Verona Pharma (VRNA) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38067
Entity Registrant Name	Verona Pharma plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1489389
Entity Address, Address Line One	3 More London Riverside
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SE1 2RE
Entity Address, Country	GB
Country Region	44
City Area Code	203
Local Phone Number	283 4200
Title of 12(b) Security	Ordinary shares, nominal value £0.05 per share*
Trading Symbol	VRNA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		463,745,750
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001657312

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 169,598	$ 187,986
Prepaid expenses	7,247	4,538
Tax and tax incentive receivables	10,272	8,260
Other current assets	1,484	1,720
Total current assets	188,601	202,504
Non-current assets:
Furniture and equipment, net	98	107
Goodwill	545	545
Right-of-use assets	906	1,050
Total non-current assets	1,549	1,702
Total assets	190,150	204,206
Current liabilities:
Accounts payable	541	178
Accrued expenses	8,514	10,863
Operating lease liability	757	798
Warrants	2,753	2,246
Other current liabilities	133	118
Total current liabilities	12,698	14,203
Non-current liabilities:
Term loan	4,685	4,635
Operating Lease, Liability, Noncurrent	353	514
Total non-current liabilities	5,038	5,149
Total liabilities	17,736	19,352
Commitments and contingencies
Shareholders' equity:
Ordinary £0.05 par value shares; 488,304,446 and 488,304,446 issued, and 463,745,750 and 463,304,446 outstanding, at March 31, 2021 and December 31, 2020, respectively	31,794	31,794
Additional paid-in capital	375,261	366,411
Ordinary shares held in treasury	(1,670)	(1,700)
Accumulated other comprehensive loss	(4,601)	(4,601)
Accumulated deficit	(228,370)	(207,050)
Total shareholders' equity	172,414	184,854
Total liabilities and shareholders' equity	$ 190,150	$ 204,206

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - £ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in pounds sterling per share)	£ 0.05	£ 0.05
Common stock, issued (in shares)	488,304,446	488,304,446
Common stock, outstanding (in shares)	463,745,750	463,304,446

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses
Research and development	$ 13,574	$ 7,622
General and administrative	9,282	6,862
Total operating expenses	22,856	14,484
Operating loss	(22,856)	(14,484)
Other income / (expense)
Benefit from research and development tax credit	2,070	1,685
Interest income	4	69
Interest expense	(84)	0
Fair value movement on warrants	(507)	142
Foreign exchange gain	163	293
Total other income, net	1,646	2,189
Loss before income taxes	(21,210)	(12,295)
Income tax expense	(80)	(51)
Net loss	(21,290)	(12,346)
Other comprehensive (loss) / income:
Foreign currency translation adjustments	0	(2,157)
Total comprehensive loss attributable to shareholders of the Company	$ (21,290)	$ (14,503)
Loss per share, basic (in dollars per share)	$ (0.05)	$ (0.12)
Loss per share, diluted (in dollars per share)	$ (0.05)	$ (0.12)

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Ordinary shares	Additional paid-in capital	Ordinary shares held in treasury	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2019		105,326,638
Beginning balance at Dec. 31, 2019	$ 42,741	$ 7,265	$ 179,535		$ (2,280)	$ (141,779)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,346)					(12,346)
Retranslation of foreign operations	(2,157)				(2,157)
Share options exercised during the period	52	$ 52
Share options exercised during the period (in shares)		887,080
Share-based compensation	1,867		1,867
Ending balance (in shares) at Mar. 31, 2020		106,213,718
Ending balance at Mar. 31, 2020	$ 30,157	$ 7,317	181,402		(4,437)	(154,125)
Beginning balance (in shares) at Dec. 31, 2020	463,304,446	488,304,446
Beginning balance at Dec. 31, 2020	$ 184,854	$ 31,794	366,411	$ (1,700)	(4,601)	(207,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(21,290)					(21,290)
Retranslation of foreign operations	0
Restricted share units vested	0			30		(30)
Share-based compensation	$ 8,850		8,850
Ending balance (in shares) at Mar. 31, 2021	463,745,750	488,304,446
Ending balance at Mar. 31, 2021	$ 172,414	$ 31,794	$ 375,261	$ (1,670)	$ (4,601)	$ (228,370)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (21,290)	$ (12,346)
Adjustments to reconcile net income to net cash used in operating activities:
Foreign exchange gain	(155)	(234)
Amortization of debt issue costs	19	0
Accretion of redemption premium on debt	31	0
Fair value movement on warrants	507	(142)
Impairment of right-of-use asset	0	289
Share-based compensation	8,850	1,867
Depreciation and amortization	153	160
Changes in operating assets and liabilities:
Prepaid expenses	(2,709)	195
Tax and tax incentive receivables	(2,012)	(1,632)
Other current assets	236	845
Non-current assets	0	(716)
Accounts payable	363	(1,106)
Accrued expenses	(2,349)	(1,343)
Lease liabilities	(210)	575
Other liabilities	15	364
Net cash used in operating activities	(18,551)	(13,224)
Cash flows from investing activities:
Purchases of furniture and equipment	0	(5)
Sale of short-term investments	0	9,792
Net cash provided by investing activities	0	9,787
Cash flows from financing activities:
Net cash provided by financing activities	0	0
Effect of exchange rate changes on cash and cash equivalents	163	(2,008)
Net increase in cash and cash equivalents	(18,388)	(5,445)
Cash and cash equivalents at beginning of the period	187,986	30,428
Cash and cash equivalents at end of the period	169,598	24,983
Supplemental Cash Flow Information [Abstract]
Income taxes paid	0	0
Interest paid	$ 55	$ 0

Organization and description of

Organization and description of business operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization And Business Description	Organization and description of business operations Verona Pharma plc (the “Company”) is incorporated and domiciled in the United Kingdom. Verona Pharma plc has two wholly-owned subsidiaries, Verona Pharma, Inc., a Delaware corporation, and Rhinopharma Limited (“Rhinopharma”), a Canadian company. The address of the registered office is 1 Central Square, Cardiff, CF10 1FS, United Kingdom. The Company is a clinical-stage biopharmaceutical group focused on developing and commercializing innovative therapeutics for the treatment of respiratory diseases with significant unmet medical needs. The Company’s American Depositary Shares (”ADSs”) are listed on Nasdaq, which trade under the symbol “VRNA”. Liquidity The Company has incurred recurring losses and negative cash flows from operations since inception, and has an accumulated deficit of $228.4 million as of March 31, 2021. The Company expects to incur additional losses and negative cash flows from operations until its products potentially gain regulatory approval and reach commercial profitability, if at all. The Company expects that its cash and cash equivalents as of March 31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance. On March 19, 2021, the Company entered into an open market sale agreement with respect to an at-the-market offering program (the “ATM Program”) under which the Company may issue and sell its ADSs, with an aggregate offering price of up to $100.0 million.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting policies	Basis of Presentation and Summary of Significant Accounting policies Basis of presentation and consolidation The unaudited condensed consolidated financial statements include the accounts of Verona Pharma plc and its wholly-owned subsidiaries Verona Pharma, Inc. and Rhinopharma. All inter-company balances and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and have been prepared in conformity with accounting principles generally accepted in the U.S. (“US GAAP”). The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2021 (the “2020 Form 10-K”). The balance sheet as of December 31, 2020 was derived from audited consolidated financial statements included in the 2020 Form 10-K but does not include all disclosures required by U.S. GAAP for complete financial statements. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. The unaudited condensed consolidated financial statements reflect all adjustments which in the opinion of management are necessary for a fair statement of results of operations, comprehensive income, financial condition, cash flows and stockholders' equity for the periods presented. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. Segment reporting The Company has one operating and reportable segment, pharmaceutical development. Use of estimates The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the accrual and prepayment of research and development expenses, the fair value of share-based compensation and the fair value of warrants. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from the Company’s estimates. Recently adopted accounting standards and recent accounting standards not yet adopted There are no recently adopted accounting standards and recent accounting standards not yet adopted that the Company believes will have a material impact on the Company’s consolidated financial statements.

Prepaid expenses

Prepaid expenses	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	Prepaid expenses Prepaid expenses consisted of the following (in thousands): March 31, December 31, 2021 2020 Clinical trial and other development costs $ 6,296 $ 2,551 Insurance 574 1,701 Other 377 286 Total prepaid expenses and other current assets $ 7,247 $ 4,538

Tax and tax incentive receivabl

Tax and tax incentive receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Tax and tax incentive receivable	Tax and tax incentive receivables Taxes receivable consisted of the following (in thousands): March 31, December 31, 2021 2020 Research and development tax credit receivable - U.K. $ 10,272 $ 8,202 Tax receivable - U.S. — 58 Total tax receivable $ 10,272 $ 8,260

Accrued expenses

Accrued expenses	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	Accrued expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2021 2020 Clinical trial and other development costs $ 6,536 $ 8,607 Professional fees and general corporate costs 1,454 2,149 People related costs 524 107 Total accrued expenses $ 8,514 $ 10,863

Warrants

Warrants	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Warrants	Warrants In the periods ended March 31, 2021, and December 31, 2020, no warrants were exercised or forfeited. The warrants had no intrinsic value as at March 31, 2021. There have been no changes in valuation techniques or transfers between fair value measurement levels during the period ended March 31, 2021. They are measured at fair value and included at level 3 in the fair value hierarchy. The warrants are valued using the Black-Scholes model and the table below presents the assumptions used: March 31, December 31, 2021 2020 Shares potentially issued under warrants 12,401,262 12,401,262 Exercise price in pounds sterling £ 1.7238 £ 1.7238 Risk-free interest rate 0.08 % — % Expected term to exercise 1.09 1.33 Annualized volatility 109.1 % 105.4 % Dividend rate — % — % Calculated value of the warrants, in thousands of U.S. dollars $ 2,753 $ 2,246 For the amount recognized at March 31, 2021, the effect when the following parameter deviates up or down is presented in the below table (in thousands): 10% volatility increase $ 3,282 Base case, reported fair value 2,753 10% volatility decrease $ 2,234

Term loan

Term loan	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Term loan	Term loan In November 2020, the Company entered into a term loan facility of up to $30.0 million (the “Term Loan”), consisting of advances of $5.0 million funded at closing and $10.0 million and $15.0 million contingent upon achievement of certain clinical development milestones and other specified conditions. As at March 31, 2021, the Company had $5.0 million principal outstanding under the Term Loan. As at March 31, 2021, the carrying value of the Term Loan was approximately $4.7 million, of which all was due in more than 12 months. The debt balance has been categorized within Level 3 of the fair value hierarchy. The carrying amount of the debt approximates its fair value based on prevailing interest rates as at the balance sheet date.

Share based compensation

Share based compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share based compensation	Share-based compensation The following table shows the allocation of share-based compensation between research and development and general and administrative costs (in thousands): Three months ended March 31, 2021 2020 Research and development $ 3,432 $ 493 General and administrative 5,418 1,374 Total $ 8,850 $ 1,867 Share options The following table shows share option activity in the period: 2021 Number of share options outstanding Weighted average exercise price Outstanding at January 1 13,125,672 $ 1.41 Forfeited (996,720) 1.17 Outstanding at March 31 12,128,952 $ 1.43 Restricted stock units activity The following table shows restricted stock unit (“RSU”) activity in the period: 2021 Number of RSUs outstanding Weighted average remaining contractual term (years) Outstanding at January 1 61,992,360 1.5 Granted 750,928 Vested (441,304) Outstanding at March 31 62,301,984 1.3

Net loss per share

Net loss per share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss per share	Net loss per share Net loss per share is calculated on an ordinary share basis. The Company’s ADSs that are listed on the Nasdaq Global Market each represent eight ordinary shares.The following table shows the computation of basic and diluted earnings per share for the periods ended March 31, 2021 and 2020 (net loss in thousands, loss per share in dollars): Three months ended March 31, 2021 2020 Numerator: Net loss $ 21,290 $ 12,346 Net loss available to ordinary shareholders - basic and diluted $ 21,290 $ 12,346 Denominator: Weighted-average shares outstanding - basic and diluted 469,465,085 105,453,364 Net loss per share - basic and diluted $ (0.05) $ (0.12) During the periods ended March 31, 2021 and 2020, outstanding share options, RSUs and warrants of 77,584,846 and 35,669,750, respectively, were not included in the computation of diluted earnings per ordinary share, because to do so would be antidilutive.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The unaudited condensed consolidated financial statements include the accounts of Verona Pharma plc and its wholly-owned subsidiaries Verona Pharma, Inc. and Rhinopharma. All inter-company balances and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and have been prepared in conformity with accounting principles generally accepted in the U.S. (“US GAAP”). The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2021 (the “2020 Form 10-K”). The balance sheet as of December 31, 2020 was derived from audited consolidated financial statements included in the 2020 Form 10-K but does not include all disclosures required by U.S. GAAP for complete financial statements. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements.
Segment Reporting	Segment reporting The Company has one operating and reportable segment, pharmaceutical development.
Use of estimates	Use of estimates The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the accrual and prepayment of research and development expenses, the fair value of share-based compensation and the fair value of warrants. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from the Company’s estimates.
Recently adopted accounting standards and recent accounting standards not yet adopted	Recently adopted accounting standards and recent accounting standards not yet adopted There are no recently adopted accounting standards and recent accounting standards not yet adopted that the Company believes will have a material impact on the Company’s consolidated financial statements.

Prepaid expenses (Tables)

Prepaid expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Prepaid Expenses	Prepaid expenses consisted of the following (in thousands): March 31, December 31, 2021 2020 Clinical trial and other development costs $ 6,296 $ 2,551 Insurance 574 1,701 Other 377 286 Total prepaid expenses and other current assets $ 7,247 $ 4,538

Tax and tax incentive receiva_2

Tax and tax incentive receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Components of Taxes Receivable	Taxes receivable consisted of the following (in thousands): March 31, December 31, 2021 2020 Research and development tax credit receivable - U.K. $ 10,272 $ 8,202 Tax receivable - U.S. — 58 Total tax receivable $ 10,272 $ 8,260

Accrued expenses (Tables)

Accrued expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, December 31, 2021 2020 Clinical trial and other development costs $ 6,536 $ 8,607 Professional fees and general corporate costs 1,454 2,149 People related costs 524 107 Total accrued expenses $ 8,514 $ 10,863

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Fair Value Valuation Assumptions of Warrants	The warrants are valued using the Black-Scholes model and the table below presents the assumptions used: March 31, December 31, 2021 2020 Shares potentially issued under warrants 12,401,262 12,401,262 Exercise price in pounds sterling £ 1.7238 £ 1.7238 Risk-free interest rate 0.08 % — % Expected term to exercise 1.09 1.33 Annualized volatility 109.1 % 105.4 % Dividend rate — % — % Calculated value of the warrants, in thousands of U.S. dollars $ 2,753 $ 2,246
Fair Value Impact Of Increase Or Decrease in Volatility	For the amount recognized at March 31, 2021, the effect when the following parameter deviates up or down is presented in the below table (in thousands): 10% volatility increase $ 3,282 Base case, reported fair value 2,753 10% volatility decrease $ 2,234

Share based compensation (Table

Share based compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Allocation of Share Based Compensation Expense	The following table shows the allocation of share-based compensation between research and development and general and administrative costs (in thousands): Three months ended March 31, 2021 2020 Research and development $ 3,432 $ 493 General and administrative 5,418 1,374 Total $ 8,850 $ 1,867
Share Option Activity	The following table shows share option activity in the period: 2021 Number of share options outstanding Weighted average exercise price Outstanding at January 1 13,125,672 $ 1.41 Forfeited (996,720) 1.17 Outstanding at March 31 12,128,952 $ 1.43
Restricted Stock Unit Activity	The following table shows restricted stock unit (“RSU”) activity in the period: 2021 Number of RSUs outstanding Weighted average remaining contractual term (years) Outstanding at January 1 61,992,360 1.5 Granted 750,928 Vested (441,304) Outstanding at March 31 62,301,984 1.3

Net loss per share (Tables)

Net loss per share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earning Per Share	The following table shows the computation of basic and diluted earnings per share for the periods ended March 31, 2021 and 2020 (net loss in thousands, loss per share in dollars): Three months ended March 31, 2021 2020 Numerator: Net loss $ 21,290 $ 12,346 Net loss available to ordinary shareholders - basic and diluted $ 21,290 $ 12,346 Denominator: Weighted-average shares outstanding - basic and diluted 469,465,085 105,453,364 Net loss per share - basic and diluted $ (0.05) $ (0.12)

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)subsidiary	Mar. 19, 2021USD ($)	Dec. 31, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly owned subsidiaries | subsidiary	2
Class of Stock [Line Items]
Accumulated deficit	$ 228,370		$ 207,050
American Depository Shares
Class of Stock [Line Items]
Maximum aggregate offering price		$ 100,000

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting policies (Details)	3 Months Ended
	Mar. 31, 2021subsidiary
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Prepaid expenses (Details)

Prepaid expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Clinical trial and other development costs	$ 6,296	$ 2,551
Insurance	574	1,701
Other	377	286
Total prepaid expenses and other current assets	$ 7,247	$ 4,538

Tax and tax incentive receiva_3

Tax and tax incentive receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Research and development tax credit receivable - U.K.	$ 10,272	$ 8,202
Tax receivable - U.S.	0	58
Total tax receivable	$ 10,272	$ 8,260

Accrued expenses (Details)

Accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Clinical trial and other development costs	$ 6,536	$ 8,607
Professional fees and general corporate costs	1,454	2,149
People related costs	524	107
Total accrued expenses	$ 8,514	$ 10,863

Warrants - Narrative (Details)

Warrants - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Number of warrants exercised and forfeited	0	0
Intrinsic value	$ 0

Warrants - Fair Value Assumptio

Warrants - Fair Value Assumptions (Details) $ in Thousands	Mar. 31, 2021USD ($)shares	Mar. 31, 2021£ / shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020£ / shares
Class of Warrant or Right [Line Items]
Stock warrants (in shares) | shares	12,401,262		12,401,262
Exercise price of stock warrant (in pound sterling per share) | £ / shares		£ 1.7238		£ 1.7238
Expected term to exercise	1 year 1 month 2 days		1 year 3 months 29 days
Calculated value of the warrants, in thousands of U.S. dollars | $	$ 2,753		$ 2,246
Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement Input	0.0008		0
Annualized volatility
Class of Warrant or Right [Line Items]
Measurement Input	1.091		1.054
Dividend rate
Class of Warrant or Right [Line Items]
Measurement Input	0		0

Warrants - Effect of Change in

Warrants - Effect of Change in Volatility (Details) $ in Thousands	Mar. 31, 2021USD ($)
Other Liabilities Disclosure [Abstract]
10% volatility increase	$ 3,282
Base case, reported fair value	2,753
10% volatility decrease	$ 2,234

Term loan (Details)

Term loan (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying value of term loan		$ 4,685	$ 4,635
Accumulated deficit		(228,370)	$ (207,050)
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 30,000
Funded advances	5,000
Principal outstanding		$ 5,000
Secured Debt | Term B Loan
Debt Instrument [Line Items]
Debt instrument, face amount	10,000
Secured Debt | Term C Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 15,000

Share based compensation - Shar

Share based compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 8,850	$ 1,867
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	3,432	493
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 5,418	$ 1,374

Share based compensation - Sh_2

Share based compensation - Share Option Activity (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of share options outstanding
Beginning balance outstanding | shares	13,125,672
Forfeited | shares	(996,720)
Ending balance outstanding | shares	12,128,952
Weighted average exercise price
Outstanding, Beginning Balance, Weighted average exercise price (in dollars per share) | $ / shares	$ 1.41
Forfeited, Weight average exercise price (in dollars per share) | $ / shares	1.17
Outstanding, Ending Balance, Weighted average exercise price (in dollars per share) | $ / shares	$ 1.43

Share based compensation - RSU

Share based compensation - RSU Activity (Details) - Restricted Stock Units - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
RSU Activity
Outstanding, beginning balance	61,992,360
Granted	750,928
Vested	(441,304)
Outstanding, ending balance	62,301,984	61,992,360
Outstanding, Weighted average remaining contractual term	1 year 3 months 18 days	1 year 6 months

Net loss per share - Computatio

Net loss per share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ 21,290	$ 12,346
Net loss available to ordinary shareholders - basic	21,290	12,346
Net loss available to ordinary shareholders - diluted	$ 21,290	$ 12,346
Denominator:
Weighted-average shares outstanding, basic (in shares)	469,465,085	105,453,364
Weighted-average shares outstanding, diluted (in shares)	469,465,085	105,453,364
Net loss per share, basic (in dollars per share)	$ (0.05)	$ (0.12)
Net loss per share, diluted (in dollars per share)	$ (0.05)	$ (0.12)
Antidilutive securities excluded from computation of loss per share (in shares)	77,584,846	35,669,750