arrangements, have maturity dates of less than 12 months from the year end date. Provisions are amounts contingent upon events taking place and the recognition of deferred taxation is dependent upon future profits arising. Capital management The primary aim of the Group’s capital management, defined as its share capital and share premium, is to safeguard the Group’s ability to continue as a going concern, to support its programs and maximize shareholder value. The Group monitors its capital structure and makes adjustments, as and when it is deemed necessary and appropriate to do so, using such methods as the issuing of new ordinary shares and granting of warrants . The capital structure of the Group has come entirely from equity issues.

Leases

Leases	11 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases The Group has two leases relating to its U.K.-leased properties in Oxford and Cambridge that are within the scope of IFRS 16. A summary of these leases is as follows: • In February 2017, the Group entered into a 10 -year lease agreement for its office premises in Oxford, U.K. The lease contains a break clause with the option to terminate the lease on the fifth anniversary of the agreement. The Group does not factor in the period covered by the break clause when accounting for this lease. • In December 2017, the Group entered into a 4 -year lease agreement for its office and lab premises in Cambridge, U.K. The lease contains a break clause with the option to terminate the lease on the second anniversary of the agreement. The Group factors in the period covered by the break clause when accounting for this lease, as the break clause notice period has now passed and was not exercised by the Group. The adoption of IFRS 16 resulted in the recognition of lease liabilities and right-of-use assets. The carrying value of the right-of-use assets included within property, plant and equipment as at December 31, 2019, is £0.8 million (January 31, 2019: £1.0 million ; January 31, 2018: £1.4 million ). The following table summarizes the future minimum lease payments under the Group's lease liabilities: 23 . Leases (continued) December 31, 2019 January 31, 2019 January 31, 2018 Maturity of lease liabilities £000 £000 £000 Fiscal year ended December 31/January 31, 2019 N/A N/A 324 2019 / 2020 — 358 358 2020 / 2021 358 358 358 2021 / 2022 294 294 294 2022 55 55 55 Total minimum lease payments 707 1,065 1,389 Less: imputed interest (29 ) (60 ) (103 ) Total lease liabilities 678 1,005 1,286 Liabilities Current lease liabilities 358 358 324 Non-current lease liabilities 320 647 962 678 1,005 1,286 The weighted average remaining lease term is 2.1 years ( January 31, 2019 : 3.0 years, January 31, 2018 : 4.0 years). The weighted average discount rate is 3.75% (January 31, 2019: 3.75% , January 31, 2018: 3.75% ). The following table contains a summary of the lease costs recognized under IFRS 16 and other information pertaining to the Group’s leases for the eleven months ended December 31, 2019, and year ended January 31, 2019: Eleven months ended December 31, 2019 Year ended January 31, 2019 £000 £000 Lease cost Depreciation 320 335 Interest expense paid 30 43 Total lease cost 350 378 Other information Lease payments 358 324 For details of the Group's transition to IFRS 16 see Note 3 ‘ Basis of Accounting - Adoption of IFRS 16 ‘ Leases ’.’

Provisions for other liabilitie

Provisions for other liabilities and charges and contingent liabilities	11 Months Ended
	Dec. 31, 2019
Disclosure of contingent liabilities [abstract]
Provisions for other liabilities and charges and contingent liabilities	Provisions for other liabilities and charges and contingent liabilities Assumed contingent liabilities £000 Dilapidations £000 Royalties £000 Total At February 1, 2019 1,657 150 44 1,851 Additions — — 1 1 Unwinding of the discount factor 198 — — 198 At December 31, 2019 1,855 150 45 2,050 Assumed contingent liabilities £000 Dilapidations £000 Royalties £000 Total At February 1, 2018 1,466 150 25 1,641 Additions — — 19 19 Unwinding of the discount factor 191 — — 191 At January 31, 2019 1,657 150 44 1,851 Assumed contingent liability As part of the acquisition of Discuva Limited ('Discuva') in December 2017, the Group assumed certain contingent liabilities as certain employees, former employees and former directors of Discuva are eligible for payments from Discuva based on specified development and clinical milestones related to proprietary product candidates developed under the Discuva Platform. The timing of these potential payments is uncertain. On the date of acquisition, the fair value of the assumed contingent liability was estimated using the expected value of the payments. The assumed contingent liabilities are subsequently measured at amortized cost using discounted cash flow models which calculate the risk adjusted net present values of estimated potential future cash flows of the payments. The assumed contingent liabilities are remeasured when there is a specific significant event that provides evidence of a significant change in the probability of successful development and clinical milestones being achieved. The models will be updated for changes in the probability of successful development and clinical milestones being achieved and other associated assumptions with the discount factor to remain unchanged within the model. A discount factor of 13% has been used to discount the contingent liabilities back to net present value. This discount factor has been calculated using appropriate measures and rates which could have been obtained in the period that the contingent liabilities were assumed. The estimated fair value of the assumed contingent liability as at December 31, 2019 , is £1.9 million ( January 31, 2019 : £1.7 million ). The contingent liability has not been remeasured during the period. The table below describes the value of the assumed contingent liabilities as at December 31, 2019 , of £1.9 million compared to what the total value would be following the presented variations to the underlying assumptions in the model: December 31, 2019 £000 Estimated assumed contingent liabilities 1855 1% lower discount rate 1,927 1% higher discount rate 1,791 10% lower probability of success 1,635 10% higher probability of success 2,057 Dilapidations Management has made a provision in respect of the dilapidation costs associated with the reinstatement obligations on their current lease based on best estimates. It is management’s intention to utilize the provision at the end of the lease term. 24 . Provisions for other liabilities and charges and contingent liabilities (continued) Royalties The provision in respect of royalties relates to the amounts due to the Wellcome Trust under the terms of the funding arrangement as described below. The provision has been discounted to take account of the effect of the time value of money, applying a discount rate of 0.8% . Further information on the contingent liabilities included in the Wellcome Trust arrangement are detailed below. In addition to those items provided for above, the Group also has the following contingent liabilities: The School of Pharmacy, University of London The Group has agreed to pay The School of Pharmacy, University of London, a low single-digit share of all revenue, pre and post commercialization, received by the Group in respect of ridinilazole up to a maximum of £ 1.0 million in consideration of their role in the development of the initial compound series from which ridinilazole was later identified. Following the license and commercialization agreement entered into with Eurofarma, an initial payment was made to The School of Pharmacy of £0.04 million . Wellcome Trust Under the terms of the funding arrangement entered into in October 2017, the Wellcome Trust is entitled to a share of the cumulative net revenue that the Group or its affiliates receive from exploiting the exploitation IP or award products. If Summit undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a low-single digit percentage share of net revenues. If a third party undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a mid-single digit percentage share of net revenues received by Summit from sales by the third party and a milestone payment of a low-single digit percentage of any cumulative pre-commercial payments received by Summit from third-party licensees. In both instances outlined above, the Group would also be obligated to pay the Wellcome Trust a milestone of a specified amount if cumulative net revenue exceeds a specified amount. Following the license and commercialization agreement entered into with Eurofarma, an initial payment became due to the Wellcome Trust upon commercialization of ridinilazole. The payment has been provided for by the Group as at the year end date and has been discounted back to net present value relative to the expected timing of commercialization of ridinilazole.

Deferred tax liability

Deferred tax liability	11 Months Ended
	Dec. 31, 2019
Deferred tax assets and liabilities [abstract]
Deferred tax liability	Deferred tax liability The Group's deferred tax liability includes amounts recognized upon acquisition of Discuva Limited, which took place in the year ended January 31, 2018. During the year ended January 31, 2019, amounts recognized upon acquisition of MuOx Limited of £0.6 million were released to the Statement of Comprehensive Income when the related intangible asset was impaired in full, see Note 9 ' Impairment of goodwill and intangible assets ' for further details. Eleven Months ended December 31, 2019 Year ended January 31, 2019 £000 £000 Amounts falling due after more than one year At February 1 1,675 2,379 Release of temporary difference relating to the intangible asset (115 ) (704 ) At December 31 / January 31 1,560 1,675 There is an unrecognized deferred tax asset in relation to the trading losses carried forward of £ 15,240,000 (January 31, 2019 : £ 12,400,000 ), £ 26,000 in relation to provisions (January 31, 2019 : £ 26,000 ) and £ 27,000 (January 31, 2019 : £ 32,000 ) in relation to future exercisable shares. There is a deferred tax liability of £ 14,000 (January 31, 2019 : £ 43,000 ) in respect of accelerated capital allowances, which has been offset against the deferred tax asset in relation to trading losses carried forward. The unrecognized deferred tax asset would be recovered against future company taxable profits. In the opinion of the Directors, there is insufficient evidence that the asset will be recovered, and as such the deferred tax asset has not been recognized in the financial statements.

Share capital

Share capital	11 Months Ended
	Dec. 31, 2019
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Share capital	Share capital December 31, 2019 January 31, 2019 £000 £000 Allotted, called up and fully paid 335,890,281 (January 31, 2019: 160,389,881) Ordinary Shares of 1p each 3,359 1,604 Changes to the number of ordinary shares in issue have been as follows: Number of shares Total nominal value £000 Total share premium £000 Total consideration £000 At February 1, 2018 (1) 73,563,624 736 60,237 60,973 New share capital issued (net of transaction costs) 86,458,333 864 32,471 33,335 Share options exercised 367,924 4 98 102 At January 31, 2019 160,389,881 1,604 92,806 94,410 At February 1, 2019 160,389,881 1,604 92,806 94,410 New share capital issued (net of transaction costs) 175,378,450 1,754 36,304 38,058 Share options exercised 121,950 1 — 1 At December 31, 2019 335,890,281 3,359 129,110 132,469 (1) The difference between the nominal value of the share capital acquired in Discuva Limited and fair value of shares issued in the business combination using the acquisition method of accounting was recognized as part of the Group's merger reserve arising as a result of certain requirements in the United Kingdom. On December 24, 2019, the Company completed an equity placing on the AIM market of the London Stock Exchange, issuing 175,378,450 new ordinary shares at a price of 22.1 pence and warrants for 26,306,765 new ordinary shares at an exercise price of 24.3 pence. Total gross proceeds of $50.0 million ( £38.8 million ) were raised and directly attributable transaction costs £0.7 million were incurred. During the eleven months to December 31, 2019 , the following exercises of restricted stock units took place: Date Number of restricted stock units exercised April 23, 2019 104,877 December 23, 2019 17,073 121,950 The total net proceeds from exercised restricted stock units during the year was £ 1,220 . All new ordinary shares rank pari passu with existing ordinary shares. Following the equity placings and the exercise of the above restricted stock units, as of December 31, 2019, the number of ordinary shares in issue was 335,890,281 . Dividends No dividends were paid or declared in the eleven months ended December 31, 2019 (year ended January 31, 2019 : £ nil ).

Share option scheme and restric

Share option scheme and restricted stock units	11 Months Ended
	Dec. 31, 2019
Disclosure Of Share-Based Payment Arrangements [Abstract]
Share option scheme and restricted stock units	Share option scheme and restricted stock units At December 31, 2019 , the outstanding share options, which include the share options granted to Directors, are shown below: Date of grant Exercise price (£) Number of shares Date from which exercisable Expiry date Approved EMI scheme April 7, 2011 0.65 5,873 April 8, 2014 April 7, 2021 May 10, 2012 0.60 150,046 May 10, 2014 May 10, 2022 December 24, 2012 0.85 21,500 December 24, 2015 December 24, 2022 January 31, 2013 0.20 72,973 July 31, 2013 January 31, 2023 250,392 Unapproved scheme December 18, 2013 0.20 76,364 June 18, 2014 December 18, 2023 July 15, 2014 0.80 100,000 May 30, 2015 May 30, 2023 June 23, 2016 0.01 110,576 July 21, 2016 June 23, 2026 October 19, 2018 0.30 3,941,886 October 19, 2019 October 19, 2028 October 19, 2018 0.30 3,814,970 October 19, 2021 October 19, 2028 March 29, 2019 0.275 4,580,000 March 29, 2020 March 29, 2029 March 29, 2019 0.275 6,500,000 March 29, 2022 March 29, 2029 December 23, 2019 0.21 3,000,000 December 23, 2020 December 23, 2029 December 23, 2019 0.21 850,000 December 23, 2020 December 23, 2029 22,973,796 23,224,188 The Group has no legal or constructive obligation to repurchase or settle the options in cash. The movement in the number of share options is set out below: ` Weighted average exercise price £ Number of share options Outstanding at February 1, 2019 0.35 9,168,396 Granted during the year 0.27 15,246,000 Lapsed / surrendered during the year 0.69 (1,190,208 ) Exercised during the year — — Number of options outstanding at December 31, 2019 0.27 23,224,188 Outstanding at February 1, 2018 1.43 8,577,236 Granted during the year 0.76 13,081,048 Lapsed / surrendered during the year 1.52 (12,397,841 ) Exercised during the year 1.08 (92,047 ) Number of options outstanding at January 31, 2019 0.35 9,168,396 During the twelve months ended January 31, 2019, the former executive director (Glyn Edwards), key management and employees voluntarily surrendered options to subscribe for a total of 7,172,054 ordinary shares. The share-based payment expense for the eleven month period ended December 31, 2019 , was £0.6 million (year ended January 31, 2019 : £4.7 million ). This decrease is primarily due to the surrender of share options, resulting in an accelerated share-based payment expense of the remaining fair value of those awards during the twelve months ended January 31, 2019. As at December 31, 2019 , 1,005,072 share options were capable of being exercised with a weighted average exercise price per option of 36 pence (January 31, 2019 : 1,029,228 with a weighted average exercise price per option of 82 pence). The options outstanding at December 31, 2019 , had a weighted average exercise price per option of 27 pence (January 31, 2019 : 35 pence), and a weighted average remaining contractual life of 9.1 years (January 31, 2019 : 9.2 years). 27 . Share option scheme and restricted stock units (continued) The fair value per share option award granted and the assumptions used in the calculations are as follows: Date of grant Type of award Number of shares Exercise price (£) Share price at grant date (£) Fair value per option (£) Award life (years) Risk free rate April 07, 2011 EMI 5,873 0.65 0.65 0.47 5.00 2.70 % May 10, 2012 EMI 150,046 0.60 0.52 0.24 5.00 1.00 % December 24, 2012 EMI 21,500 0.85 0.85 0.59 5.00 0.90 % January 31, 2013 EMI 72,973 0.20 0.94 0.74 5.00 1.00 % December 18, 2013 Unapproved 76,364 0.20 1.85 1.65 5.00 1.00 % July 15, 2014 Unapproved 100,000 0.80 0.81 0.65 1.90 0.50 % June 23, 2016 Unapproved 110,576 0.01 1.05 1.04 0.50 0.30 % October 19, 2018 Unapproved 3,941,886 0.30 0.30 0.09 3.00 0.81 % October 19, 2018 Unapproved 3,814,970 0.30 0.30 0.12 3.00 0.90 % March 29, 2019 Unapproved 4,580,000 0.275 0.275 0.1 3 0.63 % March 29, 2019 Unapproved 6,500,000 0.275 0.275 0.12 3 0.63 % December 23, 2019 Unapproved 3,000,000 0.21 0.21 0.08 4 0.54 % December 23, 2019 Unapproved 850,000 0.21 0.21 0.07 3 0.54 % 23,224,188 The key assumptions used in calculating the share-based payments are as follows: a. Black-Scholes valuation methodology was used for all share options issued since 2016. These options do not have market-based performance related conditions. b. The majority of share option awards made before 2016 had market-based performance related conditions and have been modeled using the Monte-Carlo methodology. The options granted on January 31, 2013, and December 18, 2013, do not have market-based performance related conditions. c. Figures in the range of 39% - 134% have been used for expected volatility. This has been derived from historic share price performance, weighted to exclude periods of unusually high volatility. d. Expected dividend yield is nil, consistent with the Directors’ view that the Group’s business model is to generate value through capital growth rather than the payment of dividends. e. The risk-free rate is equal to the prevailing U.K. Gilts rate at grant date that most closely matches the expected term of the grant. f. Share options are assumed to be exercised immediately on vesting. g. The fair value of share options awarded where there are different vesting installments is the average of the fair values calculated per installment. At December 31, 2019 , the outstanding restricted stock units (‘RSUs’) in the form of nominal-cost options, which have been granted to non-executive directors, are shown below: Date of grant Exercise price (£) Number of shares Date from which exercisable Expiry date January 11, 2019 0.01 692,306 January 11, 2020 December 31, 2020 692,306 27 . Share option scheme and restricted stock units (continued) The movement in the number of RSUs is set out below: Weighted Eleven Months ended December 31, 2019 Weighted Year ended January 31, 2019 Outstanding at beginning of period 0.01 814,256 0.01 275,877 Granted during the year 0.01 — 0.01 814,256 Exercised during the year 0.01 (121,950 ) 0.01 (275,877 ) Number of RSUs outstanding at end of period 0.01 692,306 0.01 814,256 As at December 31, 2019 , nil RSUs were capable of being exercised (January 31, 2019 : nil ). The RSUs outstanding at December 31, 2019 , had a weighted average exercise price per RSU of 1 penny (January 31, 2019 : 1 penny), and a weighted average remaining contractual life of 1 year (January 31, 2019: 1.8 years). The fair value per RSU award granted and the assumptions used in the calculations are as follows: Date of grant Number of shares Exercise price (£) Share price at grant date (£) Fair value per option (£) Award life (years) Risk free rate January 11, 2019 692,306 0.01 0.26 0.25 1.00 0.79 % The key assumptions used in calculating the share-based payments are as follows: a. Black-Scholes valuation methodology was used for all RSUs. b. Volatility has been estimated at 57% . This has been derived from historical share price performance, weighted to exclude periods of unusually high volatility. c. Expected dividend yield is nil, consistent with the Directors’ view that the Group’s business model is to generate value through capital growth rather than the payment of dividends. d. The risk-free rate is equal to the prevailing U.K. Gilts rate at grant date that most closely matches the expected term of the grant. e. RSUs are assumed to be exercised immediately on vesting. At December 31, 2019 , the outstanding warrants, which have been granted to consultants for services are shown below: Date of grant Exercise price (£) Number of shares Date from which exercisable Expiry date December 24, 2019 0.22 16,793,660 March 24, 2020 December 24, 2029 16,793,660 As at December 31, 2019 , nil consultant warrants were capable of being exercised . The consultant warrants outstanding at December 31, 2019 , had a weighted average exercise price of 22 pence and a weighted average remaining contractual life of 9.98 years. 27 . Share option scheme and restricted stock units (continued) The fair value per consultant warrant granted and the assumptions used in the calculations are as follows: Date of grant Number of shares Exercise price (£) Share price at grant date (£) Fair value per option (£) Award life (years) Risk free rate December 24, 2019 16,793,660 0.22 0.21 0.06 3.00 0.54 % The key assumptions used in calculating the share-based payments are as follows: a. Black-Scholes valuation methodology was used for the consultant warrants. b. Volatility has been estimated using a range of 52% to 69% . This has been derived from historical share price performance, weighted to exclude periods of unusually high volatility. c. Expected dividend yield is nil, consistent with the Directors’ view that the Group’s business model is to generate value through capital growth rather than the payment of dividends. d. The risk-free rate is equal to the prevailing U.K. Gilts rate at grant date that most closely matches the expected term of the grant. e. Consultant warrants are assumed to be exercised immediately on vesting.

Commitments

Commitments	11 Months Ended
	Dec. 31, 2019
Fixed Assets Purchase Commitments [Abstract]
Commitments	Commitments Fixed asset purchase commitments At December 31, 2019 , the Group had no capital commitments ( January 31, 2019 : nil ). Other commitments The Group enters into contracts in the normal course of business with contract research organizations to assist in the performance of research and development activities and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancelable contracts and are not required to be disclosed.

Related party transactions

Related party transactions	11 Months Ended
	Dec. 31, 2019
Disclosure of transactions between related parties [abstract]
Related party transactions	Related party transactions On December 24, 2019, the Group completed a private placement with Mr. Robert W. Duggan, who subscribed for an aggregate of 166,157,050 ordinary shares, par value £0.01 per share, and warrants to purchase an aggregate of 24,923,555 ordinary shares at a subscription price of £0.221 for a Subscription Share plus a Subscription Warrant, pursuant to a securities purchase agreement he entered into with us. The exercise price of the Subscription Warrants is £0.243 per ordinary share. The Subscription Warrants are exercisable any time in the period commencing on June 24, 2020, and ending on December 24, 2029. On December 6, 2019, we entered into a deed of termination of the relationship agreement with Mr. Duggan and Cairn Financial Advisers LLP, a limited liability partnership incorporated in England and Wales with the Registrar of Companies of England and Wales, as our nominated adviser. The relationship agreement regulated the company’s relationship with Mr. Duggan and limited Mr. Duggan’s influence over the company’s corporate actions and activities and the outcome of general matters pertaining to the company. The deed of termination became effective on February 24, 2020, upon the cancellation of the admission of the ordinary shares on AIM. Dr. Elaine Stracker, a non-executive director appointed on December 24, 2019, is also the General Counsel and Senior Vice President for Corporate Development for Maky Zanganeh and Associates, Inc. (“MZA”). The Group has a consultancy agreement with MZA to provide support into clinical operation activities related to the ongoing global Phase 3 clinical trials of ridinilazole for the treatment of CDI, regulatory activities pertaining to a potential new drug application should the Phase 3 trials be successful and strategic planning support more generally for the ridinilazole program. The fees for such services under this consultancy agreement are $75,000 per month. In addition to such monthly fee, MZA were granted warrants over 16,793,660 Ordinary Shares with an exercise price of £0.221 each and which vest on a quarterly basis over three years from the date of grant, subject to MZA’s provision of consultancy services to the Group during such period. During the period from appointment £16,000 of consultancy fees (year ended January 31, 2019: nil ) were incurred by the Group and a warrant 29 . Related party transactions (continued) expense of £15,000 was recognized (year ended January 31, 2019: nil ). Of the amounts in respect of the consulting services £5,000 was outstanding at the end of the period (year ended January 31, 2019: nil ). As of April 13, 2020, Dr. Stracker was appointed as the Interim Chief Operating Officer and an Executive Director. On February 7, 2020, MZA, Dr. Zanganeh, Dr. Stracker and the company entered into an assignment and assumption agreement (the “Assignment and Assumption Agreement”). Pursuant to the Assignment and Assumption Agreement, MZA assigned a portion of the Consultant Warrant to each of Dr. Zanganeh and Dr. Stracker. Dr. Zanganeh assumed a warrant to acquire 14,694,453 ordinary shares and Dr. Stracker assumed a warrant to acquire 2,099,207 ordinary shares. Each of them has the right to exercise their respective portion of the Consultant Warrant in accordance with the terms and conditions of the MZA Warrant Agreement. See Note 7 ‘ Directors and employees ’ for details of key management emoluments.

Post balance sheet events

Post balance sheet events	11 Months Ended
	Dec. 31, 2019
Events After Reporting Period [Abstract]
Post balance sheet events	Post balance sheet events The outbreak of novel coronavirus (COVID-19) in early 2020 has affected business and economy activities around the world. The Group considers this outbreak to be a non-adjusting post balance sheet event as of December 31, 2019. Given the spread of the coronavirus, the range of potential outcomes for the global economy are difficult to predict at the current time. When it comes to our business, we are monitoring the COVID-19 outbreak developments closely. The Group follows guidance from the World Health Organization and the U.S. Centers for Disease Control and Prevention and abides by the requirements as activated by local governments. From an employee wellbeing and business continuity perspective, we are proactively monitoring this outbreak and are maintaining continuous dialogue with employees regarding its status. Periodic updates are being issued and guidance to all staff on preventative measures and on maintaining good physical and mental health is being provided.

Basis of accounting (Policies)

Basis of accounting (Policies)	11 Months Ended
	Dec. 31, 2019
Basis Of Presentation [Abstract]
Basis of preparation	Basis of preparation The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards and IFRS Interpretations Committee interpretations ('IFRS') as issued by the IASB. The Consolidated Financial Statements have been prepared on a going concern basis and under the historical cost convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. These Consolidated Financial Statements were authorized by the Board of Directors on April 30, 2020.
Going concern	Going concern The financial information in these financial statements has been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole, anticipated payments from CARB-X under its contract for the development of its gonorrhea antibiotic program, and anticipated milestone payments from its license and commercialization agreement with Eurofarma are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through January 31, 2021. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States. The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following: equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. While the Group believes that funds would be available in this manner before the end of January 2021, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. The failure of the Group to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Group’s business, results of operations and financial condition. Should the Group be unable to raise additional funding, management has the ability to take mitigating action to fund its operating expenses and capital expenditure requirements in relation to its clinical development activities for only a short period beyond 12 months from the date of issuance of these financial statements. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern.
Use of estimates	Use of estimates The preparation of the financial statements, in conformity with IFRS, requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. The areas involving higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 2 ‘ Critical accounting judgments and key sources of estimation uncertainty .’
Basis of consolidation	Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of the Group and entities controlled by the Group made up to the reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of in the year / period are included in the Consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. 1 . Basis of accounting (continued) All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Revenue recognition	Revenue recognition Revenue is accounted for in line with principles of IFRS 15 ' Revenue from contracts with customers .' Licensing agreements may consist of multiple elements and provide for varying consideration terms, such as upfront, development, regulatory and sales milestones, sales-based royalties and similar payments. Such arrangements are determined to be within the scope of IFRS 15 and are assessed under the five-step model of the standard to determine revenue recognition. The distinct performance obligations within the contract and the arrangement transaction price are identified. The fair value of the arrangement transaction price is allocated to the different performance obligations based on the relative stand-alone selling price of those services provided and the performance obligation activities to which the terms of the payments specifically relate. The allocated transaction price is recognized over the respective performance period of each performance obligation. Amounts received in advance of the revenue recognition criteria being met are initially reported as deferred revenue on the Consolidated Statement of Financial Position and are recognized as revenue over the development period. Development and regulatory approval milestone payments are included within the allocated transaction price only when it becomes highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues attributable to the development cost share element of a licensing agreement are also recognized over the performance period. Sales-based royalty income and related milestone payments are recognized in the period when the related sales occur or when the relevant milestone is achieved, as the license granted is the predominant element of the performance obligation and the payments are inherently received once the development period is completed and the license granted is useable.
Business Combinations	Business Combinations The cost of an acquisition is measured as the fair value of the assets exchanged, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired together with liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable net assets is recorded as goodwill. Goodwill is not amortized but is reviewed for impairment at least annually and more frequently whenever there is an indication of impairment.
Intangible Assets	Intangible Assets In-process research and development that is separately acquired as part of a company acquisition or in-licensing agreement is capitalized even if they have not yet demonstrated technical feasibility, which is usually signified by regulatory approval. Amortization will commence when either products underpinned by the intellectual property rights or the rights themselves become available for use . Intangible assets not subject to amortization are tested for impairment at least annually or whenever there is an indicator of impairment. The intangible asset relating to the acquired Discuva Platform capitalized as part of the acquisition of Discuva Limited in December 2017 is available for use. As such, it is subject to amortization over the period of the relevant associated patents. Other intangible assets are amortized in equal installments over their useful estimated lives as follows: All patents (once filed) Over the period of the relevant patents (assumed to be 20 years) Software licenses 3-5 years Option over non-financial assets Over the period of the relevant agreement
Impairment of assets	Impairment of assets At each year / period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use based on an internal discounted cash flow evaluation, where appropriate. Impairment losses recognized for cash-generating units are charged pro rata to the other assets in the cash generating unit. All tangible and intangible assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. See Note 14 'Goodwill' and Note 15 ‘ Intangible assets ’ for details.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment are stated at cost less depreciation. Cost comprises the purchase price plus any incidental costs of acquisition and commissioning. Depreciation is calculated to write-off the cost, less residual value, in equal annual installments over their estimated useful lives as follows: Leasehold improvements Over the period of the remaining lease Right of use assets Over the period of the lease Laboratory equipment 2-10 years Office and IT equipment 3-5 years The residual value, if not insignificant, is reassessed annually.
Financial liabilities on funding arrangements	Financial liabilities on funding arrangements When entering into funding agreements with charitable and not for profit organizations, management is required to assess whether, based on the terms of the agreement, it can avoid a transfer of cash by settling using a non-financial obligation. Under IFRS, when such arrangements also give the counterparties rights over unexploited intellectual property, all or part of the funding agreement should be accounted for as a financial liability recognized in the Statement of Financial Position rather than as a charitable grant. Financial liabilities are initially recognized at fair value using a discounted cash flow model with the difference between the fair value of the liability and the cash received considered to represent a charitable grant. The financial liabilities are subsequently measured at amortized cost using discounted cash flow models which calculate the risk adjusted net present values of estimated potential future cash flows for the relevant project. The financial liabilities are remeasured when there is a specific significant event that provides evidence of a significant change in the probability of successful development such as the completion of a phase of research or public reporting of significant interim data and changes in use or market for a product. The model is updated for changes in the clinical probability of success and other associated assumptions with the discount factor remaining unchanged within the model.
Provisions	Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, the expected future cash flows will be discounted using a pre-tax risk-free discount rate.
Other operating income	Other operating income Other operating income includes income received and recognized from government agencies, philanthropic, non-government, not for profit organizations and patient advocacy groups which are accounted for in accordance with IAS 20, ‘Accounting for Government Grants and Disclosure of Government Assistance .’ Monies received through these means are held as deferred income in the Consolidated Statement of Financial Position and are released to the Consolidated Statement of Comprehensive Income as the underlying expenditure is incurred and to the extent the conditions of the grant are met.
Foreign currencies	Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the year end date. All differences are taken to the Consolidated Statement of Comprehensive Income. Assets and liabilities of subsidiaries that have a functional currency different from the presentation currency (pound sterling) are translated at the closing rate at the date of each statement of financial position presented. Income and expenses are translated at average exchange rates. Any resulting differences are recognized in other comprehensive income / (loss) in the Consolidated Statement of Comprehensive Income.
Employee benefits	Employee benefits All employee benefit costs, notably holiday pay, bonuses and contributions to Group or personal defined contribution pension schemes are charged to the Consolidated Statement of Comprehensive Income on an accruals basis.
Leases	Leases At inception of a contract, a company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use asset and a lease liability are recognized at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if it is reasonably certain to exercise that option and period covered by an option to terminate if it is reasonably certain not to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the applicable incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments or if the assessment of whether a company will exercise a purchase, extension or termination option.
Research and development	Research and development All ongoing research expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment inherent in the development of the Group’s products, the criteria for development costs to be recognized as an asset, as set out in IAS 38 ‘ Intangible Assets, ’ are not met until a product has received regulatory approval, and it is probable that future economic benefit will flow to the Group. The Group currently has no qualifying expenditure.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held on call with the bank.
Share-based payments	Share-based payments In accordance with IFRS 2 ‘ Share-based Payment, ’ share options and restricted stock units are measured at fair value at their grant date. The fair value for the majority of the options is calculated using the Black-Scholes formula and charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the expected vesting period. For those options issued with vesting conditions other than remaining in employment (for example, those conditional upon the Group achieving certain predetermined financial criteria) a simulation model has been used. At each period end date, the Group revises its estimate of the number of options that are expected to become exercisable. This estimate is not revised according to estimates of changes in market based conditions.
Current taxation	Current taxation Income tax is recognized or provided at amounts expected to be recovered or paid using the tax rates and tax laws that have been enacted or substantively enacted at the period end date. 1 . Basis of accounting (continued) Current tax includes research and development tax credits which are calculated in accordance with the U.K. research and development tax credit regime applicable to small and medium sized companies. Research and development expenditure which is not eligible for reimbursement under the small and medium sized companies regime, such as expenditure incurred on projects for which we receive income, may be reimbursed under the U.K. Research and Development Expenditure Credit (‘RDEC’) scheme. Receipts under the RDEC scheme are presented within other operating income as they are similar in nature to grant income.
Deferred taxation	Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the Consolidated Statement of Financial Position differs from its tax base, except for differences arising on: • the initial recognition of goodwill; • the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and • investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference, and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities / (assets) are settled / (recovered).
Financial instruments	Financial instruments The Group recognizes financial assets and liabilities in the respective categories ‘Financial assets at amortized cost’ and ‘Financial liabilities measured at amortized cost.’ Financial assets at amortized cost are non-derivative financial assets which are held to collect the contractual cash flows on specified dates. They arise when the Group provides money, goods or services directly to the debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the year / period end date, which are classified as non-current assets. Other liabilities consist of trade and other payables, being balances arising in the course of normal business with suppliers, contractors and other service providers, and borrowings, being loans and hire purchase funds advanced for the refit of leasehold premises and the purchase of laboratory equipment, fixtures and fittings. Financial assets at amortized cost, and other liabilities are initially recorded at fair value, and thereafter at amortized cost, if the timing difference is deemed to impact the fair value of the asset or liability. The contingent liability is accounted for as a liability and its value is measured at amortized cost using the effective interest rate method, and is re-measured for changes in estimated cash flows or when the probability of success changes. The Group assesses at each year / period end date the expected credit losses of a financial asset or a group of financial assets with consideration given to the risk of default occurring. Expected credit losses are the difference between the contractual cash flows due to the Group and the cash flows the Group expects to receive. The Group does not hold or trade in derivative financial instruments.
Warrants	Warrants Warrants issued by the Group are recognized and classified as equity when, upon exercise, the Company would issue a fixed amount of its own equity instruments (ordinary shares) in exchange for a fixed amount of cash or another financial asset. Consideration received, net of incremental costs directly attributable to the issue of such new warrants, is shown in equity. Such warrants are not remeasured at fair value in subsequent reporting periods. Warrants issued in which external services are received as consideration for equity instruments of the company should be measured at the fair value of the goods or services received. Only if the fair value of the services cannot be measured reliably would the fair value of the equity instruments granted be used. The fair value for the warrants is calculated using the Black-Scholes formula and charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the period of the consulting services. If the services are terminated prior to the end of the consultancy agreement, the warrants cease vesting and any unvested portion of the warrants will lapse immediately.

Basis of accounting (Tables)

Basis of accounting (Tables)	11 Months Ended
	Dec. 31, 2019
Basis Of Presentation [Abstract]
Schedule of other intangible assets, useful life	Other intangible assets are amortized in equal installments over their useful estimated lives as follows: All patents (once filed) Over the period of the relevant patents (assumed to be 20 years) Software licenses 3-5 years Option over non-financial assets Over the period of the relevant agreement
Schedule of property, plant and equipment, useful life	Property, plant and equipment are stated at cost less depreciation. Cost comprises the purchase price plus any incidental costs of acquisition and commissioning. Depreciation is calculated to write-off the cost, less residual value, in equal annual installments over their estimated useful lives as follows: Leasehold improvements Over the period of the remaining lease Right of use assets Over the period of the lease Laboratory equipment 2-10 years Office and IT equipment 3-5 years Cost Leasehold improvements £000 Right of use assets £000 Laboratory equipment £000 Office and IT equipment £000 Total £000 At February 1, 2019 189 1,561 339 496 2,585 Additions — — 155 5 160 Disposals — — (10 ) (6 ) (16 ) Revaluation — — — 1 1 At December 31, 2019 189 1,561 484 496 2,730 Accumulated depreciation At February 1, 2019 (36 ) (515 ) (171 ) (323 ) (1,045 ) Charge for the period (65 ) (272 ) (101 ) (86 ) (524 ) Disposals — — — 6 6 At December 31, 2019 (101 ) (787 ) (272 ) (403 ) (1,563 ) Net book value At February 1, 2019 153 1,046 168 173 1,540 At December 31, 2019 88 774 212 93 1,167 Cost (As adjusted*) Leasehold improvements £000 Right of use assets £000 Laboratory equipment £000 Office and IT equipment £000 Total £000 At February 1, 2018 189 1,561 299 486 2,535 Additions — — 62 57 119 Disposals — — (22 ) (52 ) (74 ) Revaluation — — — 5 5 At January 31, 2019 189 1,561 339 496 2,585 Accumulated depreciation At February 1, 2018 (2 ) (180 ) (36 ) (249 ) (467 ) Charge for the year (34 ) (335 ) (156 ) (119 ) (644 ) Disposals — — 21 47 68 Revaluation — — — (2 ) (2 ) At January 31, 2019 (36 ) (515 ) (171 ) (323 ) (1,045 ) Net book value At February 1, 2018 187 1,380 263 237 2,067 At January 31, 2019 153 1,046 168 173 1,540 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Changes to accounting policies

Changes to accounting policies (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Disclosure of expected impact of initial application of new standards or interpretations	The impact of the change in accounting policy to IFRS 16 discussed above on the comparatives to these financial statements is disclosed in the following tables. Impact on Consolidated Statement of Financial Position Original As at January 31, 2019 Adjusted As at January 31, 2019 Impact £000 £000 £000 Non-current assets Property, plant and equipment 616 1,540 924 Current assets Trade and other receivables 13,547 13,491 (56 ) Non-current liabilities Lease liabilities — (647 ) (647 ) Current liabilities Trade and other payables (8,865 ) (8,733 ) 132 Lease liabilities — (358 ) (358 ) Equity Accumulated losses reserve (76,092 ) (76,097 ) (5 ) Changes to accounting policies (continued) Impact on the Consolidated Original Year ended January 31, 2019 Adjusted Year ended January 31, 2019 Impact Statement of Comprehensive Income £000 £000 £000 Operating expenses Research and development (39,174 ) (39,182 ) (8 ) General and administration (12,342 ) (12,328 ) 14 Operating profit 2,667 2,673 6 Finance costs (424 ) (467 ) (43 ) Profit for the period 7,527 7,490 (37 ) Impact on the Consolidated Original Year ended January 31, 2019 Adjusted Year ended January 31, 2019 Impact Statement of Cash Flows £000 £000 £000 Profit before income tax 5,031 4,994 (37 ) Adjusted for: Finance costs 424 467 43 Depreciation 309 644 335 Increase in trade and other receivables (2,218 ) (2,210 ) 8 Decrease in trade and other payables 93 68 (25 ) Financing activities Repayment of lease liabilities — (281 ) (281 ) Repayment of lease interest — (43 ) (43 ) Impact on net cash flows — Impact on Consolidated Statement of Financial Position Original Adjusted £000 £000 £000 Non-current assets Property, plant and equipment 809 2,067 1,258 Current assets Trade and other receivables 11,134 11,087 (47 ) Non-current liabilities Lease liabilities — (962 ) (962 ) Current liabilities Trade and other payables (8,932 ) (8,825 ) 107 Lease liabilities — (324 ) (324 ) Equity Accumulated losses reserve (93,957 ) (93,925 ) 32 Changes to accounting policies (continued) Impact on the Consolidated Original Adjusted Statement of Comprehensive Income £000 £000 £000 Operating expenses Research and development (28,970 ) (28,979 ) (9 ) General and administration (11,999 ) (11,935 ) 64 Operating loss (25,884 ) (25,829 ) 55 Finance costs (1,164 ) (1,187 ) (23 ) Loss for the period (20,190 ) (20,158 ) 32 Impact on the Consolidated Original Adjusted Statement of Cash Flows £000 £000 £000 Loss before income tax (23,952 ) (23,920 ) 32 Adjusted for: Finance costs 1,164 1,187 23 Depreciation 140 294 154 Increase in trade and other receivables (8,993 ) (8,946 ) 47 Increase in trade and other payables 3,375 3,268 (107 ) Financing activities Repayment of lease liabilities — (128 ) (128 ) Repayment of lease interest — (21 ) (21 ) Impact on net cash flows — During the period ended December 31, 2019 , the following additional new standards, amendments to standards or interpretations became effective for the Group for the first time. The adoption of these interpretations, standards or amendment to standards were either not relevant for the Group or have not led to any significant impact on the Group’s financial statements. International Accounting Standards (IAS/IFRS) Effective Date Amendments to IFRS 9 Financial Instruments, Prepayment Features with Negative Compensation January 1, 2019 Amendments to IAS 19 Employee Benefits, Plan amendments, curtailments or settlements January 1, 2019 Amendments resulting from Annual Improvements 2015–2017 Cycle January 1, 2019 IFRIC 23 Uncertainty over Income Tax Treatments January 1, 2019 Changes to accounting policies (continued) At the date of signing these Consolidated Financial Statements, the following standards, amendments and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: International Accounting Standards (IAS/IFRS) Effective Date Amendments to References to the Conceptual Framework in IFRS Standards January 1, 2020 Amendments to IFRS 3 Business Combinations, Definition of a Business January 1, 2020 Amendments to IAS 1 and IAS 8, Definition of Material January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform January 1, 2020

Revenue (Tables)

Revenue (Tables)	11 Months Ended
	Dec. 31, 2019
Revenue [abstract]
Disclosure of disaggregation of revenue	Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of revenue by geography: United States 126 42,267 12,008 Latin America 457 499 42 Europe — 246 310 583 43,012 12,360 Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of revenue by category: Licensing agreements 583 42,766 12,050 Research collaboration agreement — 246 310 583 43,012 12,360

Other operating income (Tables)

Other operating income (Tables)	11 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Disclosure of other operating income	Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Analysis of other operating income by category: Income recognized in respect of BARDA 13,864 13,091 1,772 Grant income 650 1,187 13 Income on remeasurement or derecognition of financial liabilities on funding arrangements (Note 21) — 539 908 Research and development credit 649 333 23 Other income — 6 9 15,163 15,156 2,725

Directors and employees (Tables

Directors and employees (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure Directors And Employees [Abstract]
Detailed disclosure about average number of employees	The average monthly number of employees of the Group, including Executive Directors, during the year was: Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 Technical, research and development 36 45 34 Corporate and administration 29 29 26 65 74 60
Detailed disclosure about employee expense	Key management of the Group are members of the Executive Management Team. The aggregate amounts of key management compensation for the period are set out below: Eleven months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Short-term employee benefits Wages and salaries 871 1,406 1,520 Social security costs 40 168 162 911 1,574 1,682 Post-employment benefits Amounts paid in lieu of employer pension contributions 46 43 32 Other pension costs 20 11 14 66 54 46 Share-based payment 337 3,177 705 Total remuneration 1,314 4,805 2,433 Their aggregate remuneration comprised: Eleven months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Wages and salaries 6,304 8,268 7,493 Social security costs 758 844 643 Other pension costs 396 390 350 Share-based payment 646 4,743 1,607 8,104 14,245 10,093

Loss before income tax (Tables)

Loss before income tax (Tables)	11 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Loss before income tax	Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Research and development Employee benefit expense 4,718 6,264 5,616 Share-based payment expense 283 1,091 327 Program related costs 24,288 29,868 21,810 Amortization of intangible assets 760 829 105 Depreciation of property, plant and equipment 272 297 141 Other research and development costs 880 833 980 31,201 39,182 28,979 General and administration Employee benefit expense 2,741 3,238 2,870 Share-based payment expense 363 3,652 1,280 Foreign exchange loss / (gain) 1,037 (491 ) 1,986 Depreciation of property, plant and equipment 252 347 151 Loss on disposal of assets 10 43 40 Other general and administration costs 5,473 4,766 5,539 Loss on contingent consideration — 754 — Royalty expense 1 19 69 9,877 12,328 11,935

Auditors_ remuneration (Tables)

Auditors’ remuneration (Tables)	11 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Detailed disclosure about auditors' remuneration	During the year, the Group obtained the following services from the Group’s auditors at the cost detailed below: Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 £000 £000 £000 Fees payable to the auditors and its associates for the audit of the Company and Consolidated Financial Statements 137 100 132 Fees payable to the auditors and its associates for other services: - Audit of the Company’s subsidiaries (1) 125 119 209 - Audit related assurance services (2) 161 60 — - Other assurance services (3) 174 115 118 - Tax compliance and advisory services 38 25 23 - Other services not covered by the above 22 — — Total fees payable 657 419 482 (1) For the year ended January 31, 2018, fees payable for the Consolidated Financial Statements and fees payable for the Company's subsidiaries include audit services relating to the initial audit and business combination accounting for Discuva Limited. These were non-recurring fees. (2) Fees relate to the review of the quarterly information. (3) For the eleven months ended December 31, 2019, other assurance services include services provided to future SEC filings and qualitative assessment of IFRS to U.S. GAAP differences, in anticipation of the loss of FPI status. For the year ended January 31, 2019, other assurance services includes reporting in connection with the Company’s registration statement on Form F-3 that was filed with the SEC on May 15, 2018. For the year ended January 31, 2018, other assurance services includes reporting in connection with the Company's underwritten public offering completed on September 18, 2017. These amounts were recognized directly in share premium.

Finance income and costs (Table

Finance income and costs (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure of finance income and costs [Abstract]
Schedule of finance income (costs)	Note Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) (Adjusted*) £000 £000 £000 Finance income Remeasurement or derecognition of financial liabilities on funding arrangements — 2,784 3,085 Interest income on deposits 4 4 11 Finance income 4 2,788 3,096 Finance costs Unwinding of discount factor 22 (198 ) (424 ) (754 ) Lease liability interest 23 (30 ) (43 ) (23 ) Remeasurement of financial liabilities on funding arrangements — — (410 ) Finance costs (228 ) (467 ) (1,187 ) * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 ' Lease s' . ’

Income tax (Tables)

Income tax (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure Of Income Tax [Abstract]
Reconciliation of income tax charge	Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) (Adjusted*) £000 £000 £000 Analysis of credit in the period Current tax : Current tax income 3,523 1,286 3,767 Adjustments in respect of prior years (114 ) 506 (5 ) Total current tax 3,409 1,792 3,762 Total deferred tax 115 704 — Total tax 3,524 2,496 3,762 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
Analysis of income tax charge	The difference between the total tax shown above and the amount calculated by applying the standard rate of U.K. corporation tax to the loss before tax is as follows: Eleven Months ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) (Adjusted*) £000 £000 £000 (Loss) / profit before tax (25,556 ) 4,994 (23,920 ) (Loss) / profit multiplied by the standard rate of corporation tax in the United Kingdom (Current tax) 19% (2019: 19%) (4,856 ) 949 (4,585 ) Adjustment on adoption of IFRS 15 — (2,481 ) 2,504 Adjustment on adoption of IFRS 16 (1 ) 7 (7 ) Change in unrecognized tax losses 2,449 820 751 Non-deductible expenses 343 1,797 402 Tax relief for qualifying research and development expenditure (1,494 ) (2,656 ) (3,043 ) Prior year adjustments 114 (506 ) 5 Share options exercised — (15 ) (40 ) Overseas profits taxed at different rates 36 292 251 Release of temporary difference relating to intangible assets (115 ) (703 ) — Total tax (3,524 ) (2,496 ) (3,762 ) * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 ' Leases'. ’

(Loss) _ Earnings per share (Ta

(Loss) / Earnings per share (Tables)	11 Months Ended
	Dec. 31, 2019
Earnings per share [abstract]
(Loss) / Earnings per share calculation	The calculation of (loss) / earnings per share is based on the following data: Eleven month period ended December 31, 2019 Year ended January 31, 2019 Year ended January 31, 2018 (Adjusted*) 000 000 000 (Loss) / profit for the period / year £ (22,032 ) £ 7,490 £ (20,158 ) Weighted average number of ordinary shares for basic earnings / (loss) earnings per share 164,145 85,702 65,434 Effect of dilutive potential ordinary shares (share options and warrants) — 442 — Weighted average number of ordinary shares for diluted earnings per share 164,145 86,144 65,434 Basic (loss) / earnings per ordinary share from operations £ (0.13 ) 0.09 (0.31 ) Diluted (loss) / earnings per ordinary share from operations £ (0.13 ) 0.09 (0.31 ) * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'. ’

Goodwill (Tables)

Goodwill (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about intangible assets [abstract]
Disclosure of reconciliation of changes in goodwill	Discuva Limited £000 MuOx Limited £000 Total £000 Cost At February 1, 2019 1,814 664 2,478 At December 31, 2019 1,814 664 2,478 Accumulated impairment At February 1, 2019 — (664 ) (664 ) At December 31, 2019 — (664 ) (664 ) Net book amount At February 1, 2019 1,814 — 1,814 At December 31, 2019 1,814 — 1,814 Discuva Limited £000 MuOx Limited £000 Total £000 Cost At February 1, 2018 1,814 664 2,478 At January 31, 2019 1,814 664 2,478 Accumulated impairment At February 1, 2018 — — — Impairment — (664 ) (664 ) At January 31, 2019 — (664 ) (664 ) Net book amount At February 1, 2018 1,814 664 2,478 At January 31, 2019 1,814 — 1,814

Intangible assets (Tables)

Intangible assets (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about intangible assets [abstract]
Disclosure of reconciliation of changes in intangible assets	Utrophin Discuva Platform acquired Option over non-financial assets Other Total Cost At February 1, 2019 3,321 10,670 668 222 14,881 Additions — — — 106 106 At December 31, 2019 3,321 10,670 668 328 14,987 Accumulated amortization At February 1, 2019 (3,321 ) (818 ) (49 ) (89 ) (4,277 ) Charge for the period — (677 ) (45 ) (38 ) (760 ) At December 31, 2019 (3,321 ) (1,495 ) (94 ) (127 ) (5,037 ) Net book amount At February 1, 2019 — 9,852 619 133 10,604 At December 31, 2019 — 9,175 574 201 9,950 Utrophin Discuva Platform acquired Option over non-financial assets Other Total Cost At February 1, 2018 3,321 10,670 668 265 14,924 Additions — — — 6 6 Disposals — — — (49 ) (49 ) At January 31, 2019 3,321 10,670 668 222 14,881 Accumulated amortization At February 1, 2018 — (79 ) (4 ) (56 ) (139 ) Charge for the year — (739 ) (45 ) (45 ) (829 ) Impairment (3,321 ) — — — (3,321 ) Disposals — — — 12 12 At January 31, 2019 (3,321 ) (818 ) (49 ) (89 ) (4,277 ) Net book amount At February 1, 2018 3,321 10,591 664 209 14,785 At January 31, 2019 — 9,852 619 133 10,604

Property, plant and equipment (

Property, plant and equipment (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	Property, plant and equipment are stated at cost less depreciation. Cost comprises the purchase price plus any incidental costs of acquisition and commissioning. Depreciation is calculated to write-off the cost, less residual value, in equal annual installments over their estimated useful lives as follows: Leasehold improvements Over the period of the remaining lease Right of use assets Over the period of the lease Laboratory equipment 2-10 years Office and IT equipment 3-5 years Cost Leasehold improvements £000 Right of use assets £000 Laboratory equipment £000 Office and IT equipment £000 Total £000 At February 1, 2019 189 1,561 339 496 2,585 Additions — — 155 5 160 Disposals — — (10 ) (6 ) (16 ) Revaluation — — — 1 1 At December 31, 2019 189 1,561 484 496 2,730 Accumulated depreciation At February 1, 2019 (36 ) (515 ) (171 ) (323 ) (1,045 ) Charge for the period (65 ) (272 ) (101 ) (86 ) (524 ) Disposals — — — 6 6 At December 31, 2019 (101 ) (787 ) (272 ) (403 ) (1,563 ) Net book value At February 1, 2019 153 1,046 168 173 1,540 At December 31, 2019 88 774 212 93 1,167 Cost (As adjusted*) Leasehold improvements £000 Right of use assets £000 Laboratory equipment £000 Office and IT equipment £000 Total £000 At February 1, 2018 189 1,561 299 486 2,535 Additions — — 62 57 119 Disposals — — (22 ) (52 ) (74 ) Revaluation — — — 5 5 At January 31, 2019 189 1,561 339 496 2,585 Accumulated depreciation At February 1, 2018 (2 ) (180 ) (36 ) (249 ) (467 ) Charge for the year (34 ) (335 ) (156 ) (119 ) (644 ) Disposals — — 21 47 68 Revaluation — — — (2 ) (2 ) At January 31, 2019 (36 ) (515 ) (171 ) (323 ) (1,045 ) Net book value At February 1, 2018 187 1,380 263 237 2,067 At January 31, 2019 153 1,046 168 173 1,540 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Trade and other receivables (Ta

Trade and other receivables (Tables)	11 Months Ended
	Dec. 31, 2019
Trade and other receivables [abstract]
Trade and other receivables	December 31, 2019 January 31, 2019 £000 £000 (Adjusted*) Trade receivables 410 1,656 Other receivables 905 3,791 Prepayments 6,645 7,433 Accrued income 156 611 8,116 13,491 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 ' Lease s' . ’

Trade and other payables (Table

Trade and other payables (Tables)	11 Months Ended
	Dec. 31, 2019
Trade and other payables [abstract]
Components of trade and other payables	December 31, 2019 January 31, 2019 (Adjusted*) £000 £000 Trade payables 3,389 4,422 Other taxes and social security 245 190 Accruals 4,353 3,963 Other creditors 33 158 8,020 8,733 * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.’

Deferred revenue and income (Ta

Deferred revenue and income (Tables)	11 Months Ended
	Dec. 31, 2019
Accruals and deferred income [abstract]
Detailed disclosure about deferred income	December 31, 2019 January 31, 2019 £000 £000 Due within one year Deferred revenue 499 499 Deferred other operating income 637 2,875 1,136 3,374 Due more than one year Deferred revenue 374 831 374 831 Total deferred revenue 873 1,330 Total deferred other operating income 637 2,875

Financial liabilities on fund_2

Financial liabilities on funding arrangements (Tables)	11 Months Ended
	Dec. 31, 2019
Financial Liabilities At Amortised Cost [Abstract]
Reconciliation of financial liabilities on funding arrangements	December 31, 2019 January 31, 2019 £000 £000 At February 1 — 3,090 Unwinding of discount factor — 233 Remeasurement of financial liabilities on funding arrangements - — (2,784 ) Net finance income on funding arrangements accounting for as financial liabilities — (2,551 ) Remeasurement or derecognition of financial liabilities – other operating income — (539 ) At December 31/January 31 — —

Financial instruments (Tables)

Financial instruments (Tables)	11 Months Ended
	Dec. 31, 2019
Financial Instruments [Abstract]
Disclosure of detailed information about financial instruments	December 31, 2019 January 31, 2019 (Adjusted*) Note £000 £000 Financial assets at amortized cost Trade and other receivables (1) 17 1,315 5,447 Cash and cash equivalents 48,417 26,858 49,732 32,305 Financial liabilities measured at amortized cost Trade and other payables 18 8,020 8,733 8,020 8,733 Financial liabilities measured at fair value through profit and loss Contingent consideration 20 80 629 (1) Prepayments and accrued income have been excluded as they are not considered to be a financial instrument. * See Note 3 - ‘ Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
Disclosure of cash and short-term deposits	December 31, 2019 January 31, 2019 £000 £000 Cash at bank and in hand Pounds Sterling 4,162 3,363 Euro 4 — U.S. Dollar 44,251 23,495 48,417 26,858 The Group’s cash and short-term deposits were as follows: December 31, 2019 January 31, 2019 £000 £000 On current account 48,417 26,858 48,417 26,858
Sensitivity analysis for types of market risk	The Group’s exposure to interest rate risk is illustrated with regard to the opening and closing cash balances and the difference that an increase or decrease of 1% in interest rates would have made based on the average cash balance of £ 37.6 million (January 31, 2019 : £ 23.5 million ) in the year: Eleven Months ended December 31, 2019 (1)% Actual 1% Interest rate — 0.02 1.02 Interest received (£000) — 4 239 Year ended January 31, 2019 (1)% Actual 1% Interest rate — 0.02 1.02 Interest received (£000) — 4 239 The following table shows how a movement in a currency would give rise to a profit or (loss) and a corresponding entry in equity. Profit or loss and equity Strengthening Weakening £000 £000 December 31, 2019 USD (5%) (2,107 ) 2,329 January 31, 2019 USD (5%) (1,119 ) 1,237

Leases (Tables)

Leases (Tables)	11 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of future minimum lease payments of the Group's lease liabilities	The following table summarizes the future minimum lease payments under the Group's lease liabilities: 23 . Leases (continued) December 31, 2019 January 31, 2019 January 31, 2018 Maturity of lease liabilities £000 £000 £000 Fiscal year ended December 31/January 31, 2019 N/A N/A 324 2019 / 2020 — 358 358 2020 / 2021 358 358 358 2021 / 2022 294 294 294 2022 55 55 55 Total minimum lease payments 707 1,065 1,389 Less: imputed interest (29 ) (60 ) (103 ) Total lease liabilities 678 1,005 1,286 Liabilities Current lease liabilities 358 358 324 Non-current lease liabilities 320 647 962 678 1,005 1,286
Schedule of lease costs and other information pertaining to the Group's leases	The following table contains a summary of the lease costs recognized under IFRS 16 and other information pertaining to the Group’s leases for the eleven months ended December 31, 2019, and year ended January 31, 2019: Eleven months ended December 31, 2019 Year ended January 31, 2019 £000 £000 Lease cost Depreciation 320 335 Interest expense paid 30 43 Total lease cost 350 378 Other information Lease payments 358 324

Provisions for other liabilit_2

Provisions for other liabilities and charges and contingent liabilities (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure of contingent liabilities [abstract]
Provisions for other liabilities and charges and contingent liabilities	Assumed contingent liabilities £000 Dilapidations £000 Royalties £000 Total At February 1, 2019 1,657 150 44 1,851 Additions — — 1 1 Unwinding of the discount factor 198 — — 198 At December 31, 2019 1,855 150 45 2,050 Assumed contingent liabilities £000 Dilapidations £000 Royalties £000 Total At February 1, 2018 1,466 150 25 1,641 Additions — — 19 19 Unwinding of the discount factor 191 — — 191 At January 31, 2019 1,657 150 44 1,851
Disclosure of contingent liabilities in business combination	The table below describes the value of the assumed contingent liabilities as at December 31, 2019 , of £1.9 million compared to what the total value would be following the presented variations to the underlying assumptions in the model: December 31, 2019 £000 Estimated assumed contingent liabilities 1855 1% lower discount rate 1,927 1% higher discount rate 1,791 10% lower probability of success 1,635 10% higher probability of success 2,057

Deferred tax liability (Tables)

Deferred tax liability (Tables)	11 Months Ended
	Dec. 31, 2019
Deferred tax assets and liabilities [abstract]
Detailed disclosure about deferred tax liability	Eleven Months ended December 31, 2019 Year ended January 31, 2019 £000 £000 Amounts falling due after more than one year At February 1 1,675 2,379 Release of temporary difference relating to the intangible asset (115 ) (704 ) At December 31 / January 31 1,560 1,675

Share capital (Tables)

Share capital (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of share capital	December 31, 2019 January 31, 2019 £000 £000 Allotted, called up and fully paid 335,890,281 (January 31, 2019: 160,389,881) Ordinary Shares of 1p each 3,359 1,604
Reconciliation of share capital and share premiums	Changes to the number of ordinary shares in issue have been as follows: Number of shares Total nominal value £000 Total share premium £000 Total consideration £000 At February 1, 2018 (1) 73,563,624 736 60,237 60,973 New share capital issued (net of transaction costs) 86,458,333 864 32,471 33,335 Share options exercised 367,924 4 98 102 At January 31, 2019 160,389,881 1,604 92,806 94,410 At February 1, 2019 160,389,881 1,604 92,806 94,410 New share capital issued (net of transaction costs) 175,378,450 1,754 36,304 38,058 Share options exercised 121,950 1 — 1 At December 31, 2019 335,890,281 3,359 129,110 132,469 (1) The difference between the nominal value of the share capital acquired in Discuva Limited and fair value of shares issued in the business combination using the acquisition method of accounting was recognized as part of the Group's merger reserve arising as a result of certain requirements in the United Kingdom.
Detailed disclosure about share capital, options exercised	During the eleven months to December 31, 2019 , the following exercises of restricted stock units took place: Date Number of restricted stock units exercised April 23, 2019 104,877 December 23, 2019 17,073 121,950

Share option scheme and restr_2

Share option scheme and restricted stock units (Tables)	11 Months Ended
	Dec. 31, 2019
Disclosure Of Share-Based Payment Arrangements [Abstract]
Disclosure of number and weighted average remaining contractual life of outstanding share options	At December 31, 2019 , the outstanding share options, which include the share options granted to Directors, are shown below: Date of grant Exercise price (£) Number of shares Date from which exercisable Expiry date Approved EMI scheme April 7, 2011 0.65 5,873 April 8, 2014 April 7, 2021 May 10, 2012 0.60 150,046 May 10, 2014 May 10, 2022 December 24, 2012 0.85 21,500 December 24, 2015 December 24, 2022 January 31, 2013 0.20 72,973 July 31, 2013 January 31, 2023 250,392 Unapproved scheme December 18, 2013 0.20 76,364 June 18, 2014 December 18, 2023 July 15, 2014 0.80 100,000 May 30, 2015 May 30, 2023 June 23, 2016 0.01 110,576 July 21, 2016 June 23, 2026 October 19, 2018 0.30 3,941,886 October 19, 2019 October 19, 2028 October 19, 2018 0.30 3,814,970 October 19, 2021 October 19, 2028 March 29, 2019 0.275 4,580,000 March 29, 2020 March 29, 2029 March 29, 2019 0.275 6,500,000 March 29, 2022 March 29, 2029 December 23, 2019 0.21 3,000,000 December 23, 2020 December 23, 2029 December 23, 2019 0.21 850,000 December 23, 2020 December 23, 2029 22,973,796 23,224,188 At December 31, 2019 , the outstanding warrants, which have been granted to consultants for services are shown below: Date of grant Exercise price (£) Number of shares Date from which exercisable Expiry date December 24, 2019 0.22 16,793,660 March 24, 2020 December 24, 2029 16,793,660 At December 31, 2019 , the outstanding restricted stock units (‘RSUs’) in the form of nominal-cost options, which have been granted to non-executive directors, are shown below: Date of grant Exercise price (£) Number of shares Date from which exercisable Expiry date January 11, 2019 0.01 692,306 January 11, 2020 December 31, 2020 692,306
Additional information about share-based payment arrangements	The movement in the number of RSUs is set out below: Weighted Eleven Months ended December 31, 2019 Weighted Year ended January 31, 2019 Outstanding at beginning of period 0.01 814,256 0.01 275,877 Granted during the year 0.01 — 0.01 814,256 Exercised during the year 0.01 (121,950 ) 0.01 (275,877 ) Number of RSUs outstanding at end of period 0.01 692,306 0.01 814,256 The movement in the number of share options is set out below: ` Weighted average exercise price £ Number of share options Outstanding at February 1, 2019 0.35 9,168,396 Granted during the year 0.27 15,246,000 Lapsed / surrendered during the year 0.69 (1,190,208 ) Exercised during the year — — Number of options outstanding at December 31, 2019 0.27 23,224,188 Outstanding at February 1, 2018 1.43 8,577,236 Granted during the year 0.76 13,081,048 Lapsed / surrendered during the year 1.52 (12,397,841 ) Exercised during the year 1.08 (92,047 ) Number of options outstanding at January 31, 2019 0.35 9,168,396
Disclosure of number and weighted average exercise prices of share options	The fair value per share option award granted and the assumptions used in the calculations are as follows: Date of grant Type of award Number of shares Exercise price (£) Share price at grant date (£) Fair value per option (£) Award life (years) Risk free rate April 07, 2011 EMI 5,873 0.65 0.65 0.47 5.00 2.70 % May 10, 2012 EMI 150,046 0.60 0.52 0.24 5.00 1.00 % December 24, 2012 EMI 21,500 0.85 0.85 0.59 5.00 0.90 % January 31, 2013 EMI 72,973 0.20 0.94 0.74 5.00 1.00 % December 18, 2013 Unapproved 76,364 0.20 1.85 1.65 5.00 1.00 % July 15, 2014 Unapproved 100,000 0.80 0.81 0.65 1.90 0.50 % June 23, 2016 Unapproved 110,576 0.01 1.05 1.04 0.50 0.30 % October 19, 2018 Unapproved 3,941,886 0.30 0.30 0.09 3.00 0.81 % October 19, 2018 Unapproved 3,814,970 0.30 0.30 0.12 3.00 0.90 % March 29, 2019 Unapproved 4,580,000 0.275 0.275 0.1 3 0.63 % March 29, 2019 Unapproved 6,500,000 0.275 0.275 0.12 3 0.63 % December 23, 2019 Unapproved 3,000,000 0.21 0.21 0.08 4 0.54 % December 23, 2019 Unapproved 850,000 0.21 0.21 0.07 3 0.54 % 23,224,188 The fair value per RSU award granted and the assumptions used in the calculations are as follows: Date of grant Number of shares Exercise price (£) Share price at grant date (£) Fair value per option (£) Award life (years) Risk free rate January 11, 2019 692,306 0.01 0.26 0.25 1.00 0.79 % The fair value per consultant warrant granted and the assumptions used in the calculations are as follows: Date of grant Number of shares Exercise price (£) Share price at grant date (£) Fair value per option (£) Award life (years) Risk free rate December 24, 2019 16,793,660 0.22 0.21 0.06 3.00 0.54 %

Basis of accounting - Narrative

Basis of accounting - Narrative (Details)	11 Months Ended
	Dec. 31, 2019year
Patent
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset, useful life	20
Bottom of range | Laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment useful life	2
Bottom of range | Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment useful life	3
Bottom of range | Software licenses
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset, useful life	3
Top of range | Laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment useful life	10
Top of range | Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment useful life	5
Top of range | Software licenses
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset, useful life	5

Changes to accounting policie_2

Changes to accounting policies - Impact of change in accounting policy (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Non-current assets
Property, plant and equipment		£ 1,540
Property, plant and equipment	£ 1,167	1,540	[1]	£ 2,067	[1]
Current assets
Trade and other receivables	8,116	13,491	[1]	11,087	[1]
Non-current liabilities
Lease liabilities	(320)	(647)	[1]	(962)	[1]
Current liabilities
Trade and other payables	(8,020)	(8,733)	[1]	(8,825)	[1]
Lease liabilities	(358)	(358)	[1]	(324)	[1]
Equity
Accumulated losses reserve	(97,619)	(76,097)	[1]	(93,925)	[1]
Operating expenses
Research and development	(31,201)	(39,182)	[2]	(28,979)	[2]
General and administration	(9,877)	(12,328)	[2]	(11,935)	[2]
Operating profit	(25,332)	2,673	[2]	(25,829)	[2]
Finance costs	(228)	(467)	[2]	(1,187)	[2]
(Loss) / profit for the period / year	(22,032)	7,490	[2]	(20,158)	[2]
Statement of cash flows [abstract]
(Loss) / profit before income tax	(25,556)	4,994	[2],[3]	(23,920)	[2],[3]
Adjusted for:
Finance costs	228	467	[3]	1,187	[3]
Depreciation	524	644	[3]	294	[3]
Increase in trade and other receivables	4,662	(2,210)	[3]	(8,946)	[3]
Decrease in trade and other payables	(1,004)	68	[3]	3,268	[3]
Financing activities
Repayment of lease liabilities	(328)	(281)	[3]	(128)	[3]
Repayment of lease interest	£ (30)	(43)	[3]	(21)	[3]
Previously reported
Non-current assets
Property, plant and equipment		616		809
Current assets
Trade and other receivables		13,547		11,134
Non-current liabilities
Lease liabilities		0		0
Current liabilities
Trade and other payables		(8,865)		(8,932)
Lease liabilities		0		0
Equity
Accumulated losses reserve		(76,092)		(93,957)
Operating expenses
Research and development		(39,174)		(28,970)
General and administration		(12,342)		(11,999)
Operating profit		2,667		(25,884)
Finance costs		(424)		(1,164)
(Loss) / profit for the period / year		7,527		(20,190)
Statement of cash flows [abstract]
(Loss) / profit before income tax		5,031		(23,952)
Adjusted for:
Finance costs		424		1,164
Depreciation		309		140
Increase in trade and other receivables		(2,218)		(8,993)
Decrease in trade and other payables		93		3,375
Financing activities
Repayment of lease liabilities		0		0
Repayment of lease interest		0		0
Impact
Non-current assets
Property, plant and equipment		924
Property, plant and equipment				1,258
Current assets
Trade and other receivables		(56)		(47)
Non-current liabilities
Lease liabilities		(647)		(962)
Current liabilities
Trade and other payables		132		107
Lease liabilities		(358)		(324)
Equity
Accumulated losses reserve		(5)		32
Operating expenses
Research and development		(8)		(9)
General and administration		14		64
Operating profit		6		55
Finance costs		(43)		(23)
(Loss) / profit for the period / year		(37)		32
Statement of cash flows [abstract]
(Loss) / profit before income tax		(37)		32
Adjusted for:
Finance costs		43		23
Depreciation		335		154
Increase in trade and other receivables		8		47
Decrease in trade and other payables		(25)		(107)
Financing activities
Repayment of lease liabilities		(281)		(128)
Repayment of lease interest		(43)		(21)
Impact on net cash flows		£ 0		£ 0
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[3]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’

Segmental reporting - Narrative

Segmental reporting - Narrative (Details)	Dec. 31, 2019entiysubsidiarysegment
Disclosure of operating segments [abstract]
Number of legal entities	11
Number of trading entities	4
Number of subsidiaries | subsidiary	10
Number of reportable segments | segment	1

Revenue - Analysis of revenue b

Revenue - Analysis of revenue by category (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 583	£ 43,012	[1]	£ 12,360	[1]
Licensing agreements
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	583	42,766		12,050
Research collaboration agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 0	£ 246		£ 310
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Revenue - Analysis of revenue_2

Revenue - Analysis of revenue by geography (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 583	£ 43,012	[1]	£ 12,360	[1]
United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	126	42,267		12,008
Latin America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	457	499		42
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 0	£ 246		£ 310
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Revenue - Narrative (Details)

Revenue - Narrative (Details) £ in Thousands, $ in Thousands	Jan. 01, 2018	Dec. 31, 2019GBP (£)	Jan. 31, 2019GBP (£)		Jan. 31, 2018GBP (£)		Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)	Dec. 21, 2017USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue		£ 873	£ 1,330
Revenue		583	43,012	[1]	£ 12,360	[1]
Sarepta Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development costs percentage, entity responsibility	55.00%
Research and development costs percentage, third party responsibility	45.00%
Research and development costs, minimum percentage of budgeted amount	110.00%
Eurofarma Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue							$ 2,500	£ 1,900
Eurofarma Revenue Agreement | Specified Development Milestones
Disclosure of disaggregation of revenue from contracts with customers [line items]
Specified milestone payments | $									$ 3,750
Eurofarma Revenue Agreement | Other Milestones
Disclosure of disaggregation of revenue from contracts with customers [line items]
Specified milestone payments | $									21,400
Specified milestone payments, maximum cumulative net sales benchmark | $									100,000
Specified Milestone Payments, Cumulative Net Sales Incremental Benchmark | $									$ 100,000
Licensing agreements
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue		583	£ 42,766		£ 12,050
Licensing agreements | Sarepta Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue		100
Licensing agreements | Eurofarma Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue		£ 500
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Other operating income - Analys

Other operating income - Analysis of other operating income by category (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure of operating segments [line items]
Income on remeasurement or derecognition of financial liabilities on funding arrangements (Note 21)	£ 0	£ 539		£ 908
Research and development credit	649	333		23
Other income	0	6		9
Other operating income	15,163	15,156	[1]	2,725	[1]
BARDA
Disclosure of operating segments [line items]
Grant income	13,864	13,091		1,772
CARB-X and Innovate
Disclosure of operating segments [line items]
Grant income	£ 650	£ 1,187		£ 13
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Other operating income - Narrat

Other operating income - Narrative (Details) £ in Millions, $ in Millions	1 Months Ended
	Feb. 29, 2020USD ($)	Jul. 31, 2018USD ($)phase	Sep. 30, 2017USD ($)phase	Jan. 31, 2020USD ($)	Jan. 31, 2020GBP (£)	Jun. 30, 2019USD ($)	Aug. 31, 2018USD ($)
BARDA
Disclosure of operating segments [line items]
Cost sharing arrangement, initial portion			$ 32
Number of phases included in contract | phase			3
Cost sharing arrangement, additional portion						$ 9.6	$ 12
Cost sharing arrangement, contractual amount, total committed amount						53.6
CARB-X
Disclosure of operating segments [line items]
Number of phases included in contract | phase		2
Cost sharing arrangement, contractual amount		$ 4.5
Cost sharing arrangement, contractual amount, total committed amount		2.5
Grant income, received		$ 2
Top of range | BARDA
Disclosure of operating segments [line items]
Cost sharing arrangement, contractual amount			$ 62			$ 63.7
Update to cost sharing arrangement | BARDA
Disclosure of operating segments [line items]
Cost sharing arrangement, contractual amount				$ 72.5
Cost sharing arrangement, additional portion				$ 8.8
Cost sharing arrangement, contractual amount, total committed amount | £					£ 62.4
Update to cost sharing arrangement | CARB-X
Disclosure of operating segments [line items]
Cost sharing arrangement, contractual amount	$ 5.7
Cost sharing arrangement, additional portion	1.2
Grant income, received	$ 3.2

Directors and employees - Numbe

Directors and employees - Number of employees (Details) - employee	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Disclosure of operating segments [line items]
Average number of employees	65	74	60
Number of employees	70	61
Technical, research and development
Disclosure of operating segments [line items]
Average number of employees	36	45	34
Corporate and administration
Disclosure of operating segments [line items]
Average number of employees	29	29	26

Directors and employees - Emplo

Directors and employees - Employee compensation (Details) - GBP (£)	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Disclosure Directors And Employees [Abstract]
Wages and salaries	£ 6,304,000	£ 8,268,000	£ 7,493,000
Social security costs	758,000	844,000	643,000
Other pension costs	396,000	390,000	350,000
Share-based payment	646,000	4,743,000	1,607,000
Employee benefits expense	8,104,000	14,245,000	£ 10,093,000
Termination benefits expense	£ 0	£ 200,000

Directors and employees - Manag

Directors and employees - Management compensation (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Short-term employee benefits
Wages and salaries	£ 871	£ 1,406	£ 1,520
Social security costs	40	168	162
Short-term employee benefits expense	911	1,574	1,682
Post-employment benefits
Amounts paid in lieu of employer pension contributions	46	43	32
Other pension costs	20	11	14
Key management personnel compensation, other long-term employee benefits	66	54	46
Share-based payment	337	3,177	705
Total remuneration	£ 1,314	£ 4,805	£ 2,433

Loss before income tax (Details

Loss before income tax (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Research and development
Employee benefit expense	£ 8,104	£ 14,245		£ 10,093
Share-based payment expense	646	4,743		1,607
Amortization of intangible assets	760	829	[1]	106	[1]
Research and development expense	31,201	39,182	[2]	28,979	[2]
General and administration
Other operating income (expense)	9,877	12,328	[2]	11,935	[2]
Research and development
Research and development
Employee benefit expense	4,718	6,264		5,616
Share-based payment expense	283	1,091		327
Program related costs	24,288	29,868		21,810
Depreciation of property, plant and equipment	272	297		141
Amortization of intangible assets	760	829		105
Other research and development costs	880	833		980
Research and development expense	31,201	39,182		28,979
General and administration
Research and development
Employee benefit expense	2,741	3,238		2,870
Share-based payment expense	363	3,652		1,280
Depreciation of property, plant and equipment	252	347		151
General and administration
Foreign exchange loss / (gain)	1,037	(491)		1,986
Loss on disposal of assets	10	43		40
Other general and administration costs	5,473	4,766		5,539
Loss on contingent consideration	0	754		0
Royalty expense	1	19		69
Other operating income (expense)	£ 9,877	£ 12,328		£ 11,935
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Impairment of goodwill and in_2

Impairment of goodwill and intangible assets (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018		Jun. 30, 2018
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of goodwill and intangible assets	£ 0	£ 3,985	[1],[2]	£ 0	[1],[2]
Intangible assets	9,950	10,604	[3]	14,785	[3]
Goodwill	£ 1,814	1,814	[3]	£ 2,478	[3]
MuOx Limited
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of goodwill and intangible assets		£ 4,000
Intangible assets						£ 3,300
Goodwill						£ 700
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
[3]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Auditors_ remuneration (Details

Auditors’ remuneration (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Analysis of income and expense [abstract]
Fees payable to the auditors and its associates for the audit of the Company and Consolidated Financial Statements	£ 137	£ 100	£ 132
Audit of the Company’s subsidiaries	125	119	209
Audit related assurance services	161	60	0
Other assurance services	174	115	118
Tax compliance and advisory services	38	25	23
Other services not covered by the above	22	0	0
Total fees payable	£ 657	£ 419	£ 482

Finance income and costs (Detai

Finance income and costs (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Finance income
Remeasurement or derecognition of financial liabilities on funding arrangements	£ 0	£ 2,784		£ 3,085
Interest income on deposits	4	4		11
Finance income	4	2,788	[1]	3,096	[1]
Finance costs
Unwinding of discount factor	(198)	(424)		(754)
Lease liability interest	(30)	(43)		(23)
Remeasurement of financial liabilities on funding arrangements	0	0		(410)
Finance costs	£ (228)	£ (467)	[1]	£ (1,187)	[1]
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Income tax - Tax (Details)

Income tax - Tax (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure Of Income Tax [Abstract]
Current tax income	£ 3,523	£ 1,286		£ 3,767
Adjustments in respect of prior years	(114)	506		(5)
Total current tax	3,409	1,792		3,762
Total deferred tax	115	704		0
Total tax	£ 3,524	£ 2,496	[1]	£ 3,762	[1]
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Income tax - Tax reconciliation

Income tax - Tax reconciliation (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure Of Income Tax [Abstract]
(Loss) / profit before tax	£ (25,556)	£ 4,994	[1],[2]	£ (23,920)	[1],[2]
(Loss) / profit multiplied by the standard rate of corporation tax in the United Kingdom (Current tax) 19% (2019: 19%)	(4,856)	949		(4,585)
Adjustment on adoption of IFRS 15	0	(2,481)		2,504
Adjustment on adoption of IFRS 16	(1)	7		(7)
Change in unrecognized tax losses	2,449	820		751
Non-deductible expenses	343	1,797		402
Tax relief for qualifying research and development expenditure	(1,494)	(2,656)		(3,043)
Prior year adjustments	114	(506)		5
Share options exercised	0	(15)		(40)
Overseas profits taxed at different rates	36	292		251
Release of temporary difference relating to intangible assets	(115)	(703)		0
Total tax	£ (3,524)	£ (2,496)	[1]	£ (3,762)	[1]
Standard rate of corporation tax	19.00%	19.00%
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’

Income tax - Narrative (Details

Income tax - Narrative (Details) - GBP (£)	11 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Disclosure of income tax [Line Items]
Current tax liabilities	£ 0	£ 0	£ 0
Operating loss carryforward, maximum annual limit	5,000,000
Pro Forma | Spring Budget 2020 | April 1, 2020
Disclosure of income tax [Line Items]
Increase in deferred tax asset	£ 1,800,000

(Loss) _ Earnings per share - C

(Loss) / Earnings per share - Calculation of (loss) / earnings per share (Details) - GBP (£) £ / shares in Units, £ in Thousands, shares in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Earnings per share [abstract]
(Loss) / profit for the period / year	£ (22,032)	£ 7,490	[1]	£ (20,158)	[1]
Weighted average number of ordinary shares for basic earnings / (loss) earnings per share (in shares)	164,145	85,702		65,434
Effect of dilutive potential ordinary shares (share options and warrants) (in shares)	0	442		0
Weighted average number of ordinary shares for diluted earnings per share (in shares)	164,145	86,144		65,434
Basic (loss) / earnings per ordinary share from operations (in pounds per share)	£ (0.13)	£ 0.09		£ (0.31)
Diluted (loss) / earnings per ordinary share from operations (in pounds per share)	£ (0.13)	£ 0.09		£ (0.31)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

(Loss) _ Earnings per share - N

(Loss) / Earnings per share - Narrative (Details) - shares	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Disclosure of analysis of other comprehensive income by item [line items]
Number of share options outstanding in share-based payment arrangement	23,224,188	9,168,396	8,577,236
Shares excluded from computation of earnings per share	67,016,919
Restricted Stock Units (RSUs)
Disclosure of analysis of other comprehensive income by item [line items]
Number of other equity instruments outstanding in share-based payment arrangement	692,306	814,256	275,877
Warrants
Disclosure of analysis of other comprehensive income by item [line items]
Number of other equity instruments outstanding in share-based payment arrangement	43,100,425

Goodwill (Details)

Goodwill (Details) - GBP (£) £ in Thousands		Dec. 23, 2017	Jan. 31, 2019
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning	[1]		£ 2,478
Goodwill, ending	[1]		1,814
Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			2,478
Goodwill, ending			1,814
Cost | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			2,478
Goodwill, ending			2,478
Accumulated impairment | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			0
Impairment			(664)
Goodwill, ending			(664)
Discuva Limited
Reconciliation of changes in goodwill [abstract]
Percentage of voting equity interests acquired		100.00%
Discuva Limited | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			1,814
Goodwill, ending			1,814
Discuva Limited | Cost | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			1,814
Goodwill, ending			1,814
Additional recognition, goodwill		£ 1,800
Discuva Limited | Accumulated impairment | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			0
Impairment			0
Goodwill, ending			0
MuOx Limited | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			664
Goodwill, ending			0
MuOx Limited | Cost | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			664
Goodwill, ending			664
MuOx Limited | Accumulated impairment | Goodwill
Reconciliation of changes in goodwill [abstract]
Goodwill, beginning			0
Impairment			(664)
Goodwill, ending			£ (664)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Intangible assets - Disclosure

Intangible assets - Disclosure of reconciliation of changes in intangible assets (Details) - GBP (£) £ in Thousands		11 Months Ended	12 Months Ended
		Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	[1]	£ 10,604	£ 14,785
Charge for the period		(760)	(829)	[2]	£ (106)	[2]
Intangible assets, ending balance		9,950	10,604	[1]	14,785	[1]
Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		14,881	14,924
Additions		106	6
Disposals			(49)
Intangible assets, ending balance		14,987	14,881		14,924
Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		(4,277)	(139)
Charge for the period		(760)	(829)
Impairment			(3,321)
Disposals			12
Intangible assets, ending balance		(5,037)	(4,277)		(139)
Option over non-financial assets
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		619	664
Intangible assets, ending balance		574	619		664
Option over non-financial assets | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		668	668
Additions		0	0
Disposals			0
Intangible assets, ending balance		668	668		668
Option over non-financial assets | Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		(49)	(4)
Charge for the period		(45)	(45)
Impairment			0
Disposals			0
Intangible assets, ending balance		(94)	(49)		(4)
Other patents and licenses
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		133	209
Intangible assets, ending balance		201	133		209
Other patents and licenses | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		222	265
Additions		106	6
Disposals			(49)
Intangible assets, ending balance		328	222		265
Other patents and licenses | Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		(89)	(56)
Charge for the period		(38)	(45)
Impairment			0
Disposals			12
Intangible assets, ending balance		(127)	(89)		(56)
Utrophin
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		0	3,321
Intangible assets, ending balance		0	0		3,321
Utrophin | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		3,321	3,321
Additions		0	0
Disposals			0
Intangible assets, ending balance		3,321	3,321		3,321
Utrophin | Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		(3,321)	0
Charge for the period		0	0
Impairment			(3,321)
Disposals			0
Intangible assets, ending balance		(3,321)	(3,321)		0
Discuva Limited
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		9,852	10,591
Intangible assets, ending balance		9,175	9,852		10,591
Discuva Limited | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		10,670	10,670
Additions		0	0
Disposals			0
Intangible assets, ending balance		10,670	10,670		10,670
Discuva Limited | Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance		(818)	(79)
Charge for the period		(677)	(739)
Impairment			0
Disposals			0
Intangible assets, ending balance		£ (1,495)	£ (818)		£ (79)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018		Jun. 30, 2018
Disclosure of detailed information about intangible assets [line items]
Impairment of goodwill and intangible assets	£ 0	£ 3,985	[1],[2]	£ 0	[1],[2]
Intangible assets	9,950	10,604	[3]	14,785	[3]
Goodwill	1,814	1,814	[3]	2,478	[3]
MuOx Limited
Disclosure of detailed information about intangible assets [line items]
Impairment of goodwill and intangible assets		4,000
Intangible assets						£ 3,300
Goodwill						700
Intangible asset | MuOx Limited
Disclosure of detailed information about intangible assets [line items]
Intangible assets						3,300
Goodwill
Disclosure of detailed information about intangible assets [line items]
Goodwill	1,814	1,814		2,478
Goodwill | MuOx Limited
Disclosure of detailed information about intangible assets [line items]
Goodwill	£ 0	£ 0		£ 664		£ 700
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
[3]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Property, plant and equipment_2

Property, plant and equipment (Details) - GBP (£) £ in Thousands		11 Months Ended	12 Months Ended
		Dec. 31, 2019	Jan. 31, 2019
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		£ 1,540
Property, plant and equipment, ending balance			£ 1,540
Right-of-use assets, beginning balance		1,046	1,380
Charge for the period		(320)	(335)
Right-of-use assets, ending balance		774	1,046
Property, plant and equipment and right-of-use assets, beginning balance	[1]	1,540	2,067
Property, plant and equipment and right-of-use assets, ending balance		1,167	1,540	[1]
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets, beginning balance		1,561	1,561
Additions		0	0
Disposals		0	0
Revaluation		0	0
Right-of-use assets, ending balance		1,561	1,561
Property, plant and equipment and right-of-use assets, beginning balance		2,585	2,535
Additions		160	119
Disposals		(16)	(74)
Revaluation		1	5
Property, plant and equipment and right-of-use assets, ending balance		2,730	2,585
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets, beginning balance		(515)	(180)
Charge for the period		(272)	(335)
Disposals		0	0
Revaluation			0
Right-of-use assets, ending balance		(787)	(515)
Property, plant and equipment and right-of-use assets, beginning balance		(1,045)	(467)
Charge for the period		(524)	(644)
Disposals		6	68
Revaluation			(2)
Property, plant and equipment and right-of-use assets, ending balance		(1,563)	(1,045)
Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		153	187
Property, plant and equipment, ending balance		88	153
Leasehold improvements | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		189	189
Additions		0	0
Disposals		0	0
Revaluation		0	0
Property, plant and equipment, ending balance		189	189
Leasehold improvements | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		(36)	(2)
Charge for the period		(65)	(34)
Disposals		0	0
Revaluation			0
Property, plant and equipment, ending balance		(101)	(36)
Laboratory equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		168	263
Property, plant and equipment, ending balance		212	168
Laboratory equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		339	299
Additions		155	62
Disposals		(10)	(22)
Revaluation		0	0
Property, plant and equipment, ending balance		484	339
Laboratory equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		(171)	(36)
Charge for the period		(101)	(156)
Disposals		0	21
Revaluation			0
Property, plant and equipment, ending balance		(272)	(171)
Office and IT equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		173	237
Property, plant and equipment, ending balance		93	173
Office and IT equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		496	486
Additions		5	57
Disposals		(6)	(52)
Revaluation		1	5
Property, plant and equipment, ending balance		496	496
Office and IT equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		(323)	(249)
Charge for the period		(86)	(119)
Disposals		6	47
Revaluation			(2)
Property, plant and equipment, ending balance		£ (403)	£ (323)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Trade and other receivables (De

Trade and other receivables (Details) - GBP (£) £ in Thousands	11 Months Ended
	Dec. 31, 2019	Jan. 31, 2019
Trade and other receivables [abstract]
Trade receivables	£ 410	£ 1,656
Other receivables	905	3,791
Prepayments	6,645	7,433
Accrued income	156	611
Trade and other receivables	8,116	13,491
Prepayments relating to research and development expenditure	£ 5,800	£ 6,800
Research and development, stage of completion, percentage increase	5.00%
Research and development, stage of completion, increase, expense	£ 1,500
Research and development, stage of completion, percentage decrease	5.00%
Research and development, stage of completion, decrease, expense	£ 1,400

Trade and other payables (Detai

Trade and other payables (Details) - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018	[1]
Trade and other payables [abstract]
Trade payables	£ 3,389	£ 4,422
Other taxes and social security	245	190
Accruals	4,353	3,963
Other creditors	33	158
Trade and other current payables	8,020	8,733	[1]	£ 8,825
Accruals relating to research and development expenditure	£ 2,400	£ 1,900
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Deferred revenue and income - D

Deferred revenue and income - Detailed disclosure about deferred income (Details) - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018	[1]
Accruals and deferred income [abstract]
Deferred revenue, current	£ 499	£ 499
Deferred other operating income, current	637	2,875
Deferred revenue and income, current	1,136	3,374	[1]	£ 13,834
Deferred revenue, non-current	374	831
Deferred revenue, non-current	374	831	[1]	£ 27,270
Total deferred revenue	873	1,330
Total deferred other operating income	£ 637	£ 2,875
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Deferred revenue and income - N

Deferred revenue and income - Narrative (Details) - GBP (£) £ in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019
Accruals and deferred income [abstract]
Deferred revenue, recognized	£ 3.3	£ 37.4

Contingent consideration (Detai

Contingent consideration (Details) - GBP (£) £ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure of detailed information about business combination [line items]
Loss on recognition of contingent consideration payable		£ (2)	£ (754)	[1]	£ 0	[1]
Contingent consideration paid		(549)	(192)	[1]	0	[1]
Contingent consideration		(80)	£ (629)	[2]	£ 0	[2]
Discuva Limited
Disclosure of detailed information about business combination [line items]
Loss on recognition of contingent consideration payable	£ 100
Contingent consideration paid		(549)
Contingent consideration		£ (100)
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’
[2]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Financial liabilities on fund_3

Financial liabilities on funding arrangements - Narrative (Details) - GBP (£)	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Disclosure of financial liabilities [line items]
Estimated financial liabilities on funding arrangements	£ 0	£ 0	£ 3,090,000
Bottom of range
Disclosure of financial liabilities [line items]
Discount factors		16.00%
Top of range
Disclosure of financial liabilities [line items]
Discount factors		18.00%

Financial liabilities on fund_4

Financial liabilities on funding arrangements - Reconciliation of financial liabilities on funding arrangements (Details) - GBP (£)	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019
Financial Liabilities At Amortised Cost [Abstract]
At February 1	£ 0	£ 3,090,000
Unwinding of discount factor	0	233,000
Remeasurement of financial liabilities on funding arrangements - (finance income) / finance cost	0	(2,784,000)
Net finance income on funding arrangements accounting for as financial liabilities	0	(2,551,000)
Remeasurement or derecognition of financial liabilities – other operating income	0	(539,000)
At December 31/January 31	£ 0	£ 0

Financial instruments - Disclos

Financial instruments - Disclosure of detailed information about financial instruments (Details) - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018	[1]
Disclosure of financial liabilities [line items]
Contingent consideration	£ 80	£ 629	[1]	£ 0
Financial liabilities measured at amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	8,020	8,733
Financial assets at amortized cost
Disclosure of financial assets [line items]
Financial assets	49,732	32,305
Trade and other payables | Financial liabilities measured at amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	8,020	8,733
Trade and other receivables | Financial assets at amortized cost
Disclosure of financial assets [line items]
Financial assets	1,315	5,447
Cash and cash equivalents | Financial assets at amortized cost
Disclosure of financial assets [line items]
Financial assets	£ 48,417	£ 26,858
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Financial instruments - Foreign

Financial instruments - Foreign currency and interest rate risk (Details) - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019
Foreign currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	£ 48,417	£ 26,858
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	48,417	26,858
Pounds Sterling | Foreign currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	4,162	3,363
Euro | Foreign currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	4	0
U.S. Dollar | Foreign currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	£ 44,251	£ 23,495

Financial instruments - Narrati

Financial instruments - Narrative (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018	[1]
Disclosure of detailed information about business combination [line items]
Contingent consideration paid	£ 549	£ 192	[1]	£ 0
Interest rate fee percentage	0.02%	0.02%
Average cash balance	£ 37,600	£ 23,500
Trade receivables	410	1,656
Other receivables	905	£ 3,791
Discuva Limited
Disclosure of detailed information about business combination [line items]
Contingent consideration paid	£ 549
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.’

Financial instruments - Forei_2

Financial instruments - Foreign currency sensitivity analysis (Details) - Foreign currency risk - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, percent	5.00%
Reasonably possible increase in risk variable, impact on profit (loss)	£ (2,107)	£ (1,119)
Reasonably possible decrease in risk variable, impact on profit (loss)	2,329	1,237
Reasonably possible increase in risk variable, impact on equity	(2,107)	(1,119)
Reasonably possible decrease in risk variable, impact on equity	£ 2,329	£ 1,237

Financial instruments - Interes

Financial instruments - Interest rate sensitivity analysis (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Disclosure of nature and extent of risks arising from financial instruments [line items]
Interest received, Actual	£ 4	£ 4	£ 11
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, percent	1.00%
Interest rate, 1% decrease	0.00%	0.00%
Interest received, 1% decrease	£ 0	£ 0
Interest rate, Actual	2.00%	2.00%
Interest received, Actual	£ 4	£ 4
Interest rate, 1% increase	102.00%	102.00%
Interest received, 1% increase	£ 239	£ 239

Leases - Narrative (Details)

Leases - Narrative (Details) £ in Thousands	1 Months Ended		11 Months Ended	12 Months Ended
	Dec. 31, 2017	Feb. 28, 2017	Dec. 31, 2019GBP (£)contract	Jan. 31, 2019GBP (£)	Jan. 31, 2018GBP (£)
Disclosure of quantitative information about right-of-use assets [line items]
Number of leases | contract			2
Right-of-use assets | £			£ 774	£ 1,046	£ 1,380
Weighted average remaining lease term (in years)			2 years 1 month 6 days	3 years	4 years
Weighted average discount rate			3.75%	3.75%	3.75%
Oxford, UK
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)		10 years
Cambridge, UK
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	4 years

Leases - Future minimum lease p

Leases - Future minimum lease payments of the Group's lease liabilities (Details) - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure of maturity analysis of operating lease payments [line items]
Total minimum lease payments	£ 707	£ 1,065		£ 1,389
Less: imputed interest	(29)	(60)		(103)
Total lease liabilities	678	1,005		1,286
Current lease liabilities	358	358	[1]	324	[1]
Non-current lease liabilities	320	647	[1]	962	[1]
Not later than one year
Disclosure of maturity analysis of operating lease payments [line items]
Total minimum lease payments	358	358		324
Later than one year and not later than two years
Disclosure of maturity analysis of operating lease payments [line items]
Total minimum lease payments	294	358		358
Later than two years and not later than three years
Disclosure of maturity analysis of operating lease payments [line items]
Total minimum lease payments	£ 55	294		358
Later than three years and not later than four years
Disclosure of maturity analysis of operating lease payments [line items]
Total minimum lease payments		£ 55		294
Later than four years and not later than five years
Disclosure of maturity analysis of operating lease payments [line items]
Total minimum lease payments				£ 55
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Leases - Lease costs and other

Leases - Lease costs and other information pertaining to the Group's leases (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jan. 31, 2018
Leases [Abstract]
Depreciation	£ 320	£ 335
Interest expense paid	30	43	£ 23
Total lease cost	350	378
Lease payments	£ 358	£ 324

Provisions for other liabilit_3

Provisions for other liabilities and charges and contingent liabilities - Disclosure of contingent liabilities (Details) - GBP (£) £ in Thousands		11 Months Ended	12 Months Ended
		Dec. 31, 2019	Jan. 31, 2019
Disclosure of other provisions [line items]
Beginning balance	[1]	£ 1,851	£ 1,641
Additions		1	19
Unwinding of the discount factor		198	191
Ending balance		2,050	1,851	[1]
Assumed contingent liabilities
Disclosure of other provisions [line items]
Beginning balance		1,657	1,466
Additions		0	0
Unwinding of the discount factor		198	191
Ending balance		1,855	1,657
Dilapidations
Disclosure of other provisions [line items]
Beginning balance		150	150
Additions		0	0
Unwinding of the discount factor		0	0
Ending balance		150	150
Royalties
Disclosure of other provisions [line items]
Beginning balance		44	25
Additions		1	19
Unwinding of the discount factor		0	0
Ending balance		£ 45	£ 44
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Provisions for other liabilit_4

Provisions for other liabilities and charges and contingent liabilities - Narrative (Details) - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2017
The School of Pharmacy, University of London
Disclosure of other provisions [line items]
Financial liabilities	£ 1,000
Financial liabilities, initial payment	40
Discuva Limited
Disclosure of other provisions [line items]
Discount rate applied to cash flow projections			13.00%
Contingent liabilities recognised as of acquisition date	£ 1,855	£ 1,700
Wellcome Trust
Disclosure of other provisions [line items]
Discount rate applied to cash flow projections	0.80%

Provisions for other liabilit_5

Provisions for other liabilities and charges and contingent liabilities - Disclosure of contingent liabilities in business combination (Details) - Discuva Limited - GBP (£) £ in Thousands	Dec. 31, 2019	Jan. 31, 2019
Disclosure of contingent liabilities [line items]
Estimated assumed contingent liabilities	£ 1,855	£ 1,700
1% lower discount rate	1,927
1% higher discount rate	1,791
10% lower probability of success	1,635
10% higher probability of success	£ 2,057

Deferred tax liability - Narrat

Deferred tax liability - Narrative (Details) - GBP (£) £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019
Disclosure of income tax [Line Items]
Deferred tax liability, release relating to intangible asset impairment	£ 115	£ 704
Unrecognized deferred tax asset in relation to trading losses carried forward	15,240	12,400
Unrecognized deferred tax asset in relation to provisions	26	26
Unrecognized deferred tax asset in respect of accelerated capital allowances	27	32
Deferred tax liability in respect of accelerated capital allowances	£ 14	43
MuOx Limited
Disclosure of income tax [Line Items]
Deferred tax liability, release relating to intangible asset impairment		£ 600

Deferred tax liability - Detail

Deferred tax liability - Detailed disclosure about deferred tax liability (Details) - GBP (£) £ in Thousands		11 Months Ended	12 Months Ended
		Dec. 31, 2019	Jan. 31, 2019
Deferred tax assets and liabilities [abstract]
At February 1	[1]	£ 1,675	£ 2,379
Release of temporary difference relating to the intangible asset		(115)	(704)
At December 31 / January 31		£ 1,560	£ 1,675	[1]
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Share capital - Disclosure of s

Share capital - Disclosure of share capital (Details) - GBP (£) £ / shares in Units, £ in Thousands	Dec. 31, 2019	Dec. 24, 2019	Jan. 31, 2019		Jan. 31, 2018
Disclosure of classes of share capital [line items]
Alloted, called up and fully paid	£ 3,359		£ 1,604	[1]	£ 736	[1]
Ordinary shares
Disclosure of classes of share capital [line items]
Alloted, called up and fully paid	£ 3,359		£ 1,604
Number of shares issued and fully paid (in shares)	335,890,281		160,389,881		73,563,624
Par value per share (in GBP per share)	£ 0.01	£ 0.01	£ 0.01
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Share capital - Change in ordin

Share capital - Change in ordinary Shares (Details) - GBP (£) £ in Thousands		11 Months Ended	12 Months Ended
		Dec. 31, 2019	Jan. 31, 2019		Jan. 31, 2018
Number of shares
Share options exercised (in shares)		0	92,047
Disclosure of classes of share capital [abstract]
Share capital, beginning balance	[1]	£ 1,604	£ 736
New share capital issued (net of transaction costs)		38,759	34,648		£ 14,931
Share options exercised		1	102		392
Share capital, ending balance		£ 3,359	£ 1,604	[1]	£ 736	[1]
Ordinary shares
Number of shares
Number of shares issued and fully paid, beginning balance (in shares)		160,389,881	73,563,624
New share capital issued (net of transaction costs) (in shares)		175,378,450	86,458,333
Share options exercised (in shares)		121,950	367,924
Number of shares issued and fully paid, ending balance (in shares)		335,890,281	160,389,881		73,563,624
Disclosure of classes of share capital [abstract]
Share capital, beginning balance		£ 1,604
Share capital, ending balance		3,359	£ 1,604
Share capital
Disclosure of classes of share capital [abstract]
New share capital issued (net of transaction costs)		1,754	864		£ 84
Share options exercised		1	4		3
Share capital | Ordinary shares
Disclosure of classes of share capital [abstract]
Share capital, beginning balance		1,604	736
New share capital issued (net of transaction costs)		1,754	864
Share options exercised		1	4
Share capital, ending balance		3,359	1,604		736
Share premium
Disclosure of classes of share capital [abstract]
New share capital issued (net of transaction costs)		37,005	33,784		14,847
Share options exercised			98		389
Share premium | Ordinary shares
Disclosure of classes of share capital [abstract]
Share capital, beginning balance		92,806	60,237
New share capital issued (net of transaction costs)		36,304	32,471
Share options exercised		0	98
Share capital, ending balance		129,110	92,806		60,237
Total consideration | Ordinary shares
Disclosure of classes of share capital [abstract]
Share capital, beginning balance		94,410	60,973
New share capital issued (net of transaction costs)		38,058	33,335
Share options exercised		1	102
Share capital, ending balance		£ 132,469	£ 94,410		£ 60,973
[1]	See Note 3 - ‘Changes to accounting policies - Adoption of IFRS 16 'Leases'.'

Share capital - Narrative (Deta

Share capital - Narrative (Details) £ / shares in Units, $ in Millions	Dec. 24, 2019USD ($)shares	Dec. 24, 2019GBP (£)£ / sharesshares	Dec. 31, 2019GBP (£)shares	Jan. 31, 2019GBP (£)shares	Jan. 31, 2018GBP (£)shares
Disclosure of classes of share capital [line items]
Transaction costs			£ 701,000	£ 1,313,000	£ 1,428,000
Proceeds from exercise of restricted stock units			1,220
Dividends paid			0	0
Dividends declared			£ 0	£ 0
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued | shares	175,378,450	175,378,450
Shares issued, price per share (in GBP per share) | £ / shares		£ 0.221
Proceeds from issuing shares and warrants	$ 50	£ 38,800,000
Transaction costs		£ 700,000
Number of shares issued and fully paid (in shares) | shares			335,890,281	160,389,881	73,563,624
Warrants
Disclosure of classes of share capital [line items]
Number of other equity instruments issued (in shares) | shares	26,306,765	26,306,765
Warrant exercise price (in GPB per share) | £ / shares		£ 0.243

Share capital - Number of restr

Share capital - Number of restricted stock units exercised (Details) - shares	Dec. 23, 2019	Apr. 23, 2019	Dec. 31, 2019
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Restricted stock units exercised (in shares)	17,073	104,877	121,950

Share option scheme and restr_3

Share option scheme and restricted stock units - Outstanding equity instruments (Details)	Dec. 31, 2019shares£ / shares	Jan. 31, 2019shares	Jan. 31, 2018shares
Share Options
Number of shares (in shares)	23,224,188	9,168,396	8,577,236
Approved EMI scheme
Share Options
Number of shares (in shares)	250,392
Unapproved scheme
Share Options
Number of shares (in shares)	22,973,796
April 7, 2011 | Approved EMI scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.65
Number of shares (in shares)	5,873
May 10, 2012 | Approved EMI scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.60
Number of shares (in shares)	150,046
December 24, 2012 | Approved EMI scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.85
Number of shares (in shares)	21,500
January 31, 2013 | Approved EMI scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.20
Number of shares (in shares)	72,973
December 18, 2013 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.20
Number of shares (in shares)	76,364
July 15, 2014 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.80
Number of shares (in shares)	100,000
June 23, 2016 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.01
Number of shares (in shares)	110,576
Tranche one | October 19, 2018 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.30
Number of shares (in shares)	3,941,886
Tranche one | March 29, 2019 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.275
Number of shares (in shares)	4,580,000
Tranche one | December 23, 2019 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.21
Number of shares (in shares)	3,000,000
Tranche two | October 19, 2018 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.30
Number of shares (in shares)	3,814,970
Tranche two | March 29, 2019 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.275
Number of shares (in shares)	6,500,000
Tranche two | December 23, 2019 | Unapproved scheme
Share Options
Exercise price of outstanding share options (in Pounds per share) | £ / shares	£ 0.21
Number of shares (in shares)	850,000
Restricted Stock Units (RSUs)
Other Equity Instruments
Number of shares (in shares)	692,306	814,256	275,877
Restricted Stock Units (RSUs) | January 11, 2019 | Unapproved scheme
Other Equity Instruments
Exercise price of outstanding other equity instruments (in Pounds per share) | £ / shares	£ 0.01
Number of shares (in shares)	692,306
Warrants
Other Equity Instruments
Number of shares (in shares)	43,100,425
Warrants | Consultant scheme
Other Equity Instruments
Number of shares (in shares)	16,793,660
Warrants | December 24, 2019 | Consultant scheme
Other Equity Instruments
Exercise price of outstanding other equity instruments (in Pounds per share) | £ / shares	£ 0.22
Number of shares (in shares)	16,793,660

Share option scheme and restr_4

Share option scheme and restricted stock units - Movement in equity instruments (Details)	Dec. 23, 2019shares	Apr. 23, 2019shares	Dec. 31, 2019shares£ / shares	Jan. 31, 2019shares£ / shares
Share Options
Outstanding at beginning of period (in Pounds per share) | £ / shares			£ 0.35	£ 1.43
Granted during the year (in Pounds per share) | £ / shares			0.27	0.76
Lapsed / surrendered during the year (in Pounds per share) | £ / shares			0.69	1.52
Exercised during the year (in Pounds per share) | £ / shares			0	1.08
Outstanding at end of period (in Pounds per share) | £ / shares			£ 0.27	£ 0.35
Outstanding at beginning of period (in shares)			9,168,396	8,577,236
Granted during the year (in shares)			15,246,000	13,081,048
Lapsed / surrendered during the year (in shares)			(1,190,208)	(12,397,841)
Exercised during the year (in shares)			0	(92,047)
Outstanding at end of period (in shares)			23,224,188	9,168,396
Other Equity Instruments
Exercised during the year (in shares)	(17,073)	(104,877)	(121,950)
Restricted Stock Units (RSUs)
Other Equity Instruments
Outstanding at beginning of period (in Pounds per share) | £ / shares			£ 0.01	£ 0.01
Granted during the year (in Pounds per share) | £ / shares			0.01	0.01
Exercised during the year (in Pounds per share) | £ / shares			0.01	0.01
Outstanding at end of period (in Pounds per share) | £ / shares			£ 0.01	£ 0.01
Outstanding at beginning of period (in shares)			814,256	275,877
Granted during the year (in shares)			0	814,256
Exercised during the year (in shares)			(121,950)	(275,877)
Outstanding at end of period (in shares)			692,306	814,256

Share option scheme and restr_5

Share option scheme and restricted stock units - Narrative (Details) £ / shares in Units, £ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019GBP (£)yearshares£ / shares	Jan. 31, 2019GBP (£)yearshares£ / shares	Jan. 31, 2018GBP (£)£ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share options voluntarily surrendered (in shares)	1,190,208	12,397,841
Share-based payment | £	£ 646	£ 4,743	£ 1,607
Number of share options exercisable in share-based payment arrangement (in shares)	1,005,072	1,029,228
Weighted average exercise price of share options exercisable in share-based payment arrangement (in Pounds per share) | £ / shares	£ 0.36	£ 0.82
Number of outstanding options (in Pounds per share) | £ / shares	£ 0.27	£ 0.35	£ 1.43
Share options, remaining contractual life	9 years 1 month 6 days	9 years 2 months 12 days
Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility, share options granted	39.00%
Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility, share options granted	134.00%
Share Options, Voluntarily Surrendered
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share options voluntarily surrendered (in shares)		7,172,054
Restricted Stock Units (RSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0	0
Weighted average exercise price of RSUs exercisable in share-based payment arrangement (in Pounds per share) | £ / shares	£ 0.01	£ 0.01
Other equity instruments, remaining contractual life | year	1	1.8
Expected volatility, other equity instruments granted	57.00%
Warrants | Consultant scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of RSUs exercisable in share-based payment arrangement (in Pounds per share) | £ / shares	£ 0.22
Other equity instruments, remaining contractual life | year	9.98
Warrants | Consultant scheme | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility, other equity instruments granted	52.00%
Warrants | Consultant scheme | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility, other equity instruments granted	69.00%

Share option scheme and restr_6

Share option scheme and restricted stock units - Fair value per award granted (Details)	11 Months Ended	12 Months Ended
	Dec. 31, 2019GBP (£)yearshares£ / shares	Jan. 31, 2019shares£ / shares	Jan. 31, 2018shares
Share Options
Number of shares (in shares) | shares	23,224,188	9,168,396	8,577,236
Approved EMI scheme
Share Options
Number of shares (in shares) | shares	250,392
Unapproved scheme
Share Options
Number of shares (in shares) | shares	22,973,796
April 7, 2011 | Approved EMI scheme
Share Options
Number of shares (in shares) | shares	5,873
Exercise price of outstanding share options (in Pounds per share)	£ 0.65
Share price at grant date (in Pound per share)	£ 0.65
Fair value per option (in Pounds per share) | £	£ 0.47
Award life (years) | year	5
Risk free rate	2.70%
May 10, 2012 | Approved EMI scheme
Share Options
Number of shares (in shares) | shares	150,046
Exercise price of outstanding share options (in Pounds per share)	£ 0.60
Share price at grant date (in Pound per share)	£ 0.52
Fair value per option (in Pounds per share) | £	£ 0.24
Award life (years) | year	5
Risk free rate	1.00%
December 24, 2012 | Approved EMI scheme
Share Options
Number of shares (in shares) | shares	21,500
Exercise price of outstanding share options (in Pounds per share)	£ 0.85
Share price at grant date (in Pound per share)	£ 0.85
Fair value per option (in Pounds per share) | £	£ 0.59
Award life (years) | year	5
Risk free rate	0.90%
January 31, 2013 | Approved EMI scheme
Share Options
Number of shares (in shares) | shares	72,973
Exercise price of outstanding share options (in Pounds per share)	£ 0.20
Share price at grant date (in Pound per share)	£ 0.94
Fair value per option (in Pounds per share) | £	£ 0.74
Award life (years) | year	5
Risk free rate	1.00%
December 18, 2013 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	76,364
Exercise price of outstanding share options (in Pounds per share)	£ 0.20
Share price at grant date (in Pound per share)	£ 1.85
Fair value per option (in Pounds per share) | £	£ 1.65
Award life (years) | year	5
Risk free rate	1.00%
July 15, 2014 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	100,000
Exercise price of outstanding share options (in Pounds per share)	£ 0.80
Share price at grant date (in Pound per share)	£ 0.81
Fair value per option (in Pounds per share) | £	£ 0.65
Award life (years) | year	1.90
Risk free rate	0.50%
June 23, 2016 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	110,576
Exercise price of outstanding share options (in Pounds per share)	£ 0.01
Share price at grant date (in Pound per share)	£ 1.05
Fair value per option (in Pounds per share) | £	£ 1.04
Award life (years) | year	0.50
Risk free rate	0.30%
Tranche one | October 19, 2018 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	3,941,886
Exercise price of outstanding share options (in Pounds per share)	£ 0.30
Share price at grant date (in Pound per share)	£ 0.30
Fair value per option (in Pounds per share) | £	£ 0.09
Award life (years) | year	3
Risk free rate	0.81%
Tranche one | March 29, 2019 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	4,580,000
Exercise price of outstanding share options (in Pounds per share)	£ 0.275
Share price at grant date (in Pound per share)	£ 0.275
Fair value per option (in Pounds per share) | £	£ 0.1
Award life (years) | year	3
Risk free rate	0.63%
Tranche one | December 23, 2019 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	3,000,000
Exercise price of outstanding share options (in Pounds per share)	£ 0.21
Share price at grant date (in Pound per share)	£ 0.21
Fair value per option (in Pounds per share) | £	£ 0.08
Award life (years) | year	4
Risk free rate	0.54%
Tranche two | October 19, 2018 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	3,814,970
Exercise price of outstanding share options (in Pounds per share)	£ 0.30
Share price at grant date (in Pound per share)	£ 0.30
Fair value per option (in Pounds per share) | £	£ 0.12
Award life (years) | year	3
Risk free rate	0.90%
Tranche two | March 29, 2019 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	6,500,000
Exercise price of outstanding share options (in Pounds per share)	£ 0.275
Share price at grant date (in Pound per share)	£ 0.275
Fair value per option (in Pounds per share) | £	£ 0.12
Award life (years) | year	3
Risk free rate	0.63%
Tranche two | December 23, 2019 | Unapproved scheme
Share Options
Number of shares (in shares) | shares	850,000
Exercise price of outstanding share options (in Pounds per share)	£ 0.21
Share price at grant date (in Pound per share)	£ 0.21
Fair value per option (in Pounds per share) | £	£ 0.07
Award life (years) | year	3
Risk free rate	0.54%
Restricted Stock Units (RSUs)
Other Equity Instruments
Number of shares (in shares) | shares	692,306	814,256	275,877
Share price at grant date (in Pounds per share)	£ 0.01	£ 0.01
Restricted Stock Units (RSUs) | January 11, 2019 | Unapproved scheme
Other Equity Instruments
Number of shares (in shares) | shares	692,306
Exercise price of outstanding other equity instruments (in Pounds per share)	£ 0.01
Share price at grant date (in Pounds per share)	£ 0.26
Fair value per option (in Pounds per share) | £	£ 0.25
Award life (years) | year	1
Risk free rate	0.79%
Warrants
Other Equity Instruments
Number of shares (in shares) | shares	43,100,425
Warrants | Consultant scheme
Other Equity Instruments
Number of shares (in shares) | shares	16,793,660
Warrants | December 24, 2019 | Consultant scheme
Other Equity Instruments
Number of shares (in shares) | shares	16,793,660
Exercise price of outstanding other equity instruments (in Pounds per share)	£ 0.22
Share price at grant date (in Pounds per share)	£ 0.21
Fair value per option (in Pounds per share) | £	£ 0.06
Award life (years) | year	3
Risk free rate	0.54%

Commitments (Details)

Commitments (Details) - GBP (£)	Dec. 31, 2019	Jan. 31, 2019
Fixed Assets Purchase Commitments [Abstract]
Contractual capital commitments	£ 0	£ 0

Related party transactions (Det

Related party transactions (Details)	Feb. 07, 2020shares	Dec. 31, 2019GBP (£)£ / shares	Dec. 24, 2019GBP (£)shares£ / shares	Jan. 31, 2019GBP (£)£ / shares
Mr. Robert W. Duggan
Disclosure of transactions between related parties [line items]
Subscription price (in GBP per share) | £ / shares			£ 0.221
Maky Zanganeh and Associates, Inc.
Disclosure of transactions between related parties [line items]
Monthly consultancy fees, related party | £			£ 75,000
Fees paid to related party | £		£ 16,000		£ 0
Amounts payable to related party | £		5,000		0
Warrants | Mr. Robert W. Duggan
Disclosure of transactions between related parties [line items]
Other equity instruments subscribed (in shares)			24,923,555
Exercise price, other equity instruments subscribed (in GBP per share) | £ / shares			£ 0.243
Warrants | Maky Zanganeh and Associates, Inc.
Disclosure of transactions between related parties [line items]
Other equity instruments granted (in shares)			16,793,660
Exercise price, other equity instruments granted (in GBP per share) | £ / shares			£ 0.221
Vesting period			3 years
Warrant expense | £		£ 15,000		£ 0
Entering into related party agreement | Assignment And Assumption Agreement | Warrants | Dr. Zanganeh
Disclosure of transactions between related parties [line items]
Other equity instruments granted (in shares)	14,694,453
Entering into related party agreement | Assignment And Assumption Agreement | Warrants | Dr. Stracker
Disclosure of transactions between related parties [line items]
Other equity instruments granted (in shares)	2,099,207
Ordinary shares
Disclosure of transactions between related parties [line items]
Par value per share (in GBP per share) | £ / shares		£ 0.01	£ 0.01	£ 0.01
Ordinary shares | Mr. Robert W. Duggan
Disclosure of transactions between related parties [line items]
Number of shares subscribed (in shares)			166,157,050

Uncategorized Items - smmt-2019

Label	Element	Value
Gross carrying amount [member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	£ 2,478,000
Accumulated impairment [member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	(664,000)
Discuva Limited [Member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	1,814,000
Discuva Limited [Member] | Gross carrying amount [member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	1,814,000
Discuva Limited [Member] | Accumulated impairment [member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	0
MuOx Limited [Member] | Gross carrying amount [member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	664,000
MuOx Limited [Member] | Accumulated impairment [member] | Goodwill [member]
Goodwill	ifrs-full_Goodwill	£ (664,000)