Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | Immunocore Holdings plc |
Entity Central Index Key | 0001671927 |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Address, Country | GB |
Entity Common Stock, Shares Outstanding | 31,782,885 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Consolidated Statements of Loss
Consolidated Statements of Loss and Other Comprehensive Income - GBP (£) £ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Consolidated Statements of Loss and Other Comprehensive Income [Abstract] | ||||
Revenue | £ 30,114 | £ 25,669 | £ 23,654 | |
Total Revenue | 30,114 | 25,669 | 23,654 | |
Net other operating income | 4,242 | 185 | 622 | |
Research and development costs | (74,809) | (99,991) | (83,575) | |
Administrative expenses | (45,740) | (44,183) | (34,156) | |
Operating loss | (86,193) | (118,320) | (93,455) | |
Other income | 0 | 0 | 4,979 | |
Finance income | 2,208 | 1,510 | 1,140 | |
Finance costs | (3,375) | (9,379) | (842) | |
Non-operating (expense) / income | (1,167) | (7,869) | 5,277 | |
Loss before taxation | (87,360) | (126,189) | (88,178) | |
Income tax credit | 13,267 | 22,258 | 16,548 | |
Loss for the year | (74,093) | (103,931) | (71,630) | |
Other comprehensive (expense) / income that are or may be reclassified to profit or loss in subsequent periods (net of tax): | ||||
Exchange differences on translation of foreign operations | 195 | (99) | 72 | |
Income tax effect relating to the components of other comprehensive income | 0 | 0 | 3,634 | |
Total other comprehensive (expense) / income for the year, net of tax | 195 | (99) | 3,706 | |
Total comprehensive loss for the year, net of tax | £ (73,898) | £ (104,030) | £ (67,924) | |
Basic and diluted loss per share (in pounds per share) | [1] | £ (2.79) | £ (4.66) | £ (3.32) |
[1] | (1) The basic and diluted loss per share are adjusted for the (i) the exchange of shares of Immunocore Limited for shares of Immunocore Holdings Limited on a 1 for 100 basis, and (ii) the reorganization of the share capital of Immunocore Holdings plc, resulting in a consolidation with the effect of a 20 to 1 reverse stock split on the Company's ordinary shares and non-voting ordinary shares, all of which took place in connection with the Company's initial public offering which closed on February 9, 2021. No other adjustments have been made to the consolidated financial statements of the Group in regard to the corporate reorganization. Refer to Note 30 for further information. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property, plant and equipment | £ 13,754 | £ 18,302 |
Right of use assets | 23,093 | 36,578 |
Investment in sub-lease | 776 | 591 |
Other non-current financial assets | 4,410 | 4,390 |
Deferred tax asset | 2,230 | 1,507 |
Total non-current assets | 44,263 | 61,368 |
Current assets | ||
Trade and other receivables | 10,280 | 9,639 |
Tax receivable | 12,935 | 40,410 |
Embedded derivative assets | 0 | 266 |
Cash and cash equivalents | 129,716 | 73,966 |
Total current assets | 152,931 | 124,281 |
Total assets | 197,194 | 185,649 |
Equity | ||
Share capital | 1 | 0 |
Share premium | 386,230 | 283,250 |
Foreign currency translation reserve | 163 | (32) |
Share-based payment reserve | 18,821 | 10,659 |
Accumulated deficit | (349,869) | (279,106) |
Total equity | 55,346 | 14,771 |
Non-current liabilities | ||
Interest-bearing loans and borrowings | 36,654 | 0 |
Deferred liabilities | 24,868 | 47,961 |
Lease liabilities | 25,190 | 38,299 |
Provisions | 138 | 105 |
Total non-current liabilities | 86,850 | 86,365 |
Current liabilities | ||
Interest-bearing loans and borrowings | 0 | 19,157 |
Trade and other payables | 25,728 | 29,501 |
Deferred liabilities | 27,118 | 28,522 |
Tax payable | 0 | 72 |
Lease liabilities | 2,043 | 1,951 |
Derivative liabilities | 0 | 5,127 |
Provisions | 109 | 183 |
Total current liabilities | 54,998 | 84,513 |
Total liabilities | 141,848 | 170,878 |
Total equity and liabilities | £ 197,194 | £ 185,649 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - GBP (£) £ in Thousands | Total | Share Capital [Member] | Share Premium [Member] | Foreign Currency Translation Reserve [Member] | Available-for Sale Reserve [Member] | Share-based Payment Reserve [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2017 | £ 123,739 | £ 0 | £ 223,986 | £ (5) | £ 14,962 | £ 6,812 | £ (122,016) |
Changes in equity | |||||||
Loss for the year | (71,630) | 0 | 0 | 0 | 0 | 0 | (71,630) |
Reclassification on sale of asset held for sale | 0 | 0 | 0 | 0 | (18,471) | 0 | 18,471 |
Other comprehensive income (loss) | 3,706 | 0 | 0 | 72 | 3,509 | 125 | 0 |
Total comprehensive loss for the year, net of tax | (14,962) | (53,159) | |||||
Total comprehensive loss for the year, net of tax | (67,924) | 0 | 0 | 72 | 125 | ||
Issue of share capital | 101 | 0 | 101 | 0 | 0 | 0 | 0 |
Equity-settled share-based payment transactions | 666 | 0 | 0 | 0 | 0 | 666 | 0 |
Ending balance at Dec. 31, 2018 | 56,582 | 0 | 224,087 | 67 | 0 | 7,603 | (175,175) |
Changes in equity | |||||||
Loss for the year | (103,931) | 0 | 0 | 0 | 0 | 0 | (103,931) |
Other comprehensive income (loss) | (99) | 0 | 0 | (99) | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax | (104,030) | 0 | 0 | (99) | 0 | 0 | (103,931) |
Issue of share capital | 59,163 | 0 | 59,163 | 0 | 0 | 0 | 0 |
Equity-settled share-based payment transactions | 3,056 | 0 | 0 | 0 | 0 | 3,056 | 0 |
Ending balance at Dec. 31, 2019 | 14,771 | 0 | 283,250 | (32) | 0 | 10,659 | (279,106) |
Changes in equity | |||||||
Loss for the year | (74,093) | 0 | 0 | 0 | 0 | 0 | (74,093) |
Other comprehensive income (loss) | 195 | 0 | 0 | 195 | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax | (73,898) | 0 | 0 | 195 | 0 | 0 | (74,093) |
Conversion of interest-bearing loan | (510) | 0 | 0 | 0 | 0 | 0 | (510) |
Derecognition of derivative liability | 3,840 | 0 | 0 | 0 | 0 | 0 | 3,840 |
Issue of share capital | 102,981 | 1 | 102,980 | 0 | 0 | 0 | 0 |
Equity-settled share-based payment transactions | 8,162 | 0 | 0 | 0 | 0 | 8,162 | 0 |
Ending balance at Dec. 31, 2020 | £ 55,346 | £ 1 | £ 386,230 | £ 163 | £ 0 | £ 18,821 | £ (349,869) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Loss for the year | £ (74,093) | £ (103,931) | £ (71,630) |
Adjustments for: | |||
Depreciation of property, plant and equipment | 6,446 | 6,549 | 6,410 |
Depreciation of right of use assets | 2,530 | 2,454 | 0 |
Amortization of intangible assets | 0 | 210 | 297 |
Write-off of intangible assets | 0 | 306 | 170 |
Loss on disposal of property, plant and equipment | 1,064 | 3 | 135 |
Gross gain from sale of equity investment | 0 | 0 | (5,204) |
Profit on derecognition of leases | (3,700) | 0 | 0 |
Remeasurement of leases | (227) | 0 | 0 |
Net finance costs/(income) | 1,167 | 7,867 | (298) |
Movement in provisions and other charges | (41) | 71 | (50) |
Foreign exchange translation differences | (787) | (618) | 1,157 |
Equity settled share-based payment expenses | 8,162 | 3,056 | 666 |
Taxation charge | (13,267) | (22,258) | (16,548) |
Working capital adjustments: | |||
(Increase) / decrease in trade and other receivables | (532) | 1,828 | (1,522) |
(Decrease) / increase in trade and other payables | (3,774) | 9,946 | 5,300 |
(Decrease)/increase in deferred liabilities | (24,497) | (21,866) | 63,797 |
Cash used in operations | (101,549) | (116,383) | (17,320) |
Bank interest received on cash and cash equivalents | 676 | 1,525 | 760 |
Net taxation received | 40,299 | 13,482 | (66) |
Net cash used in operating activities | (60,574) | (101,376) | (16,626) |
Cash flows from investing activities | |||
Proceeds from sale of property, plant and equipment | 675 | 82 | 0 |
Gross proceeds from disposal of equity investment | 0 | 0 | 27,451 |
Purchase of property, plant and equipment | (3,074) | (4,078) | (3,486) |
Purchase of intangible assets | 0 | (198) | (51) |
Proceeds from sub-leases | 378 | 57 | 0 |
Leasehold incentive | 2,488 | 0 | 34,100 |
Net cash flows from / (used) in investing activities | 467 | (4,137) | 58,014 |
Cash flows from financing activities | |||
Proceeds from exercise of share options | 73 | 27 | 101 |
Gross proceeds from issue of share capital | 83,218 | 59,874 | 0 |
Costs from issue of share capital | (176) | (738) | 0 |
Non-current interest-bearing loan received | 37,543 | 0 | 0 |
Interest paid on non-current interest-bearing loan repaid | (291) | 0 | 0 |
Repayment of lease liabilities | (4,426) | (4,036) | 0 |
Net cash flows from financing activities | 115,941 | 55,127 | 101 |
Increase / (decrease) in net cash and cash equivalents | 55,834 | (50,386) | 41,489 |
Net foreign exchange difference on cash held | (84) | (33) | 13 |
Cash and cash equivalents at beginning of the year | 73,966 | 124,385 | 82,883 |
Cash and cash equivalents at end of the year | £ 129,716 | £ 73,966 | £ 124,385 |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting policies1 [Abstract] | |
Accounting policies | 1. Accounting policies General information Immunocore Limited (the “Company”) is a private company incorporated in England and Wales and has the following wholly owned subsidiaries, Immunocore LLC, Immunocore Commercial LLC, Immunocore Ireland Limited and Immunocore Nominees Limited (the “Group”). Prior to the Company’s initial public offering (“IPO”) completed on February 9, 2021, the Group incorporated Immunocore Holdings Limited in England and Wales on 7 January 2021. Following a subsequent corporate reorganization, Immunocore Holdings Limited became the ultimate parent company for the Group and was re-registered as Immunocore Holdings plc, the registrant. Refer to Note 30 for further information. The principal activity of the Group is pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX – I m m T A X Basis of preparation The consolidated Group financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 have been prepared in accordance with International Financial Reporting Standards (collectively, “IFRS”) as issued by the International Accounting Standards Board. The consolidated Group financial statements have been prepared under the historical cost basis, as modified by the recognition of certain financial instruments measured at fair value and are presented in sterling which is the Group’s presentation currency. All values are rounded to the nearest thousands, except where otherwise indicated. Date of authorization These consolidated financial statements were prepared at the request of the Board and were approved by the Board on March 17, 2021 and signed on its behalf by Dr Bahija Jallal, Chief Executive Officer of the Group. Adoption of New Accounting Standards There have been no recent new accounting standards that have had an impact on these consolidated financial statements The Group adopted the amendments to IAS 1, “ Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors Going concern The financial position of the Group, its cash flows and liquidity position and borrowing facilities are described in the primary statements and notes to these sets of financial statements. The Group reported cash and cash equivalents of £129,716,000 and net current assets of £97,933,000 as at December 31, 2020, with an operating loss for the year the ended December 31, 2020 of £86,193,000. The Group did not generate positive operational cash flow which was largely due to the continuing focus on the research, development, and clinical activities to advance the programs within the Group’s pipeline. Subsequent to year end, Immunocore Holdings plc completed its initial public offering on Nasdaq and received net proceeds of $286,887,000. Additional funding may be needed before the existing programs are expected to reach commercialization, leading to operational cash inflows. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. In assessing the going concern assumptions, the Board has undertaken a rigorous assessment of the forecasts, prepared through the end of 2022, and identified downside risks and mitigating actions. The downside risks include a number of severe but plausible scenarios incorporating underperformance against the business plan, and delays in cash inflows. As part of considering the downside risks, the Board has considered the impact of the ongoing coronavirus 2019 (‘‘COVID-19’’) pandemic. Whilst it is difficult to estimate the impact of COVID-19 pandemic due to the rapidly changing nature of the pandemic, the cash flow forecasts include the Group’s current assumptions, taking into account severe but plausible downsides. The assumptions include no additional receipts from forecasted milestones for the next 12 months, a reduction in related operational costs and lower discretionary capital expenditures. Those forecasts indicate that the Group will require additional funding to meet its continued research and development activities and its liabilities as they fall due. Immunocore Holdings plc has indicated its intention to continue to make available such funds as are needed by the Group for the period covered by the forecasts, including additional amounts if required. As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Critical Accounting Estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported assets and liabilities as well as income and expenses in the financial period. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the Group’s control. Hence, estimates may vary from the actual values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or the period of revision and future periods if this revision affects both current and future periods. Percentage of Completion for performance obligations satisfied over time Revenue arising on performance obligations satisfied over time are recognized by estimating the percentage of completion which takes into consideration the estimated timelines required to satisfy these obligations and the time since program nomination. The timeline for a project is determined using historical data from previous arrangements and through discussions with project teams. Deferred revenue, relating to performance obligations satisfied over time, is £51,986,000 as at December 31, 2020. If the assessed life of the project was underestimated by six months, equating to approximately 10% of the weighted average life of projects under collaboration, the deferred revenue would have been £5,027,000 higher. Other Estimates and judgments Management have made other judgements, estimates and assumptions in the preparation of financial statements that do not have a significant risk of a material adjustment associated with them. These are noted below: Revenue recognition Judgements are primarily made to • determine whether promises contained within the collaboration agreements are distinct from the other promises in the contract; • whether milestones or other variable consideration should be included in the transaction price; • whether performance obligations are satisfied at a point in time or over time, and • for performance obligations satisfied over time the appropriate method of measuring progress for the purposes of revenue recognition. Estimates and assumptions are also made regarding: • variable consideration included in the transaction price by estimating the most likely amount that will be received. Changes in this estimate would not impact revenue recognized in the period as this a constraint is applied to estimated variable consideration to reduce such consideration to the amount which is not probable of being reversed. Lease liability discount rate Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. Although the Group does not expect its estimates of the incremental borrowing rates to generate material differences within a reasonable range of sensitivities, judgement is involved in selecting an appropriate rate, and the rate selected for each lease will have an impact on the value of the lease liability and corresponding right-of-use asset in the statement of financial position. Valuation of ordinary shares As there has been no public market for the Group’s ordinary shares to date, the estimated fair value of the ordinary shares has been determined by the board of directors as of the date of each grant, with input from management, considering the most recently available third-party valuations of the Group’s ordinary shares, and the assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. The ordinary share valuations were prepared using a probability weighting expected return and a current value method. The probability weighted expected return method estimates the fair value of the common stock based on an analysis of future values for the enterprise assuming various future outcomes. Share value is based on the probability-weighted present value of the expected future investment returns, considering each of the possible outcomes available to the enterprise, as well as the rights of each share class. Common future outcomes considered in the analysis include an IPO, merger or sale, continued operation as a private company, and liquidation. Although the Group does not expect its estimated fair value of the ordinary shares to generate material differences within a reasonable range of sensitivities, judgement is involved in selecting the inputs into the valuations and a movement in the determined fair value will have an impact on the share-based payment charge recognized in the statement of loss. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. A subsidiary is an entity controlled, directly or indirectly, by Immunocore Limited. Control is regarded as the exposure or rights to the variable returns of the entity when combined with the power to affect those returns. The financial results of subsidiaries are consolidated from the date control is obtained until the date that control ceases. Segment reporting The Group operates in one operating segment. The Group’s chief operating decision maker (the, “CODM”), its Chief Executive Officer, manages the Group’s operations on an integrated basis for the purposes of allocating resources. The Group is registered in three geographic regions: the United Kingdom, the Republic of Ireland and the United States. Substantially all of the Group’s assets are held in the United Kingdom. Foreign currencies Transactions in foreign currencies are translated to the Group companies’ functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognized in the profit and loss account. On consolidation, the assets and liabilities of foreign operations, are translated to the Group’s presentational currency, sterling, at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognized in other comprehensive income. Revenue recognition Revenue arises from the supply of services under the Group’s collaboration agreements, which are reviewed and assessed in line with the five-step framework established by IFRS 15 “ Revenue from Contracts with Customers Within these collaboration agreements, the Group grants licensing rights and access to the Group’s technology to develop specified targets and commercialize future product candidates for specified targets defined in the respective collaboration agreements, in addition to research and development services, participation on a joint steering committee and the option to obtain exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so, or at the Group’s election. In each of the collaboration agreements, these promises represent one combined performance obligation, because the promises are mutually dependent and the collaborator is unable to derive significant benefits from its access to these targets for their intended purpose without receipt of the remaining promises, which are highly specialized and cannot be performed by other organizations. This single combined performance obligation is satisfied over time and deemed fully satisfied when the collaborator is contractually entitled to benefit from the exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so or at the Group’s election. This occurs at different stages of the research and development process within each of the collaboration agreements and is set out in Note 2. Once the collaborator has obtained exclusive rights to the associated intellectual property, the Group has no further contractual obligations relating to the performance obligation and accordingly the performance obligation is deemed satisfied and complete at this point. The Group accounts for each collaboration agreement and the related targets as having one combined performance obligation. Where the Group receives development milestones at key inflection points specified within the collaboration agreements, these are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the most likely amount that will be received and then applying a constraint to reduce the consideration to the amount which is not probable of being reversed. The determination of whether a milestone is probable includes consideration of the following factors: • whether achievement of a development milestone is highly susceptible to factors outside the entity’s influence, such as milestones involving the judgment or actions of third parties, including regulatory bodies or the customer; • whether the uncertainty about the achievement of the milestone is not expected to be resolved for a long period of time; • whether the Company can reasonably predict that a milestone will be achieved based on previous experience; and. • the complexity and inherent uncertainty underlying the achievement of the milestone. Any development milestone revenue adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Revenue is recognized as the programs progress through the various stages of research and development using an estimate of percentage completion which takes into consideration the estimated timelines required to satisfy the performance obligation and the time taken since program nomination. The determination of the percentage of completion requires the estimation of when the performance obligation will be completed, and this is reviewed and re-assessed quarterly, typically by the joint steering committee for the contract, based on the latest project plan and discussions with project teams and will consider progress achieved to date, historical experience on similar programs and other internal factors as may be available. If a change in facts or circumstances occurs, the estimate of percentage completion is adjusted, and revenue recognized based on the revised estimate. The difference between the cumulative revenue recognized based on the previous estimate and the revenue recognized based on the revised estimate is recognized as an adjustment to revenue in the period in which the change in estimate occurs. The Group recognizes deferred revenue when the amount of unconditional consideration is in excess of the value of satisfied, or part satisfied, performance obligations. Once a right to receive consideration is unconditional, that amount is presented as a receivable. Changes in deferred revenue typically arise due to: • adjustments arising from a change in the estimate of when the performance obligation will have been completed. • adjustment to revenue that affects deferred revenue; • a change in the estimate of the transaction price due to changes in the assessment of whether variable consideration is constrained because it is not considered probable of being received; and • the recognition of revenue. Under certain collaboration agreements, research and development costs incurred either in excess of a defined amount, or in accordance with a cost sharing agreement, are reimbursed. These amounts are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the expected value that will be received and then applying a constraint to reduce the consideration to the amount which is not probable of being reversed. The determination of whether reimbursed costs are highly probable to not be reversed includes the following: • past history and experience with similar contracts. • unexpected fluctuations in planned spend. • changes to project timelines. Research and development costs Research and development expenditure is expensed as incurred. In preparing the financial statements, the Group may be required to estimate accrued research and development expenditure incurred, the most significant of which is that relating to ongoing clinical trials. These estimates are based on reviews of open contracts, reports provided by the contract research organizations (CROs) and internal reviews to estimate the level of service performed and the associated cost incurred for those services when the Group has not yet been invoiced or otherwise notified of the actual cost. The majority of CROs invoice the Group monthly in arrears for services performed or when contractual milestones are met. The Group makes estimates of accrued expenses as of each statement of financial position date in our financial statements based on facts and circumstances known at that time. The Group periodically confirms the accuracy of estimates with the CROs and adjust if necessary. The financial terms agreed with the CROs are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to the CROs will exceed the level of services provided and result in either a prepayment of the research and development expenses or, where the payments are repaid back to the Group at the end of the clinical trial, a non-current financial asset. In accruing clinical trial expenses, the Group estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate made, the accrual or prepayment expense is adjusted accordingly. Share-based payments The Group operates equity-settled, share-based compensation plans whereby certain employees of the Group are granted equity awards in the Company. The grant date fair value of these employee share plan awards are calculated using both the Black Scholes valuation model and the Back Solve valuation model. The resulting cost is recognized in the profit and loss account over the vesting period of the awards, in line with the vesting schedule of the awards, being the period in which the services are received. The value of the charge is adjusted to reflect actual levels of awards vesting, except where the failure to vest is as a result of not meeting a market condition. The valuations models used require the input of subjective assumptions, including assumptions about the expected life of share-based awards, share price volatility and as a privately held company the estimated fair value of the Company’s ordinary shares. These assumptions used represent the Group’s best estimates at the time of grant, but the estimates involve inherent uncertainties and the application of its judgment. Valuation of ordinary shares As there has been no public market for the Group’s ordinary shares to date, the estimated fair value of the ordinary shares has been determined by the board of directors as of the date of each grant, with input from management, considering the most recently available third-party valuations of the Group’s ordinary shares, and the assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. The ordinary share valuations were prepared using a probability weighting expected return and a current value method. The probability weighted expected return method estimates the fair value of the common stock based on an analysis of future values for the enterprise assuming various future outcomes. Share value is based on the probability-weighted present value of the expected future investment returns, considering each of the possible outcomes available to the enterprise, as well as the rights of each share class. Common future outcomes considered in the analysis include an IPO, merger or sale, continued operation as a private company, and liquidation. The current-value method is based on the assumption that each class of preferred shareholders will exercise its rights and achieve its return based on the enterprise value as of the valuation date and not at some future date. Accordingly, preferred shareholders will participate in enterprise value allocation either as preferred shareholders or, if conversion would provide them with better economic results, as common shareholders. Common shares are assigned a value equal to their pro rata share of the residual amount (if any) that remains after consideration of the liquidation preference of debt and preferred stock. Likewise, any outstanding options will share in the enterprise value only if the implied value of the fully-diluted common share resulting from the analysis indicates that the options are in-the-money. In addition to considering the results of these third-party valuations, the Board and the remuneration committee considered various objective and subjective factors to determine the fair value of our ordinary shares as of each grant date, including • the data generated from the Group’s research and development programs; • the future operating performance, prospects and business strategy; • the material risks related to the Group’s business and industry • the lack of an active public market for the Group’s ordinary and convertible preferred shares; • the market performance of publicly traded companies in the life science and biotechnology sectors; • the prices at which the Group issued ordinary and preferred shares and the superior rights and preferences of the preferred shares relative to the ordinary shares at the time of each grant; and • the likelihood of achieving a liquidity events for the holders of our ordinary shares, series A and B shares and Growth Shares, such as an IPO, given prevailing market conditions. If different judgements and estimates had been made, the share-based payment expense, loss for the year and total comprehensive loss, on both an absolute and per-share basis, could have been significantly different. Estimates by the Group’s management board will not be necessary to determine the fair value of ordinary shares awarded subsequent to the initial public offering that closed on February 9, 2021. The various assumptions used in determining the grant date fair value of the awards and the resulting cost recognized in the profit and loss account are set out in the Note 25 . Taxation Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The U.K. Research and Development Tax Credit calculation incorporates an estimate of employee time spent on qualifying research and development activities which are reviewed and updated annually. Tax on the loss for the year comprises current and deferred tax. Tax is recognized in the profit and loss account except to the extent that it relates to items recognized directly in equity, in which case it is recognized directly in equity. Current tax is provided at the amounts expected to be paid applying tax rates that have been enacted or substantively enacted by the statement of financial position date. Current tax includes tax credits, which are accrued for the period based on calculations that conform to the U.K. Research and Development Tax Credit scheme applicable to small and medium sized companies. Research and development costs which are not eligible for reimbursement under this scheme, such as expenditure incurred on research projects for which we receive income, are considered for reimbursement under the U.K. R&D expenditure credit (“RDEC”) scheme. Deferred tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investment in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is provided using rates of tax that have been enacted or substantively enacted by the statement of financial position date. Leases – after the adoption of IFRS 16 “Leases” The Group adopted IFRS 16 using the modified transition approach with the date of initial application of January 1, 2019. The Group’s right of use assets and lease liabilities associated with leases for leasehold properties are recognized at lease commencement date based on the present value of minimum lease payments over the lease term. The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The right-of-use assets comprise leasehold property and reflect the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs less lease incentives that may have been received. They are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability. Depreciation is charged to the profit and loss account on a straight-line basis over the expected life of each lease agreement. The Group assesses at each reporting date whether the right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date. Where the terms of the lease agreement include increases to the rent charge, the minimum guaranteed increase is included in the lease liability. They are subsequently measured by increasing the carrying amount to reflect interest of the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability will also be remeasured to reflect changes in the underlying lease agreement such as the expected lease length. Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. The Group on occasion enters into sub-lease arrangements which are assessed at inception. For operating leases, the associated income is recognized in the profit and loss account on a straight-line basis over the term of the lease. Leases – before the adoption of IFRS 16 “Leases” Under IAS 17 ‘Leases’ (IAS 17), the Group classified leases as finance leases if they transferred substantially all the risks Operating lease payments, under IAS 17, were recognized as an operating expense in the profit and loss account on a Straight-line basis over the lease term. Lease incentives received were recognized in the profit and loss account over the term of the lease as part of the lease expense. Where the terms of the lease agreement include increases to the rent charge, the minimum guaranteed increase was recognized in the profit and loss account over the term of the lease. Where such increases are variable in nature these were recognized in the profit and loss account as incurred. Where the Group enters into sub-lease arrangements, the risks and rewards incidental to ownership of the asset are not substantially transferred and such operating lease income was recognized in the profit and loss account over the term of the lease. At December 31, 2020 and 2019, there were no assets held under finance leases. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Loans and borrowings All loans and borrowings are classified as financial liabilities and are initially recorded at fair value less the value attributable to any separately accounted for embedded derivative. After initial recognition, any such loans and borrowings are measured at amortized cost using the effective interest method, with the amortization recognized in finance costs. The Group has a convertible loan, evidenced by loan notes, which is classified as a current liability, as at December 31, 2019, and accounted for under the amortized cost method and the embedded deriv |
Revenue and segmental reporting
Revenue and segmental reporting | 12 Months Ended |
Dec. 31, 2020 | |
Revenue and segmental reporting [Abstract] | |
Revenue and segmental reporting | 2. Revenue & segmental reporting Revenue recognized during 2020, 2019 & 2018 was from collaboration agreements with GlaxoSmithKline Intellectual Property Development Ltd (“GlaxoSmithKline”), Eli Lilly and Company (“Eli Lilly”), Genentech, Inc. (“Genentech”) and MedImmune LLC, a wholly owned subsidiary of AstraZeneca plc (“MedImmune”). 2020 £’000 2019 £’000 2018 £’000 GlaxoSmithKline 6,356 5,753 6,079 Eli Lilly 3,522 819 8,561 Genentech 20,236 19,097 1,461 MedImmune - - 7,553 30,114 25,669 23,654 United Kingdom 6,356 5,753 6,079 United States 23,758 19,916 17,575 30,114 25,669 23,654 Genentech Collaboration Under the Genentech agreement signed in November 2018 (the “2018 Genentech Agreement”), the Group received an aggregate non-refundable payment totaling $100 million consisting of an initial upfront payment of $50 million and $50 million paid upon an investigational new drug filing for the first clinical trial of the product candidate compound, in exchange for granting Genentech rights to co-develop/co-promote the Group’s IMC-C103C program and the co-exclusive worldwide license to the Group’s intellectual property rights in MAGE A4 soluble TCR bispecific therapeutic candidate compounds. The Group is responsible for development of the IMC-C103C program over the period of time to estimated completion of the Phase 1 clinical trial, with costs being shared equally with Genentech. After completion of the Phase 1 clinical trial, the Group has a limited time period in which to decide to either continue co-development (including co-funding) of the IMC-C103C program or withdraw from the co-funding commitment and convert the co-exclusive license to a full out-license to Genentech of the IMC-C103C program, in exchange for future milestone and royalty payments to the Group. The total payments of $100 million (£77.4 million) upfront payment was recorded as deferred revenue on receipt in November 2018 and allocated to a single combined performance obligation covering the granting of the co-exclusive worldwide license, the provision of development services and participation on a joint steering committee. This deferred revenue is recognized as the Group satisfies the combined performance obligation over the estimated period of time to when the Group may decide to withdraw from the co-funding commitments and convert the co-exclusive license to a full out-license to Genentech. This occurs after completion of the Phase I clinical trial and should the Group withdraw from the co-funding commitment, the Group has no further contractual obligations relating to the performance obligation and accordingly the performance obligation is deemed satisfied and complete at this point in time. Research and development costs reimbursed under the 2018 Genentech Agreement are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. During the year ended December 31, 2020, the Group recognized £20,236,000 revenue relating to the 2018 Genentech Agreement (2019: £19,097,000; 2018: £1,461,000). Of this, £2,785,000 represented research and development cost reimbursements (2019: £1,696,000; 2018: £nil). Such reimbursements arise in order to ensure that research and development costs are shared equally in-line with the collaboration agreement. As at December 31, 2020, it was estimated that the performance obligation would be satisfied within two to three years. GlaxoSmithKline Collaboration In June 2013, the Group entered into a collaboration and license agreement with GlaxoSmithKline pursuant to which the Group and GlaxoSmithKline (“GSK”) agreed to collaborate in the development of soluble TCR bispecific therapeutic compounds (the “GSK Agreement”). Under the GSK Agreement, the Group granted GSK the right to nominate up to four targets as being exclusive to GSK under the GSK Agreement. The first target, GSK01/NY-ESO, was nominated at the time of execution of the GSK Agreement. A second target was nominated in July 2017. GlaxoSmithKline has no further ability to nominate additional targets under the GSK Agreement. Under the GSK Agreement, for NY-ESO, the Group is responsible for the development of the soluble TCR bispecific therapeutic candidate compounds over the period of time to estimated completion of the initial Phase 1 clinical trials. GlaxoSmithKline has the option until a certain period following completion of such development work to obtain an exclusive worldwide license to NY-ESO. For the second collaboration target, GlaxoSmithKline has an option to obtain an exclusive worldwide license for the therapeutic candidate compounds until a certain period following the identification of at least one development candidate or the earlier termination of the applicable development work. The Group received non-refundable upfront payments upon execution of the agreement and nomination of the second collaboration target. Further non-refundable milestone payments have been received based on the achievement of specified development milestones. These development milestone payments are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognised in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. In respect of the first target, development costs incurred over a specified amount are reimbursed to the Group. As at December 31, 2020, the Group has received a total of £22,900,000 in non-refundable payments of which £nil were received during the years ended December 31, 2020 and 2019. These payments have been recorded as deferred revenue on receipt and allocated to a single combined performance obligation for each target covering the provision of research and development services and participation on a joint steering committee. This deferred revenue is recognized as the Group satisfies the combined performance obligation over the estimated period of time to when GlaxoSmithKline can exercise the option to obtain an exclusive worldwide license for the therapeutic candidate compounds. Should GlaxoSmithKline exercise the option to obtain an exclusive worldwide license, the Group has no further contractual obligations relating to the associated performance obligation and accordingly the associated performance obligation is deemed satisfied and complete at this point in time. Research and development costs reimbursed under the GSK Agreement are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. During the year ended December 31, 2020, the Group recognized £6,356,000 revenue relating to the GSK Agreement (2019: £5,753,000; 2018: £6,079,000). Under the terms of the GSK Agreement, GlaxoSmithKline elected not to progress a pre-clinical target and the balance of deferred revenue of £1,955,000 was recognized in full. Of the total revenue recognized during the year, £2,897,000 represented research and development cost reimbursements (2019: £2,159,000; 2018: £nil). Such reimbursements arise where research and development costs in excess of a defined amount are incurred on one specified program. As at December 31, 2020, it was estimated that the performance conditions across the two remaining targets would be satisfied in timeframes ranging from one to two years. In March 2021 The balance of deferred income associated with this target of £3,208,000 will be released in full in the period ending March 31, 2021. Lilly Collaboration In July 2014, the Group entered into a development and license agreement with Eli Lilly pursuant to which the Group and Eli Lilly, or the Lilly Agreement, agreed to collaborate in the development, manufacture and commercialization of soluble TCR bispecific therapeutic compounds. Under the Lilly Agreement, Eli Lilly paid an initial non-refundable upfront fee payment of $45 million in exchange for options to three targets. Eli Lilly no longer has the ability to nominate any further targets under the initial agreement with Lilly. In December 2016, the Group and Eli Lilly agreed to swap an existing antigen target, selected by Eli Lilly, for a new, well known neo-antigen target. Lilly has no further obligations with respect to the initial target that was replaced. In September 2017, the Group and Eli Lilly agreed to swap a second antigen target, selected by Eli Lilly, for a second neo-antigen target. Similarly, Eli Lilly has no further obligations with respect to the initial target that was replaced. Under the Lilly Agreement, the Group is responsible for developing soluble TCR bispecific therapeutic pre-clinical candidates to each target with Eli Lilly responsible for GMP manufacture of Phase 1 material at its expense. On a collaboration target-by collaboration target basis, at the point of clinical candidate nomination, Eli Lilly has the right to opt in to gain exclusive co-development/co-promotion rights to the target program. Upon receipt of the proposed development plan and Phase 1 budget, the Group has a limited time period in which to elect to contribute either 25% or 50% costs to reach the next clinical phase or to opt-out of further development. Similar provisions are available at the start of Phase 2 clinical trials and registrational clinical trials. Should the Group opt-out of co-development on a collaboration target-by-collaboration target basis, Eli Lilly would obtain an exclusive worldwide license to develop and commercialize the compound at its sole expense. The $45 million upfront payment was recorded as deferred revenue on receipt and allocated to a single combined performance obligation for each target covering the provision of research and development services and participation on a joint steering committee. This deferred revenue is recognized as the Group satisfies the combined performance obligations over the estimated period of time to when Eli Lilly can exercise the option to obtain exclusive co-development/co-promotion rights to the target and the Group can opt-out of the co-development of the target. Should this occur, the Group has no further contractual obligations relating to the associated performance obligation and accordingly the associated performance obligation is deemed satisfied and complete at this point in time. During the year ended December 31, 2020, the Group recognized £3,522,000 revenue relating to the Lilly Agreement (2019: £819,000; 2018: £8,561,000). Following termination of one of the programs under the Eli Lilly collaboration during 2019, a balance of £3,132,000 was held as deferred revenue at December 31, 2019 whilst a change in program focus was considered and subsequently released in full during the year ended December 31, 2020. No further revenue was recognized during the year ended December 31, 2020, for a second program under the Eli Lilly collaboration whilst the lead program was prioritized. Whilst the program focus is reviewed, a deferred revenue balance of £7,361,000 is held under current liabilities in respect of both the second and third programs. During the year ended December 31, 2018 the Group recognized £7,553,000 revenue upon the termination of the last program under our prior collaboration with MedImmune. During the period, the Group has reviewed and revised the estimated completion of each of the programs under the collaboration agreements, arising from the availability of additional historical data as programs progress through research and development activities within the Group. The impact of this revision is on current and future reporting periods only and increased revenue recognized in the year ended December 31, 2020 by £705,000. The following tables presents changes in the Group’s trade receivables, contract assets and contract liabilities during the year ended December 31, 2020 and 2019. At 1 January 2020 £’000 Additions £’000 Deductions £’000 At December 31, 2020 £’000 Trade receivables Trade receivables 1,186 4,023 (5,209 ) - Total receivables 1,186 4,023 (5,209 ) - Contract assets: Contract assets 424 1,658 - 2,082 Total contract assets 424 1,658 - 2,082 Contract liabilities Deferred revenue 76,418 - (24,432 ) 51,986 Total contract liabilities 76,418 - (24,432 ) 51,986 At 1 January 2019 £’000 Additions £’000 Deductions £’000 At December 31, 2019 £’000 Trade receivables Trade receivables 3,600 3,431 (5,845 ) 1,186 Total receivables 3,600 3,431 (5,845 ) 1,186 Contract assets: Contract assets - 424 - 424 Total contract assets - 424 - 424 Contract liabilities Deferred revenue 98,232 - (21,814 ) 76,418 Total contract liabilities 98,232 - (21,814 ) 76,418 For the year ended December 31, 2020 deductions from deferred revenue represent revenue recognized during the year. The total deductions recognized of £24,432,000 was included in deferred revenue at January 1, 2020. For the year ended December 31, 2019 deductions from deferred revenue represent revenue recognized during the year. The total deductions recognized of £21,814,000 was included in deferred revenue at January 1, 2019. No revenue was recognized in 2020, 2019 or 2018 relating to performance obligations satisfied in previous years. 2020 £’000 2019 £’000 Current deferred revenue (Note 23) 27,118 28,457 Non-current deferred revenue (Note 19) 24,868 47,961 51,986 76,418 Deferred revenue is in respect of the upfront fee and development milestone consideration received from the various collaboration agreements in advance of services performed by the Group. Included in the current deferred revenue balance of £27,118,000 as at December 31, 2020 is £7,361,000 of deferred revenue held w hilst program focus is reviewed. Included in the current deferred revenue balance of £28,457,000 at December 31, 2019 is £3,132,000 of deferred revenue held whilst a further program is nominated into an existing collaboration in accordance with the underlying collaboration agreement. |
Operating loss is stated after
Operating loss is stated after charging | 12 Months Ended |
Dec. 31, 2020 | |
Operating loss is stated after charging [Abstract] | |
Operating loss is stated after charging | 3. Operating loss is stated after charging: The following items have been included in operating loss: 2020 £’000 2019 £’000 2018 £’000 Research and development costs 74,809 99,991 83,575 Loss on disposal of property, plant and equipment 1,064 3 135 Profit on derecognition of leases (Note 12) (3,700 ) - - Remeasurement of leases (Note 12) (227 ) - - Loss on write-offs of intangible fixed assets - 306 170 Depreciation of property, plant and equipment (Note 11) 6,446 9,003 6,410 Amortization of intangible assets (Note 10) - 210 297 Operating lease expense (Note 12) 296 486 4,205 Operating lease income (Note 5) 460 185 (622 ) Realized foreign exchange (gains)/loss 477 189 (1,341 ) Research and development costs are stated net of the Research and Development Expenditure Credit, totaling £227,000 for 2020 (2019: £396,000; 2018: £237,000). |
Staff numbers and costs
Staff numbers and costs | 12 Months Ended |
Dec. 31, 2020 | |
Staff numbers and costs [Abstract] | |
Staff numbers and costs | 4. Staff numbers and costs The average number of persons employed by the Group (including the Board) during the year, analyzed by category, was as follows: 2020 No. of employees 2019 No. of employees 2018 No. of employees Research 177 284 299 Development 96 108 95 Corporate 56 67 67 Total 329 459 461 The aggregate staff costs of these persons were as follows: 2020 £’000 2019 £’000 2018 £’000 Wages and salaries 29,038 31,920 29,501 Social security costs 2,131 2,767 2,731 Share-based payments (Note 25) 8,162 3,056 666 Contributions to defined contribution plans (Note 27) 1,035 1,213 981 40,366 38,956 33,879 During the year ended December 31, 2020, the Group undertook a corporate restructure incurring costs of £1.2 million. The restructure was completed in the second quarter of 2020 and reduced the overall headcount, at that time, by 78 employees |
Net other operating income
Net other operating income | 12 Months Ended |
Dec. 31, 2020 | |
Net other operating income [Abstract] | |
Net other operating income | 5. Net other operating income 2020 £’000 2019 £’000 2018 £’000 Profit on derecognition of leases 3,700 - Loss on disposal of property, plant and equipment (1,064 ) - Settlement agreement 810 - Sub-lease income 460 185 622 Remeasurement of leases 227 Other 109 - 4,242 185 622 During the year ended December 31,2020, the Group terminated the lease term for two leasehold properties giving rise to a profit on disposal of £3,700,000 which includes £1,400,000 received as an incentive for exiting one of the leasehold agreements. During the year ended December 31, 2020 the management of the Group conducted an internal investigation as a result of receiving a whistleblower complaint alleging employee misconduct and other improper activities related to a kickback scheme involving an employee and two third-party vendors. After the investigation, the one remaining open contract with the third-party vendors was terminated and the Group has undertaken proceedings against the involved parties. The Group estimated the amount in question to be in the range of £1.1 million to £1.8 million and recovered £1.8 million from the employee and third-party vendors in December 2020 of which £810,000 is reflected within other operating income. Sub-lease income comprises income from sub-lease arrangements on operating leases on certain leasehold properties. |
Finance income
Finance income | 12 Months Ended |
Dec. 31, 2020 | |
Finance income [Abstract] | |
Finance income | 6. Finance income 2020 £’000 2019 £’000 2018 £’000 Bank interest on cash and cash equivalents 668 1,386 550 Interest on short-term deposits - - 272 Gain on entering into sub-leases on leasehold properties 215 115 - Interest on investment in sub-lease 38 9 - Gain from change in fair value of derivative liability 1,287 - - Gain from change in fair value of derivative asset - - 318 2,208 1,510 1,140 The derivative liability represents a foreign exchange call option over certain series B shares which was settled in full in March 2020, resulting in a gain of £1,287,000 based on the fair value as at derecognition, and a credit to equity of £3,840,000. The Group received a convertible loan in September 2017 from the Gates Foundation which contains conversion features which are accounted for as an embedded derivative and separated from the convertible loan. The gain from the change in fair value of the embedded derivative asset represents the movement in fair value of this embedded derivative during 2018 (see Note 23). During 2019, a loss of £454,000 arose from the change in fair value of the embedded derivative asset (see Note 7). |
Finance costs
Finance costs | 12 Months Ended |
Dec. 31, 2020 | |
Finance costs [Abstract] | |
Finance costs | 7. Finance costs 2020 £’000 2019 £’000 2018 £’000 Interest on lease liabilities 2,401 2,947 - Interest expenses on financial liabilities measured at amortized cost 708 849 842 Loss from change in fair value of embedded derivative asset 266 454 - Loss from change in fair value of derivative liability - 5,127 - Other finance costs - 2 - 3,375 9,379 842 Included within interest expenses for the year ended December 31, 2020, are £159,000 related to the Bill & Melinda Gates Foundation (the “Gates Foundation”) convertible loan, which was partially converted into series B shares in March 2020 (see Note 17) and the £549,000 arising on the $50m drawn down under the Oxford Finance debt agreement signed on November 6, 2020 (see Note 18). Interest expenses for the year ended December 31, 2019 relate to the convertible loan received from the Gates Foundation. The convertible loan received from the Gates Foundation contains conversion features which are accounted for as an embedded derivative and separated from the convertible loan. During the year ended December 31, 2020, the loss from the change in fair value of the embedded derivative asset represents the movement in fair value of this embedded derivative asset on derecognition arising from the conversion of the loan into series B shares and during the year ended December 31, 2019, this also represents the movement in fair value of this embedded derivative asset. The derivative liability represents a foreign exchange call option over certain series B shares. The loss of £5,127,000 from the change in fair value of the derivative liability represents the movement in fair value of this derivative from inception, during 2019, to December 31, 2019. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2020 | |
Income tax [Abstract] | |
Income tax | 8. Income tax The major components of the income tax expenses for the years ended December 31, 2020, 2019 and 2018 are: 2020 £’000 2019 £’000 2018 £’000 Profit or loss Current tax: R&D tax credit for the year (12,432 ) (21,767 ) (18,486 ) Tax related to share-based compensation plans - - 125 Foreign corporation tax on profits for the year 84 152 139 Adjustments in respect of prior years (100 ) 43 - Total current tax (12,448 ) (21,572 ) (18,222 ) Deferred tax: Current year (790 ) - - Effect of changes in tax rates (1 ) - - Movement in unrecognized deferred tax asset 351 - - Originating and reversal of timing differences, including adjustments in respect of prior years (379 ) (686 ) 1,674 Total deferred tax (819 ) (686 ) 1,674 Total income tax credit (13,267 ) (22,258 ) (16,548 ) Tax related to items recognized in other comprehensive income during the year: Current tax related to share-based compensation plans - - (125 ) Deferred tax on fair value movements of available-for-sale financial assets - - (3,509 ) Tax charged to other comprehensive income - - (3,634 ) Reconciliation of tax expense and accounting profit for 2020, 2019 and 2018: 2020 2019 2018 £ ’000 £ ’000 £ ’000 Loss before tax (87,360 ) (126,189 ) (88,178 ) Tax credit using the UK Corporation tax rate of 19% (2019: 19% and 2018: 19%) (16,598 ) (23,976 ) (16,754 ) Effect of: Non-deductible expenses 9,120 13,148 629 Income not taxable for tax purposes - - (954 ) Chargeable gain on sale of assets held for sale - - 4,359 Other permanent differences - (1 ) (38 ) Additional deduction for R&D expenditure (16,286 ) (29,365 ) (13,691 ) Surrender of tax losses for R&D tax credit refund 16,286 28,523 24,223 R&D expenditure credits (13,424 ) (22,602 ) (19,215 ) Credit to other comprehensive income for share-based compensation plans - - 125 Movement in deferred tax not recognized 8,084 12,413 4,746 Adjustments to tax charge in respect of previous periods - deferred tax (379 ) (500 ) - Adjustments to tax charge in respect of previous periods (100 ) 43 - State taxes 7 - - Effects of overseas tax rates 24 - - Effects of tax rates in foreign jurisdictions (1 ) 59 22 Total tax credit included in loss for the year (13,267 ) (22,258 ) (16,548 ) The components of income tax are as follows: 2020 £’000 2019 £’000 2018 £’000 Current tax: United States: Federal (16 ) 100 137 State (- ) 15 2 United Kingdom (12,432 ) (21,687 ) (18,361 ) Total current tax (12,448 ) (21,572 ) (18,222 ) Deferred tax: United States: Federal (819 ) (644 ) (516 ) State - (42 ) (1 ) United Kingdom - - 2,191 Total deferred tax (819 ) (686 ) 1,674 Total income tax credit (13,267 )) (22,258 ) (16,548 ) Tax related to items recognized in other comprehensive income during the year: 2020 £’000 2019 £’000 2018 £’000 United States — — — United Kingdom – current tax — — (125 ) United Kingdom – deferred tax — — (3,509 ) Tax charged to other comprehensive income — — (3,634 ) In September 2016, the U.K. substantively enacted legislation to reduce the main rate of corporation tax from 20% to 19% effective April 1, 2017 and then a further reduction to 17% effective April 1, 2020. On March 11, 2020, the Chancellor of the Exchequer announced that the rate would not reduce on April 1, 2020 and would remain at 19%. A deferred tax asset of £2,230,000 has been recognized in 2020 (2019: £1,507,000) representing unused tax credits carried forward for Immunocore LLC following an assessment of all available and applicable information, including its forecasts of costs and future profitability and the resulting ability to reverse the recognized deferred tax assets over a short period of time. In addition to the deferred tax asset above, the Group has unrecognized deferred tax assets on tax losses of £30,827,000 (2019: 20,820,000) which do not expire. Deferred tax assets have not been recognized in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group and there are no other tax planning opportunities or other evidence of recoverability in the near future. If the Group were able to recognize all unrecognized deferred tax assets, the income tax credit would increase by £33,852,000 (2019: £23,007,000). |
Basic and diluted loss per shar
Basic and diluted loss per share | 12 Months Ended |
Dec. 31, 2020 | |
Basic and diluted loss per share [Abstract] | |
Basic and diluted loss per share | 9. Basic and diluted loss per share 2020 2018 Loss for the year (£000’s) (74,093 ) (103,931 ) (71,630 ) Basic and diluted weighted average number of shares 26,523,411 22,297,935 21,558,890 Basic and diluted loss per share (£) (1) (2.79 ) (4.66 ) (3.32 ) (1) The basic and diluted loss per share are adjusted for the No other adjustments have been made to the consolidated financial statements of the Group in regard to the corporate reorganization. Basic loss per share is calculated by dividing the loss for the period attributable to the equity holders of the Group by the weighted average number of shares outstanding during the period. The dilutive effect of potential shares through share options are considered to be anti-dilutive as they would decrease the loss per share and are therefore excluded from the calculation of diluted loss per share. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets [Abstract] | |
Intangible assets | 10. Intangible assets Patents £'000 Computer software £’000 Assets under construction £’000 Total £’000 Cost: At January 1, 2019 516 867 13 1,396 Additions - 76 122 198 Transferred - 24 (24 ) - Write-offs - (967 ) (111 ) (1,078 ) At December 31, 2019 516 - - 516 Additions - - - - Transferred - - - - Write-offs - - - - At December 31, 2020 516 - - 516 Amortization and impairment: At January 1, 2019 516 562 - 1,078 Write-offs - (772 ) - (772 ) Amortization for the year - 210 - 210 At December 31, 2019 516 - - 516 Write-offs - - - - Amortization for the year - - - - At December 31, 2020 516 - - 516 Carrying value: At December 31, 2020 - - - - At December 31, 2019 - - - - At January 1, 2019 - 305 13 318 There were no movements on intangible assets for the year ended December 31, 2020 and a nil net book value remains. Patent and trademarks comprise the purchase of intellectual property from the Company’s predecessor on January 1, 2016. Assets under construction represents the development of bespoke software. Following a review undertaken during the year ended December 31, 2019, intangible assets with an aggregate value of £306,000 were written-off comprised of £195,000 of computer software and £111,000 of assets under construction. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | 11. Property, plant and equipment Leasehold properties and improvements £’000 Plant and equipment £’000 Assets under construction Total £’000 Cost: At January 1, 2019 11,137 25,639 989 37,765 Additions 215 1,150 2,713 4,078 Transfers 1,090 41 (1,131 ) - Effect of foreign currency translation (17 ) (4 ) - (21 ) Disposals (185 ) (500 ) - (685 ) At December 31, 2019 12,240 26,326 2,571 41,137 Additions 564 775 1,735 3,074 Transfers 4,123 2 (4,125 ) - Effect of foreign currency translation (27 ) (2 ) - (29 ) Disposals (1,090 ) (1,118 ) (61 ) (2,269 ) At December 31, 2020 15,810 25,983 120 41,913 Depreciation and impairment: At January 1, 2019 3,752 13,139 - 16,891 Depreciation charge for the year 2,047 4,502 - 6,549 Effect of foreign currency translation (2 ) (3 ) - (5 ) Disposals (155 ) (445 ) - (600 ) At December 31, 2019 5,642 17,193 - 22,835 Depreciation charge for the year 2,356 4,090 - 6,446 Effect of foreign currency translation (7 ) (67 ) - (74 ) Disposals (156 ) (892 ) - (1,048 ) At December 31, 2020 7,835 20,324 - 28,159 Carrying value: At December 31, 2020 7,975 5,659 120 13,754 At December 31, 2019 6,698 9,133 2,571 18,302 At January 1, 2019 7,385 12,500 989 20,874 At December 31, 2020 and 2019, none of the Group’s property, plant and equipment was held under finance leases or similar hire purchase agreements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 12. Leases The Group leases leasehold properties, some of which are subject to sub-lease arrangements. Information about leases for which the Group is a lessee and a lessor is presented below. The lease payments for short-term leases and leases of low value assets are recognized in the profit and loss account on a straight-line basis over the term of the lease. These leases have terms that may include, • Options to terminate the lease early at the right of the tenant • Variable lease payments with a guaranteed minimum increase and capped maximum increase In addition, there are leasehold properties to which the Group is committed to assume the leases should the properties become vacant. The future contingent liabilities associated with these leases are set out in Note 28. Leases in which the Group is a Lessee Right-of-use assets 2020 2019 £ ’000 £ ’000 Balance at 1 January 36,578 - Effect of adopting new accounting standards (31 ) 44,984 Additions 453 897 Remeasurements (2,269 ) (6,849 ) Derecognition (9,108 ) - Depreciation charge for the year (2,530 ) (2,454 ) 23,093 36,578 Following a review of the Group’s lease commitments under leasehold agreements during the year ended December 31, 2020, the Group identified leasehold agreements in excess of the Group’s future requirements. As a result of this review the Group terminated the lease term for two leasehold properties reducing right-of-use assets by £9,108,000. The profit on derecognition arising from these lease terminations was £3,700,000 which includes £1,400,000 received as an incentive for exiting one of the leasehold agreements. The Group also received a leasehold incentive in respect of a further leasehold property for £1,088,000 and remeasured the right of use assets associated with five leasehold properties for £1,181,000 which both reduced the carrying value of the right of use assets as remeasurements. The Group entered into two guarantee agreements on December 23, 2020, associated with the termination of the lease term for one of the leasehold properties. These agreements indemnify the lessor for certain costs in the event of the new lessee defaulting under their lease agreement for the leasehold property. As at December 31, 2020, the Group does not expect to make future payments as a result of these agreements. The remeasurement during the year ended December 31, 2019 of £6,849,000 relates to the reduction to the lease term for a leasehold property. Upon implementation of IFRS 16, current deferred liabilities of £187,000 and non-current deferred liabilities of £1,870,000 were reclassified to right of use assets reflecting primarily lease incentives previously recognized under IAS 17. Lease liabilities Maturity analysis – contractual undiscounted cash flows 2020 £’000 2019 £’000 Less than one year 3,560 4,469 One to five years 9,607 16,834 More than five years 32,600 45,288 Total undiscounted lease liabilities 45,767 66,591 All operating leases, excepting those of small value, terminate within one year. Lease liabilities included in the Consolidated Statements of Financial Position 2020 £’000 2019 £’000 Current 2,043 1,951 Non-current 25,190 38,299 Total lease liabilities 27,233 40,250 During the year ended December 31, 2020, the lease term for two leasehold properties was terminated and the lease liability for four leasehold properties were remeasured reducing the associated lease liability by £10,414,000 and £1,075,000 respectively. The Group also entered into a new lease for a leasehold property with an associated lease liability of £405,000 as at December 31, 2020. The maturity of undiscounted lease commitments is set out in Note 28. Amounts recognized in the Consolidated Statements of Loss 2020 £’000 2019 £’000 Interest on lease liabilities 2,401 2,947 Expenses relating to short-term leases 296 486 Expenses relating to leases of low-value assets 19 33 Interest on investment in sub-lease (38 ) (9 ) Operating lease rentals payable The Group has operating leases on leasehold properties. All such operating leases are for less than fifty years. Future minimum rentals payable under non-cancellable operating leases as at December 31, are, as follows: 2020 £’000 2019 £000’s 2018 £’000’s Within one year - 73 4,329 After one year but not more than five years - - 16,566 More than five years - - 60,691 - 73 81,586 During the year, £296,000 was recognized as an expense in the income statement in respect of operating leases (2019: £486,000, 2018: £4,205,000). During the year ended December 31, 2020 the Group terminated the remaining operating leases on shorthold properties. Amounts recognized in the Consolidated Statement of Cash Flows 2020 £’000s 2019 £’000 Total cash outflow for leases 4,426 4,036 Leases in which the Group is a Lessor Lease income 2020 £’000 2019 £’000 Operating lease income 460 185 Finance lease income on the net investment in the lease 38 9 Maturity analysis – undiscounted finance lease income 2020 £’000 2019 £’000 Less than one year 720 318 One to two years 96 300 Two to three years - 12 Three to four years - - Four to five years - - More than five years - - Total undiscounted finance lease income 816 630 Unearned finance income (40 ) (39 ) Net investment in the lease 776 591 Maturity analysis – undiscounted operating lease income 2020 £’000 2019 £’000 2018 £’000 Less than one year - 96 176 One to two years - 50 11 Two to three years - 12 11 Three to four years - - 11 Four to five years - - 11 More than five years - - - Total undiscounted operating lease income - 158 220 |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Non-current Financial Assets [Abstract] | |
Other non-current financial assets | 13. Other non-current financial assets 2020 £’000 2019 £’000 Long-term security deposits 786 2,532 Prepayments 3,427 1,858 Other 197 - 4,410 4,390 The long-term security deposits represent lease security deposits for buildings. Included within Other is £146,000 due under the settlement agreement reached on December 23, 2020 (see Note 5) and £51,000 representing the facilities fee associated with the remaining $50 million available that may be drawn down in the future under the debt agreement entered into with Oxford Finance on November 6, 2020. Prepayments are those amounts paid in advance for clinical trials that will be repaid at the end of the associated clinical trials |
Available for sale assets
Available for sale assets | 12 Months Ended |
Dec. 31, 2020 | |
Available for sale assets [Abstract] | |
Available for sale assets | 14. Available for sale assets The Group previously held an investment in Adaptimmune Therapeutics plc which was classified as available for sale as at the year ended December 31, 2017. The investment was sold during the year ended December 31, 2018 for cash consideration of £27,451,000, giving rise to a gain on disposal of £4,979,000 recognized in Other income. Prior to disposal, unrealized gains and losses relating to prior financial reporting periods were recognized in other comprehensive income, as reflected in the available for sale reserve in the consolidated statement of equity, totalling £18,471,000. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | 15. Trade and other receivables 2020 £’000 2019 £’000 Trade receivables 2,051 1,471 Other receivables 1,722 3,667 Interest receivable - 28 Prepayments and accrued income 6,507 4,473 10,280 9,639 Included within prepayments and accrued income are amounts paid in advance for clinical trials that are expected to be repaid within 12 months. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents [Abstract] | |
Cash and cash equivalents | 16. Cash and cash equivalents 2020 £’000 2019 £000’s Cash at bank and in hand 129,716 73,966 129,716 73,966 |
Capital and reserves
Capital and reserves | 12 Months Ended |
Dec. 31, 2020 | |
Capital and Reserves [Abstract] | |
Capital and reserves | 17. Capital and reserves Growth shares Series A shares Series B shares Series C shares Ordinary shares Issued share capital (0.01p per share) At January 1, 2018 155,246 1,699,576 - - 2,459,363 New shares issued for cash - - 10,950 Repurchased and cancelled (36,800 ) - - - - At January 1, 2019 118,446 1,699,576 - - 2,470,313 New shares issued for cash - - 621,556 - 45,581 Repurchased and cancelled (60,240 ) - - - - At December 31, 2019 58,206 1,699,576 621,556 - 2,515,894 New shares issued for cash 34,260 - 323,450 823,719 163,870 New shares issued for non-cash consideration - - 203,697 - - Repurchased and cancelled (29,575 ) - - - - At December 31, 2020 62,891 1,699,576 1,148,703 823,719 2,679,764 2020 £ 2019 £ 2018 £ Allotted, called up and fully paid Ordinary shares 268 252 247 Series A shares 170 170 170 Series B shares 115 62 - Series C shares 82 - - Growth shares 6 6 12 641 490 429 On March 2, 2020, the Group completed the second and final closing of the series B preferred share financing. A total of 527,147 series B shares were issued, of which 280,418 series B shares were issued to new and existing investors for net cash consideration The initial tranche of the Gates Foundation loan in the amount of $25 million was converted into 203,697 series B shares as part of the Group’s second closing of the series B preferred share financing in March 2020 and 43,032 series B shares were issued at nominal value to certain series B investors on derecognition of the derivative liability of £3,184,000 represented by a foreign exchange call option over series B shares. The agreement with the Gates Foundation requires the Group to complete agreed upon research plans for tuberculosis and HIV. In the event of default by the Group, under certain conditions, the Gates Foundation has the right to sell or require the Group to buy-back its shareholdings in the Group whereby should the Group experience a change in control or undertake an initial public offering at a valuation of more than 150% more than the valuation used for the sale of their series B shares, then the Group is required to pay the Gates Foundation an amount equal to On December 21, 2020, the Group completed the closing of the series C preferred share financing. A total of 823,719 series C shares were issued for net cash consideration totaling £55,812,000. During the year ended December 31, 2020, a total of 163,870 ordinary shares of 0.01p each with a total nominal value of £16 were issued for cash consideration of £73,000, of which 161,094 were issued as anti-dilution shares at nominal value. Growth shares of 0.01p each totaling 34,260 were issued during the year ended December 31, 2020 for cash consideration totaling £3 and 29,575 Growth shares with a total nominal value of £3 were repurchased and cancelled. On August 13, 2019 the Group completed the first closing of the series B preferred share private financing. A total of 621,556 series B shares were issued to new and existing investors totaling proceeds of $72.25 million. During the period to December 31, 2019, 45,581 ordinary shares of 0.01p each with a nominal value of £5 were issued fully paid for cash consideration of £27,000 of which 37,007 were issued as anti-dilution shares at nominal value. Growth shares of 0.01p each totaling 60,240 with a nominal value of £6 repurchased and cancelled. The Growth shares were issued in respect of the Growth Share Plan (Note 25) and the awards granted to certain employees and members of the Board during 2017. These Growth shares are held by Immunocore Nominees Limited on behalf of the individuals who received these awards. In accordance with the Growth Share Plan rules, the shares held by Immunocore Nominees Limited are considered treasury shares until all vesting conditions have been achieved and the awards vested. Share premium £ ’000 At January 1, 2018 223,986 New shares issued for cash 101 At December 31, 2018 224,087 New shares issued for cash 59,163 At December 31, 2019 283,250 New shares issued for cash 83,115 New shares issued for non-cash consideration 19,865 At December 31, 2020 386,230 No adjustments have been made to the amounts shown above in regards to the corporate reorganization described in Note 30. Nature and purpose of reserves The share-based payments reserve is used to recognize the value of equity-settled share-based payments provided to employees. All other reserves are as stated in the consolidated statement of changes in equity. The treasury reserve represents those unvested awards granted to certain employees and members of the Board under the Growth Share Plan (Note 25). As at 2020 the treasury reserve totaled £2.80 (2019: £4.42;2018: £10.19). No dividends were paid or declared in the years ended December 31, 2020 and 2019. Capital management The capital structure of the Group consists of shareholders’ equity, debt, cash and investments in money market funds. For the foreseeable future, the Board will maintain a capital structure that supports the Group’s strategic objectives through: • managing the budgeting process; • managing funding and liquidity risk; and • maintaining strong investor relations |
Non-current interest-bearing lo
Non-current interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Non-current interest-bearing loans and borrowings [Abstract] | |
Non-current interest-bearing loans and borrowings | 18. Non-current interest-bearing loans and borrowings 2020 £’000 2019 £’000 Long-term borrowings 36,654 - 36,654 - On November 6, 2020, the Group entered into a loan and security agreement with Oxford Finance for the provision of up to $100 million debt financing to be provided under three tranches, of which the first tranche of $50 million was received on signing the agreement. The second tranche of $25 million can be drawn down upon tebentafusp receiving Biologics License Application approval prior to June 30, 2022 and the third and final tranche of $25 million can be drawn down at the sole discretion of Oxford Finance. |
Non-Current Deferred liabilitie
Non-Current Deferred liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Non-Current Deferred liabilities [Abstract] | |
Non-Current Deferred liabilities | 19. Non-Current Deferred liabilities 2020 £’000 2019 £’000 Deferred revenue 24,868 47,961 24,868 47,961 Deferred revenue is in respect of the upfront fee and development milestones payments received from collaboration agreements in advance of services performed by the Group (see Note 2). |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Provisions [Abstract] | |
Provisions | 20. Provisions Total £’000 At January 1, 2019 217 Arising during the year 150 Utilized (79 ) At December 31, 2019 288 Arising during the year 299 Utilized (340 ) At December 31, 2020 247 Current 109 Non-current 138 The provision represents the contractual liability that will arise on termination of lease agreements on leasehold properties. |
Current interest-bearing loans
Current interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Current Interest-Bearing Loans and Borrowings [Abstract] | |
Current interest-bearing loans and borrowings | 21. Current interest-bearing loans and borrowings 2020 £’000 2019 £000’s Short-term convertible loan (Note 26) - 19,157 - 19,157 In September 2017, the Company entered into a $40 million convertible loan agreement and a global access agreement with the Gates Foundation, pursuant to which the Company agreed to develop, manufacture and commercialize soluble TCR bispecific therapeutic candidates targeted to neglected diseases, primarily tuberculosis and human immunodeficiency virus (“HIV”), with the potential to treat people at an affordable price in developing countries. The initial tranche of the convertible loan, in the amount of $25 million, was directed to the development of product candidates for the treatment of tuberculosis or HIV and converted into 203,697 series B shares as part of the Group’s second closing of the series B preferred share financing in March 2020. Following conversion of the loan, the associated embedded derivative asset of £266,000 as at December 31, 2019 was derecognized and £510,000 recognized in the accumulated deficit representing the difference between the amortized cost carrying value of the loan of £19,356,000 and the outstanding loan value of $25.5 million as at the date of conversion. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other payables [Abstract] | |
Trade and other payables | 22. Trade and other payables 2020 £’000 2019 £’000 Trade payables 5,783 15,729 Other taxation and social security 620 522 Pension Liability 2 1 Accruals 19,323 13,249 25,728 29,501 |
Current deferred liabilities
Current deferred liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Current deferred liabilities [Abstract] | |
Current deferred liabilities | 23. Current deferred liabilities 2020 £’000 2019 £’000 Deferred revenue 27,118 28,457 Deferred rent - 65 27,118 28,522 Deferred revenue is in respect of the upfront fee and development milestones payments received from collaboration agreements in advance of services performed by the Group (Note 2). On implementation of IFRS16, previously recognized deferred rent balances were reclassified to right-of-use assets (see Note 13). As at December 31, 2019, the remaining deferred rent balances represent lease incentives granted on certain short-term leasehold property agreements which terminated during the year ended December 31, 2020. |
Tax payable
Tax payable | 12 Months Ended |
Dec. 31, 2020 | |
Tax payable [Abstract] | |
Tax payable | 24. Tax payable 2020 £’000 2019 £’000 Tax payable - 72 - 72 |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2020 | |
Share-based payments [Abstract] | |
Share-based payments | 25. Share-based payments The Group operates various employee share schemes that grant awards to certain employees and members of the Board. The Share Option Plan, whereby options are granted to acquire shares in the Company at a specified exercise price and the Growth Share Plan, whereby Growth shares of the Company are awarded with an associated hurdle rate as set at the time of award. For defined employees, awards made under the Growth Share Plan are subject to the achievement by the Group of additional specified performance targets. Grants under both plans are normally exercisable over a four-year period with 25% vesting at the end of the first year and the remaining award vesting quarterly over the following three years. For defined employees, awards made under the Growth Share Plan are normally exercisable over an eight-year period with 12.5% vesting at the end of the first year and the remaining award vesting quarterly over the following seven years. All awards lapse on the tenth anniversary from the date of grant and are not entitled to dividends. The total charge for such share-based payment plans in 2020 was £8,162,000 (2019 – £3,056,000; 2018 – £666,000), all of which relate to equity settled awards. Share Option Plan Under the Share Option Plan, awards are granted to certain employees and members of the Board to acquire shares in the Company at a specified exercise price. Those awards granted from 2017 normally vest over a four-year period with 25% of the award vesting at the end of the first year and the remaining award vesting quarterly over the following three years. Awards granted prior to 2017 normally vest over a four-year period with 25% of the award vesting after each complete year. A total of 224,536 share options were awarded during the year ended December 31, 2020 (2019: 582,252 share options ;2018: nil share options) which will vest over a four-year period from the date of grant and are not entitled to dividends. Those share options awarded in 2019 were modified during the year ended December 31, 2020 through a reduction in the associated exercise price from £150 to £64 per share. The incremental fair value granted was valued on a consistent basis to other awards made within the Group and was valued at £14.06 per share and has been applied to those unvested awards as at the date of modification. The number and weighted average exercise prices of share options are as follows: Number of shares issuable Number of share options (#) Weighted average exercise price (£) Outstanding at January 1, 2018 227,608 54.01 Awards granted - - Awards exercised (10,950 ) 9.26 Awards forfeited (67,935 ) 53.57 Outstanding at December 31, 2018 148,723 57.50 Awards granted 582,252 150.00 Awards exercised (8,574 ) 2.71 Awards forfeited (6,578 ) 103.17 Outstanding at December 31, 2019 715,823 132.89 Awards granted 224,536 64.00 Awards exercised (2,776 ) 21.91 Awards forfeited (27,311 ) 81.67 Outstanding at December 31, 2020 910,272 62.90 Exercisable at December 31, 2020 194,106 91.92 The weighted average fair value of options granted in 2020 was £33.40 (2019: £11.95; 2018: £nil). The weighted average share price at the date of exercise of the options during the year was £64.00 (2019: £64.00; 2018: £144.14). Growth Share Plan Under the Growth Share Plan, awards are granted to certain employees and members of the Board to acquire shares in the Company at the nominal value provided the share price exceeds a hurdle rate, as set at the time of award. Awards vest over a four-year period with 25% of the award vesting at the end of the first year and the remaining award vesting quarterly over the following three years. For a defined number of employees, their awards vest over an eight-year period with 12.5% vesting at the end of the first year and the remaining vesting quarterly over the following seven years. These awards are also subject to the achievement by the Group of additional specified performance targets. These performance targets are based primarily on the progression of the Company’s pipeline. A total of 34,260 Growth Shares were awarded during the year ended December 31, 2020 (2019: nil Growth Shares; 2018: nil Growth Shares) which will vest over a four-year period from the date of grant and are not entitled to dividends. The number and weighted average hurdle rate of growth shares are as follows: Number of shares issuable Number of growth shares Weighted average hurdle rate £ Outstanding at January 1, 2018 155,246 170.00 Awards granted - - Awards exercised - - Awards forfeited (36,800 ) 170.00 Outstanding at December 31, 2018 118,446 170.00 Awards granted - - Awards exercised - - Awards forfeited (60,240 ) 170.00 Outstanding at December 31, 2019 58,206 170.00 Awards granted 34,260 110.41 Awards exercised - - Awards forfeited (29,575 ) 170.00 Outstanding at December 31, 2020 62,891 137.54 Exercisable at December 31, 2020 34,857 157.83 For share options and growth share awards outstanding at the end of the year, the range of exercise prices and weighted average remaining contractual life are as follows: Growth Shares Share options Hurdle rate £ Number of options Weighted average remaining contractual life Exercise price £ Number of options Weighted average 170.00 43,631 7.3 43.37 91,994 4.7 64.00 19,260 9.4 120.87 3,309 5.0 - - - 150.00 11,481 6.3 - - - 64.00 803,488 9.5 Awards granted under the Share Option Plan have been valued using the Black-Scholes option pricing model, those awards granted under the Growth Share Plan have been valued using the Back Solve model, reflecting the different rights available to holders of Growth Shares. The assumptions used in the models for awards granted are as follows: Growth shares Share options Apr-20 Jun-20 Nov- 20 Oct- 20 Jun-20 Apr- 20 Share price at grant date £ 64.00 £ 64.00 £ 64.00 £ 64.00 £ 64.00 £ 64.00 Exercise price - - £ 64.00 £ 64.00 £ 64.00 £ 64.00 Hurdle rate £ 64.00 - £170.00 £ 64.00 - - - - Expected volatility 91 % 102 % 87 % 87 % 85 % 79 % Expected life (years) 1 yr 1 yr 3 yrs 3 yrs 3 yrs 3 yrs Risk free rate 0.03 % (0.02 )% (0.01 )% (0.07 )% (0.03)%–0.02 % 0.03 % Fair value £ 2.12 - £7.05 £ 7.05 £ 35.00 £ 35.16 £ 34.32 - £34.30 £ 32.394 Growth shares Share options Share options Share options Apr-17 May-19 Apr-17 2016 Share price at grant date £ 150.00 £ 64.00 £ 150.00 £ 140.00 Exercise price — £ 150.00 £ 150.00 £ 43.37 - £150.00 Hurdle rate £ 170.00 — — — Expected volatility 65 % 67 % 65 % 60 % Expected life (years) 2.7 yrs 1.9 yrs - 3 yrs 5 yrs 5 yrs Risk free rate 0.15 % 0.69% - 0.71 % 0.42 % 0.62% - 1.41 % Fair value £ 58.55 £ 11.95 £ 80.63 £ 77.16 - £107.94 Share options and growth shares are not entitled to dividends. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the awards is indicative of future trends, which may not necessarily be the actual outcome. The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The risk-free rate is based on the Bank of England’s estimates of gilt yield curve as at the respective grant dates. No adjustments have been made to the amounts shown above in regards to the corporate reorganization described in Note 30. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Financial instruments [Abstract] | |
Financial instruments | 26. Financial instruments Financial instruments risk management objectives and policies The Group’s principal financial assets include trade and other receivables and cash and security deposits that derive directly from its operations. The Group’s principal financial liabilities comprise the drawn down debt under the loan agreement with Oxford Finance, lease liabilities, trade and other payables and previously the convertible loan from the Gates Foundation and a derivative liability. The main purpose of these financial liabilities is to finance the Group’s operations. The Group is exposed to interest rate, currency, credit and liquidity risks. The Group’s Board oversees the management of these risks supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework. The financial risk committee provides assurance to the Board that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with its policies and risk objectives. The most significant financial risks to which the Group is exposed are set out below. Liquidity risk The Group continuously monitors its risk from a shortage of funds. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of capital increases. The following are the contractual maturities of financial assets and liabilities, including estimated interest payments in respect of the interest-bearing loans and borrowings: At December 31, 2020 Carrying amount £’000 Contractual cash flows £’000 One year or less £’000 Financial assets Trade receivables 1,797 1,797 1,797 Clinical trial deposits in current assets 1,221 1,221 1,221 Non-current financial assets 3.573 3,573 - Cash and cash equivalents 129,716 129,716 129,716 Total financial assets 136,307 136,307 132,734 Financial liabilities Trade payables 25,084 25,084 25,084 Interest-bearing loans and borrowings (Note 18) 36,654 51,421 3,354 Total financial liabilities 61,738 76,505 28,438 At December 31, 2019 Carrying amount £’000 Contractual cash flows £’000 One year or less £’000 Financial assets Trade receivables 1,471 1,471 1,471 Interest receivable 28 28 28 Prepayments and accrued income 2,282 2,282 424 Long-term security deposit 2,532 2,532 - Cash and cash equivalents 73,966 73,966 73,966 Total financial assets 80,279 80,279 75,889 Financial liabilities Trade payables 15,579 15,579 15,579 Interest-bearing loans and borrowings (Note 21) 19,157 19,426 19,157 Derivative liability 5,127 - 5,127 Total financial liabilities 39,863 35,005 39,863 The maturity of contractual cashflows for the majority of financial assets and liabilities is one year or less in except for the following balances. Other non-current financial assets include £3,426,000 paid in advance for clinical trials to be repaid at the end of the associated clinical trials and are estimated to be received in one to five years as at December 31, 2020. Long-term security deposits are estimated to be received in more than four years, as at December 31, 2020. The carrying amount of interest-bearing loans and borrowings has been calculated in accordance with the Group’s loans and borrowings accounting policy which states that all such balances are classified as financial liabilities and are initially recorded at the amount of proceeds received, net of transaction costs. Loans and borrowings are subsequently measured at amortized cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognized as an expense to the profit and loss account over the period of the relevant loan and borrowings. The contractual cash flows represent the cash contractually due to Oxford Finance in accordance with the agreement. The contractual maturity for the initial traches of $50 million drawn down under the agreement is interest-only payments through to November 2023 followed by equal monthly payments of principal and interest through to the maturity date in November 2025. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables), including deposits with banks and financial institutions. The Group has assessed the expected credit loss by considering a number of factors including the credit quality of the Group’s counter-parties and the short-term nature of the receivables and based on these factors the expected credit loss is not significant. The Group’s material receivables are from large pharmaceutical companies and sub-tenants. Appropriate due diligence is performed on these organizations before agreements are entered into. There are no significant amounts which are past due at December 31, 2020 or December 31, 2019. The Group held cash and cash equivalents of £129,716,000 at December 31, 2020 (2019: £73,966,000) which are held with multiple highly rated banks. The Group monitors the credit rating of those banks. An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in this Note 26. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s interest-bearing assets include cash balances, which earn interest at variable rates. The Group’s interest-bearing liabilities is the debt drawn down under the Oxford Finance agreement. Financial assets subject to variable interest rates are as follows: 2020 Carrying amount £’000 2019 Carrying amount £’000 Cash and cash equivalents 129,716 73,966 129,716 73,966 An increase in Bank of England base rates by 0.5 percentage points would increase the net annual interest income to all the deposit accounts as of December 31, 2020 by £649,000 (2019: £370,000). A decrease in Bank of England base rates by 0.5 percentage points would reduce the net annual interest income to all the deposit accounts as of December 31, 2020 by £649,000 (2019: £370,000). Financial liabilities subject to variable interest rates are as follows: 2020 Carrying amount £’000 2019 Carrying amount £’000 Interest-bearing loans and borrowings 36,654 19,157 36,654 19,157- Interest-bearing loans and borrowings as at December 31, 2020 represent borrowings under the Oxford Finance agreement bear interest at an annual rate equal to LIBOR plus 8.85%, with a minimum rate of 9.01% and a maximum rate of 12.01%. An increase in LIBOR by 0.5 percentage points would increase the finance cost as of December 31, 2020 by £183,000 (2019: nil). A decrease in LIBOR by 0.5 percentage points would reduce the finance cost as of December 31, 2020 by £183,000 (2019: £nil). Interest-bearing loans and borrowings as at December 31, 2019 represent the $40 million convertible loan with the Gates Foundation in which the first tranche of $25 million was received on September 13, 2017. This first tranche bears interest at an annual rate of 2% for the first year and subsequently interest free. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities in the United States and outsourced supplier agreements denominated in currencies other than pound sterling. Financial assets and liabilities in foreign currencies are as follows: 2020 Carrying amount £’000 2019 Carrying amount £’000 Financial assets at amortized cost: Interest receivable - 15 Clinical trial deposits and other debtors 4,036 1,858 Cash and cash equivalents 92,844 12,518 96,880 14,391 Financial liabilities at amortized cost: Trade payables 13,779 4,374 Interest-bearing loans and borrowings (Notes 18 and 21) 36,654 19,157 50,433 23,531 A five percentage point increase in exchange rates would reduce the carrying value of net financial assets and liabilities held in foreign currencies at December 31,2020 by £2,869,000 (2019: £655,000 increase). A five percentage point decrease in exchange rates would increase the carrying value of net financial assets and liabilities held in foreign currencies at December 31, 2020 by £2,8589,000 (2019: £655,000 decrease). Disclosure of financial assets and liabilities Fair value of financial assets 2020 2019 Carrying amount £’000 Fair value £’000 Carrying amount £’000 Fair value £’000 Financial assets at amortized cost: Trade receivables 1,797 1,797 1,471 1,471 Interest receivable - 28 28 Current clinical trial deposits and accrued income 1,221 1,221 424- 424- Non-current financial assets 3,573 3,573 4,390 4,390 Embedded derivative asset - - 266 266 Cash and cash equivalents 129,716 129,716 73,966 73,966 Total financial assets at amortized cost 136,307 136,307 80,545 80,545 Fair value of financial liabilities 2020 2019 Carrying Carrying amount Fair value amount Fair value £ ’000 £ ’000 £ ’000 £ ’000 Financial liabilities at amortized cost Trade payables 25,084 25,084 15,579 15,579 Interest-bearing loans and borrowings (Notes 18 and 21) 36,654 36,654 19,157 19,157 Derivative liability - - 5,127 5,127 Total financial liabilities 61,738 61,738 39,863 39,863 The carrying amount of all financial assets and financial liabilities, excluding the embedded derivative asset and the derivative liability, approximates their fair value because of the short maturities of these instruments. The embedded derivative associated with the conversion features within the Gates Foundation convertible loan are accounted for as an asset and are marked to fair value at each reporting period. The fair value of this embedded derivative asset was determined using an option pricing model, discounted and probability weighted for the conversion features within the underlying convertible loan, which includes unobservable (Level 3) inputs supported by little or no market activity. The initial tranche of the convertible loan, in the amount of $25 million converted into 203,697 series B shares as part of the Group’s second closing of the series B preferred share financing in March 2020. Following conversion of the loan, the associated embedded derivative asset of £266,000, measured at fair value using significant Level 3 inputs, as at December 31, 2019 was derecognized. The conversion features within the convertible loan are activated under different circumstances and the resulting equity value may vary based on factors including the date of conversion or the event triggering conversion, such as an IPO or the Gates Foundation electing to convert the loan into equity. The option pricing model incorporates input assumptions reflecting the varied circumstances under which the conversion from debt to equity may occur. Significant unobservable inputs used in the fair value measurement of the embedded derivative asset are predominantly regarding the probability of each of the conversion features occurring. The resulting embedded derivative asset was sensitive to changes in this significant unobservable input used in the fair value measurement. In respect of the probabilities ascribed to each of the conversion events, should any one of the conversion events be considered an absolute certainty the resulting embedded derivative fair value would range from £nil to an embedded derivative asset of £8,855,000 as at December 31, 2019. The valuation of the embedded derivative was not sensitive to changes in other inputs including the expected date of conversion and share price used in the valuation. The derivative liability comprises a foreign exchange call option over series B shares which was settled in full in March 2020. It is a financial liability not designated as an accounting hedge marked to fair value at each reporting period. This derivative liability has the effect of issuing additional series B shares to certain series B investors in the event of the U.S. dollar exchange rate weakening relative to the pound sterling over the period of time from the first closing of the series B preferred share financing in August 2019 through to the second and final closing in March 2020. The fair value of this derivative liability, measured at December 31, 2019, was determined using an option pricing model using a range of inputs both quoted, observable and unobservable in nature. The unobservable input is the expected final closing of the series B preferred share financing. The resulting derivative liability is not sensitive to changes in the expected close date nor in changes to other underlying input assumptions. Interest bearing loans and borrowings On November 6, 2020, the Group entered into a loan and security agreement, or the Oxford Finance Agreement for the provision of up to $100 million debt financing to fund the Group’s working capital and other general corporate needs. The loan is subject to funding in three tranches, of which the first tranche of $50 million was received on signing the Loan Agreement. The second tranche of $25 million can be drawn down upon tebentafusp receiving Biologics License Application approval from the FDA prior to June 30, 2022 and the third and final tranche of $25 million can be drawn down at the sole discretion of Oxford Finance. Borrowings under the Oxford Finance Agreement bear interest at an annual rate equal to LIBOR plus 8.85%, with a minimum rate of 9.01% and a maximum rate of 12.01%. Borrowings under the Loan Agreement are repayable in monthly interest-only payments through November 2023. The interest only period may be extended for an additional twelve months upon tebentafusp receiving BLA approval from the FDA. The ultimate interest-only period will be followed by equal monthly payments of principal and interest to the maturity date in November 2025. The Group’s obligations under the Oxford Finance Agreement may be prepaid in part or part at any time; provided that the Group may prepay in full or in part a minimum of $10 million of the Group’s obligations together with accrued interest and a prepayment fee. The Group’s obligations under the Oxford Finance Agreement are secured by substantially all the Group’s current and future assets, including the Group’s intellectual property. The Oxford Finance Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to the Group, including limitations on the Group’s ability to dispose of assets, enter into merger, consolidation or acquisition transactions and incur additional debt. The Oxford Finance Agreement includes customary events of default, including but not limited to the non-payment of principal or interest, violations of covenants and material adverse changes. Upon an event of default, the lender may, among other things, accelerate the loans and foreclose on the collateral. The Group had a convertible loan agreement with the Gates Foundation in which agreed to lend the Group an amount not to exceed $40 million in two tranches, of which the first tranche of $25 million was received on September 13, 2017. Interest is payable at a rate of 2% per annum for the first year and 0% thereafter until either Trade and other receivables, cash and cash equivalents and trade and other payables For trade and other receivables, cash and cash equivalents and trade and other payables with a remaining life of less than one year, the nominal amount is deemed to reflect fair value. Other non-current financial assets Included within other non-current financial assets are long-term deposits representing lease security deposits for buildings, the balance at December 31, 2020 is £786,000 (2019: £2,532,000) and £145,000 for a legal settlement and £51,000 relating to a good faith deposit. Prepayments representing amounts paid in advance for clinical trials. Changes in liabilities arising from financing activities At January 1, 2020 £’000 Cash flows £’000 Foreign exchange movement £’000 Net finance (income) / costs £’000 Leases £’000 Other £’000 At December 31, 2020 £’000 Interest-bearing loans and borrowings 19,157 37,252 (1,306 ) 708 (19,157 ) 36,654 Derivative liability 5,127 - - (1,287 ) - (3,840 ) - Lease liabilities 40,250 (4,426 ) - (8,591 ) 27,233 Total liabilities from financing activities 64,534 32,826 (1,306 ) (579 ) (8,591 ) (22,997 ) 63,887 At January 1, 2019 £’000 Cash flows £’000 Foreign exchange movement £’000 Net finance costs £’000 Leases £’000 At December 31, 2019 £’000 Interest-bearing loans and borrowings 18,878 - (563 ) 842 - 19,157 Derivative liability - - - 5,127 - 5,127 Lease liabilities 46,555 (4,036 ) 9 2,938 (5,216 ) 40,250 Total liabilities from financing activities 65,433 (4,036 ) (554 ) 8,907 (5,216 ) 64,534 Movements relating to finance income and costs are set out in Note 6 and Note 7. The movement in interest-bearing loans and borrowings reflects the draw-down of $50 million under the Oxford Finance Agreement and the conversion of the Foundation Loan to Series B shares during the year ended December 31, 2020 as set out in Note 17. The derivative liability was derecognized during the year ended December 31, 2020 as set out in Note 7. Lease movements during the year ended December 31, 2020 reflect the termination of the lease term for two leasehold properties of £10,414,000 (2019: £nil), lease remeasurements of £1,093,000 (2019: £6,113,000) partially offset by the addition of a new lease of £422,000 (2019: £897,000). Balances as at January 1, 2019 for lease liabilities reflect the adoption of IFRS 16 ‘Leases’. |
Post-employment benefit plans
Post-employment benefit plans | 12 Months Ended |
Dec. 31, 2020 | |
Post-employment benefit plans [Abstract] | |
Post-employment benefit plans | 27. Post-employment benefit plans The Group operates a defined contribution pension scheme for its Directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The unpaid contributions outstanding at December 31, 2020 were £2,000 (2019: £1,000). The total expense relating to these plans in the current period was £1,035,000 (2019: £1,213,000;2018: £981,000). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 28. Commitments and contingencies As at December 31, 2020 Less than 1 year 1-3 years 3-5 years More than 5 years Total Lease liabilities – existing 3,529 5,322 4,286 32,600 45,737 Lease liabilities – contingent - 2,254 2,471 1,841 6,566 Manufacturing 2,824 500 - - 3,324 Capital commitments 77 - - - 77 Total contractual obligations 6,430 8,076 6,757 34,441 55,704 As at December 31, 2019 Less than 1 year 1-3 years 3-5 years More than 5 years Total Lease liabilities – existing 4,469 8,958 7,876 45,288 66,591 Lease liabilities – contingent 68 1,604 2,685 2,688 7,045 Manufacturing 3,669 642 - - 4,311 Capital commitments 1,460 - - - 1,460 Total contractual obligations 9,666 11,204 10,561 47,976 79,407 The Group has contractual obligations for two leasehold properties under which it is obligated to take on the leases should the properties become vacant at specified dates in the future. For both properties the Group has assessed these contingent events as at December 31, 2020 and has recognized an additional contingent commitment totaling £6,566,000 (2019: £7,045,000). |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Related party disclosures [Abstract] | |
Related party disclosures | 29. Related party disclosures The Group entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into and trading balances outstanding at December 31 are as follows: 2020 2019 2018 Sales to related party £000’s Purchases from related party £000’s Sales to related party £000’s Purchases from related party £000’s Sales to related party £000’s Purchases from related party £000’s Aigenpulse Limited - - - 500 - 729 Adaptimmune Limited - - - - 69 - Malin Life Sciences Holdings Limited - - - - - 2 Oxford Nanosystems Limited - - - - 2 - Oxford Innovation Ltd - - - 30 - 13 - - - 530 71 744 There were no outstanding balances due to or from related parties as at December 31, 2020 and 2019. Remuneration of key management personnel The remuneration of the directors and executive officers (excluding non-executive directors), who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24, ‘Related Party Disclosures 2020 £000’s 2019 £000’s 2018 £’000’s Short-term employee benefits 3,421 6,502 4,435 Share-based payments 5,602 3,667 270 9,023 10,169 4,705 |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2020 | |
Events after the reporting period [Abstract] | |
Events after the reporting period | 30. Events after the reporting period On January 7, 2021 Immunocore Holdings Limited was incorporated as a private limited company under the laws of England and Wales with nominal assets and liabilities for the purpose of becoming the holding company of Immunocore Limited. On January 22, 2021, each holder of series A preferred shares, series B preferred shares, series C preferred shares, Growth Shares and ordinary shares in Immunocore Limited, exchanged each of their shares to Immunocore Holdings Limited for 100 shares of the same class in Immunocore Holdings Limited. Following this share exchange, Immunocore Limited became a wholly owned subsidiary of Immunocore Holdings Limited. All Immunocore Limited share options granted to directors and employees under share option plans that were in existence immediately prior to the reorganization were exchanged for share options in Immunocore Holdings plc on a one-for-100 basis with no change in any of the terms or conditions. Following the share exchange, Immunocore Limited undertook a reorganization of its share capital to re-designate its series A preferred shares, series B preferred shares, series C preferred shares and Growth shares into a single class of ordinary shares and subsequently undertook a share capital reduction, cancelling 6,414,412 ordinary shares and creating distributable reserves. On February 1, 2021, Immunocore Holdings Limited was re-registered as a public limited company (“plc”) with the name Immunocore Holdings plc. Immunocore Holdings plc ’s Board, management and corporate governance arrangements, and consolidated assets and liabilities immediately following the reorganization were the same as Immunocore Limited immediately before the reorganization. Immediately prior to completion of the initial public offering, Immunocore Holdings plc re-organized its share capital whereby all of the outstanding series A preferred shares, series B preferred shares and series C preferred shares were re-designated as ordinary shares of Immunocore Holdings plc on a one for one basis. A total of 831,627 series C preferred shares were converted to a separate class of non-voting ordinary shares. A total of 4,349,000 of the Growth Shares were re-designated as deferred shares of Immunocore Holdings plc. The remaining 1,926,000 Growth Shares were re-designated into one ordinary share and three deferred shares. Immediately following these re-designations referred to above every 20 ordinary shares of £0.0001 and every 20 non-voting ordinary shares of £0.0001 in Immunocore Holdings plc was consolidated into one ordinary share and one non-voting ordinary share of £0.002. On February 9, 2021, Immunocore Holdings plc completed an initial public offering on Nasdaq, issuing 11,426,280 American Depositary Shares (“ADSs”) representing 11,426,280 ordinary shares with nominal value of £23,000 for proceeds before expenses of $297,083,000. Funding costs of $25,196,000, including underwriter fees were incurred. In addition to the ADSs sold in the initial public offering, Immunocore Holdings plc completed the concurrent sale of an additional 576,923 ADSs at the initial offering price of $26.00 per ADS, for gross proceeds of approximately $15.0 million, in a private placement to the Bill & Melinda Gates Foundation (“Gates Foundation”). In March 2021 The balance of deferred income associated with this target of £3,208,000 will be released in full in the period ending March 31, 2021. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting policies1 [Abstract] | |
Basis of preparation | Basis of preparation The consolidated Group financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 have been prepared in accordance with International Financial Reporting Standards (collectively, “IFRS”) as issued by the International Accounting Standards Board. The consolidated Group financial statements have been prepared under the historical cost basis, as modified by the recognition of certain financial instruments measured at fair value and are presented in sterling which is the Group’s presentation currency. All values are rounded to the nearest thousands, except where otherwise indicated. |
Date of authorization | Date of authorization These consolidated financial statements were prepared at the request of the Board and were approved by the Board on March 17, 2021 and signed on its behalf by Dr Bahija Jallal, Chief Executive Officer of the Group. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards There have been no recent new accounting standards that have had an impact on these consolidated financial statements The Group adopted the amendments to IAS 1, “ Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors |
Going concern | Going concern The financial position of the Group, its cash flows and liquidity position and borrowing facilities are described in the primary statements and notes to these sets of financial statements. The Group reported cash and cash equivalents of £129,716,000 and net current assets of £97,933,000 as at December 31, 2020, with an operating loss for the year the ended December 31, 2020 of £86,193,000. The Group did not generate positive operational cash flow which was largely due to the continuing focus on the research, development, and clinical activities to advance the programs within the Group’s pipeline. Subsequent to year end, Immunocore Holdings plc completed its initial public offering on Nasdaq and received net proceeds of $286,887,000. Additional funding may be needed before the existing programs are expected to reach commercialization, leading to operational cash inflows. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. In assessing the going concern assumptions, the Board has undertaken a rigorous assessment of the forecasts, prepared through the end of 2022, and identified downside risks and mitigating actions. The downside risks include a number of severe but plausible scenarios incorporating underperformance against the business plan, and delays in cash inflows. As part of considering the downside risks, the Board has considered the impact of the ongoing coronavirus 2019 (‘‘COVID-19’’) pandemic. Whilst it is difficult to estimate the impact of COVID-19 pandemic due to the rapidly changing nature of the pandemic, the cash flow forecasts include the Group’s current assumptions, taking into account severe but plausible downsides. The assumptions include no additional receipts from forecasted milestones for the next 12 months, a reduction in related operational costs and lower discretionary capital expenditures. Those forecasts indicate that the Group will require additional funding to meet its continued research and development activities and its liabilities as they fall due. Immunocore Holdings plc has indicated its intention to continue to make available such funds as are needed by the Group for the period covered by the forecasts, including additional amounts if required. As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
Critical Accounting Estimates and judgments | Critical Accounting Estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported assets and liabilities as well as income and expenses in the financial period. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the Group’s control. Hence, estimates may vary from the actual values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or the period of revision and future periods if this revision affects both current and future periods. Percentage of Completion for performance obligations satisfied over time Revenue arising on performance obligations satisfied over time are recognized by estimating the percentage of completion which takes into consideration the estimated timelines required to satisfy these obligations and the time since program nomination. The timeline for a project is determined using historical data from previous arrangements and through discussions with project teams. Deferred revenue, relating to performance obligations satisfied over time, is £51,986,000 as at December 31, 2020. If the assessed life of the project was underestimated by six months, equating to approximately 10% of the weighted average life of projects under collaboration, the deferred revenue would have been £5,027,000 higher. Other Estimates and judgments Management have made other judgements, estimates and assumptions in the preparation of financial statements that do not have a significant risk of a material adjustment associated with them. These are noted below: Revenue recognition Judgements are primarily made to • determine whether promises contained within the collaboration agreements are distinct from the other promises in the contract; • whether milestones or other variable consideration should be included in the transaction price; • whether performance obligations are satisfied at a point in time or over time, and • for performance obligations satisfied over time the appropriate method of measuring progress for the purposes of revenue recognition. Estimates and assumptions are also made regarding: • variable consideration included in the transaction price by estimating the most likely amount that will be received. Changes in this estimate would not impact revenue recognized in the period as this a constraint is applied to estimated variable consideration to reduce such consideration to the amount which is not probable of being reversed. Lease liability discount rate Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. Although the Group does not expect its estimates of the incremental borrowing rates to generate material differences within a reasonable range of sensitivities, judgement is involved in selecting an appropriate rate, and the rate selected for each lease will have an impact on the value of the lease liability and corresponding right-of-use asset in the statement of financial position. Valuation of ordinary shares As there has been no public market for the Group’s ordinary shares to date, the estimated fair value of the ordinary shares has been determined by the board of directors as of the date of each grant, with input from management, considering the most recently available third-party valuations of the Group’s ordinary shares, and the assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. The ordinary share valuations were prepared using a probability weighting expected return and a current value method. The probability weighted expected return method estimates the fair value of the common stock based on an analysis of future values for the enterprise assuming various future outcomes. Share value is based on the probability-weighted present value of the expected future investment returns, considering each of the possible outcomes available to the enterprise, as well as the rights of each share class. Common future outcomes considered in the analysis include an IPO, merger or sale, continued operation as a private company, and liquidation. Although the Group does not expect its estimated fair value of the ordinary shares to generate material differences within a reasonable range of sensitivities, judgement is involved in selecting the inputs into the valuations and a movement in the determined fair value will have an impact on the share-based payment charge recognized in the statement of loss. |
Basis of consolidation | Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. A subsidiary is an entity controlled, directly or indirectly, by Immunocore Limited. Control is regarded as the exposure or rights to the variable returns of the entity when combined with the power to affect those returns. The financial results of subsidiaries are consolidated from the date control is obtained until the date that control ceases. |
Segment reporting | Segment reporting The Group operates in one operating segment. The Group’s chief operating decision maker (the, “CODM”), its Chief Executive Officer, manages the Group’s operations on an integrated basis for the purposes of allocating resources. The Group is registered in three geographic regions: the United Kingdom, the Republic of Ireland and the United States. Substantially all of the Group’s assets are held in the United Kingdom. |
Foreign currencies | Foreign currencies Transactions in foreign currencies are translated to the Group companies’ functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognized in the profit and loss account. On consolidation, the assets and liabilities of foreign operations, are translated to the Group’s presentational currency, sterling, at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognized in other comprehensive income. |
Revenue recognition | Revenue recognition Revenue arises from the supply of services under the Group’s collaboration agreements, which are reviewed and assessed in line with the five-step framework established by IFRS 15 “ Revenue from Contracts with Customers Within these collaboration agreements, the Group grants licensing rights and access to the Group’s technology to develop specified targets and commercialize future product candidates for specified targets defined in the respective collaboration agreements, in addition to research and development services, participation on a joint steering committee and the option to obtain exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so, or at the Group’s election. In each of the collaboration agreements, these promises represent one combined performance obligation, because the promises are mutually dependent and the collaborator is unable to derive significant benefits from its access to these targets for their intended purpose without receipt of the remaining promises, which are highly specialized and cannot be performed by other organizations. This single combined performance obligation is satisfied over time and deemed fully satisfied when the collaborator is contractually entitled to benefit from the exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so or at the Group’s election. This occurs at different stages of the research and development process within each of the collaboration agreements and is set out in Note 2. Once the collaborator has obtained exclusive rights to the associated intellectual property, the Group has no further contractual obligations relating to the performance obligation and accordingly the performance obligation is deemed satisfied and complete at this point. The Group accounts for each collaboration agreement and the related targets as having one combined performance obligation. Where the Group receives development milestones at key inflection points specified within the collaboration agreements, these are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the most likely amount that will be received and then applying a constraint to reduce the consideration to the amount which is not probable of being reversed. The determination of whether a milestone is probable includes consideration of the following factors: • whether achievement of a development milestone is highly susceptible to factors outside the entity’s influence, such as milestones involving the judgment or actions of third parties, including regulatory bodies or the customer; • whether the uncertainty about the achievement of the milestone is not expected to be resolved for a long period of time; • whether the Company can reasonably predict that a milestone will be achieved based on previous experience; and. • the complexity and inherent uncertainty underlying the achievement of the milestone. Any development milestone revenue adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Revenue is recognized as the programs progress through the various stages of research and development using an estimate of percentage completion which takes into consideration the estimated timelines required to satisfy the performance obligation and the time taken since program nomination. The determination of the percentage of completion requires the estimation of when the performance obligation will be completed, and this is reviewed and re-assessed quarterly, typically by the joint steering committee for the contract, based on the latest project plan and discussions with project teams and will consider progress achieved to date, historical experience on similar programs and other internal factors as may be available. If a change in facts or circumstances occurs, the estimate of percentage completion is adjusted, and revenue recognized based on the revised estimate. The difference between the cumulative revenue recognized based on the previous estimate and the revenue recognized based on the revised estimate is recognized as an adjustment to revenue in the period in which the change in estimate occurs. The Group recognizes deferred revenue when the amount of unconditional consideration is in excess of the value of satisfied, or part satisfied, performance obligations. Once a right to receive consideration is unconditional, that amount is presented as a receivable. Changes in deferred revenue typically arise due to: • adjustments arising from a change in the estimate of when the performance obligation will have been completed. • adjustment to revenue that affects deferred revenue; • a change in the estimate of the transaction price due to changes in the assessment of whether variable consideration is constrained because it is not considered probable of being received; and • the recognition of revenue. Under certain collaboration agreements, research and development costs incurred either in excess of a defined amount, or in accordance with a cost sharing agreement, are reimbursed. These amounts are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the expected value that will be received and then applying a constraint to reduce the consideration to the amount which is not probable of being reversed. The determination of whether reimbursed costs are highly probable to not be reversed includes the following: • past history and experience with similar contracts. • unexpected fluctuations in planned spend. • changes to project timelines. |
Research and development costs | Research and development costs Research and development expenditure is expensed as incurred. In preparing the financial statements, the Group may be required to estimate accrued research and development expenditure incurred, the most significant of which is that relating to ongoing clinical trials. These estimates are based on reviews of open contracts, reports provided by the contract research organizations (CROs) and internal reviews to estimate the level of service performed and the associated cost incurred for those services when the Group has not yet been invoiced or otherwise notified of the actual cost. The majority of CROs invoice the Group monthly in arrears for services performed or when contractual milestones are met. The Group makes estimates of accrued expenses as of each statement of financial position date in our financial statements based on facts and circumstances known at that time. The Group periodically confirms the accuracy of estimates with the CROs and adjust if necessary. The financial terms agreed with the CROs are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to the CROs will exceed the level of services provided and result in either a prepayment of the research and development expenses or, where the payments are repaid back to the Group at the end of the clinical trial, a non-current financial asset. In accruing clinical trial expenses, the Group estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate made, the accrual or prepayment expense is adjusted accordingly. |
Share-based payments | Share-based payments The Group operates equity-settled, share-based compensation plans whereby certain employees of the Group are granted equity awards in the Company. The grant date fair value of these employee share plan awards are calculated using both the Black Scholes valuation model and the Back Solve valuation model. The resulting cost is recognized in the profit and loss account over the vesting period of the awards, in line with the vesting schedule of the awards, being the period in which the services are received. The value of the charge is adjusted to reflect actual levels of awards vesting, except where the failure to vest is as a result of not meeting a market condition. The valuations models used require the input of subjective assumptions, including assumptions about the expected life of share-based awards, share price volatility and as a privately held company the estimated fair value of the Company’s ordinary shares. These assumptions used represent the Group’s best estimates at the time of grant, but the estimates involve inherent uncertainties and the application of its judgment. |
Valuation of ordinary shares | Valuation of ordinary shares As there has been no public market for the Group’s ordinary shares to date, the estimated fair value of the ordinary shares has been determined by the board of directors as of the date of each grant, with input from management, considering the most recently available third-party valuations of the Group’s ordinary shares, and the assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. The ordinary share valuations were prepared using a probability weighting expected return and a current value method. The probability weighted expected return method estimates the fair value of the common stock based on an analysis of future values for the enterprise assuming various future outcomes. Share value is based on the probability-weighted present value of the expected future investment returns, considering each of the possible outcomes available to the enterprise, as well as the rights of each share class. Common future outcomes considered in the analysis include an IPO, merger or sale, continued operation as a private company, and liquidation. The current-value method is based on the assumption that each class of preferred shareholders will exercise its rights and achieve its return based on the enterprise value as of the valuation date and not at some future date. Accordingly, preferred shareholders will participate in enterprise value allocation either as preferred shareholders or, if conversion would provide them with better economic results, as common shareholders. Common shares are assigned a value equal to their pro rata share of the residual amount (if any) that remains after consideration of the liquidation preference of debt and preferred stock. Likewise, any outstanding options will share in the enterprise value only if the implied value of the fully-diluted common share resulting from the analysis indicates that the options are in-the-money. In addition to considering the results of these third-party valuations, the Board and the remuneration committee considered various objective and subjective factors to determine the fair value of our ordinary shares as of each grant date, including • the data generated from the Group’s research and development programs; • the future operating performance, prospects and business strategy; • the material risks related to the Group’s business and industry • the lack of an active public market for the Group’s ordinary and convertible preferred shares; • the market performance of publicly traded companies in the life science and biotechnology sectors; • the prices at which the Group issued ordinary and preferred shares and the superior rights and preferences of the preferred shares relative to the ordinary shares at the time of each grant; and • the likelihood of achieving a liquidity events for the holders of our ordinary shares, series A and B shares and Growth Shares, such as an IPO, given prevailing market conditions. If different judgements and estimates had been made, the share-based payment expense, loss for the year and total comprehensive loss, on both an absolute and per-share basis, could have been significantly different. Estimates by the Group’s management board will not be necessary to determine the fair value of ordinary shares awarded subsequent to the initial public offering that closed on February 9, 2021. The various assumptions used in determining the grant date fair value of the awards and the resulting cost recognized in the profit and loss account are set out in the Note 25 . |
Taxation | Taxation Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The U.K. Research and Development Tax Credit calculation incorporates an estimate of employee time spent on qualifying research and development activities which are reviewed and updated annually. Tax on the loss for the year comprises current and deferred tax. Tax is recognized in the profit and loss account except to the extent that it relates to items recognized directly in equity, in which case it is recognized directly in equity. Current tax is provided at the amounts expected to be paid applying tax rates that have been enacted or substantively enacted by the statement of financial position date. Current tax includes tax credits, which are accrued for the period based on calculations that conform to the U.K. Research and Development Tax Credit scheme applicable to small and medium sized companies. Research and development costs which are not eligible for reimbursement under this scheme, such as expenditure incurred on research projects for which we receive income, are considered for reimbursement under the U.K. R&D expenditure credit (“RDEC”) scheme. Deferred tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investment in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is provided using rates of tax that have been enacted or substantively enacted by the statement of financial position date. |
Leases | Leases – after the adoption of IFRS 16 “Leases” The Group adopted IFRS 16 using the modified transition approach with the date of initial application of January 1, 2019. The Group’s right of use assets and lease liabilities associated with leases for leasehold properties are recognized at lease commencement date based on the present value of minimum lease payments over the lease term. The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The right-of-use assets comprise leasehold property and reflect the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs less lease incentives that may have been received. They are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability. Depreciation is charged to the profit and loss account on a straight-line basis over the expected life of each lease agreement. The Group assesses at each reporting date whether the right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date. Where the terms of the lease agreement include increases to the rent charge, the minimum guaranteed increase is included in the lease liability. They are subsequently measured by increasing the carrying amount to reflect interest of the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability will also be remeasured to reflect changes in the underlying lease agreement such as the expected lease length. Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. The Group on occasion enters into sub-lease arrangements which are assessed at inception. For operating leases, the associated income is recognized in the profit and loss account on a straight-line basis over the term of the lease. Leases – before the adoption of IFRS 16 “Leases” Under IAS 17 ‘Leases’ (IAS 17), the Group classified leases as finance leases if they transferred substantially all the risks Operating lease payments, under IAS 17, were recognized as an operating expense in the profit and loss account on a Straight-line basis over the lease term. Lease incentives received were recognized in the profit and loss account over the term of the lease as part of the lease expense. Where the terms of the lease agreement include increases to the rent charge, the minimum guaranteed increase was recognized in the profit and loss account over the term of the lease. Where such increases are variable in nature these were recognized in the profit and loss account as incurred. Where the Group enters into sub-lease arrangements, the risks and rewards incidental to ownership of the asset are not substantially transferred and such operating lease income was recognized in the profit and loss account over the term of the lease. At December 31, 2020 and 2019, there were no assets held under finance leases. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. |
Loans and borrowings | Loans and borrowings All loans and borrowings are classified as financial liabilities and are initially recorded at fair value less the value attributable to any separately accounted for embedded derivative. After initial recognition, any such loans and borrowings are measured at amortized cost using the effective interest method, with the amortization recognized in finance costs. The Group has a convertible loan, evidenced by loan notes, which is classified as a current liability, as at December 31, 2019, and accounted for under the amortized cost method and the embedded derivative, the conversion features, is accounted for separately. The convertible loan was initially recognized at fair value less the value attributable to the separated embedded derivative. The fair value of the embedded derivative is updated at each reporting period, with any changes in fair value recognized in finance income or finance costs as appropriate. The fair value of the convertible loan is calculated based on the present value of the future principal and interest cash flows, discounted at the market rate at the statement of financial position date. The loan notes are subsequently measured at amortized cost, with the unwinding of the discount recorded in finance costs over the life of the loan. The initial difference between proceeds received, net of transaction costs, and fair value was recognized in finance income. The Group has a long-term loan, drawn down under the Oxford Finance agreement entered into on November 6, 2020, which is classified as a non-current liability, as at December 31, 2020, and accounted for under the amortized cost method. The loan is subsequently measured at amortized cost, with the unwinding of the discount recorded in finance costs over the life of the loan. |
Derivatives | Derivatives Derivatives are initially measured at fair value and are subsequently remeasured to fair value at each reporting date. Changes in fair value are recognized in finance income or finance costs as appropriate. Equity conversion features within host instruments that meet the definition of a derivative and have economic and risk characteristics that are not closely related to the host are considered embedded derivatives and are separated from the host instrument and accounted for separately. The Group had a recognized embedded derivative asset related to the conversion features within the $40 million convertible loan it received from the Bill and Melinda Gates Foundation (the ‘‘Gates Foundation’’). This derivative financial asset was initially recorded at fair value and re-measured to fair value at each reporting period, while the convertible loan is outstanding, with gains and losses arising from changes in the fair value recognized in finance income or finance costs as appropriate. The initial tranche of the Gates Foundation convertible loan in the amount of $25 million was converted into equity as part of the Group’s series B preferred share financing in March 2020 and the embedded derivative asset derecognized. The fair value of the embedded derivative asset was determined using the Back Solve model, discounted and probability weighted for the conversion features within the underlying convertible loan, which includes unobservable inputs supported by little or no market activity. The conversion features within the convertible loan were activated under different circumstances and the resulting fair value may have varied based on factors including the date of conversion or the event triggering conversion, such as an IPO or the Gates Foundation electing to convert its loan to the Group into equity, under specified circumstances. The option pricing model incorporated input assumptions reflecting the varied circumstances under which the conversion from debt to equity may occur. Significant unobservable inputs used in the fair value measurement of the embedded derivative asset were predominantly regarding the probability of each of the conversion features occurring. The probabilities were determined based on all relevant internal and external information available and were reviewed and reassessed at each reporting date. The Group also has a derivative liability that is marked to fair valued at each reporting period. The derivative liability represents a foreign exchange call option over certain series B shares which was settled in full in March 2020. The fair value of the derivative liability was determined using an option pricing model using a range of inputs both observable and unobservable in nature. The unobservable input was the expected final close date of the series B private finance round which was determined based on all relevant internal and external information available and was reviewed and reassessed at each reporting date. The resulting fair value of the derivative liability was not sensitive to changes in the expected close date. |
Fair value measurements | Fair value measurements Where financial and non-financial assets and liabilities are measured at fair value, the Group uses appropriate valuation techniques for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the changes have occurred. The carrying amount of cash and cash equivalents, trade receivables, short and long-term deposits, trade payables, accruals and other current liabilities in the Group’s consolidated statement of financial position approximates their fair value because of the short maturities of these instruments. |
Revenue and segmental reporti_2
Revenue and segmental reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue and segmental reporting [Abstract] | |
Revenue and segmental reporting | Revenue recognized during 2020, 2019 & 2018 was from collaboration agreements with GlaxoSmithKline Intellectual Property Development Ltd (“GlaxoSmithKline”), Eli Lilly and Company (“Eli Lilly”), Genentech, Inc. (“Genentech”) and MedImmune LLC, a wholly owned subsidiary of AstraZeneca plc (“MedImmune”). 2020 £’000 2019 £’000 2018 £’000 GlaxoSmithKline 6,356 5,753 6,079 Eli Lilly 3,522 819 8,561 Genentech 20,236 19,097 1,461 MedImmune - - 7,553 30,114 25,669 23,654 United Kingdom 6,356 5,753 6,079 United States 23,758 19,916 17,575 30,114 25,669 23,654 The following tables presents changes in the Group’s trade receivables, contract assets and contract liabilities during the year ended December 31, 2020 and 2019. At 1 January 2020 £’000 Additions £’000 Deductions £’000 At December 31, 2020 £’000 Trade receivables Trade receivables 1,186 4,023 (5,209 ) - Total receivables 1,186 4,023 (5,209 ) - Contract assets: Contract assets 424 1,658 - 2,082 Total contract assets 424 1,658 - 2,082 Contract liabilities Deferred revenue 76,418 - (24,432 ) 51,986 Total contract liabilities 76,418 - (24,432 ) 51,986 At 1 January 2019 £’000 Additions £’000 Deductions £’000 At December 31, 2019 £’000 Trade receivables Trade receivables 3,600 3,431 (5,845 ) 1,186 Total receivables 3,600 3,431 (5,845 ) 1,186 Contract assets: Contract assets - 424 - 424 Total contract assets - 424 - 424 Contract liabilities Deferred revenue 98,232 - (21,814 ) 76,418 Total contract liabilities 98,232 - (21,814 ) 76,418 No revenue was recognized in 2020, 2019 or 2018 relating to performance obligations satisfied in previous years. 2020 £’000 2019 £’000 Current deferred revenue (Note 23) 27,118 28,457 Non-current deferred revenue (Note 19) 24,868 47,961 51,986 76,418 |
Operating loss is stated afte_2
Operating loss is stated after charging (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating loss is stated after charging [Abstract] | |
Operating loss | The following items have been included in operating loss: 2020 £’000 2019 £’000 2018 £’000 Research and development costs 74,809 99,991 83,575 Loss on disposal of property, plant and equipment 1,064 3 135 Profit on derecognition of leases (Note 12) (3,700 ) - - Remeasurement of leases (Note 12) (227 ) - - Loss on write-offs of intangible fixed assets - 306 170 Depreciation of property, plant and equipment (Note 11) 6,446 9,003 6,410 Amortization of intangible assets (Note 10) - 210 297 Operating lease expense (Note 12) 296 486 4,205 Operating lease income (Note 5) 460 185 (622 ) Realized foreign exchange (gains)/loss 477 189 (1,341 ) |
Staff numbers and costs (Tables
Staff numbers and costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Staff numbers and costs [Abstract] | |
Average number of persons employed by group | The average number of persons employed by the Group (including the Board) during the year, analyzed by category, was as follows: 2020 No. of employees 2019 No. of employees 2018 No. of employees Research 177 284 299 Development 96 108 95 Corporate 56 67 67 Total 329 459 461 |
Aggregate staff costs | The aggregate staff costs of these persons were as follows: 2020 £’000 2019 £’000 2018 £’000 Wages and salaries 29,038 31,920 29,501 Social security costs 2,131 2,767 2,731 Share-based payments (Note 25) 8,162 3,056 666 Contributions to defined contribution plans (Note 27) 1,035 1,213 981 40,366 38,956 33,879 |
Net other operating income (Tab
Net other operating income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net other operating income [Abstract] | |
Net other operating income | 2020 £’000 2019 £’000 2018 £’000 Profit on derecognition of leases 3,700 - Loss on disposal of property, plant and equipment (1,064 ) - Settlement agreement 810 - Sub-lease income 460 185 622 Remeasurement of leases 227 Other 109 - 4,242 185 622 |
Finance income (Tables)
Finance income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finance income [Abstract] | |
Finance income | 2020 £’000 2019 £’000 2018 £’000 Bank interest on cash and cash equivalents 668 1,386 550 Interest on short-term deposits - - 272 Gain on entering into sub-leases on leasehold properties 215 115 - Interest on investment in sub-lease 38 9 - Gain from change in fair value of derivative liability 1,287 - - Gain from change in fair value of derivative asset - - 318 2,208 1,510 1,140 |
Finance costs (Tables)
Finance costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finance costs [Abstract] | |
Finance costs | 2020 £’000 2019 £’000 2018 £’000 Interest on lease liabilities 2,401 2,947 - Interest expenses on financial liabilities measured at amortized cost 708 849 842 Loss from change in fair value of embedded derivative asset 266 454 - Loss from change in fair value of derivative liability - 5,127 - Other finance costs - 2 - 3,375 9,379 842 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income tax [Abstract] | |
Major components of income tax expenses | The major components of the income tax expenses for the years ended December 31, 2020, 2019 and 2018 are: 2020 £’000 2019 £’000 2018 £’000 Profit or loss Current tax: R&D tax credit for the year (12,432 ) (21,767 ) (18,486 ) Tax related to share-based compensation plans - - 125 Foreign corporation tax on profits for the year 84 152 139 Adjustments in respect of prior years (100 ) 43 - Total current tax (12,448 ) (21,572 ) (18,222 ) Deferred tax: Current year (790 ) - - Effect of changes in tax rates (1 ) - - Movement in unrecognized deferred tax asset 351 - - Originating and reversal of timing differences, including adjustments in respect of prior years (379 ) (686 ) 1,674 Total deferred tax (819 ) (686 ) 1,674 Total income tax credit (13,267 ) (22,258 ) (16,548 ) Tax related to items recognized in other comprehensive income during the year: Current tax related to share-based compensation plans - - (125 ) Deferred tax on fair value movements of available-for-sale financial assets - - (3,509 ) Tax charged to other comprehensive income - - (3,634 ) |
Reconciliation of tax expense and accounting profit | Reconciliation of tax expense and accounting profit for 2020, 2019 and 2018: 2020 2019 2018 £ ’000 £ ’000 £ ’000 Loss before tax (87,360 ) (126,189 ) (88,178 ) Tax credit using the UK Corporation tax rate of 19% (2019: 19% and 2018: 19%) (16,598 ) (23,976 ) (16,754 ) Effect of: Non-deductible expenses 9,120 13,148 629 Income not taxable for tax purposes - - (954 ) Chargeable gain on sale of assets held for sale - - 4,359 Other permanent differences - (1 ) (38 ) Additional deduction for R&D expenditure (16,286 ) (29,365 ) (13,691 ) Surrender of tax losses for R&D tax credit refund 16,286 28,523 24,223 R&D expenditure credits (13,424 ) (22,602 ) (19,215 ) Credit to other comprehensive income for share-based compensation plans - - 125 Movement in deferred tax not recognized 8,084 12,413 4,746 Adjustments to tax charge in respect of previous periods - deferred tax (379 ) (500 ) - Adjustments to tax charge in respect of previous periods (100 ) 43 - State taxes 7 - - Effects of overseas tax rates 24 - - Effects of tax rates in foreign jurisdictions (1 ) 59 22 Total tax credit included in loss for the year (13,267 ) (22,258 ) (16,548 ) |
Components of income tax, geographical classification | The components of income tax are as follows: 2020 £’000 2019 £’000 2018 £’000 Current tax: United States: Federal (16 ) 100 137 State (- ) 15 2 United Kingdom (12,432 ) (21,687 ) (18,361 ) Total current tax (12,448 ) (21,572 ) (18,222 ) Deferred tax: United States: Federal (819 ) (644 ) (516 ) State - (42 ) (1 ) United Kingdom - - 2,191 Total deferred tax (819 ) (686 ) 1,674 Total income tax credit (13,267 )) (22,258 ) (16,548 ) |
Other comprehensive income | Tax related to items recognized in other comprehensive income during the year: 2020 £’000 2019 £’000 2018 £’000 United States — — — United Kingdom – current tax — — (125 ) United Kingdom – deferred tax — — (3,509 ) Tax charged to other comprehensive income — — (3,634 ) |
Basic and diluted loss per sh_2
Basic and diluted loss per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Basic and diluted loss per share [Abstract] | |
Basic and diluted loss per share | 2020 2018 Loss for the year (£000’s) (74,093 ) (103,931 ) (71,630 ) Basic and diluted weighted average number of shares 26,523,411 22,297,935 21,558,890 Basic and diluted loss per share (£) (1) (2.79 ) (4.66 ) (3.32 ) (1) The basic and diluted loss per share are adjusted for the No other adjustments have been made to the consolidated financial statements of the Group in regard to the corporate reorganization. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets [Abstract] | |
Intangible assets | Patents £'000 Computer software £’000 Assets under construction £’000 Total £’000 Cost: At January 1, 2019 516 867 13 1,396 Additions - 76 122 198 Transferred - 24 (24 ) - Write-offs - (967 ) (111 ) (1,078 ) At December 31, 2019 516 - - 516 Additions - - - - Transferred - - - - Write-offs - - - - At December 31, 2020 516 - - 516 Amortization and impairment: At January 1, 2019 516 562 - 1,078 Write-offs - (772 ) - (772 ) Amortization for the year - 210 - 210 At December 31, 2019 516 - - 516 Write-offs - - - - Amortization for the year - - - - At December 31, 2020 516 - - 516 Carrying value: At December 31, 2020 - - - - At December 31, 2019 - - - - At January 1, 2019 - 305 13 318 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | Leasehold properties and improvements £’000 Plant and equipment £’000 Assets under construction Total £’000 Cost: At January 1, 2019 11,137 25,639 989 37,765 Additions 215 1,150 2,713 4,078 Transfers 1,090 41 (1,131 ) - Effect of foreign currency translation (17 ) (4 ) - (21 ) Disposals (185 ) (500 ) - (685 ) At December 31, 2019 12,240 26,326 2,571 41,137 Additions 564 775 1,735 3,074 Transfers 4,123 2 (4,125 ) - Effect of foreign currency translation (27 ) (2 ) - (29 ) Disposals (1,090 ) (1,118 ) (61 ) (2,269 ) At December 31, 2020 15,810 25,983 120 41,913 Depreciation and impairment: At January 1, 2019 3,752 13,139 - 16,891 Depreciation charge for the year 2,047 4,502 - 6,549 Effect of foreign currency translation (2 ) (3 ) - (5 ) Disposals (155 ) (445 ) - (600 ) At December 31, 2019 5,642 17,193 - 22,835 Depreciation charge for the year 2,356 4,090 - 6,446 Effect of foreign currency translation (7 ) (67 ) - (74 ) Disposals (156 ) (892 ) - (1,048 ) At December 31, 2020 7,835 20,324 - 28,159 Carrying value: At December 31, 2020 7,975 5,659 120 13,754 At December 31, 2019 6,698 9,133 2,571 18,302 At January 1, 2019 7,385 12,500 989 20,874 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Right-of-use assets | Right-of-use assets 2020 2019 £ ’000 £ ’000 Balance at 1 January 36,578 - Effect of adopting new accounting standards (31 ) 44,984 Additions 453 897 Remeasurements (2,269 ) (6,849 ) Derecognition (9,108 ) - Depreciation charge for the year (2,530 ) (2,454 ) 23,093 36,578 |
Maturity analysis-contractual undiscounted cash flows | Maturity analysis – contractual undiscounted cash flows 2020 £’000 2019 £’000 Less than one year 3,560 4,469 One to five years 9,607 16,834 More than five years 32,600 45,288 Total undiscounted lease liabilities 45,767 66,591 |
Leases amounts recognized in financial statements | Lease liabilities included in the Consolidated Statements of Financial Position 2020 £’000 2019 £’000 Current 2,043 1,951 Non-current 25,190 38,299 Total lease liabilities 27,233 40,250 Amounts recognized in the Consolidated Statements of Loss 2020 £’000 2019 £’000 Interest on lease liabilities 2,401 2,947 Expenses relating to short-term leases 296 486 Expenses relating to leases of low-value assets 19 33 Interest on investment in sub-lease (38 ) (9 ) Amounts recognized in the Consolidated Statement of Cash Flows 2020 £’000s 2019 £’000 Total cash outflow for leases 4,426 4,036 |
Operating lease rentals payable | Future minimum rentals payable under non-cancellable operating leases as at December 31, are, as follows: 2020 £’000 2019 £000’s 2018 £’000’s Within one year - 73 4,329 After one year but not more than five years - - 16,566 More than five years - - 60,691 - 73 81,586 |
Lease income | Lease income 2020 £’000 2019 £’000 Operating lease income 460 185 Finance lease income on the net investment in the lease 38 9 |
Maturity analysis undiscounted finance lease income | Maturity analysis – undiscounted finance lease income 2020 £’000 2019 £’000 Less than one year 720 318 One to two years 96 300 Two to three years - 12 Three to four years - - Four to five years - - More than five years - - Total undiscounted finance lease income 816 630 Unearned finance income (40 ) (39 ) Net investment in the lease 776 591 |
Maturity analysis of undiscounted operating lease income | Maturity analysis – undiscounted operating lease income 2020 £’000 2019 £’000 2018 £’000 Less than one year - 96 176 One to two years - 50 11 Two to three years - 12 11 Three to four years - - 11 Four to five years - - 11 More than five years - - - Total undiscounted operating lease income - 158 220 |
Other non-current financial a_2
Other non-current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Non-current Financial Assets [Abstract] | |
Other non-current financial assets | 2020 £’000 2019 £’000 Long-term security deposits 786 2,532 Prepayments 3,427 1,858 Other 197 - 4,410 4,390 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | 2020 £’000 2019 £’000 Trade receivables 2,051 1,471 Other receivables 1,722 3,667 Interest receivable - 28 Prepayments and accrued income 6,507 4,473 10,280 9,639 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents [Abstract] | |
Cash and cash equivalents | 2020 £’000 2019 £000’s Cash at bank and in hand 129,716 73,966 129,716 73,966 |
Capital and reserves (Tables)
Capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | |
Issued share capital | Growth shares Series A shares Series B shares Series C shares Ordinary shares Issued share capital (0.01p per share) At January 1, 2018 155,246 1,699,576 - - 2,459,363 New shares issued for cash - - 10,950 Repurchased and cancelled (36,800 ) - - - - At January 1, 2019 118,446 1,699,576 - - 2,470,313 New shares issued for cash - - 621,556 - 45,581 Repurchased and cancelled (60,240 ) - - - - At December 31, 2019 58,206 1,699,576 621,556 - 2,515,894 New shares issued for cash 34,260 - 323,450 823,719 163,870 New shares issued for non-cash consideration - - 203,697 - - Repurchased and cancelled (29,575 ) - - - - At December 31, 2020 62,891 1,699,576 1,148,703 823,719 2,679,764 |
Allotted, called up and fully paid | 2020 £ 2019 £ 2018 £ Allotted, called up and fully paid Ordinary shares 268 252 247 Series A shares 170 170 170 Series B shares 115 62 - Series C shares 82 - - Growth shares 6 6 12 641 490 429 |
Share Premium [Member] | |
Disclosure of classes of share capital [line items] | |
Issued share capital | Share premium £ ’000 At January 1, 2018 223,986 New shares issued for cash 101 At December 31, 2018 224,087 New shares issued for cash 59,163 At December 31, 2019 283,250 New shares issued for cash 83,115 New shares issued for non-cash consideration 19,865 At December 31, 2020 386,230 |
Non-current interest-bearing _2
Non-current interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-current interest-bearing loans and borrowings [Abstract] | |
Non-current interest-bearing loans and borrowings | 2020 £’000 2019 £’000 Long-term borrowings 36,654 - 36,654 - |
Non-Current Deferred liabilit_2
Non-Current Deferred liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-Current Deferred liabilities [Abstract] | |
Non-Current Deferred Liabilities | 2020 £’000 2019 £’000 Deferred revenue 24,868 47,961 24,868 47,961 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Provisions [Abstract] | |
Provisions | Total £’000 At January 1, 2019 217 Arising during the year 150 Utilized (79 ) At December 31, 2019 288 Arising during the year 299 Utilized (340 ) At December 31, 2020 247 Current 109 Non-current 138 |
Current interest-bearing loan_2
Current interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Current Interest-Bearing Loans and Borrowings [Abstract] | |
Interest-bearing loans and borrowings | 2020 £’000 2019 £000’s Short-term convertible loan (Note 26) - 19,157 - 19,157 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other payables [Abstract] | |
Trade and other payables | 2020 £’000 2019 £’000 Trade payables 5,783 15,729 Other taxation and social security 620 522 Pension Liability 2 1 Accruals 19,323 13,249 25,728 29,501 |
Current deferred liabilities (T
Current deferred liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Current deferred liabilities [Abstract] | |
Deferred liabilities | 2020 £’000 2019 £’000 Deferred revenue 27,118 28,457 Deferred rent - 65 27,118 28,522 |
Tax payable (Tables)
Tax payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tax payable [Abstract] | |
Tax payable | 2020 £’000 2019 £’000 Tax payable - 72 - 72 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based payments [Abstract] | |
Number and weighted average exercise of share options | The number and weighted average exercise prices of share options are as follows: Number of shares issuable Number of share options (#) Weighted average exercise price (£) Outstanding at January 1, 2018 227,608 54.01 Awards granted - - Awards exercised (10,950 ) 9.26 Awards forfeited (67,935 ) 53.57 Outstanding at December 31, 2018 148,723 57.50 Awards granted 582,252 150.00 Awards exercised (8,574 ) 2.71 Awards forfeited (6,578 ) 103.17 Outstanding at December 31, 2019 715,823 132.89 Awards granted 224,536 64.00 Awards exercised (2,776 ) 21.91 Awards forfeited (27,311 ) 81.67 Outstanding at December 31, 2020 910,272 62.90 Exercisable at December 31, 2020 194,106 91.92 The number and weighted average hurdle rate of growth shares are as follows: Number of shares issuable Number of growth shares Weighted average hurdle rate £ Outstanding at January 1, 2018 155,246 170.00 Awards granted - - Awards exercised - - Awards forfeited (36,800 ) 170.00 Outstanding at December 31, 2018 118,446 170.00 Awards granted - - Awards exercised - - Awards forfeited (60,240 ) 170.00 Outstanding at December 31, 2019 58,206 170.00 Awards granted 34,260 110.41 Awards exercised - - Awards forfeited (29,575 ) 170.00 Outstanding at December 31, 2020 62,891 137.54 Exercisable at December 31, 2020 34,857 157.83 |
Weighted average remaining contractual life of Outstanding share options and growth share | For share options and growth share awards outstanding at the end of the year, the range of exercise prices and weighted average remaining contractual life are as follows: Growth Shares Share options Hurdle rate £ Number of options Weighted average remaining contractual life Exercise price £ Number of options Weighted average 170.00 43,631 7.3 43.37 91,994 4.7 64.00 19,260 9.4 120.87 3,309 5.0 - - - 150.00 11,481 6.3 - - - 64.00 803,488 9.5 |
Awards granted under the share option plan assumptions | The assumptions used in the models for awards granted are as follows: Growth shares Share options Apr-20 Jun-20 Nov- 20 Oct- 20 Jun-20 Apr- 20 Share price at grant date £ 64.00 £ 64.00 £ 64.00 £ 64.00 £ 64.00 £ 64.00 Exercise price - - £ 64.00 £ 64.00 £ 64.00 £ 64.00 Hurdle rate £ 64.00 - £170.00 £ 64.00 - - - - Expected volatility 91 % 102 % 87 % 87 % 85 % 79 % Expected life (years) 1 yr 1 yr 3 yrs 3 yrs 3 yrs 3 yrs Risk free rate 0.03 % (0.02 )% (0.01 )% (0.07 )% (0.03)%–0.02 % 0.03 % Fair value £ 2.12 - £7.05 £ 7.05 £ 35.00 £ 35.16 £ 34.32 - £34.30 £ 32.394 Growth shares Share options Share options Share options Apr-17 May-19 Apr-17 2016 Share price at grant date £ 150.00 £ 64.00 £ 150.00 £ 140.00 Exercise price — £ 150.00 £ 150.00 £ 43.37 - £150.00 Hurdle rate £ 170.00 — — — Expected volatility 65 % 67 % 65 % 60 % Expected life (years) 2.7 yrs 1.9 yrs - 3 yrs 5 yrs 5 yrs Risk free rate 0.15 % 0.69% - 0.71 % 0.42 % 0.62% - 1.41 % Fair value £ 58.55 £ 11.95 £ 80.63 £ 77.16 - £107.94 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial instruments [Abstract] | |
Contractual maturities of financial assets and liabilities | The following are the contractual maturities of financial assets and liabilities, including estimated interest payments in respect of the interest-bearing loans and borrowings: At December 31, 2020 Carrying amount £’000 Contractual cash flows £’000 One year or less £’000 Financial assets Trade receivables 1,797 1,797 1,797 Clinical trial deposits in current assets 1,221 1,221 1,221 Non-current financial assets 3.573 3,573 - Cash and cash equivalents 129,716 129,716 129,716 Total financial assets 136,307 136,307 132,734 Financial liabilities Trade payables 25,084 25,084 25,084 Interest-bearing loans and borrowings (Note 18) 36,654 51,421 3,354 Total financial liabilities 61,738 76,505 28,438 At December 31, 2019 Carrying amount £’000 Contractual cash flows £’000 One year or less £’000 Financial assets Trade receivables 1,471 1,471 1,471 Interest receivable 28 28 28 Prepayments and accrued income 2,282 2,282 424 Long-term security deposit 2,532 2,532 - Cash and cash equivalents 73,966 73,966 73,966 Total financial assets 80,279 80,279 75,889 Financial liabilities Trade payables 15,579 15,579 15,579 Interest-bearing loans and borrowings (Note 21) 19,157 19,426 19,157 Derivative liability 5,127 - 5,127 Total financial liabilities 39,863 35,005 39,863 |
Financial assets subject to variable interest rates | Financial assets subject to variable interest rates are as follows: 2020 Carrying amount £’000 2019 Carrying amount £’000 Cash and cash equivalents 129,716 73,966 129,716 73,966 |
Financial liabilities subject to variable interest rates | Financial liabilities subject to variable interest rates are as follows: 2020 Carrying amount £’000 2019 Carrying amount £’000 Interest-bearing loans and borrowings 36,654 19,157 36,654 19,157- |
Financial assets and liabilities in foreign currency risk | Financial assets and liabilities in foreign currencies are as follows: 2020 Carrying amount £’000 2019 Carrying amount £’000 Financial assets at amortized cost: Interest receivable - 15 Clinical trial deposits and other debtors 4,036 1,858 Cash and cash equivalents 92,844 12,518 96,880 14,391 Financial liabilities at amortized cost: Trade payables 13,779 4,374 Interest-bearing loans and borrowings (Notes 18 and 21) 36,654 19,157 50,433 23,531 |
Disclosure of financial assets and liabilities | Fair value of financial assets 2020 2019 Carrying amount £’000 Fair value £’000 Carrying amount £’000 Fair value £’000 Financial assets at amortized cost: Trade receivables 1,797 1,797 1,471 1,471 Interest receivable - 28 28 Current clinical trial deposits and accrued income 1,221 1,221 424- 424- Non-current financial assets 3,573 3,573 4,390 4,390 Embedded derivative asset - - 266 266 Cash and cash equivalents 129,716 129,716 73,966 73,966 Total financial assets at amortized cost 136,307 136,307 80,545 80,545 Fair value of financial liabilities 2020 2019 Carrying Carrying amount Fair value amount Fair value £ ’000 £ ’000 £ ’000 £ ’000 Financial liabilities at amortized cost Trade payables 25,084 25,084 15,579 15,579 Interest-bearing loans and borrowings (Notes 18 and 21) 36,654 36,654 19,157 19,157 Derivative liability - - 5,127 5,127 Total financial liabilities 61,738 61,738 39,863 39,863 |
Changes in liabilities arising from financing activities | Changes in liabilities arising from financing activities At January 1, 2020 £’000 Cash flows £’000 Foreign exchange movement £’000 Net finance (income) / costs £’000 Leases £’000 Other £’000 At December 31, 2020 £’000 Interest-bearing loans and borrowings 19,157 37,252 (1,306 ) 708 (19,157 ) 36,654 Derivative liability 5,127 - - (1,287 ) - (3,840 ) - Lease liabilities 40,250 (4,426 ) - (8,591 ) 27,233 Total liabilities from financing activities 64,534 32,826 (1,306 ) (579 ) (8,591 ) (22,997 ) 63,887 At January 1, 2019 £’000 Cash flows £’000 Foreign exchange movement £’000 Net finance costs £’000 Leases £’000 At December 31, 2019 £’000 Interest-bearing loans and borrowings 18,878 - (563 ) 842 - 19,157 Derivative liability - - - 5,127 - 5,127 Lease liabilities 46,555 (4,036 ) 9 2,938 (5,216 ) 40,250 Total liabilities from financing activities 65,433 (4,036 ) (554 ) 8,907 (5,216 ) 64,534 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies [Abstract] | |
Contractual obligations | As at December 31, 2020 Less than 1 year 1-3 years 3-5 years More than 5 years Total Lease liabilities – existing 3,529 5,322 4,286 32,600 45,737 Lease liabilities – contingent - 2,254 2,471 1,841 6,566 Manufacturing 2,824 500 - - 3,324 Capital commitments 77 - - - 77 Total contractual obligations 6,430 8,076 6,757 34,441 55,704 As at December 31, 2019 Less than 1 year 1-3 years 3-5 years More than 5 years Total Lease liabilities – existing 4,469 8,958 7,876 45,288 66,591 Lease liabilities – contingent 68 1,604 2,685 2,688 7,045 Manufacturing 3,669 642 - - 4,311 Capital commitments 1,460 - - - 1,460 Total contractual obligations 9,666 11,204 10,561 47,976 79,407 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party disclosures [Abstract] | |
Sales/purchase transactions with related parties | Transactions entered into and trading balances outstanding at December 31 are as follows: 2020 2019 2018 Sales to related party £000’s Purchases from related party £000’s Sales to related party £000’s Purchases from related party £000’s Sales to related party £000’s Purchases from related party £000’s Aigenpulse Limited - - - 500 - 729 Adaptimmune Limited - - - - 69 - Malin Life Sciences Holdings Limited - - - - - 2 Oxford Nanosystems Limited - - - - 2 - Oxford Innovation Ltd - - - 30 - 13 - - - 530 71 744 |
Remuneration of key management personnel | The remuneration of the directors and executive officers (excluding non-executive directors), who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24, ‘Related Party Disclosures 2020 £000’s 2019 £000’s 2018 £’000’s Short-term employee benefits 3,421 6,502 4,435 Share-based payments 5,602 3,667 270 9,023 10,169 4,705 |
Accounting policies (Details)
Accounting policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 25, 2021USD ($) | Dec. 31, 2020GBP (£)ClinicalStageProgramSegmentRegionObligation | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2017GBP (£) | |
General information [Abstract] | |||||||
Number of clinical stage programs | ClinicalStageProgram | 5 | ||||||
Going concern [Abstract] | |||||||
Cash and cash equivalents | £ 129,716,000 | £ 73,966,000 | £ 124,385,000 | £ 82,883,000 | |||
Net current assets | 97,933,000 | ||||||
Operating loss | (86,193,000) | (118,320,000) | £ (93,455,000) | ||||
Performance obligation | |||||||
Deferred revenue related to performance obligation | £ 51,986,000 | ||||||
Percentage of weighted average life of project | 10.00% | ||||||
Deferered revenue Increase | £ 5,027,000 | ||||||
Segment reporting [Abstract] | |||||||
Number of operating segment | Segment | 1 | ||||||
Number of geographic regions company registered | Region | 3 | ||||||
Revenue recognition [Abstract] | |||||||
Number of performance obligations | Obligation | 1 | ||||||
Leases [abstract] | |||||||
Assets held under finance leases | £ 0 | £ 0 | |||||
Derivatives [Abstract] | |||||||
Convertible loan | $ | $ 40,000 | ||||||
Subsequent Events [Member] | |||||||
Going concern [Abstract] | |||||||
Proceeds from IPO | $ | $ 286,887 | ||||||
Gates Foundation [Member] | |||||||
Derivatives [Abstract] | |||||||
Loan amount converted into equity | $ | $ 25,000 |
Revenue and segmental reporti_3
Revenue and segmental reporting, Revenue recognised (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenue | £ 30,114 | £ 25,669 | £ 23,654 |
United Kingdom [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 6,356 | 5,753 | 6,079 |
United States [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 23,758 | 19,916 | 17,575 |
GlaxoSmithKline [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 6,356 | 5,753 | 6,079 |
Eli Lilly [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,522 | 819 | 8,561 |
Genentech [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 20,236 | 19,097 | 1,461 |
Med Immune [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | £ 0 | £ 0 | £ 7,553 |
Revenue and segmental reporti_4
Revenue and segmental reporting, Collaboration (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2018USD ($) | Jul. 31, 2014USD ($)Target | Dec. 31, 2020GBP (£)TargetProgram | Dec. 31, 2019GBP (£)Program | Dec. 31, 2018GBP (£) | Mar. 31, 2021GBP (£) | Nov. 30, 2018GBP (£) | Nov. 30, 2018USD ($) | |
Collaboration [Abstract] | ||||||||
Total deferred revenue | £ 51,986,000 | £ 76,418,000 | ||||||
Research and development costs | 74,809,000 | 99,991,000 | £ 83,575,000 | |||||
Deferred revenue held in current liabilities | 27,118,000 | 28,457,000 | ||||||
Increased revenue recognized | 5,027,000 | |||||||
Genentech [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Aggregate Non-refundable fee payment | $ | $ 100 | |||||||
Initial upfront payment | $ | $ 50 | |||||||
Amount on investigation of new drug filing for clinical trial | $ | $ 50 | |||||||
Total deferred revenue | £ 77,400,000 | $ 100 | ||||||
Revenue recognized | 20,236,000 | 19,097,000 | 1,461,000 | |||||
Research and development costs | £ 2,785,000 | 1,696,000 | ||||||
Genentech [Member] | Bottom of Range [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Estimated period of performance obligation would be satisfied | 2 years | |||||||
Genentech [Member] | Top of Range [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Estimated period of performance obligation would be satisfied | 3 years | |||||||
GlaxoSmithKline [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Aggregate Non-refundable fee payment | £ 22,900,000 | |||||||
Total deferred revenue | 1,955,000 | |||||||
Revenue recognized | 6,356,000 | 5,753,000 | 6,079,000 | |||||
Research and development costs | 2,897,000 | 2,159,000 | ||||||
Non-refundable payment received | £ 0 | 0 | ||||||
Number of remaining target | Target | 2 | |||||||
GlaxoSmithKline [Member] | Subsequent Events [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Target amount for release of deferred income | £ 3,208,000 | |||||||
GlaxoSmithKline [Member] | Bottom of Range [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Remaining target timeframes | 1 year | |||||||
GlaxoSmithKline [Member] | Top of Range [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Number of target | Target | 4 | |||||||
Remaining target timeframes | 2 years | |||||||
Eli Lilly [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Aggregate Non-refundable fee payment | $ | $ 45 | |||||||
Total deferred revenue | $ 45 | 3,132,000 | ||||||
Revenue recognized | £ 3,522,000 | £ 819,000 | 8,561,000 | |||||
Number of target | Target | 3 | |||||||
Number of termination of programs | Program | 1 | |||||||
Deferred revenue held in current liabilities | £ 7,361,000 | |||||||
Number of remaining programs | Program | 2 | |||||||
Increased revenue recognized | £ 705,000 | |||||||
Eli Lilly [Member] | Bottom of Range [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Contribution percentage on research and development cost | 25.00% | |||||||
Eli Lilly [Member] | Top of Range [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Contribution percentage on research and development cost | 50.00% | |||||||
Med Immune [Member] | ||||||||
Collaboration [Abstract] | ||||||||
Revenue recognized | £ 7,553,000 |
Revenue and segmental reporti_5
Revenue and segmental reporting, Trade receivables, contract assets and contract liabilities (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables from contracts with customers [abstract] | ||
Additions | £ 453 | £ 897 |
Trade Receivables [Member] | ||
Receivables from contracts with customers [abstract] | ||
Beginning balance | 1,186 | 3,600 |
Additions | 4,023 | 3,431 |
Deductions | (5,209) | (5,845) |
Ending balance | 0 | 1,186 |
Contract Assets [Member] | ||
Receivables from contracts with customers [abstract] | ||
Beginning balance | 424 | 0 |
Additions | 1,658 | 424 |
Deductions | 0 | 0 |
Ending balance | 2,082 | 424 |
Deferred Revenue [Member] | ||
Receivables from contracts with customers [abstract] | ||
Beginning balance | 76,418 | 98,232 |
Additions | 0 | 0 |
Deductions | (24,432) | (21,814) |
Ending balance | 51,986 | 76,418 |
Contract Liabilities [Member] | ||
Receivables from contracts with customers [abstract] | ||
Beginning balance | 76,418 | 98,232 |
Additions | 0 | 0 |
Deductions | (24,432) | (21,814) |
Ending balance | £ 51,986 | £ 76,418 |
Revenue and segmental reporti_6
Revenue and segmental reporting, Deferred revenue (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue and segmental reporting [Abstract] | |||
Revenue recognised related to performance obligations | £ 0 | £ 0 | £ 0 |
Deferred revenue [Abstract] | |||
Current deferred revenue (Note 23) | 27,118 | 28,457 | |
Non-current deferred revenue (Note 19) | 24,868 | 47,961 | |
Total deferred revenue | 51,986 | 76,418 | |
Deferred revenue held, included in current deferred revenue | £ 7,361 | £ 3,132 |
Operating loss is stated afte_3
Operating loss is stated after charging (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating loss is stated after charging [Abstract] | |||
Research and development costs | £ 74,809 | £ 99,991 | £ 83,575 |
Loss on disposal of property, plant and equipment | 1,064 | 3 | 135 |
Profit on derecognition of leases (Note 12) | (3,700) | 0 | 0 |
Remeasurement of leases (Note 12) | (227) | 0 | 0 |
Loss on write-offs of intangible fixed assets | 0 | 306 | 170 |
Depreciation of property, plant and equipment (Note 11) | 6,446 | 9,003 | 6,410 |
Amortization of intangible assets (Note 10) | 0 | 210 | 297 |
Operating lease expense (Note 12) | 296 | 486 | 4,205 |
Operating lease income (see Note 5) | 460 | 185 | 622 |
Realised foreign exchange (gains)/loss | 477 | 189 | (1,341) |
Research and development expenditure credit | £ 227 | £ 396 | £ 237 |
Staff numbers and costs, Averag
Staff numbers and costs, Average number of persons employed by group (Details) - Employee | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Number and average number of employees [abstract] | |||
Total | 329 | 459 | 461 |
Research [Member] | |||
Number and average number of employees [abstract] | |||
Total | 177 | 284 | 299 |
Development [Member] | |||
Number and average number of employees [abstract] | |||
Total | 96 | 108 | 95 |
Corporate [Member] | |||
Number and average number of employees [abstract] | |||
Total | 56 | 67 | 67 |
Staff numbers and costs, Aggreg
Staff numbers and costs, Aggregate staff costs (Details) £ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020Employee | Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | |
Staff numbers and costs [Abstract] | ||||
Wages and salaries | £ 29,038 | £ 31,920 | £ 29,501 | |
Social security costs | 2,131 | 2,767 | 2,731 | |
Share-based payments (Note 25) | 8,162 | 3,056 | 666 | |
Contributions to defined contribution plans (Note 27) | 1,035 | 1,213 | 981 | |
Total aggregate staff costs | 40,366 | £ 38,956 | £ 33,879 | |
Corporate Restructuring [Abstract] | ||||
Restructuring costs1 | £ 1,200,000 | |||
Reduction in number of employees on completion of restructure | Employee | 78 |
Net other operating income (Det
Net other operating income (Details) | 12 Months Ended | ||
Dec. 31, 2020GBP (£)LeaseholdPropertyContract | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | |
Net other operating income [Abstract] | |||
Profit on derecognition of leases | £ 3,700,000 | £ 0 | £ 0 |
Loss on disposal property, plant and equipment | (1,064,000) | 0 | |
Settlement agreement | 810,000 | 0 | |
Sub-lease income | 460,000 | 185,000 | 622,000 |
Remeasurement of leases | 227,000 | 0 | 0 |
Other | 109,000 | 0 | |
Net other operating income | £ 4,242,000 | £ 185,000 | £ 622,000 |
Other income [Abstract] | |||
Number of leasehold properties | LeaseholdProperty | 2 | ||
Profit on disposal of leasehold properties | £ 3,700,000 | ||
Incentive payment | 1,400,000 | ||
Settlement agreement amount | £ 810,000 | ||
Number of open contract with third-party vendors was terminated | Contract | 1 | ||
Employee and Third Party Vendors Proceedings [Member] | |||
Other income [Abstract] | |||
Settlement amount recovered | £ 1,800,000 | ||
Bottom of Range [Member] | Employee and Third Party Vendors Proceedings [Member] | |||
Other income [Abstract] | |||
Estimated settlement amount | 1,100,000 | ||
Top of Range [Member] | Employee and Third Party Vendors Proceedings [Member] | |||
Other income [Abstract] | |||
Estimated settlement amount | £ 1,800,000 |
Finance income (Details)
Finance income (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finance income [Abstract] | |||
Bank interest on cash and cash equivalents | £ 668,000 | £ 1,386,000 | £ 550,000 |
Interest on short-term deposits | 0 | 0 | 272,000 |
Gain on entering into sub-leases on leasehold properties | 215,000 | 115,000 | 0 |
Interest on investment in sub-lease | 38,000 | 9,000 | 0 |
Gain from change in fair value of derivative liability | 1,287,000 | 0 | 0 |
Gain from change in fair value of derivative asset | 0 | 0 | 318,000 |
Finance income | 2,208,000 | 1,510,000 | 1,140,000 |
Credit to equity | 3,840,000 | ||
Loss from change in fair value of embedded derivative asset | £ 266,000 | £ 454,000 | £ 0 |
Finance costs (Details)
Finance costs (Details) | Nov. 06, 2020GBP (£) | Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Nov. 06, 2020USD ($) |
Finance costs [Abstract] | |||||
Interest on lease liabilities | £ 2,401,000 | £ 2,947,000 | £ 0 | ||
Interest expenses on financial liabilities measured at amortized cost | 708,000 | 849,000 | 842,000 | ||
Loss from change in fair value of embedded derivative asset | 266,000 | 454,000 | 0 | ||
Loss from change in fair value of derivative liability | 0 | 5,127,000 | 0 | ||
Other finance costs | 0 | 2,000 | 0 | ||
Total finance costs | 3,375,000 | £ 9,379,000 | £ 842,000 | ||
Oxford Debt Agreement [Member] | |||||
Finance costs [Abstract] | |||||
Interest expense | £ 549,000,000 | ||||
Debt instrument face amount | $ | $ 50,000,000 | ||||
Gates Foundation [Member] | |||||
Finance costs [Abstract] | |||||
Interest expense | £ 159,000,000 |
Income tax, Major components of
Income tax, Major components of income tax expenses (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax [Abstract] | |||
R&D tax credit for the year | £ (12,432) | £ (21,767) | £ (18,486) |
Tax related to share-based compensation plans | 0 | 0 | 125 |
Foreign corporation tax on profits for the year | 84 | 152 | 139 |
Adjustments in respect of prior years | (100) | 43 | 0 |
Total current tax | (12,448) | (21,572) | (18,222) |
Deferred tax [Abstract] | |||
Current year | (790) | 0 | 0 |
Effect of changes in tax rates | (1) | 0 | 0 |
Movement in unrecognized deferred tax asset | 351 | 0 | 0 |
Originating and reversal of timing differences, including adjustments in respect of prior years | (379) | (686) | 1,674 |
Total deferred tax | (819) | (686) | 1,674 |
Total income tax credit | (13,267) | (22,258) | (16,548) |
Tax related to items recognized in other comprehensive income during the year [Abstract] | |||
Current tax related to share-based compensation plans | 0 | 0 | (125) |
Deferred tax on fair value movements of available-for-sale financial assets | 0 | 0 | (3,509) |
Tax charged to other comprehensive income | £ 0 | £ 0 | £ (3,634) |
Income tax, Reconciliation of t
Income tax, Reconciliation of tax expense and accounting profit (Details) - GBP (£) £ in Thousands | Apr. 01, 2020 | Mar. 11, 2020 | Apr. 01, 2017 | Sep. 30, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income tax, reconciliation of tax expense and accounting profit [Abstract] | |||||||
Loss before tax | £ (87,360) | £ (126,189) | £ (88,178) | ||||
Tax credit using the UK Corporation tax rate of 19% (2019: 19% and 2018: 19%) | (16,598) | (23,976) | (16,754) | ||||
Effects of [Abstract] | |||||||
Non-deductible expenses | 9,120 | 13,148 | 629 | ||||
Income not taxable for tax purposes | 0 | 0 | (954) | ||||
Chargeable gain on sale of assets held for sale | 0 | 0 | 4,359 | ||||
Other permanent differences | 0 | (1) | (38) | ||||
Additional deduction for R&D expenditure | (16,286) | (29,365) | (13,691) | ||||
Surrender of tax losses for R&D tax credit refund | 16,286 | 28,523 | 24,223 | ||||
R&D expenditure credits | (13,424) | (22,602) | (19,215) | ||||
Credit to other comprehensive income for share-based compensation plans | 0 | 0 | 125 | ||||
Movement in deferred tax not recognized | 8,084 | 12,413 | 4,746 | ||||
Adjustments to tax charge in respect of previous periods - deferred tax | (379) | (500) | 0 | ||||
Adjustments to tax charge in respect of previous periods | (100) | 43 | 0 | ||||
State taxes | 7 | 0 | 0 | ||||
Effects of overseas tax rates | 24 | 0 | 0 | ||||
Effects of tax rates in foreign jurisdictions | (1) | 59 | 22 | ||||
Total income tax credit | £ (13,267) | £ (22,258) | £ (16,548) | ||||
UK [Member] | |||||||
Tax rate [Abstract] | |||||||
Tax rate | 17.00% | 19.00% | 19.00% | 20.00% | 19.00% | 19.00% | 19.00% |
Income tax, Components of incom
Income tax, Components of income tax, geographical classification (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax [Abstract] | |||
Current tax | £ (12,448) | £ (21,572) | £ (18,222) |
Deferred tax [Abstract] | |||
Deferred tax | (819) | (686) | 1,674 |
Total income tax credit | (13,267) | (22,258) | (16,548) |
Other comprehensive income [Abstract] | |||
Deferred tax | 0 | 0 | (3,509) |
Tax charged to other comprehensive income | 0 | 0 | (3,634) |
United States [Member] | |||
Current tax [Abstract] | |||
Current tax, Federal | (16) | 100 | 137 |
Current tax, State | 0 | 15 | 2 |
Deferred tax [Abstract] | |||
Deferred tax, Federal | (819) | (644) | (516) |
Deferred tax, State | 0 | (42) | (1) |
Other comprehensive income [Abstract] | |||
Current tax | 0 | 0 | 0 |
United Kingdom [Member] | |||
Current tax [Abstract] | |||
Current tax | (12,432) | (21,687) | (18,361) |
Deferred tax [Abstract] | |||
Deferred tax | 0 | 0 | 2,191 |
Other comprehensive income [Abstract] | |||
Current tax | 0 | 0 | (125) |
Deferred tax | £ 0 | £ 0 | £ (3,509) |
Income tax (Details)
Income tax (Details) - GBP (£) | Apr. 01, 2020 | Mar. 11, 2020 | Apr. 01, 2017 | Sep. 30, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Tax rate [Abstract] | |||||||
Deferred tax asset, unrecognised | £ 30,827,000 | £ 20,820,000 | |||||
Tax credit increase | 33,852,000 | 23,007,000 | |||||
Unused tax credits [Member] | |||||||
Tax rate [Abstract] | |||||||
Deferred tax asset, recognised | £ 2,230,000 | £ 1,507,000 | |||||
UK [Member] | |||||||
Tax rate [Abstract] | |||||||
Tax rate | 17.00% | 19.00% | 19.00% | 20.00% | 19.00% | 19.00% | 19.00% |
Basic and diluted loss per sh_3
Basic and diluted loss per share (Details) £ / shares in Units, £ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020GBP (£)£ / sharesshares | Dec. 31, 2019GBP (£)£ / sharesshares | Dec. 31, 2018GBP (£)£ / sharesshares | Feb. 09, 2021 | Jan. 22, 2021 | ||
Basic and diluted loss [Abstract] | ||||||
Loss for the year | £ | £ (74,093) | £ (103,931) | £ (71,630) | |||
Basic and diluted weighted average number of shares (in shares) | shares | 26,523,411 | 22,297,935 | 21,558,890 | |||
Basic and diluted loss per share (in pounds per share) | £ / shares | [1] | £ (2.79) | £ (4.66) | £ (3.32) | ||
Forecast [Member] | Immunocore Holdings plc [member] | ||||||
Events after reporting period | ||||||
Share exchange and stock split conversion rate | 20 | |||||
Forecast [Member] | Immunocore Holdings Limited [Member] | ||||||
Events after reporting period | ||||||
Share exchange and stock split conversion rate | 0.01 | 0.01 | ||||
[1] | (1) The basic and diluted loss per share are adjusted for the (i) the exchange of shares of Immunocore Limited for shares of Immunocore Holdings Limited on a 1 for 100 basis, and (ii) the reorganization of the share capital of Immunocore Holdings plc, resulting in a consolidation with the effect of a 20 to 1 reverse stock split on the Company's ordinary shares and non-voting ordinary shares, all of which took place in connection with the Company's initial public offering which closed on February 9, 2021. No other adjustments have been made to the consolidated financial statements of the Group in regard to the corporate reorganization. Refer to Note 30 for further information. |
Intangible assets (Details)
Intangible assets (Details) - GBP (£) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | £ 0 | £ 318,000 |
Write-offs | (306,000) | |
Intangible assets, ending balance | 0 | 0 |
Patents [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 0 | 0 |
Intangible assets, ending balance | 0 | 0 |
Computer Software [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 0 | 305,000 |
Write-offs | (195,000) | |
Intangible assets, ending balance | 0 | 0 |
Assets under Construction [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 0 | 13,000 |
Write-offs | (111,000) | |
Intangible assets, ending balance | 0 | 0 |
Cost [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 516,000 | 1,396,000 |
Additions | 0 | 198,000 |
Transferred | 0 | 0 |
Write-offs | 0 | (1,078,000) |
Intangible assets, ending balance | 516,000 | 516,000 |
Cost [Member] | Patents [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 516,000 | 516,000 |
Additions | 0 | 0 |
Transferred | 0 | 0 |
Write-offs | 0 | 0 |
Intangible assets, ending balance | 516,000 | 516,000 |
Cost [Member] | Computer Software [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 0 | 867,000 |
Additions | 0 | 76,000 |
Transferred | 0 | 24,000 |
Write-offs | 0 | (967,000) |
Intangible assets, ending balance | 0 | 0 |
Cost [Member] | Assets under Construction [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [Abstract] | ||
Intangible assets, beginning balance | 0 | 13,000 |
Additions | 0 | 122,000 |
Transferred | 0 | (24,000) |
Write-offs | 0 | (111,000) |
Intangible assets, ending balance | 0 | 0 |
Amortization and Impairment [Member] | ||
Amortization and impairments [Abstract] | ||
Intangible assets, beginning balance | 516,000 | 1,078,000 |
Write-offs | 0 | (772,000) |
Amortization for the year | 0 | 210,000 |
Intangible assets, ending balance | 516,000 | 516,000 |
Amortization and Impairment [Member] | Patents [Member] | ||
Amortization and impairments [Abstract] | ||
Intangible assets, beginning balance | 516,000 | 516,000 |
Write-offs | 0 | 0 |
Amortization for the year | 0 | 0 |
Intangible assets, ending balance | 516,000 | 516,000 |
Amortization and Impairment [Member] | Computer Software [Member] | ||
Amortization and impairments [Abstract] | ||
Intangible assets, beginning balance | 0 | 562,000 |
Write-offs | 0 | (772,000) |
Amortization for the year | 0 | 210,000 |
Intangible assets, ending balance | 0 | 0 |
Amortization and Impairment [Member] | Assets under Construction [Member] | ||
Amortization and impairments [Abstract] | ||
Intangible assets, beginning balance | 0 | 0 |
Write-offs | 0 | 0 |
Amortization for the year | 0 | 0 |
Intangible assets, ending balance | £ 0 | £ 0 |
Property, plant and equipment_2
Property, plant and equipment (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | £ 18,302,000 | £ 20,874,000 | |
Disposals | (1,064,000) | 0 | |
Property, plant and equipment, end of period | 13,754,000 | 18,302,000 | £ 20,874,000 |
Property plant and equipment held under finance leases | 0 | ||
Depreciation and impairment [Abstract] | |||
Depreciation charge for the year | 6,446,000 | 9,003,000 | 6,410,000 |
Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 41,137,000 | 37,765,000 | |
Additions | 3,074,000 | 4,078,000 | |
Transfers | 0 | 0 | |
Effect of foreign currency translation | (29,000) | (21,000) | |
Disposals | (2,269,000) | (685,000) | |
Property, plant and equipment, end of period | 41,913,000 | 41,137,000 | 37,765,000 |
Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 22,835,000 | 16,891,000 | |
Depreciation charge for the year | 6,446,000 | 6,549,000 | |
Effect of foreign currency translation | (74,000) | (5,000) | |
Disposals | (1,048,000) | (600,000) | |
Property, plant and equipment | 28,159,000 | 22,835,000 | 16,891,000 |
Leasehold Properties and Improvements [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 6,698,000 | 7,385,000 | |
Property, plant and equipment, end of period | 7,975,000 | 6,698,000 | 7,385,000 |
Leasehold Properties and Improvements [Member] | Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 12,240,000 | 11,137,000 | |
Additions | 564,000 | 215,000 | |
Transfers | 4,123,000 | 1,090,000 | |
Effect of foreign currency translation | (27,000) | (17,000) | |
Disposals | (1,090,000) | (185,000) | |
Property, plant and equipment, end of period | 15,810,000 | 12,240,000 | 11,137,000 |
Leasehold Properties and Improvements [Member] | Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 5,642,000 | 3,752,000 | |
Depreciation charge for the year | 2,356,000 | 2,047,000 | |
Effect of foreign currency translation | (7,000) | (2,000) | |
Disposals | (156,000) | (155,000) | |
Property, plant and equipment | 7,835,000 | 5,642,000 | 3,752,000 |
Plant and Equipment [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 9,133,000 | 12,500,000 | |
Property, plant and equipment, end of period | 5,659,000 | 9,133,000 | 12,500,000 |
Plant and Equipment [Member] | Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 26,326,000 | 25,639,000 | |
Additions | 775,000 | 1,150,000 | |
Transfers | 2,000 | 41,000 | |
Effect of foreign currency translation | (2,000) | (4,000) | |
Disposals | (1,118,000) | (500,000) | |
Property, plant and equipment, end of period | 25,983,000 | 26,326,000 | 25,639,000 |
Plant and Equipment [Member] | Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 17,193,000 | 13,139,000 | |
Depreciation charge for the year | 4,090,000 | 4,502,000 | |
Effect of foreign currency translation | (67,000) | (3,000) | |
Disposals | (892,000) | (445,000) | |
Property, plant and equipment | 20,324,000 | 17,193,000 | 13,139,000 |
Assets under Construction [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 2,571,000 | 989,000 | |
Property, plant and equipment, end of period | 120,000 | 2,571,000 | 989,000 |
Assets under Construction [Member] | Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 2,571,000 | 989,000 | |
Additions | 1,735,000 | 2,713,000 | |
Transfers | (4,125,000) | (1,131,000) | |
Effect of foreign currency translation | 0 | 0 | |
Disposals | (61,000) | 0 | |
Property, plant and equipment, end of period | 120,000 | 2,571,000 | 989,000 |
Assets under Construction [Member] | Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 0 | 0 | |
Depreciation charge for the year | 0 | 0 | |
Effect of foreign currency translation | 0 | 0 | |
Disposals | 0 | 0 | |
Property, plant and equipment | £ 0 | £ 0 | £ 0 |
Leases, Right-of-use assets (De
Leases, Right-of-use assets (Details) | Dec. 23, 2020Agreement | Dec. 31, 2020GBP (£)LeaseholdProperty | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) |
Right-of-Use Assets [Abstract] | ||||
Balance | £ 36,578,000 | £ 0 | ||
Effect of adopting new accounting standards | (31,000) | 44,984,000 | ||
Additions | 453,000 | 897,000 | ||
Remeasurements | (2,269,000) | (6,849,000) | ||
Derecognition | (9,108,000) | 0 | ||
Depreciation charge for the year | (2,530,000) | (2,454,000) | £ 0 | |
Balance | 23,093,000 | 36,578,000 | 0 | |
Lease, right-of-use assets, additional information [Abstract] | ||||
Profit from disposal of leasehold properties | 215,000 | 115,000 | £ 0 | |
Current lease liabilities | 2,043,000 | 1,951,000 | ||
Non-current lease liabilities | 25,190,000 | 38,299,000 | ||
Leasehold Properties and Improvements Including Right of Use Assets [Member] | ||||
Right-of-Use Assets [Abstract] | ||||
Derecognition | £ 9,108,000 | |||
Lease, right-of-use assets, additional information [Abstract] | ||||
Number of leasehold properties, terminated lease term | LeaseholdProperty | 2 | |||
Profit from disposal of leasehold properties | £ 3,700,000 | |||
Incentive received on exit of leasehold agreement | 1,400,000 | |||
Leasehold incentive received on leasehold property | £ 1,088,000 | |||
Number of leasehold properties, right of use assets remeasured | LeaseholdProperty | 5 | |||
Right of use assets remeasured value | £ 1,181,000 | |||
Number of guarantee agreements associated with the termination of lease | Agreement | 2 | |||
Right-of-use assets [member] | ||||
Lease, right-of-use assets, additional information [Abstract] | ||||
Current lease liabilities | 187,000 | |||
Non-current lease liabilities | £ 1,870,000 |
Leases (Details)
Leases (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | £ 45,767,000 | £ 66,591,000 | |
Lease Liabilities Included in Consolidated Statements of Financial Position [Abstract] | |||
Current | 2,043,000 | 1,951,000 | |
Non-current | 25,190,000 | 38,299,000 | |
Total lease liabilities | 27,233,000 | 40,250,000 | |
Amounts Recognized in Consolidated Statements of Loss [Abstract] | |||
Interest on lease liabilities | 2,401,000 | 2,947,000 | £ 0 |
Expenses relating to short-term leases | 296,000 | 486,000 | 4,205,000 |
Expenses relating to leases of low-value assets | 19,000 | 33,000 | |
Interest on investment in sub-lease | (38,000) | (9,000) | 0 |
Operating Lease Rentals Payable [Abstract] | |||
Future minimum rentals payable under non-cancellable operating leases | 0 | 73,000 | 81,586,000 |
Amounts recognized in Consolidated Statement of Cash Flows [Abstract] | |||
Total cash outflow for leases | 4,426,000 | 4,036,000 | |
Lease income [Abstract] | |||
Operating lease income | 460,000 | 185,000 | 622,000 |
Operating lease income | 460,000 | ||
Finance lease income on the net investment in the lease | 38,000 | 9,000 | |
Two Terminated Leasehold Properties [Member] | |||
Lease Liabilities Included in Consolidated Statements of Financial Position [Abstract] | |||
Total lease liabilities | 10,414,000 | ||
Four Remeasured Leasehold Properties [Member] | |||
Lease Liabilities Included in Consolidated Statements of Financial Position [Abstract] | |||
Total lease liabilities | 1,075,000 | ||
New Leasehold Property [Member] | |||
Lease Liabilities Included in Consolidated Statements of Financial Position [Abstract] | |||
Total lease liabilities | 405,000 | ||
Less than One Year [Member] | |||
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | 3,560,000 | 4,469,000 | |
Operating Lease Rentals Payable [Abstract] | |||
Future minimum rentals payable under non-cancellable operating leases | 0 | 73,000 | 4,329,000 |
One to Five Years [Member] | |||
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | 9,607,000 | 16,834,000 | |
Operating Lease Rentals Payable [Abstract] | |||
Future minimum rentals payable under non-cancellable operating leases | 0 | 0 | 16,566,000 |
More than Five Years [Member] | |||
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | 32,600,000 | 45,288,000 | |
Operating Lease Rentals Payable [Abstract] | |||
Future minimum rentals payable under non-cancellable operating leases | £ 0 | £ 0 | £ 60,691,000 |
Leases, Lease liabilities and e
Leases, Lease liabilities and expenses related to operating leases (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease liabilities [Abstract] | |||
Lease liabilities | £ 27,233,000 | £ 40,250,000 | |
Expenses relating to operating leases | 296,000 | £ 486,000 | £ 4,205,000 |
Two Terminated Leasehold Properties [Member] | |||
Lease liabilities [Abstract] | |||
Lease liabilities | 10,414,000 | ||
Four Remeasured Leasehold Properties [Member] | |||
Lease liabilities [Abstract] | |||
Lease liabilities | 1,075,000 | ||
New Leasehold Property [Member] | |||
Lease liabilities [Abstract] | |||
Lease liabilities | £ 405,000 |
Leases, Maturity analysis undis
Leases, Maturity analysis undiscounted finance and operating lease income (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | £ 816 | £ 630 | |
Unearned finance income | (40) | (39) | |
Net investment in the lease | 776 | 591 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | 0 | 158 | £ 220 |
Less than One Year [Member] | |||
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | 720 | 318 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | 0 | 96 | 176 |
One to Two Years [Member] | |||
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | 96 | 300 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | 0 | 50 | 11 |
Two to Three Years [Member] | |||
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | 0 | 12 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | 0 | 12 | 11 |
Three to Four Years [Member] | |||
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | 0 | 0 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | 0 | 0 | 11 |
Four to Five Years [Member] | |||
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | 0 | 0 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | 0 | 0 | 11 |
More than Five Years [Member] | |||
Maturity analysis undiscounted finance lease income [Abstract] | |||
Total undiscounted finance lease income | 0 | 0 | |
Maturity analysis - undiscounted operating lease income [Abstract] | |||
Total undiscounted operating lease income | £ 0 | £ 0 | £ 0 |
Other non-current financial a_3
Other non-current financial assets (Details) | Nov. 06, 2020GBP (£) | Dec. 31, 2020GBP (£) | Dec. 23, 2020GBP (£) | Nov. 06, 2020USD ($) | Dec. 31, 2019GBP (£) |
Other Non-current Financial Assets [Abstract] | |||||
Long-term security deposits | £ 786,000 | £ 2,532,000 | |||
Prepayments | 3,427,000 | 1,858,000 | |||
Other | 197,000 | 0 | |||
Other non-current financial assets | 4,410,000 | £ 4,390,000 | |||
Repayment of security deposit | £ 1,800,000 | ||||
Other Noncurrent Assets [Member] | |||||
Other Non-current Financial Assets [Abstract] | |||||
Amount due under settlement agreement | £ 146,000 | ||||
Oxford Debt Agreement [Member] | |||||
Other Non-current Financial Assets [Abstract] | |||||
Facilities fee | £ 51,000 | ||||
Debt instrument face amount | $ | $ 50,000,000 |
Available for sale assets (Deta
Available for sale assets (Details) | 12 Months Ended |
Dec. 31, 2018GBP (£) | |
Available for sale assets [Abstract] | |
Cash consideration | £ 27,451,000 |
Gain on disposal of available for sale assets | 4,979,000 |
Available for sale reserve | £ 18,471,000 |
Trade and other receivables (De
Trade and other receivables (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [Abstract] | ||
Trade receivables | £ 2,051 | £ 1,471 |
Other receivables | 1,722 | 3,667 |
Interest receivable | 0 | 28 |
Prepayments and accrued income | 6,507 | 4,473 |
Total trade and other receivables | £ 10,280 | £ 9,639 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [Abstract] | ||||
Cash at bank and in hand | £ 129,716 | £ 73,966 | ||
Total cash and cash equivalents | £ 129,716 | £ 73,966 | £ 124,385 | £ 82,883 |
Capital and reserves (Details)
Capital and reserves (Details) | Dec. 21, 2020GBP (£)shares | Mar. 02, 2020GBP (£)shares | Aug. 13, 2019USD ($)shares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020GBP (£)£ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019GBP (£)£ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018GBP (£) | Mar. 02, 2020USD ($)shares | Dec. 31, 2019USD ($) |
Issued share [Abstract] | |||||||||||
Number of ordinary shares issued (in shares) | 34,260 | 34,260 | |||||||||
Cash consideration | £ | £ 3 | ||||||||||
Ordinary shares issued (in pounds per share) | £ / shares | £ 0.01 | ||||||||||
Nominal value of ordinary shares issued | £ | £ 1,000 | £ 0 | |||||||||
Totaling proceeds from shares issued | £ | £ 83,218,000 | 59,874,000 | £ 0 | ||||||||
Nominal value of repurchased and cancelled shares (in pounds per share) | £ / shares | £ 3 | ||||||||||
Nature and purpose of reserves [Abstract] | |||||||||||
Dividends paid | $ | $ 0 | $ 0 | |||||||||
Dividends declared | $ | $ 0 | $ 0 | |||||||||
Borrowings outstanding | £ | £ 36,654,000 | £ 0 | |||||||||
Gates foundation convertible loan [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued anti dilution (in shares) | 43,032 | ||||||||||
Nature and purpose of reserves [Abstract] | |||||||||||
Borrowings outstanding | $ | $ 25,000,000 | $ 25,000,000 | $ 25,500,000 | ||||||||
Stock converted (in shares) | 203,697 | ||||||||||
Growth Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of ordinary shares issued (in shares) | 60,240 | 60,240 | |||||||||
Ordinary shares issued (in pounds per share) | £ / shares | £ 0.01 | ||||||||||
Nominal value of ordinary shares issued | £ | £ 6 | ||||||||||
Repurchased and cancelled nominal shares (in shares) | 29,575 | 29,575 | |||||||||
Nominal value of repurchased and cancelled shares (in pounds per share) | £ / shares | £ 3 | ||||||||||
Nature and purpose of reserves [Abstract] | |||||||||||
Treasury reserve | £ | 2,800,000 | £ 4,420,000 | £ 10,190,000 | ||||||||
Series B Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of ordinary shares issued (in shares) | 527,147 | ||||||||||
Totaling proceeds from shares issued | $ | $ 72,250,000 | ||||||||||
Number of shares issued (in shares) | 621,556 | ||||||||||
Series B Shares [Member] | New and Existing Investors [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of ordinary shares issued (in shares) | 280,418 | ||||||||||
Cash consideration | £ | £ 27,230,000 | ||||||||||
Series B Shares [Member] | Gates foundation convertible loan [Member] | |||||||||||
Nature and purpose of reserves [Abstract] | |||||||||||
Stock converted (in shares) | 203,697 | 203,697 | |||||||||
Derivative liability, foreign exchange call option | £ | £ 3,184,000 | ||||||||||
Series C Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of ordinary shares issued (in shares) | 823,719 | ||||||||||
Cash consideration | £ | £ 55,812,000 | ||||||||||
Ordinary Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of ordinary shares issued (in shares) | 163,870 | 163,870 | 45,581 | 45,581 | |||||||
Cash consideration | £ | £ 73,000 | £ 27,000 | |||||||||
Ordinary shares issued (in pounds per share) | £ / shares | £ 0.01 | £ 0.01 | |||||||||
Nominal value of ordinary shares issued | £ | £ 16 | £ 5 | |||||||||
Number of shares issued anti dilution (in shares) | 161,094 | 161,094 | 37,007 | 37,007 |
Capital and reserves, Issued sh
Capital and reserves, Issued share capital (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issued Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 283,250 | 224,087 | 223,986 |
New shares issued for cash (in shares) | 83,115 | 59,163 | 101 |
New shares issued for non-cash consideration | 19,865 | ||
Number of shares outstanding at end of period (in shares) | 386,230 | 283,250 | 224,087 |
Growth Shares [Member] | |||
Issued Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 58,206 | 118,446 | 155,246 |
New shares issued for cash (in shares) | 34,260 | 0 | 0 |
New shares issued for non-cash consideration | 0 | ||
Repurchased and cancelled (in shares) | (29,575) | (60,240) | (36,800) |
Number of shares outstanding at end of period (in shares) | 62,891 | 58,206 | 118,446 |
Series A Shares [Member] | |||
Issued Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 1,699,576 | 1,699,576 | 1,699,576 |
New shares issued for cash (in shares) | 0 | 0 | 0 |
New shares issued for non-cash consideration | 0 | ||
Repurchased and cancelled (in shares) | 0 | 0 | 0 |
Number of shares outstanding at end of period (in shares) | 1,699,576 | 1,699,576 | 1,699,576 |
Series B Shares [Member] | |||
Issued Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 621,556 | 0 | 0 |
New shares issued for cash (in shares) | 323,450 | 621,556 | |
New shares issued for non-cash consideration | 203,697 | ||
Repurchased and cancelled (in shares) | 0 | 0 | 0 |
Number of shares outstanding at end of period (in shares) | 1,148,703 | 621,556 | 0 |
Series C Shares [Member] | |||
Issued Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 0 | 0 | 0 |
New shares issued for cash (in shares) | 823,719 | 0 | |
New shares issued for non-cash consideration | 0 | ||
Repurchased and cancelled (in shares) | 0 | 0 | 0 |
Number of shares outstanding at end of period (in shares) | 823,719 | 0 | 0 |
Ordinary Shares [Member] | |||
Issued Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 2,515,894 | 2,470,313 | 2,459,363 |
New shares issued for cash (in shares) | 163,870 | 45,581 | 10,950 |
New shares issued for non-cash consideration | 0 | ||
Repurchased and cancelled (in shares) | 0 | 0 | 0 |
Number of shares outstanding at end of period (in shares) | 2,679,764 | 2,515,894 | 2,470,313 |
Capital and reserves, Allotted
Capital and reserves, Allotted called up and fully paid (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allotted, Called Up and Fully Paid [Abstract] | |||
Number of shares allotted, called up and fully paid | £ 641 | £ 490 | £ 429 |
Ordinary Shares [Member] | |||
Allotted, Called Up and Fully Paid [Abstract] | |||
Number of shares allotted, called up and fully paid | 268 | 252 | 247 |
Series A Shares [Member] | |||
Allotted, Called Up and Fully Paid [Abstract] | |||
Number of shares allotted, called up and fully paid | 170 | 170 | 170 |
Series B Shares [Member] | |||
Allotted, Called Up and Fully Paid [Abstract] | |||
Number of shares allotted, called up and fully paid | 115 | 62 | 0 |
Series C Shares [Member] | |||
Allotted, Called Up and Fully Paid [Abstract] | |||
Number of shares allotted, called up and fully paid | 82 | 0 | 0 |
Growth Shares [Member] | |||
Allotted, Called Up and Fully Paid [Abstract] | |||
Number of shares allotted, called up and fully paid | £ 6 | £ 6 | £ 12 |
Capital and reserves, Share pre
Capital and reserves, Share premium (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share premium [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 283,250 | 224,087 | 223,986 |
New shares issued for cash (in shares) | 83,115 | 59,163 | 101 |
New shares issued for non-cash consideration | 19,865 | ||
Number of shares outstanding at end of period (in shares) | 386,230 | 283,250 | 224,087 |
Non-current interest-bearing _3
Non-current interest-bearing loans and borrowings (Details) £ in Thousands, $ in Millions | Dec. 31, 2020GBP (£) | Nov. 06, 2020USD ($)Tranche | Dec. 31, 2019GBP (£) |
Interest-bearing loans and borrowings [Abstract] | |||
Long-term borrowings | £ | £ 36,654 | £ 0 | |
Total borrowings | £ | £ 36,654 | £ 0 | |
Oxford Finance Agreement [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Borrowings, maximum capacity | $ 100 | ||
Number of tranches | Tranche | 3 | ||
Oxford Finance Agreement, Tranche One [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Total borrowings | $ 50 | ||
Oxford Finance Agreement, Tranche Two [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Total borrowings | 25 | ||
Oxford Finance Agreement, Tranche Three [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Line of credit borrowing remaining amount | $ 25 |
Non-current interest-bearing _4
Non-current interest-bearing loans and borrowings, Loan and security agreement (Details) £ in Thousands, $ in Millions | Dec. 31, 2020GBP (£) | Nov. 06, 2020USD ($)Tranche | Dec. 31, 2019GBP (£) |
Interest-bearing loans and borrowings [Abstract] | |||
Borrowings outstanding | £ | £ 36,654 | £ 0 | |
Oxford Finance Agreement [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Borrowings, maximum capacity | $ 100 | ||
Number of tranches | Tranche | 3 | ||
Oxford Finance Agreement, Tranche One [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Borrowings outstanding | $ 50 | ||
Oxford Finance Agreement, Tranche Two [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Borrowings outstanding | 25 | ||
Oxford Finance Agreement, Tranche Three [Member] | |||
Interest-bearing loans and borrowings [Abstract] | |||
Borrowings, remaining amount | $ 25 |
Non-Current Deferred liabilit_3
Non-Current Deferred liabilities (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-Current Deferred liabilities [Abstract] | ||
Deferred revenue | £ 24,868 | £ 47,961 |
Non-current deferred revenue (Note 19) | £ 24,868 | £ 47,961 |
Provisions (Details)
Provisions (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provisions [Abstract] | ||
Provisions, beginning balance | £ 288 | £ 217 |
Arising during the year | 299 | 150 |
Utilized | (340) | (79) |
Provisions, ending balance | 247 | 288 |
Current | 109 | 183 |
Non-current | £ 138 | £ 105 |
Current interest-bearing loan_3
Current interest-bearing loans and borrowings (Details) | Dec. 31, 2020GBP (£) | Mar. 31, 2020USD ($)shares | Mar. 02, 2020USD ($)shares | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | Sep. 13, 2017USD ($) |
Current Interest-Bearing Loans and Borrowings [Abstract] | ||||||
Short-term convertible loan (Note 26) | £ 0 | £ 19,157,000 | ||||
Interest-bearing loans and borrowings | 0 | 19,157,000 | ||||
Disclosure of current liabilities [Abstract] | ||||||
Borrowings outstanding | £ 36,654,000 | 0 | ||||
Gates foundation convertible loan [Member] | ||||||
Disclosure of current liabilities [Abstract] | ||||||
Maximum borrowing capacity | $ | $ 40,000,000 | $ 40,000,000 | ||||
Loan amount received | $ | 25,000,000 | |||||
Stock converted (in shares) | shares | 203,697 | |||||
Derivative asset, derecognized | 266,000 | |||||
Derivative asset, in accumulated deficit | 510,000 | |||||
Loans, carrying value | £ 19,356,000 | |||||
Borrowings outstanding | $ | $ 25,000,000 | $ 25,000,000 | $ 25,500,000 | |||
Gates foundation convertible loan [Member] | Series B Shares [Member] | ||||||
Disclosure of current liabilities [Abstract] | ||||||
Stock converted (in shares) | shares | 203,697 | 203,697 | ||||
Gates foundation convertible loan [Member] | First tranche [Member] | ||||||
Disclosure of current liabilities [Abstract] | ||||||
Loan amount received | $ | $ 25,000,000 | |||||
Borrowings outstanding | $ | $ 25,000,000 |
Trade and other payables (Detai
Trade and other payables (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other payables [Abstract] | ||
Trade payables | £ 5,783 | £ 15,729 |
Other taxation and social security | 620 | 522 |
Pension Liability | 2 | 1 |
Accruals | 19,323 | 13,249 |
Trade and other payables | £ 25,728 | £ 29,501 |
Current deferred liabilities (D
Current deferred liabilities (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current deferred liabilities [Abstract] | ||
Deferred revenue | £ 27,118 | £ 28,457 |
Deferred rent | 0 | 65 |
Deferred liabilities | £ 27,118 | £ 28,522 |
Tax payable (Details)
Tax payable (Details) - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Tax payable [Abstract] | ||
Tax payable | £ 0 | £ 72 |
Tax payable | £ 0 | £ 72 |
Share-based payments, Share opt
Share-based payments, Share option plan (Details) | 12 Months Ended | ||
Dec. 31, 2020GBP (£)shares£ / shares | Dec. 31, 2019GBP (£)shares£ / shares | Dec. 31, 2018GBP (£)shares£ / shares | |
Share-based payments awards [Abstract] | |||
Share-based compensation arrangement by award vesting period | 4 years | ||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||
Share-based payments (Note 25) | £ | £ 8,162,000 | £ 3,056,000 | £ 666,000 |
Weighted average exercise prices [Abstract] | |||
Weighted average fair value of options granted | £ | £ 33,400 | £ 11,950 | £ 0 |
Weighted average share price at grant date (in pounds per share) | £ 64 | £ 64 | £ 144.14 |
Employees [Member] | |||
Share-based payments awards [Abstract] | |||
Vesting period | 7 years | ||
Share option plan [Member] | |||
Share-based payments awards [Abstract] | |||
Share-based compensation arrangement by award vesting period | 4 years | ||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||
Vesting period | 3 years | ||
Share-based compensation arrangement by award lapse period | 10 years | ||
Share-based payments (Note 25) | £ | £ 8,162,000 | £ 3,056,000 | £ 666,000 |
Incremental fair value of awards granted , price per share (in pounds per share) | £ 14.06 | ||
Number of options [Abstract] | |||
Outstanding at beginning period (in shares) | shares | 715,823 | 148,723 | 227,608 |
Awards granted (in shares) | 224,536 | 582,252 | 0 |
Awards exercised (in shares) | shares | (2,776) | (8,574) | (10,950) |
Awards forfeited (in shares) | shares | (27,311) | (6,578) | (67,935) |
Outstanding at ending period (in shares) | shares | 910,272 | 715,823 | 148,723 |
Exercisable at ending period (in shares) | shares | 194,106 | ||
Weighted average exercise prices [Abstract] | |||
Outstanding at beginning period (in pounds per share) | £ 132.89 | £ 57.50 | £ 54.01 |
Awards granted (in pounds per share) | 64 | 150 | 0 |
Awards exercised (in pounds per share) | 21.91 | 2.71 | 9.26 |
Awards forfeited (in pounds per share) | 81.67 | 103.17 | 53.57 |
Outstanding at period end (in pounds per share) | 62.90 | £ 132.89 | £ 57.50 |
Exercisable at ending period (in pounds per share) | £ 91.92 | ||
Share option plan [Member] | Employees [Member] | |||
Share-based payments awards [Abstract] | |||
Share-based compensation arrangement by award vesting period | 8 years | ||
Share-based compensation arrangement by award vesting percentage | 0.125 | ||
Growth share plan [Member] | |||
Share-based payments awards [Abstract] | |||
Share-based compensation arrangement by award vesting period | 4 years | ||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||
Vesting period | 3 years | ||
Number of options [Abstract] | |||
Outstanding at beginning period (in shares) | £ | 58,206 | 118,446 | 155,246 |
Awards granted (in shares) | £ | 34,260 | 0 | 0 |
Awards exercised (in shares) | £ | 0 | 0 | 0 |
Awards forfeited (in shares) | £ | (29,575) | (60,240) | (36,800) |
Outstanding at ending period (in shares) | £ | 62,891 | 58,206 | 118,446 |
Exercisable at ending period (in shares) | £ | 34,857 | ||
Weighted average exercise prices [Abstract] | |||
Outstanding at beginning period (in pounds per share) | £ 170 | £ 170 | £ 170 |
Awards granted (in pounds per share) | 110.41 | 0 | 0 |
Awards exercised (in pounds per share) | 0 | 0 | 0 |
Awards forfeited (in pounds per share) | 170 | 170 | 170 |
Outstanding at period end (in pounds per share) | 137.54 | £ 170 | £ 170 |
Exercisable at ending period (in pounds per share) | £ 157.83 | ||
Growth share plan [Member] | Employees [Member] | |||
Share-based payments awards [Abstract] | |||
Share-based compensation arrangement by award vesting period | 8 years | ||
Share-based compensation arrangement by award vesting percentage | 0.125 | ||
Vesting period | 7 years |
Share-based payments, Growth sh
Share-based payments, Growth share plan (Details) | 12 Months Ended | ||||||||||
Dec. 31, 2020sharesGBP (£)£ / shares | Dec. 31, 2020sharesGBP (£)£ / shares | Dec. 31, 2020sharesGBP (£)£ / shares | Dec. 31, 2020sharesGBP (£)£ / shares | Dec. 31, 2020sharesGBP (£)£ / shares | Dec. 31, 2019shares | Dec. 31, 2019GBP (£) | Dec. 31, 2019£ / shares | Dec. 31, 2018shares | Dec. 31, 2018GBP (£) | Dec. 31, 2018£ / shares | |
Share-based payments awards [Abstract] | |||||||||||
Share-based compensation arrangement by award vesting period | 4 years | ||||||||||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||||||||||
Employees [Member] | |||||||||||
Share-based payments awards [Abstract] | |||||||||||
Vesting period | 7 years | ||||||||||
Share option plan [Member] | |||||||||||
Share-based payments awards [Abstract] | |||||||||||
Share-based compensation arrangement by award vesting period | 4 years | ||||||||||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||||||||||
Vesting period | 3 years | ||||||||||
Number of options [Abstract] | |||||||||||
Outstanding at beginning period (in shares) | shares | 715,823 | 148,723 | 227,608 | ||||||||
Awards granted (in shares) | 224,536 | 224,536 | 582,252 | 582,252 | 0 | 0 | |||||
Awards exercised (in shares) | shares | 2,776 | 8,574 | 10,950 | ||||||||
Awards forfeited (in shares) | shares | (27,311) | (6,578) | (67,935) | ||||||||
Outstanding at ending period (in shares) | shares | 910,272 | 715,823 | 148,723 | ||||||||
Exercisable at ending period (in shares) | shares | 194,106 | 194,106 | 194,106 | 194,106 | 194,106 | ||||||
Weighted average exercise prices [Abstract] | |||||||||||
Outstanding at beginning period (in pounds per share) | £ 132.89 | £ 57.50 | £ 54.01 | ||||||||
Awards granted (in pounds per share) | 64 | 150 | 0 | ||||||||
Awards exercised (in pounds per share) | 21.91 | 2.71 | 9.26 | ||||||||
Awards forfeited (in pounds per share) | 81.67 | 103.17 | 53.57 | ||||||||
Outstanding at period end (in pounds per share) | 62.90 | 132.89 | 57.50 | ||||||||
Exercisable at ending period (in pounds per share) | £ 91.92 | £ 91.92 | £ 91.92 | £ 91.92 | £ 91.92 | ||||||
Share option plan [Member] | Employees [Member] | |||||||||||
Share-based payments awards [Abstract] | |||||||||||
Share-based compensation arrangement by award vesting period | 8 years | ||||||||||
Share-based compensation arrangement by award vesting percentage | 0.125 | ||||||||||
Growth share plan [Member] | |||||||||||
Share-based payments awards [Abstract] | |||||||||||
Share-based compensation arrangement by award vesting period | 4 years | ||||||||||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||||||||||
Vesting period | 3 years | ||||||||||
Number of options [Abstract] | |||||||||||
Outstanding at beginning period (in shares) | £ | 58,206 | 118,446 | 155,246 | ||||||||
Awards granted (in shares) | £ | 34,260 | 0 | 0 | ||||||||
Awards exercised (in shares) | £ | 0 | 0 | 0 | ||||||||
Awards forfeited (in shares) | £ | (29,575) | (60,240) | (36,800) | ||||||||
Outstanding at ending period (in shares) | £ | 62,891 | 58,206 | 118,446 | ||||||||
Exercisable at ending period (in shares) | £ | 34,857 | 34,857 | 34,857 | 34,857 | 34,857 | ||||||
Weighted average exercise prices [Abstract] | |||||||||||
Outstanding at beginning period (in pounds per share) | £ 170 | 170 | 170 | ||||||||
Awards granted (in pounds per share) | 110.41 | 0 | 0 | ||||||||
Awards exercised (in pounds per share) | 0 | 0 | 0 | ||||||||
Awards forfeited (in pounds per share) | 170 | 170 | 170 | ||||||||
Outstanding at period end (in pounds per share) | 137.54 | £ 170 | £ 170 | ||||||||
Exercisable at ending period (in pounds per share) | £ 157.83 | £ 157.83 | £ 157.83 | £ 157.83 | £ 157.83 | ||||||
Growth share plan [Member] | Employees [Member] | |||||||||||
Share-based payments awards [Abstract] | |||||||||||
Share-based compensation arrangement by award vesting period | 8 years | ||||||||||
Share-based compensation arrangement by award vesting percentage | 0.125 | ||||||||||
Vesting period | 7 years |
Share-based payments, Exercise
Share-based payments, Exercise prices and weighted average remaining contractual life (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of exercisable [Abstract] | |||
Number of options | £ 33,400 | £ 11,950 | £ 0 |
Growth share plan [Member] | Range one [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 170 | ||
Number of options | £ 43,631 | ||
Weighted average remaining contractual life | 7 years 3 months 18 days | ||
Growth share plan [Member] | Range two [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 64 | ||
Number of options | £ 19,260 | ||
Weighted average remaining contractual life | 9 years 4 months 24 days | ||
Growth share plan [Member] | Range three [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 0 | ||
Growth share plan [Member] | Range four [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 0 | ||
Growth Share Plan, Apr-20 [Member] | |||
Summary of exercisable [Abstract] | |||
Exercise price (in pounds per share) | £ 0 | ||
Growth Share Plan, Apr-20 [Member] | Bottom of Range [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 64 | ||
Number of options | £ 2.12 | ||
Growth Share Plan, Apr-20 [Member] | Top of Range [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 170 | ||
Number of options | £ 7.05 | ||
Growth Share Plan, Apr-17 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 170 | ||
Number of options | £ 58.55 | ||
Exercise price (in pounds per share) | £ 0 | ||
Share option plan [Member] | Range one [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 91,994 | ||
Weighted average remaining contractual life | 4 years 8 months 12 days | ||
Exercise price (in pounds per share) | £ 43.37 | ||
Share option plan [Member] | Range two [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 3,309 | ||
Weighted average remaining contractual life | 5 years | ||
Exercise price (in pounds per share) | £ 120.87 | ||
Share option plan [Member] | Range three [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 11,481 | ||
Weighted average remaining contractual life | 6 years 3 months 18 days | ||
Exercise price (in pounds per share) | £ 150 | ||
Share option plan [Member] | Range four [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 803,488 | ||
Weighted average remaining contractual life | 9 years 6 months | ||
Exercise price (in pounds per share) | £ 64 | ||
Share option plan, Nov-20 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 35 | ||
Exercise price (in pounds per share) | £ 64 | ||
Share option plan, Oct-20 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 35.16 | ||
Exercise price (in pounds per share) | £ 64 | ||
Share option plan, Jun-20 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | 0 | ||
Exercise price (in pounds per share) | £ 64 | ||
Share option plan, Jun-20 [Member] | Bottom of Range [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 34.30 | ||
Share option plan, Jun-20 [Member] | Top of Range [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 34.32 | ||
Share option plan, Apr-20 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 32.394 | ||
Exercise price (in pounds per share) | £ 64 | ||
Share option plan, May-19 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 11.95 | ||
Exercise price (in pounds per share) | £ 150 | ||
Share option plan, Apr-17 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Number of options | £ 80.63 | ||
Exercise price (in pounds per share) | £ 150 | ||
Share option plan, 2016 [Member] | |||
Summary of exercisable [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Share option plan, 2016 [Member] | Bottom of Range [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 77.16 | ||
Exercise price (in pounds per share) | £ 43.37 | ||
Share option plan, 2016 [Member] | Top of Range [Member] | |||
Summary of exercisable [Abstract] | |||
Number of options | £ 107.94 | ||
Exercise price (in pounds per share) | £ 150 |
Share-based payments, Awards gr
Share-based payments, Awards granted under the share option plan assumptions (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | £ 64 | £ 144.14 |
Fair value (in pounds per share) | £ 33,400 | £ 11,950 | £ 0 |
Share option plan [Member] | Range one [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in pounds per share) | £ 43.37 | ||
Fair value (in pounds per share) | £ 91,994 | ||
Share option plan [Member] | Range two [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in pounds per share) | £ 120.87 | ||
Fair value (in pounds per share) | £ 3,309 | ||
Share option plan [Member] | Range three [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in pounds per share) | £ 150 | ||
Fair value (in pounds per share) | £ 11,481 | ||
Share option plan [Member] | Range four [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in pounds per share) | £ 64 | ||
Fair value (in pounds per share) | £ 803,488 | ||
Share option plan, Nov-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | 64 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 87.00% | ||
Expected life (years) | 3 years | ||
Risk free rate | (0.01%) | ||
Fair value (in pounds per share) | £ 35 | ||
Share option plan, Oct-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | 64 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 87.00% | ||
Expected life (years) | 3 years | ||
Risk free rate | (0.07%) | ||
Fair value (in pounds per share) | £ 35.16 | ||
Share option plan, Jun-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | 64 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 85.00% | ||
Expected life (years) | 3 years | ||
Share option plan, Jun-20 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Risk free rate | 0.02% | ||
Fair value (in pounds per share) | £ 34.30 | ||
Share option plan, Jun-20 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Risk free rate | (0.03%) | ||
Fair value (in pounds per share) | £ 34.32 | ||
Share option plan, Apr-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | 64 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 79.00% | ||
Expected life (years) | 3 years | ||
Risk free rate | 0.03% | ||
Fair value (in pounds per share) | £ 32.394 | ||
Share option plan, May-19 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | 150 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 67.00% | ||
Fair value (in pounds per share) | £ 11.95 | ||
Share option plan, May-19 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Expected life (years) | 1 year 10 months 24 days | ||
Risk free rate | 0.69% | ||
Share option plan, May-19 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Expected life (years) | 3 years | ||
Risk free rate | 0.71% | ||
Share option plan, Apr-17 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 150 | ||
Exercise price (in pounds per share) | 150 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 65.00% | ||
Expected life (years) | 5 years | ||
Risk free rate | 0.42% | ||
Fair value (in pounds per share) | £ 80.63 | ||
Share option plan, 2016 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 140 | ||
Hurdle rate (in pounds per share) | £ 0 | ||
Expected volatility | 60.00% | ||
Expected life (years) | 5 years | ||
Share option plan, 2016 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in pounds per share) | £ 43.37 | ||
Risk free rate | 0.62% | ||
Fair value (in pounds per share) | £ 77.16 | ||
Share option plan, 2016 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in pounds per share) | £ 150 | ||
Risk free rate | 1.41% | ||
Fair value (in pounds per share) | £ 107.94 | ||
Growth share plan [Member] | Range one [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in pounds per share) | £ 170 | ||
Fair value (in pounds per share) | £ 43,631 | ||
Growth share plan [Member] | Range two [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in pounds per share) | £ 64 | ||
Fair value (in pounds per share) | £ 19,260 | ||
Growth share plan [Member] | Range three [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Fair value (in pounds per share) | £ 0 | ||
Growth share plan [Member] | Range four [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in pounds per share) | £ 0 | ||
Fair value (in pounds per share) | £ 0 | ||
Growth Share Plan, Apr-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | £ 0 | ||
Expected volatility | 91.00% | ||
Expected life (years) | 1 year | ||
Risk free rate | 0.03% | ||
Growth Share Plan, Apr-20 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in pounds per share) | £ 64 | ||
Fair value (in pounds per share) | £ 2.12 | ||
Growth Share Plan, Apr-20 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in pounds per share) | £ 170 | ||
Fair value (in pounds per share) | £ 7.05 | ||
Growth Share Plan, Jun-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 64 | ||
Exercise price (in pounds per share) | 0 | ||
Hurdle rate (in pounds per share) | £ 64 | ||
Expected volatility | 102.00% | ||
Expected life (years) | 1 year | ||
Risk free rate | (0.02%) | ||
Fair value (in pounds per share) | £ 7.05 | ||
Growth Share Plan, Apr-17 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in pounds per share) | £ 150 | ||
Exercise price (in pounds per share) | 0 | ||
Hurdle rate (in pounds per share) | £ 170 | ||
Expected volatility | 65.00% | ||
Expected life (years) | 2 years 8 months 12 days | ||
Risk free rate | 0.15% | ||
Fair value (in pounds per share) | £ 58.55 |
Financial instruments (Details)
Financial instruments (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020GBP (£) | Dec. 31, 2020USD ($) | Nov. 06, 2020USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Dec. 31, 2017GBP (£) | |
Liquidity risk [Abstract] | ||||||
Proceeds from agreement | £ 36,654,000 | £ 0 | ||||
Credit risk [Abstract] | ||||||
Cash and cash equivalents | £ 129,716,000 | 73,966,000 | £ 124,385,000 | £ 82,883,000 | ||
Oxford Finance Agreement [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Maturity date for monthly payments of principal and interest | Nov. 30, 2025 | |||||
Oxford Finance Agreement, Tranche One [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Proceeds from agreement | $ | $ 50 | |||||
Liquidity Risk [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | £ 136,307,000 | 80,279,000 | ||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 61,738,000 | 39,863,000 | ||||
Liquidity Risk [Member] | Trade Payables [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 25,084,000 | 15,579,000 | ||||
Liquidity Risk [Member] | Interest Bearing Loans and Borrowings [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 36,654,000 | 19,157,000 | ||||
Liquidity Risk [Member] | Derivative Liability [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 5,127,000 | |||||
Liquidity Risk [Member] | Trade Receivables [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 1,797,000 | 1,471,000 | ||||
Liquidity Risk [Member] | Clinical Trial Deposits in Current Assets [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 1,221,000 | |||||
Liquidity Risk [Member] | Non-current Financial Assets [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 3,573,000 | |||||
Liquidity Risk [Member] | Interest Receivable [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 28,000 | |||||
Liquidity Risk [Member] | Prepayments and Accrued Income [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 2,282,000 | |||||
Liquidity Risk [Member] | Long Term Security Deposits [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 2,532,000 | |||||
Liquidity Risk [Member] | Cash and Cash Equivalents [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 129,716,000 | 73,966,000 | ||||
Liquidity Risk [Member] | Other Non-current Financial Assets [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Paid in advance for clinical trials | 3,426,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 136,307,000 | 80,279,000 | ||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 76,505,000 | 35,005,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Trade Payables [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 25,084,000 | 15,579,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Interest Bearing Loans and Borrowings [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 51,421,000 | 19,426,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Derivative Liability [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 0 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Trade Receivables [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 1,797,000 | 1,471,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Clinical Trial Deposits in Current Assets [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 1,221,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Non-current Financial Assets [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 3,573,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Interest Receivable [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 28,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Prepayments and Accrued Income [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 2,282,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Long Term Security Deposits [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 2,532,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Cash Flows [Member] | Cash and Cash Equivalents [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 129,716,000 | 73,966,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 132,734,000 | 75,889,000 | ||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 28,438,000 | 39,863,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Trade Payables [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 25,084,000 | 15,579,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Interest Bearing Loans and Borrowings [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 3,354,000 | 19,157,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Derivative Liability [Member] | ||||||
Disclosure of financial liabilities [abstract] | ||||||
Financial liabilities | 5,127,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Trade Receivables [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 1,797,000 | 1,471,000 | ||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Clinical Trial Deposits in Current Assets [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 1,221,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Non-current Financial Assets [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 0 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Interest Receivable [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 28,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Prepayments and Accrued Income [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 424,000 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Long Term Security Deposits [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | 0 | |||||
Liquidity Risk [Member] | Financial Assets Contractual Maturity One Year or Less [Member] | Cash and Cash Equivalents [Member] | ||||||
Disclosure of financial assets [abstract] | ||||||
Financial assets | £ 129,716,000 | 73,966,000 | ||||
Liquidity Risk [Member] | Oxford Finance Agreement, Tranche One [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Proceeds from agreement | $ | $ 50 | |||||
Maturity date for monthly payments of principal and interest | Nov. 30, 2025 | |||||
Liquidity Risk [Member] | Bottom of Range [Member] | Long Term Security Deposits [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Financial assets estimated receivable period | P4Y | |||||
Liquidity Risk [Member] | Bottom of Range [Member] | Other Non-current Financial Assets [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Financial assets estimated receivable period | P1Y | |||||
Liquidity Risk [Member] | Top of Range [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Financial assets and liabilities maturity of contractual cash flows | P1Y | |||||
Liquidity Risk [Member] | Top of Range [Member] | Other Non-current Financial Assets [Member] | ||||||
Liquidity risk [Abstract] | ||||||
Financial assets estimated receivable period | P5Y | |||||
Credit Risk [member] | ||||||
Credit risk [Abstract] | ||||||
Cash and cash equivalents | £ 129,716,000 | £ 73,966,000 |
Financial instruments, Interest
Financial instruments, Interest risk (Details) | 12 Months Ended | ||||
Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Dec. 31, 2019USD ($) | Sep. 13, 2017USD ($) | |
Interest risk [Abstract] | |||||
Increase (decrease) net annual interest income | £ 0 | £ 0 | £ 272,000 | ||
Finance cost | £ 3,375,000 | £ 9,379,000 | £ 842,000 | ||
Oxford Finance Agreement [Member] | LIBOR [Member] | |||||
Interest risk [Abstract] | |||||
Borrowings, interest rate | 8.85% | ||||
Oxford Finance Agreement [Member] | LIBOR [Member] | Bottom of Range [Member] | |||||
Interest risk [Abstract] | |||||
Borrowings, interest rate | 9.01% | ||||
Oxford Finance Agreement [Member] | LIBOR [Member] | Top of Range [Member] | |||||
Interest risk [Abstract] | |||||
Borrowings, interest rate | 12.01% | ||||
Gates Foundation Convertible Loan [Member] | |||||
Interest risk [Abstract] | |||||
Maximum borrowing capacity | $ | $ 40,000,000 | $ 40,000,000 | |||
Loans received | $ | 25,000,000 | ||||
Borrowings interest rate for first twelve months | 2.00% | ||||
Gates Foundation Convertible Loan [Member] | First Tranche [Member] | |||||
Interest risk [Abstract] | |||||
Loans received | $ | $ 25,000,000 | ||||
Borrowings interest rate for first twelve months | 2.00% | 2.00% | |||
Interest Rate Risk [Member] | |||||
Disclosure of financial assets [abstract] | |||||
Financial assets | £ 129,716,000 | £ 73,966,000 | |||
Disclosure of financial liabilities [abstract] | |||||
Financial liabilities | 36,654,000 | 19,157,000 | |||
Interest Rate Risk [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Disclosure of financial liabilities [abstract] | |||||
Financial liabilities | 36,654,000 | 19,157,000 | |||
Interest Rate Risk [Member] | Cash and Cash Equivalents [Member] | |||||
Disclosure of financial assets [abstract] | |||||
Financial assets | 129,716,000 | 73,966,000 | |||
Bank of England Base Rate + 0.5% Percentage Points [Member] | |||||
Interest risk [Abstract] | |||||
Increase (decrease) net annual interest income | 649,000 | 370,000 | |||
Bank of England Base Rate - 0.5% Percentage Points [Member] | |||||
Interest risk [Abstract] | |||||
Increase (decrease) net annual interest income | (649,000) | (370,000) | |||
LIBOR Base Rate +0.5% Percentage Points [Member] | Oxford Finance Agreement [Member] | |||||
Interest risk [Abstract] | |||||
Finance cost | 183,000 | 0 | |||
LIBOR Base Rate - 0.5% Percentage Points [Member] | Oxford Finance Agreement [Member] | |||||
Interest risk [Abstract] | |||||
Finance cost | £ (183,000) | £ 0 |
Financial instruments, Financia
Financial instruments, Financial assets and liabilities in foreign currency risk (Details) - GBP (£) | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets at amortized cost [Abstract] | ||
Financial assets | £ 136,307,000 | £ 80,545,000 |
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 61,738,000 | 39,863,000 |
Interest Receivable [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 0 | 28,000 |
Cash and Cash Equivalents [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 129,716,000 | 73,966,000 |
Trade Payables [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 25,084,000 | 15,579,000 |
Interest Bearing Loans and Borrowings [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 36,654,000 | 19,157,000 |
Foreign Currency Risk [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 96,880,000 | 14,391,000 |
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 50,433,000 | 23,531,000 |
Foreign Currency Risk [Member] | Interest Receivable [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 0 | 15,000 |
Foreign Currency Risk [Member] | Clinical Trial Deposits and Other Debtors [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 4,036,000 | 1,858,000 |
Foreign Currency Risk [Member] | Cash and Cash Equivalents [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 92,844,000 | 12,518,000 |
Foreign Currency Risk [Member] | Trade Payables [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 13,779,000 | 4,374,000 |
Foreign Currency Risk [Member] | Interest Bearing Loans and Borrowings [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 36,654,000 | 19,157,000 |
5% Point Increase [Member] | ||
Foreign currency risk [Abstract] | ||
Net financial assets and liabilities, carrying value | (2,869,000) | 655,000 |
5% Point Decrease [Member] | ||
Foreign currency risk [Abstract] | ||
Net financial assets and liabilities, carrying value | £ 28,589,000 | £ (655,000) |
Financial instruments, Disclosu
Financial instruments, Disclosure of financial assets and liabilities (Details) | Dec. 31, 2020GBP (£) | Mar. 31, 2020USD ($)shares | Mar. 02, 2020USD ($)shares | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) |
Financial assets at amortized cost [Abstract] | |||||
Financial assets | £ 136,307,000 | £ 80,545,000 | |||
Financial assets, at fair value | 136,307,000 | 80,545,000 | |||
Financial liabilities at amortized cost [Abstract] | |||||
Financial liabilities | 61,738,000 | 39,863,000 | |||
Financial liabilities, at fair value | 61,738,000 | 39,863,000 | |||
Borrowings outstanding | 36,654,000 | 0 | |||
Gates Foundation Convertible Loan [Member] | |||||
Financial liabilities at amortized cost [Abstract] | |||||
Borrowings outstanding | $ | $ 25,000,000 | $ 25,000,000 | $ 25,500,000 | ||
Stock converted (in shares) | shares | 203,697 | ||||
Gates Foundation Convertible Loan [Member] | Series B Shares [Member] | |||||
Financial liabilities at amortized cost [Abstract] | |||||
Stock converted (in shares) | shares | 203,697 | 203,697 | |||
Trade Receivables [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets | 1,797,000 | 1,471,000 | |||
Financial assets, at fair value | 1,797,000 | 1,471,000 | |||
Interest Receivable [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets | 0 | 28,000 | |||
Financial assets, at fair value | 0 | 28,000 | |||
Current Clinical Trial Deposits and Accrued Income [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets | 1,221,000 | 424,000 | |||
Financial assets, at fair value | 1,221,000 | 424,000 | |||
Non-current Financial Assets [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets | 3,573,000 | 4,390,000 | |||
Financial assets, at fair value | 3,573,000 | 4,390,000 | |||
Embedded Derivative Asset [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets | 0 | 266,000 | |||
Financial assets, at fair value | 0 | 266,000 | |||
Embedded Derivative Asset [Member] | Level 3 [member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets, at fair value | 266,000 | ||||
Embedded Derivative Asset [Member] | Level 3 [member] | Bottom of Range [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets, at fair value | 0 | ||||
Embedded Derivative Asset [Member] | Level 3 [member] | Top of Range [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets, at fair value | 8,855,000 | ||||
Cash and Cash Equivalents [Member] | |||||
Financial assets at amortized cost [Abstract] | |||||
Financial assets | 129,716,000 | 73,966,000 | |||
Financial assets, at fair value | 129,716,000 | 73,966,000 | |||
Trade Payables [Member] | |||||
Financial liabilities at amortized cost [Abstract] | |||||
Financial liabilities | 25,084,000 | 15,579,000 | |||
Financial liabilities, at fair value | 25,084,000 | 15,579,000 | |||
Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities at amortized cost [Abstract] | |||||
Financial liabilities | 36,654,000 | 19,157,000 | |||
Financial liabilities, at fair value | 36,654,000 | 19,157,000 | |||
Derivative Liability [Member] | |||||
Financial liabilities at amortized cost [Abstract] | |||||
Financial liabilities | 0 | 5,127,000 | |||
Financial liabilities, at fair value | £ 0 | £ 5,127,000 |
Financial instruments, Intere_2
Financial instruments, Interest-bearing loans and borrowings (Details) £ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£)Tranche | Nov. 06, 2020USD ($)Tranche | Mar. 31, 2020USD ($) | Mar. 02, 2020USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | Sep. 13, 2017USD ($) | |
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings | £ | £ 36,654 | £ 0 | ||||||
Oxford Finance Agreement [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, maximum capacity | $ 100,000,000 | |||||||
Number of tranches | Tranche | 3 | |||||||
Maturity date for monthly payments of principal and interest | Nov. 30, 2025 | |||||||
Accrued interest and a prepayment fee | $ 10,000,000 | |||||||
Oxford Finance Agreement [Member] | LIBOR [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, interest rate | 8.85% | |||||||
Oxford Finance Agreement [Member] | LIBOR [Member] | Bottom of Range [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, interest rate | 9.01% | |||||||
Oxford Finance Agreement [Member] | LIBOR [Member] | Top of Range [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, interest rate | 12.01% | |||||||
Oxford Finance Agreement, Tranche One [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings | $ 50,000,000 | |||||||
Oxford Finance Agreement, Tranche Two [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings | 25,000,000 | |||||||
Oxford Finance Agreement, Tranche Three [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, remaining amount | $ 25,000,000 | |||||||
Gates Foundation Convertible Loan [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, maximum capacity | $ 40,000,000 | |||||||
Number of tranches | Tranche | 2 | |||||||
Borrowings | $ 25,000,000 | $ 25,000,000 | $ 25,500,000 | |||||
Borrowings interest rate for first twelve months | 2.00% | |||||||
Borrowings interest rate after one year | 0.00% | |||||||
Gates Foundation Convertible Loan [Member] | First Tranche [Member] | ||||||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings | $ 25,000,000 | |||||||
Borrowings interest rate for first twelve months | 2.00% | 2.00% |
Financial instruments, Other no
Financial instruments, Other non-current financial assets (Details) - GBP (£) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other non-current financial assets [Abstract] | ||
Lease security deposit for buildings | £ 786,000 | £ 2,532,000 |
Other Non-current Financial Assets [Member] | ||
Other non-current financial assets [Abstract] | ||
Lease security deposit for buildings | 786,000 | £ 2,532,000 |
Legal settlement | 145,000 | |
Good faith deposit | £ 51,000 |
Financial instruments, Changes
Financial instruments, Changes in liabilities arising from financing activities (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020GBP (£)Property | Dec. 31, 2019GBP (£) | Dec. 31, 2020USD ($)Property | |
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities from financing activities | £ 64,534,000 | £ 65,433,000 | |
Cash flows | 32,826,000 | (4,036,000) | |
Foreign exchange movement | (1,306,000) | (554,000) | |
Net finance (income)/costs | (579,000) | 8,907,000 | |
Leases | (8,591,000) | (5,216,000) | |
Other | (22,997,000) | ||
Liabilities from financing activities | 63,887,000 | 64,534,000 | |
Proceeds from agreement | £ 36,654,000 | 0 | |
Number of leasehold properties terminated | Property | 2 | 2 | |
Lease liabilities | £ 27,233,000 | 40,250,000 | |
Addition of new leases | 453,000 | 897,000 | |
IFRS 16 [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Lease remeasurements | 1,093,000 | 6,113,000 | |
Addition of new leases | 422,000 | 897,000 | |
Leasehold Properties [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Lease liabilities | 10,414,000 | 0 | |
Oxford Debt Agreement [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Proceeds from agreement | $ | $ 50 | ||
Interest Bearing Loans and Borrowings [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities from financing activities | 19,157,000 | 18,878,000 | |
Cash flows | 37,252,000 | 0 | |
Foreign exchange movement | (1,306,000) | (563,000) | |
Net finance (income)/costs | 708,000 | 842,000 | |
Leases | 0 | 0 | |
Other | (19,157,000) | ||
Liabilities from financing activities | 36,654,000 | 19,157,000 | |
Derivative Liability [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities from financing activities | 5,127,000 | 0 | |
Cash flows | 0 | 0 | |
Foreign exchange movement | 0 | 0 | |
Net finance (income)/costs | (1,287,000) | 5,127,000 | |
Leases | 0 | 0 | |
Other | (3,840,000) | ||
Liabilities from financing activities | 0 | 5,127,000 | |
Lease Liabilities [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities from financing activities | 40,250,000 | 46,555,000 | |
Cash flows | (4,426,000) | (4,036,000) | |
Foreign exchange movement | 0 | 9,000 | |
Net finance (income)/costs | 0 | 2,938,000 | |
Leases | (8,591,000) | (5,216,000) | |
Other | 0 | ||
Liabilities from financing activities | £ 27,233,000 | £ 40,250,000 |
Post-employment benefit plans (
Post-employment benefit plans (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [Abstract] | |||
Unpaid contributions outstanding | £ 2,000 | £ 1,000 | |
Total plan expense, current period | £ 1,035,000 | £ 1,213,000 | £ 981,000 |
Commitments and contingencies_2
Commitments and contingencies (Details) | 12 Months Ended | |
Dec. 31, 2020GBP (£)LeaseholdProperty | Dec. 31, 2019GBP (£) | |
Contractual obligations [Abstract] | ||
Lease liabilities - existing | £ 45,737,000 | £ 66,591,000 |
Lease liabilities - contingent | 6,566,000 | 7,045,000 |
Manufacturing | 3,324,000 | 4,311,000 |
Capital commitments | 77,000 | 1,460,000 |
Total contractual obligations | £ 55,704,000 | 79,407,000 |
Number of leasehold properties under contractual obligations | LeaseholdProperty | 2 | |
Contingent commitment | £ 6,566,000 | 7,045,000 |
Less than 1 year [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 3,529,000 | 4,469,000 |
Lease liabilities - contingent | 0 | 68,000 |
Manufacturing | 2,824,000 | 3,669,000 |
Capital commitments | 77,000 | 1,460,000 |
Total contractual obligations | 6,430,000 | 9,666,000 |
1-3 years [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 5,322,000 | 8,958,000 |
Lease liabilities - contingent | 2,254,000 | 1,604,000 |
Manufacturing | 500,000 | 642,000 |
Capital commitments | 0 | 0 |
Total contractual obligations | 8,076,000 | 11,204,000 |
3-5 years [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 4,286,000 | 7,876,000 |
Lease liabilities - contingent | 2,471,000 | 2,685,000 |
Manufacturing | 0 | 0 |
Capital commitments | 0 | 0 |
Total contractual obligations | 6,757,000 | 10,561,000 |
More than 5 years [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 32,600,000 | 45,288,000 |
Lease liabilities - contingent | 1,841,000 | 2,688,000 |
Manufacturing | 0 | 0 |
Capital commitments | 0 | 0 |
Total contractual obligations | £ 34,441,000 | £ 47,976,000 |
Related party disclosures (Deta
Related party disclosures (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related party transactions [abstract] | |||
Sales to related party | £ 0 | £ 0 | £ 71,000 |
Purchases from related party | 0 | 530,000 | 744,000 |
Outstanding balances for related party transactions [abstract] | |||
Outstanding balances, due from related parties | 0 | 0 | |
Outstanding balances, due to related parties | 0 | 0 | |
Aigenpulse Limited [Member] | |||
Related party transactions [abstract] | |||
Sales to related party | 0 | 0 | 0 |
Purchases from related party | 0 | 500,000 | 729,000 |
Adaptimmune Limited [Member] | |||
Related party transactions [abstract] | |||
Sales to related party | 0 | 0 | 69,000 |
Purchases from related party | 0 | 0 | 0 |
Malin Life Sciences Holdings Limited [Member] | |||
Related party transactions [abstract] | |||
Sales to related party | 0 | 0 | 0 |
Purchases from related party | 0 | 0 | 2,000 |
Oxford Nanosystems Limited [Member] | |||
Related party transactions [abstract] | |||
Sales to related party | 0 | 0 | 2,000 |
Purchases from related party | 0 | 0 | 0 |
Oxford Innovation Ltd [Member] | |||
Related party transactions [abstract] | |||
Sales to related party | 0 | 0 | 0 |
Purchases from related party | £ 0 | £ 30,000 | £ 13,000 |
Related party disclosures, Remu
Related party disclosures, Remuneration of key management personnel (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Key management personnel [Abstract] | |||
Short-term employee benefits | £ 3,421 | £ 6,502 | £ 4,435 |
Share-based payments | 5,602 | 3,667 | 270 |
Total remuneration | £ 9,023 | £ 10,169 | £ 4,705 |
Events after the reporting pe_2
Events after the reporting period (Details) | Feb. 09, 2021USD ($) | Feb. 01, 2021£ / sharesshares | Jan. 22, 2021shares | Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Mar. 31, 2021GBP (£) | Feb. 09, 2021GBP (£)shares | Feb. 09, 2021$ / shares |
Events after reporting period [Abstract] | |||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 83,115 | 59,163 | 101 | ||||||
Ordinary Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 163,870 | 45,581 | 10,950 | ||||||
Growth Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 34,260 | 0 | 0 | ||||||
Forecast [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 6,414,412 | ||||||||
Forecast [Member] | GlaxoSmithKline [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Target amount for release of deferred income | £ | £ 3,208,000 | ||||||||
Forecast [Member] | Growth Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Shares converted (in shares) | 1,926,000 | ||||||||
Forecast [Member] | Non-voting Ordinary Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Share conversion (in shares) | 1 | ||||||||
Shares converted (in shares) | 831,627 | ||||||||
Forecast [Member] | Deferred Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Share conversion (in shares) | 3 | ||||||||
Shares converted (in shares) | 4,349,000 | ||||||||
Forecast [Member] | Immunocore Holdings Limited [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Share conversion (in shares) | 0.01 | 0.01 | |||||||
Share price (in pounds per share) | £ / shares | £ 0.002 | ||||||||
Funding costs including underwriter fee | $ | $ 25,196,000 | ||||||||
Forecast [Member] | Immunocore Holdings Limited [Member] | Ordinary Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Share conversion (in shares) | 1 | ||||||||
Shares issued in initial public offering (in shares) | 20 | 11,426,280 | |||||||
Par value per share (in pounds per share) | £ / shares | £ 0.0001 | ||||||||
Nominal value of ordinary shares | £ | £ 23,000 | ||||||||
Forecast [Member] | Immunocore Holdings Limited [Member] | IPO [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Proceeds from shares issued | $ | 297,083,000 | ||||||||
Forecast [Member] | Immunocore Holdings Limited [Member] | ADS [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Share price (in pounds per share) | $ / shares | $ 26 | ||||||||
Proceeds from shares issued | $ | $ 15,000,000 | ||||||||
Additional ADS issued (in shares) | 576,923 | ||||||||
Forecast [Member] | Immunocore Holdings Limited [Member] | Non-voting Ordinary Shares [Member] | |||||||||
Events after reporting period [Abstract] | |||||||||
Shares issued in initial public offering (in shares) | 20 | ||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.0001 |