DEI
DEI | 6 Months Ended |
Jun. 30, 2020 | |
Document Information [Abstract] | |
Document Type | 6-K/A |
Document Fiscal Year Focus | 2020 |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | Verona Pharma plc |
Entity Central Index Key | 0001657312 |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - GBP (£) £ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Non-current assets: | ||
Goodwill | £ 441 | £ 441 |
Intangible assets | 25,430 | 2,757 |
Property, plant and equipment | 37 | 43 |
Right-of-use assets | 1,096 | 971 |
Total non-current assets | 27,004 | 4,212 |
Current assets: | ||
Prepayments and other receivables | 4,420 | 2,770 |
Current tax receivable | 2,770 | 7,396 |
Short term investments | 0 | 7,823 |
Cash and cash equivalents | 18,081 | 22,934 |
Total current assets | 25,271 | 40,923 |
Total assets | 52,275 | 45,135 |
Capital and reserves attributable to equity holders: | ||
Share capital | 5,324 | 5,266 |
Share premium | 118,862 | 118,862 |
Share-based payment reserve | 12,572 | 10,364 |
Accumulated loss | (117,565) | (100,627) |
Total equity | 19,193 | 33,865 |
Current liabilities: | ||
Derivative financial instrument | 711 | 895 |
Lease liabilities | 638 | 460 |
Trade and other payables | 7,111 | 8,261 |
Total current liabilities | 8,460 | 9,616 |
Non-current liabilities: | ||
Assumed contingent liability | 23,907 | 1,103 |
Non-current lease liability | 677 | 491 |
Deferred income | 38 | 60 |
Total non-current liabilities | 24,622 | 1,654 |
Total equity and liabilities | £ 52,275 | £ 45,135 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Profit or loss [abstract] | ||||
Research and development costs | £ (6,203) | £ (9,916) | £ (12,075) | £ (15,844) |
General and administrative costs | (2,315) | (2,130) | (7,616) | (3,961) |
Operating loss | (8,518) | (12,046) | (19,691) | (19,805) |
Finance income | 141 | 1,011 | 532 | 2,202 |
Finance expense | (395) | (36) | (447) | (187) |
Loss before taxation | (8,772) | (11,071) | (19,606) | (17,790) |
Taxation - credit | 1,422 | 2,099 | 2,683 | 3,412 |
Loss for the year | (7,350) | (8,972) | (16,923) | (14,378) |
Other comprehensive income / (loss): | ||||
Exchange differences on translating foreign operations | 3 | 14 | 43 | 1 |
Total comprehensive loss attributable to owners of the Company | £ (7,347) | £ (8,958) | £ (16,880) | £ (14,377) |
Loss per ordinary share - basic and diluted (pence per share) | £ (6.90) | £ (8.50) | £ (16) | £ (13.70) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - GBP (£) £ in Thousands | Share Capital | Share Premium | Share-based Payment Expenses | Total Accumulated Losses | Total | |
Impact of change in accounting policy | [1] | £ (20) | £ (20) | |||
Adjusted Balance at January 1, 2019 | £ 5,266 | £ 118,862 | £ 7,923 | (68,653) | 63,398 | |
Beginning balance (Previously stated) at Dec. 31, 2018 | 5,266 | 118,862 | 7,923 | (68,633) | 63,418 | |
Loss for the year | (14,378) | (14,378) | ||||
Exchange differences on translating foreign operations | 1 | 1 | ||||
Total comprehensive loss for the year | (14,377) | (14,377) | ||||
Share-based payments | 1,286 | 1,286 | ||||
Ending balance at Jun. 30, 2019 | 5,266 | 118,862 | 9,209 | (83,030) | 50,307 | |
Beginning balance (Previously stated) at Dec. 31, 2018 | 5,266 | 118,862 | 7,923 | (68,633) | 63,418 | |
Loss for the year | 31,900 | |||||
Ending balance at Dec. 31, 2019 | 5,266 | 118,862 | 10,364 | (100,627) | 33,865 | |
Beginning balance at Mar. 31, 2019 | 5,266 | 118,862 | 8,543 | (74,072) | 58,599 | |
Loss for the year | (8,972) | (8,972) | ||||
Exchange differences on translating foreign operations | 14 | 14 | ||||
Total comprehensive loss for the year | (8,958) | (8,958) | ||||
Share-based payments | 666 | 666 | ||||
Ending balance at Jun. 30, 2019 | 5,266 | 118,862 | 9,209 | (83,030) | 50,307 | |
Beginning balance at Dec. 31, 2019 | 5,266 | 118,862 | 10,364 | (100,627) | 33,865 | |
Loss for the year | (16,923) | (16,923) | ||||
Exchange differences on translating foreign operations | 43 | 43 | ||||
Total comprehensive loss for the year | (16,880) | (16,880) | ||||
New share capital issued | 58 | (58) | ||||
Share-based payments | 2,208 | 2,208 | ||||
Ending balance at Jun. 30, 2020 | 5,324 | 118,862 | 12,572 | (117,565) | 19,193 | |
Beginning balance at Mar. 31, 2020 | 5,311 | 118,862 | 11,811 | (110,160) | 25,824 | |
Loss for the year | (7,350) | (7,350) | ||||
Exchange differences on translating foreign operations | 3 | 3 | ||||
Total comprehensive loss for the year | (7,347) | (7,347) | ||||
New share capital issued | 13 | (58) | (45) | |||
Share-based payments | 761 | 761 | ||||
Ending balance at Jun. 30, 2020 | £ 5,324 | £ 118,862 | £ 12,572 | £ (117,565) | £ 19,193 | |
[1] | This relates to the adoption of IFRS 16. See note 2.17 of the 2019 20F. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash used in operating activities: | ||
Loss before taxation | £ (19,606) | £ (17,790) |
Finance income | (532) | (2,202) |
Finance expense | 447 | 187 |
Share-based payment charge | 2,208 | 1,286 |
(Increase) / decrease in prepayments and other receivables | (1,710) | 65 |
(Decrease) / increase in trade and other payables | (1,146) | 163 |
Depreciation of property, plant and equipment and right of use asset | 247 | 157 |
Impairment of right of use asset | 232 | |
Unrealized foreign exchange (gains) / losses | (232) | 3 |
Amortization of intangible assets | 61 | 50 |
Cash used in operating activities | (20,031) | (18,081) |
Cash inflow from taxation | 7,319 | |
Net cash used in operating activities | (12,712) | (18,081) |
Cash flow from investing activities: | ||
Interest received | 141 | 296 |
Purchase of plant and equipment | (4) | (21) |
Payment for patents and computer software | (105) | (90) |
Maturity of short term investments | 7,848 | 20,686 |
Net cash generated from / (used in) investing activities | 7,880 | 20,871 |
Cash flow used in financing activities: | ||
Repayment of lease liabilities | (263) | (168) |
Net cash (used in) / generated from financing activities | (263) | (168) |
Net increase / (decrease) in cash and cash equivalents | (5,095) | 2,622 |
Cash and cash equivalents at the beginning of the year | 22,934 | 19,784 |
Effect of exchange rates on cash and cash equivalents | 242 | 28 |
Cash and cash equivalents at the end of the year | £ 18,081 | £ 22,434 |
General information
General information | 6 Months Ended |
Jun. 30, 2020 | |
General information | |
General information | 1. General information Verona Pharma plc (the "Company") and its subsidiaries are a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapeutics for the treatment of respiratory diseases with significant unmet medical needs. The Company is a public limited company, which is dual listed, with its ordinary shares listed on the AIM market operated by the London Stock Exchange and its American Depository Shares ("ADSs") on the Nasdaq Global Market. The Company is incorporated and domiciled in the United Kingdom. The address of the registered office is 1 Central Square, Cardiff, CF10 1FS, United Kingdom. The Company has two subsidiaries, Verona Pharma Inc. and Rhinopharma Limited ("Rhinopharma"), both of which are wholly owned. |
Basis of accounting
Basis of accounting | 6 Months Ended |
Jun. 30, 2020 | |
Basis of accounting | |
Basis of accounting | 2. Basis of accounting The unaudited condensed consolidated interim financial statements of Verona Pharma plc and its subsidiaries, Verona Pharma, Inc., and Rhinopharma Limited (together the "Group”), for the six months ended June 30, 2020, do not include all the statements required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as of December 31, 2019. The 2019 Accounts, on which the Company’s auditors delivered an unqualified audit report, have been delivered to the Registrar of Companies. These unaudited condensed interim financial statements were authorized for issue by the Company’s board of directors (the “Directors”) on August 14, 2020. There have been no changes to the accounting policies as contained in the annual consolidated financial statements as of and for the year ended December 31, 2019, which have been prepared in accordance with international financial reporting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Group’s activities and results are not exposed to any seasonality. The Group operates as a single operating and reportable segment. Going concern The Group has incurred recurring losses since inception, including net losses of £31.9 million, £19.9 million and £20.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. In addition, as of June 30, 2020, the Group had an accumulated loss of £117.6 million. The Group expects to continue to generate operating losses for the foreseeable future. On July 17, 2020, the Group announced it raised £159 million in a private placement, with net proceeds after transaction related fees and expenses of approximately £145 million (see note 17). As of the issuance date of these condensed consolidated interim financial statements, the Group therefore expects that its cash and cash equivalents would be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the issuance date of these condensed consolidated interim financial statements. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Impairment of intangible assets, goodwill and non-financial assets The Group continues to review the effect of the COVID‑19 pandemic on its operations, ongoing and planned clinical trials and the potential disruption to financial markets. Management has determined that the current effect on the Group does not require an impairment of intangible assets or goodwill as the Company’s market value still supports the value of the assets. However, management will continue to monitor the situation for any triggering events that relate to the pandemic. Dividend The Directors do not recommend the payment of a dividend for the six months ended June 30, 2020, (six months ended June 30, 2019: £nil and the year ended December 31, 2019: £nil). |
Segmental reporting
Segmental reporting | 6 Months Ended |
Jun. 30, 2020 | |
Segmental reporting | |
Segmental reporting | 3. Segmental reporting The Group’s activities are covered by one operating and reporting segment: Drug Development. There have been no changes to management’s assessment of the operating and reporting segment of the Group during the period. All non-current assets are based in the United Kingdom apart from a right-of-use asset relating to a property lease in the United States. |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2020 | |
Financial instruments | |
Financial instruments | 4. Financial instruments The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk), cash flow and fair value interest rate risk, credit risk and liquidity risk. The condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and they should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2019. |
Critical estimates and judgemen
Critical estimates and judgements | 6 Months Ended |
Jun. 30, 2020 | |
Basis of accounting | |
Critical estimates and judgements | 5. Critical estimates and judgements The preparation of condensed consolidated interim financial statements require management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from those estimates. In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2019, with the exception of development of the COVID‑19 pandemic. We have assessed whether the COVID‑19 pandemic has any impact on the key estimates and judgments previously reported in respect of the derivative financial instrument, the assumed contingent obligation or other balances and concluded that there is no significant impact. |
Finance income and expense
Finance income and expense | 6 Months Ended |
Jun. 30, 2020 | |
Finance income and expense | |
Finance income and expense | 6. Finance income and expense Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 £'000s £'000s £'000s £'000s Finance income: Interest received on cash and short term investments 28 229 81 479 Foreign exchange gain on translating foreign currency denominated cash balances 41 669 267 — Fair value adjustment on derivative financial instruments (note 13) 72 113 184 1,723 Total finance income 141 1,011 532 2,202 Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 £'000s £'000s £'000s £'000s Finance expense: Interest on discounted lease liability 22 6 42 15 Foreign exchange loss on translating foreign currency denominated balances — — — 114 Unwinding of discount factor movements related to the assumed contingent arrangement (note 14) 373 30 405 58 Total finance expense 395 36 447 187 |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2020 | |
Taxation | |
Taxation | 7. Taxation The tax credit for the six month period ended June 30, 2020, amounts to £2.7 million and consists of the estimated research and development tax credit receivable on qualifying expenditure incurred during the six month period ended June 30, 2020 for an amount of £2.7 million less a tax expense of £52 thousand related to the U.S. operations (six month period ended June 30, 2019: £3.4 million tax credit, comprising £3.4 million for research and development tax credit, less £19 thousand expense for tax on U.S. operations). The tax credit for the three month period ended June 30, 2020, amounts to £1.4 million, and consists of the estimated research and development tax credit receivable on qualifying expenditure incurred during the three month period ended June 30, 2020 for an amount of £1.4 million less a tax expense of £12 thousand related to the U.S. operations (three month period ended June 30, 2019: £2.1 million tax credit, comprising £2.1 million for research and development tax credit, plus tax credit £20 thousand expense for tax on U.S. operations). |
Loss per share calculation
Loss per share calculation | 6 Months Ended |
Jun. 30, 2020 | |
Loss per share calculation | |
Loss per share calculation | 8. Loss per share calculation For the six months ended June 30, 2020, the basic loss per share of 16.0p (June 30, 2019: 13.7p) is calculated by dividing the loss for the six months ended June 30, 2020 by the weighted average number of ordinary shares in issue of 105,908,648 during the six months ended June 30, 2020 (June 30, 2019: 105,326,638). Potential ordinary shares are not treated as dilutive as the entity is loss making and such shares would be anti-dilutive. For the three months ended June 30, 2020, the basic loss per share of 6.9p (June 30, 2019: 8.5p) is calculated by dividing the loss for the three months ended June 30, 2020 by the weighted average number of ordinary shares in issue of 106,360,580 during the three months ended June 30, 2020 (June 30, 2019: 105,326,638). Potential ordinary shares are not treated as dilutive as the entity is loss making and such shares would be anti-dilutive. Each ADS represents 8 ordinary shares of the Company, so the profit or loss per ADS in any period is equal to eight times the profit or loss per share. |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2020 | |
Intangible assets | |
Intangible assets | 9. Intangible assets Computer IP R&D software Patents Total £'000s £'000s £'000s £'000s Cost At January 1, 2020 1,953 18 1,214 3,185 Additions 22,629 — 105 22,734 At June 30, 2020 24,582 18 1,319 25,919 Accumulated amortization At January 1, 2020 — 15 413 428 Charge for year — 1 60 61 At June 30, 2020 — 16 473 489 Net book value At June 30, 2020 24,582 2 846 25,430 Movements in the assumed contingent liability (see note 14) that relate to changes in estimated cashflows or probabilities of success are recognized as additions to the In-Process Research and Development ("IP R&D") asset that it relates to. In the six months ended June 30, 2020, the Group determined that it moved from Phase 2 of ensifentrine’s clinical development plan to Phase 3. The probability of success and estimated cashflows have changed and the £22.6 million movement in the liability relating to this was recorded as an addition to the IP R&D asset that it relates to. There were no changes in estimated cashflows or probabilities of success in 2019. |
Right-of-use assets
Right-of-use assets | 6 Months Ended |
Jun. 30, 2020 | |
Right-of-use assets | |
Right-of-use assets | 10. Right-of-use assets In the six months to June 30, 2020, a new lease was signed in North Carolina and a liability and corresponding right-of-use ("ROU") asset of £575 thousand was recognized. The lease terminates on April 30, 2024. As at December 31, 2019, the Group had an ROU asset relating to office space in New York. In the six months to June 30, 2020, the New York office was closed and the ROU asset was subject to an impairment review and its net book value of £232 thousand was subsequently expensed to the income statement. The Group retains a liability of £192 thousand relating to this asset. |
Short term investments
Short term investments | 6 Months Ended |
Jun. 30, 2020 | |
Short term investments | |
Short term investments | 11. Short term investments Short term investments as at June 30, 2020, amounted to a total of £0.0 million (December 31, 2019: £7.8 million) and consisted of fixed term deposits. |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Jun. 30, 2020 | |
Cash and cash equivalents | |
Cash and cash equivalents | 12. Cash and cash equivalents Included in cash and cash equivalents are cash balances held at bank, term deposits with maturities of less than three months at inception and investments in money market funds. Money market funds have been classified as cash and cash equivalents as they are low risk instruments, readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Management’s intention is to manage these funds as cash and to use them to meet short term cash requirements. |
Derivative financial instrument
Derivative financial instrument | 6 Months Ended |
Jun. 30, 2020 | |
Derivative financial instrument | |
Derivative financial instrument | 13. Derivative financial instrument On July 29, 2016 the Company issued 31,115,926 units to new and existing investors at the placing price of £1.4365 per unit. Each unit comprises one ordinary share and one warrant and the warrant holders may subscribe for 0.4 of an ordinary share at a per share exercise price of £1.7238. The warrant holders can opt for a cashless exercise of their warrants, whereby they can choose to exchange the warrants held for a reduced number of warrants exercisable at nil consideration. The reduced number of warrants is calculated based on a formula considering the share price and the exercise price of the warrants. The warrants are therefore classified as a derivative financial liability, since their exercise could result in a variable number of shares to be issued. The warrants entitled the investors to subscribe for, in aggregate, a maximum of 12,401,262 shares. The warrants can be exercised until May 2, 2022. At June 30, 2020, and December 31, 2019, warrants over 12,401,262 shares were in effect. As of June 30, As of December 31, 2020 2019 Shares available to be issued under warrants 12,401,262 12,401,262 Exercise price £ 1.7238 £ 1.7238 Risk-free interest rate — % 0.54 % Remaining term to exercise 1.84 years 2.34 years Annualized volatility 81.86 % 65.56 % Dividend rate — % — % As of June 30, 2020, the Group updated the underlying assumptions and calculated a fair value of these warrants of £0.7 million. The variance for the six month period ending June 30, 2020, was £0.2 million (six month period ending June 30, 2019: £1.7 million) and is recorded as finance income in the Consolidated Statement of Comprehensive Income. Derivative Derivative financial financial instrument instrument 2020 2019 £'000s £'000s As of January, 1 895 2,492 Fair value adjustments recognized in profit or loss (184) (1,723) As of June, 30 711 769 For the amount recognized as at June 30, 2020, the effect if volatility were to deviate up or down is presented in the following table. Volatility (up / down 10 % pts) £'000s Variable up 989 Base case, reported fair value 711 Variable down 463 |
Assumed contingent obligation r
Assumed contingent obligation related to the business combination | 6 Months Ended |
Jun. 30, 2020 | |
Assumed contingent obligation related to the business combination | |
Assumed contingent obligation related to the business combination | 14. Assumed contingent obligation related to the business combination The value of the assumed contingent obligation as of June 30, 2020, amounted to £23.9 million (December 31, 2019: £1.1 million). The increase in value of the assumed contingent obligation during the six months ended June 30, 2020, amounted to £22.8 million (six months ended June 30, 2019: £60 thousand). The assumed contingent liability relates to the acquisition, in 2006, of rights to certain patents and patent applications relating to ensifentrine and related compounds under which the Company is obliged to pay royalties to Ligand. The assumed 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 expected cash flows are based on estimated future royalties payable, derived from sales forecasts, and an assessment of the probability of success using standard market probabilities for respiratory drug development. The risk-weighted value of the assumed contingent arrangement is discounted back to its net present value applying an effective interest rate of 12%. Re-measurements relating to changes in estimated cash flows and probabilities of success are recognized in the IP R&D asset it relates to. The unwinding of the liability is recorded in finance expense. As at May 13, 2020, the Group determined that it had moved from Phase 2 of ensifentrine’s clinical development plan to Phase 3. As a consequence, the probability of success has changed, reducing the risk-weighting adjustment applied to estimated cashflows. Furthermore, the Group has carried out market research and updated its forecasts for ensifentrine’s revenue for the maintenance treatment of chronic obstructive pulmonary disorder using a nebulized formulation in the U.S. The Group therefore updated estimated cashflows. In 2019 there were no events that triggered remeasurement. 2020 2019 £'000s £'000s January 1 1,103 996 Re-measurement of contingent liability 22,629 — Impact of changes in foreign exchange rates (230) 2 Unwinding of discount factor 405 58 June 30 23,907 1,056 There is no material difference between the fair value and carrying value of the financial liability. For the amount recognized as at June 30, 2020, of £23.9 million, the effect if underlying assumptions were to deviate up or down is presented in the following table (assuming the probability of success does not change): USD/GBP Probability exchange rate of success Revenue up/down 1 % up/down 5 % (up / down pt pt 10%) £'000s £'000s £'000s Variable up 23,693 25,683 26,071 Base case, reported fair value 23,907 23,907 23,907 Variable down 24,125 22,131 21,742 |
Share option plans
Share option plans | 6 Months Ended |
Jun. 30, 2020 | |
Share option plans | |
Share option plans | 15. Share option plans During the six months ended June 30, 2020 the Company granted a total of 1,605,000 share options and 8,442,048 Restricted Stock Units (“RSUs”) (six months ended June 30, 2019, the Company granted 4,249,050 share options, and 740,496 RSUs). The movement in the number of the Company’s share options is set out below: Weighted Weighted average average exercise exercise price 2020 price 2019 £ £ Outstanding at January 1 1.15 14,179,196 1.53 8,752,114 Granted during the period 0.55 1,605,000 0.57 4,249,050 Expired during the period 1.39 (589,129) 2.00 (19,998) Forfeited during the period 1.04 (1,899,284) — — Outstanding options at June 30 1.08 13,295,783 1.22 12,981,166 The movement in the number of the Company’s RSUs is set out below: 2020 2019 Outstanding at January 1 1,602,969 862,473 Granted during the period 8,442,048 740,496 Exercised during the period (1,154,368) — Forfeited during the period (84,889) — Outstanding RSUs at June 30 8,805,760 1,602,969 1,069,184 of the RSUs issued related to an element of annual base salary and 7,372,865 related to additional equity grants for Dr. Zaccardelli and Mr. Hahn (see note 16). Using the Black-Scholes valuation model the fair value of each RSUs relating to annual base salary was £0.55 and the fair value of each RSU relating to the additional grants was at £0.43. The share-based payment expense for the six months ended June 30, 2020, was £2.2 million (six months ended June 30, 2019: £1.3 million). |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related party transactions | |
Related party transactions | 16. Related party transactions The Directors and Officers have authority and responsibility for planning, directing and controlling the activities of the Company and they therefore comprise key management personnel as defined by IAS 24 ("Related Party Disclosures"). During the six months ended June 30, 2020, Dr. Jan-Anders Karlsson, the Company’s former CEO, and Piers Morgan, the Company’s former CFO, resigned and were replaced by Dr. David Zaccardelli as CEO and President, and Mark Hahn as CFO. Dr. Jan-Anders Karlsson’s severance agreement included severance pay equal to £479,160, a cash bonus of £40,000, a payment as compensation of termination of employment of £100,000 and base salary in lieu of notice of £363,000. Other benefits included continued medical and life insurance and continued pension contributions. Piers Morgan’s severance agreement included severance pay equal to £123,930 as payment in lieu of notice, a cash bonus of £82,620, ex gratia compensation of £30,000 and £40,000 additional compensation for termination of employment. Pursuant to the terms of his employment agreement Dr. Zaccardelli is entitled to receive an annual base salary of $750,000, payable $250,000 in cash and $500,000 in restricted stock units, and a target annual bonus opportunity of 50% of his annual base salary. Dr. Zaccardelli is also entitled to receive an award of restricted stock units, equal to 4% of the Company’s outstanding ordinary shares, and an additional award of restricted stock units if the Company raises additional equity capital during fiscal year 2020, which is intended to result in Dr. Zaccardelli’s equity awards (other than the portion of his base salary payable in restricted stock units) being equal to 4% of the Company’s outstanding ordinary shares on the applicable date of issuance. Following an equity capital raise in July, 2020, Dr. Zaccardelli is now entitled to this additional award (see note 17). Pursuant to the terms of his employment agreement Mr. Hahn is entitled to receive an annual base salary of $500,000, payable $250,000 in cash and $250,000 in restricted stock units, and a target annual bonus opportunity of 50% of his annual base salary. Mr. Hahn is also entitled to receive an initial award of restricted stock units, equal to 3% of the Company’s outstanding ordinary shares and an award of restricted stock units equal to 1% of the Company’s outstanding ordinary share after six months of employment. He will also be entitled to an additional award of restricted stock units if the Company raises additional equity capital during fiscal year 2020, which is intended to result in Mr. Hahn’s equity awards (other than the portion of his base salary payable in restricted stock units) being equal to 4% of the Company’s outstanding ordinary shares on the applicable date of issuance. Following an equity capital raise in July 2020 Mr. Hahn is now entitled to this additional award (see note 17). During the six months ended June 30, 2020, 178,192 and 89,096 RSUs that were issued to Dr. Zaccardelli and Mr. Hahn respectively vested. The shares were issued on May 12, 2020. |
Post balance sheet events
Post balance sheet events | 6 Months Ended |
Jun. 30, 2020 | |
Post balance sheet events | |
Post balance sheet events | 17. Post balance sheet events On July 17, 2020, Verona Pharma announced that it raised approximately £159 million in a private placement with new and existing institutional and accredited investors (the "Financing"). The Financing comprised a private placement of 39,090,009 of the Company’s American Depository Shares (“ADSs”), each representing eight Ordinary Shares or non-voting Ordinary Shares of the Company, at a price of $4.50 per ADS, and 43,111,112 of the Company’s Ordinary Shares at the equivalent price per Ordinary Share, being £0.45 or $0.5625. The net proceeds of the Financing will be approximately £145 million after deducting placement agent fees and estimated expenses. |
Basis of accounting (Policies)
Basis of accounting (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Basis of accounting | |
Going concern | Going concern The Group has incurred recurring losses since inception, including net losses of £31.9 million, £19.9 million and £20.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. In addition, as of June 30, 2020, the Group had an accumulated loss of £117.6 million. The Group expects to continue to generate operating losses for the foreseeable future. On July 17, 2020, the Group announced it raised £159 million in a private placement, with net proceeds after transaction related fees and expenses of approximately £145 million (see note 17). As of the issuance date of these condensed consolidated interim financial statements, the Group therefore expects that its cash and cash equivalents would be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the issuance date of these condensed consolidated interim financial statements. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. |
Impairment of intangible assets, goodwill and non-financial assets | Impairment of intangible assets, goodwill and non-financial assets The Group continues to review the effect of the COVID‑19 pandemic on its operations, ongoing and planned clinical trials and the potential disruption to financial markets. Management has determined that the current effect on the Group does not require an impairment of intangible assets or goodwill as the Company’s market value still supports the value of the assets. However, management will continue to monitor the situation for any triggering events that relate to the pandemic. |
Dividend | Dividend The Directors do not recommend the payment of a dividend for the six months ended June 30, 2020, (six months ended June 30, 2019: £nil and the year ended December 31, 2019: £nil). |
Finance income and expense (Tab
Finance income and expense (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Finance income and expense | |
Disclosure of finance income | Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 £'000s £'000s £'000s £'000s Finance income: Interest received on cash and short term investments 28 229 81 479 Foreign exchange gain on translating foreign currency denominated cash balances 41 669 267 — Fair value adjustment on derivative financial instruments (note 13) 72 113 184 1,723 Total finance income 141 1,011 532 2,202 |
Disclosure of finance expense | Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 £'000s £'000s £'000s £'000s Finance expense: Interest on discounted lease liability 22 6 42 15 Foreign exchange loss on translating foreign currency denominated balances — — — 114 Unwinding of discount factor movements related to the assumed contingent arrangement (note 14) 373 30 405 58 Total finance expense 395 36 447 187 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Intangible assets | |
Schedule of reconciliation of changes in intangible assets and goodwill | Computer IP R&D software Patents Total £'000s £'000s £'000s £'000s Cost At January 1, 2020 1,953 18 1,214 3,185 Additions 22,629 — 105 22,734 At June 30, 2020 24,582 18 1,319 25,919 Accumulated amortization At January 1, 2020 — 15 413 428 Charge for year — 1 60 61 At June 30, 2020 — 16 473 489 Net book value At June 30, 2020 24,582 2 846 25,430 |
Derivative financial instrume_2
Derivative financial instrument (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative financial instrument | |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period | As of June 30, As of December 31, 2020 2019 Shares available to be issued under warrants 12,401,262 12,401,262 Exercise price £ 1.7238 £ 1.7238 Risk-free interest rate — % 0.54 % Remaining term to exercise 1.84 years 2.34 years Annualized volatility 81.86 % 65.56 % Dividend rate — % — % Derivative Derivative financial financial instrument instrument 2020 2019 £'000s £'000s As of January, 1 895 2,492 Fair value adjustments recognized in profit or loss (184) (1,723) As of June, 30 711 769 Volatility (up / down 10 % pts) £'000s Variable up 989 Base case, reported fair value 711 Variable down 463 |
Assumed contingent obligation_2
Assumed contingent obligation related to the business combination (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Assumed contingent obligation related to the business combination | |
Schedule of contingent liabilities in business combination | 2020 2019 £'000s £'000s January 1 1,103 996 Re-measurement of contingent liability 22,629 — Impact of changes in foreign exchange rates (230) 2 Unwinding of discount factor 405 58 June 30 23,907 1,056 |
Schedule of effect in underlying assumptions to deviate up or down | USD/GBP Probability exchange rate of success Revenue up/down 1 % up/down 5 % (up / down pt pt 10%) £'000s £'000s £'000s Variable up 23,693 25,683 26,071 Base case, reported fair value 23,907 23,907 23,907 Variable down 24,125 22,131 21,742 |
Share option plans (Tables)
Share option plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share option plans | |
Schedule of Number of shares and weighted average exercise prices of share options | The movement in the number of the Company’s share options is set out below: Weighted Weighted average average exercise exercise price 2020 price 2019 £ £ Outstanding at January 1 1.15 14,179,196 1.53 8,752,114 Granted during the period 0.55 1,605,000 0.57 4,249,050 Expired during the period 1.39 (589,129) 2.00 (19,998) Forfeited during the period 1.04 (1,899,284) — — Outstanding options at June 30 1.08 13,295,783 1.22 12,981,166 |
Schedule of Number of shares of RSUs | The movement in the number of the Company’s RSUs is set out below: 2020 2019 Outstanding at January 1 1,602,969 862,473 Granted during the period 8,442,048 740,496 Exercised during the period (1,154,368) — Forfeited during the period (84,889) — Outstanding RSUs at June 30 8,805,760 1,602,969 |
General information (Details)
General information (Details) | 6 Months Ended |
Jun. 30, 2020subsidiary | |
General information | |
Number of subsidiaries | 2 |
Basis of accounting - Going con
Basis of accounting - Going concern and Dividend (Details) - GBP (£) | Jul. 17, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loss for the year | £ (7,350,000) | £ (8,972,000) | £ (16,923,000) | £ (14,378,000) | £ 31,900,000 | £ 19,900,000 | £ 20,500,000 | |
Accumulated loss | £ (117,565,000) | (117,565,000) | (100,627,000) | |||||
Payment of a dividend | £ 0 | £ 0 | £ 0 | |||||
Financing | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Amount raised in private placement | £ 159,000,000 | |||||||
Forecast | Financing | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Net proceeds from private placement after transaction related fees and expenses | £ 145,000,000 |
Segmental reporting (Details)
Segmental reporting (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Segmental reporting | |
Number of operating and reportable segments | 1 |
Finance income and expense (Det
Finance income and expense (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finance income: | ||||
Interest received on cash balances | £ 28 | £ 229 | £ 81 | £ 479 |
Foreign exchange gain on translating foreign currency denominated balances | 41 | 669 | 267 | |
Fair value adjustment on derivative financial instruments | 72 | 113 | 184 | 1,723 |
Total finance income | 141 | 1,011 | 532 | 2,202 |
Finance expense: | ||||
Interest on discounted lease liability | 22 | 6 | 42 | 15 |
Foreign exchange loss on translating foreign currency denominated balances | 114 | |||
Unwinding of discount factor related to the assumed contingent arrangement | 373 | 30 | 405 | 58 |
Total finance expense | £ 395 | £ 36 | £ 447 | £ 187 |
Taxation (Details)
Taxation (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Total tax credit | £ 1,400 | £ 2,100 | £ 2,700 | £ 3,400 |
Tax expense | (1,422) | (2,099) | (2,683) | (3,412) |
US | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax expense | £ 12 | £ 20 | £ 52 | £ 19 |
Loss per share calculation (Det
Loss per share calculation (Details) - £ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Loss per share calculation | |||||
Basic earnings (loss) per share (per share) | £ 0.069 | £ 0.085 | £ 0.160 | £ 0.137 | |
Weighted average number of ordinary shares (in shares) | 106,360,580 | 105,326,638 | 105,908,648 | 105,326,638 |
Intangible assets (Details)
Intangible assets (Details) £ in Thousands | 6 Months Ended |
Jun. 30, 2020GBP (£) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | £ 2,757 |
Ending balance | 25,430 |
Cost | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 3,185 |
Additions | 22,734 |
Ending balance | 25,919 |
Accumulated amortization | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (428) |
Charge for year | 61 |
Ending balance | (489) |
IP R&D | |
Disclosure of detailed information about intangible assets [line items] | |
Ending balance | 24,582 |
IP R&D | Cost | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,953 |
Additions | 22,629 |
Ending balance | 24,582 |
Computer software | |
Disclosure of detailed information about intangible assets [line items] | |
Ending balance | 2 |
Computer software | Cost | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 18 |
Ending balance | 18 |
Computer software | Accumulated amortization | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (15) |
Charge for year | 1 |
Ending balance | (16) |
Patents | |
Disclosure of detailed information about intangible assets [line items] | |
Ending balance | 846 |
Patents | Cost | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,214 |
Additions | 105 |
Ending balance | 1,319 |
Patents | Accumulated amortization | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (413) |
Charge for year | 60 |
Ending balance | £ (473) |
Right-of-use assets (Details)
Right-of-use assets (Details) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | £ 1,096 | £ 971 |
Impairment of right of use assets charged to income statement | 232 | |
North Carolina lease assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 575 | |
Lease liabilities | 575 | |
Office space in New York | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease liabilities | 192 | |
Impairment of right of use assets charged to income statement | £ 232 |
Short term investments (Details
Short term investments (Details) - GBP (£) £ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Short term investments | ||
Total short term investments | £ 0 | £ 7,823 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) £ / shares in Units, £ in Thousands | Jun. 30, 2020GBP (£)£ / sharesshares | Dec. 31, 2019GBP (£)£ / sharesshares | Jun. 30, 2019GBP (£) | Dec. 31, 2018GBP (£) | Jul. 29, 2016USD ($)instrument£ / sharesshares |
Disclosure of classes of share capital [line items] | |||||
Number of units issued (in shares) | 31,115,926 | ||||
Placing price (in pounds per unit) | £ / shares | £ 1.4365 | ||||
Number of ordinary shares (in shares) | $ | 1 | ||||
Number warrants (in warrants) | instrument | 1 | ||||
Number of shares subscribed (in shares) | 0.4 | ||||
Fair value warrant | £ | £ 711 | £ 895 | £ 769 | £ 2,492 | |
Warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise price (pounds per share) | 1.7238% | ||||
Exercise price (pounds per share) | £ / shares | £ 1.7238 | £ 1.7238 | |||
Number of shares subscribed from warrant maximum (in shares) | 12,401,262 | 12,401,262 |
Warrants - Assumptions in apply
Warrants - Assumptions in applying the Black-Scholes model, fair value warrants (Details) - Warrants - £ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Warrants (in shares) | 12,401,262 | 12,401,262 |
Exercise price (pounds per share) | £ 1.7238 | £ 1.7238 |
Risk-free interest rate | 0.54% | |
Expected term to exercise | 1 year 10 months 2 days | 2 years 4 months 2 days |
Annualized volatility | 81.86% | 65.56% |
Dividend rate | 0.00% | 0.00% |
Warrants - Fair value adjustmen
Warrants - Fair value adjustments (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative financial instrument | ||||
Beginning balance | £ 895 | £ 2,492 | ||
Fair value adjustments recognized in profit or loss | £ (72) | £ (113) | (184) | (1,723) |
Ending balance | £ 711 | £ 769 | £ 711 | £ 769 |
Warrants - Effect when underlyi
Warrants - Effect when underlying parameters deviate (Details) - GBP (£) £ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative financial instrument | ||||
Variable up, Volatility (up / down 10% pts) | £ 989 | |||
Base case, Volatility (up / down 10% pts) | 711 | £ 895 | £ 769 | £ 2,492 |
Variable down, Volatility (up / down 10% pts) | £ 463 |
Assumed contingent obligation_3
Assumed contingent obligation related to the business combination (Details) - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2006 | Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||||
Assumed contingent liability | £ 23,907 | £ 1,103 | £ 1,056 | £ 996 | |
Rhinopharma Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Increase in value of the assumed contingent obligation | £ 22,800 | £ 60 | |||
Discount percent | 12.00% |
Assumed contingent obligation_4
Assumed contingent obligation related to the business combination - Reconciliation of changes in contingent liabilities (Details) - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | £ 1,103 | £ 996 |
Re-measurement of contingent liability | 22,629 | |
Impact of changes in foreign exchange rates | (230) | 2 |
Unwinding of discount factor | 405 | 58 |
Ending balance | £ 23,907 | £ 1,103 |
Assumed contingent obligation_5
Assumed contingent obligation related to the business combination - Reported change to the value of the liability (Details) - GBP (£) £ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | ||||
Assumed contingent liability | £ 23,907 | £ 1,103 | £ 1,056 | £ 996 |
USD/GBP exchange rate 1% Variable | Rhinopharma Limited | ||||
Disclosure of detailed information about business combination [line items] | ||||
Contingent liabilities recognised in business combination, variable up | 23,693 | |||
Assumed contingent liability | 23,907 | |||
Contingent liabilities recognised in business combination, variable down | 24,125 | |||
Probability of Success 5% Variable | Rhinopharma Limited | ||||
Disclosure of detailed information about business combination [line items] | ||||
Contingent liabilities recognised in business combination, variable up | 25,683 | |||
Assumed contingent liability | 23,907 | |||
Contingent liabilities recognised in business combination, variable down | 22,131 | |||
Revenue Concentration Risk, 10% Variable | Rhinopharma Limited | ||||
Disclosure of detailed information about business combination [line items] | ||||
Contingent liabilities recognised in business combination, variable up | 26,071 | |||
Assumed contingent liability | 23,907 | |||
Contingent liabilities recognised in business combination, variable down | £ 21,742 |
Share option plans (Details)
Share option plans (Details) £ / shares in Units, £ in Thousands | 6 Months Ended | |
Jun. 30, 2020GBP (£)instrument£ / sharesshares | Jun. 30, 2019GBP (£)instrument | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options granted (in shares) | instrument | 1,605,000 | 4,249,050 |
RSUs issued related to an element of annual base salary | shares | 1,069,184 | |
RSUs issued related to additional equity grants | shares | 7,372,865 | |
Fair value of each RSUs relating to annual base salary | £ / shares | £ 0.55 | |
Fair value of each RSUs relating to additional grants | £ / shares | £ 0.43 | |
Share-based payment charge | £ | £ 2,208 | £ 1,286 |
Restricted Stock Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of RSUs granted | instrument | 8,442,048 | 740,496 |
Share option plans - Number of
Share option plans - Number of share options (Details) | 6 Months Ended | |||
Jun. 30, 2020instrument£ / shares | Jun. 30, 2019instrument£ / shares | Dec. 31, 2019£ / shares | Dec. 31, 2018£ / shares | |
Share option plans | ||||
Beginning balance (in shares) | 14,179,196 | 8,752,114 | ||
Options granted (in shares) | 1,605,000 | 4,249,050 | ||
Options expired (in shares) | (589,129) | (19,998) | ||
Options forfeited (in shares) | (1,899,284) | |||
Ending balance (in shares) | 13,295,783 | 12,981,166 | ||
Exercise price, outstanding (per share) | £ / shares | £ 1.08 | £ 1.22 | £ 1.15 | £ 1.53 |
Exercise price, granted (per share) | £ / shares | 0.55 | 0.57 | ||
Exercise price, forfeited (per share) | £ / shares | 1.04 | |||
Exercise price, expired (per share) | £ / shares | £ 1.39 | £ 2 |
Share option plans - Number o_2
Share option plans - Number of RSUs (Details) - Restricted Stock Units - instrument | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Beginning balance (in shares) | 1,602,969 | 862,473 |
Options granted (in shares) | 8,442,048 | 740,496 |
Options exercised (in shares) | (1,154,368) | |
Options forfeited (in shares) | (84,889) | |
Ending balance (in shares) | 8,805,760 | 1,602,969 |
Related parties transactions an
Related parties transactions and other shareholder matters (Details) - 6 months ended Jun. 30, 2020 | GBP (£)shares | USD ($) |
Former CEO | ||
Disclosure of transactions between related parties [line items] | ||
Severance Pay | £ 479,160 | |
Cash bonus | 40,000 | |
Compensation of termination of employment | 100,000 | |
Base salary | 363,000 | |
Former CFO | ||
Disclosure of transactions between related parties [line items] | ||
Severance Pay | 123,930 | |
Cash bonus | 82,620 | |
Compensation of termination of employment | 40,000 | |
Ex gratia compensation | £ 30,000 | |
CEO and President | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel annual base compensation | $ | $ 750,000 | |
Annual base salary in cash | $ | 250,000 | |
Annual base salary in restricted stock units | $ | $ 500,000 | |
Target annual bonus opportunity as percent of base salary | 50.00% | |
Annual restricted stock unit awards, as a percent of outstanding ordinary shares | 4.00% | |
Restricted stock units for raising capital, as a percent of outstanding ordinary shares | 4.00% | |
RSUs vested | shares | 178,192 | |
CFO | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel annual base compensation | $ | $ 500,000 | |
Annual base salary in cash | $ | 250,000 | |
Annual base salary in restricted stock units | $ | $ 250,000 | |
Target annual bonus opportunity as percent of base salary | 50.00% | |
Annual restricted stock unit awards, as a percent of outstanding ordinary shares | 3.00% | |
Restricted stock units for raising capital, as a percent of outstanding ordinary shares | 4.00% | |
Restricted stock unit award after six months of employment as percent of outstanding ordinary shares | 1.00% | |
RSUs vested | shares | 89,096 |
Post balance sheet events (Deta
Post balance sheet events (Details) £ / shares in Units, £ in Millions | Jul. 17, 2020$ / sharesshares | Jul. 17, 2020GBP (£)£ / sharesshares |
Ordinary shares | ||
Post balance sheet events | ||
Issue price (amount per share) | $ / shares | $ 0.5625 | |
Financing | ||
Post balance sheet events | ||
Amount raised in private placement | £ | £ 159 | |
Financing | Forecast | ||
Post balance sheet events | ||
Proceeds from issuing shares | £ | £ 145 | |
Financing | ADSs | ||
Post balance sheet events | ||
Number of shares issued | 39,090,009 | 39,090,009 |
Number of ordinary shares represented | 8 | 8 |
Issue price (amount per share) | $ / shares | $ 4.50 | |
Financing | Ordinary shares | ||
Post balance sheet events | ||
Number of shares issued | 43,111,112 | 43,111,112 |
Issue price (amount per share) | £ / shares | £ 0.45 |