Motif Bio 20-F 15 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information
Entity Registrant Name	Motif Bio plc
Entity Central Index Key	0001674657
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	296,660,243
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

Consolidated statements of comp

Consolidated statements of comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Continuing operations
General and administrative expenses	$ (7,635)	$ (8,542)	$ (4,912)
Research and development expenses	(10,988)	(29,475)	(34,795)
Gains on settlement of contract disputes			83
Operating loss	(18,623)	(38,017)	(39,624)
Interest income	113	134	70
Interest expense	(2,160)	(275)	(383)
Net foreign exchange gains (losses)	40	(238)	(251)
Gain (loss) from revaluation of derivative liabilities	6,654	(6,392)	(136)
Loss before income taxes	(13,976)	(44,788)	(40,324)
Income tax expense	(9)	(22)
Net loss for the year	(13,985)	(44,810)	(40,324)
Total comprehensive loss for the year	$ (13,985)	$ (44,810)	$ (40,324)
Net loss per share
Basic per share	$ (0.05)	$ (0.19)	$ (0.35)
Diluted per share	$ (0.07)	$ (0.19)	$ (0.35)
Weighted average number of ordinary shares
Weighted average number of ordinary shares, basic	284,530,534	231,530,091	116,558,191
Weighted average number of ordinary shares, diluted	287,131,688	231,530,091	116,558,191

Consolidated statements of fina

Consolidated statements of financial position - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Non-current assets
Intangible assets	$ 6,196	$ 6,196
Other non-current assets	18	23
Total non-current assets	6,214	6,219
Current assets
Prepaid expenses and other receivables	231	318
Cash and cash equivalents	12,279	22,651
Total current assets	12,510	22,969
Total assets	18,724	29,188
Non-current liabilities
Term loan, net of current portion	10,131	14,057
Other non-current liabilities	196	23
Total non-current liabilities	10,327	14,080
Current liabilities
Trade payables and accrued liabilities	7,207	10,890
Term loan, current portion	4,327
Payable on completion of clinical trial		500
Derivative liabilities	5,789	12,626
Total current liabilities	17,323	24,016
Total liabilities	27,650	38,096
Net assets (liabilities)	(8,926)	(8,908)
EQUITY
Share capital	4,032	3,589
Share premium	93,456	80,873
Group reorganization reserve	9,938	9,938
Accumulated deficit	(116,352)	(103,308)
Total deficit	$ (8,926)	$ (8,908)

Consolidated statements of chan

Consolidated statements of changes in equity - USD ($) $ in Thousands	Share capital	Share premium	Group reorganization reserve	Accumulated deficit	Total
Beginning balance at Dec. 31, 2015	$ 1,645	$ 38,535	$ 9,938	$ (20,395)	$ 29,723
Loss for the year				(40,324)	(40,324)
Total comprehensive loss for the year				(40,324)	(40,324)
Issue of share capital	898	18,701			19,599
Cost of issuance		(3,370)			(3,370)
Conversion of promissory notes	178	3,373			3,551
Exercise of share options and warrants	7	110			117
Share-based payments				513	513
Ending balance at Dec. 31, 2016	2,728	57,349	9,938	(60,206)	9,809
Loss for the year				(44,810)	(44,810)
Total comprehensive loss for the year				(44,810)	(44,810)
Issue of share capital	847	24,570			25,417
Cost of issuance		(1,735)			(1,735)
Exercise of share options and warrants	14	689			703
Share-based payments				1,708	1,708
Ending balance at Dec. 31, 2017	3,589	80,873	9,938	(103,308)	(8,908)
Loss for the year				(13,985)	(13,985)
Total comprehensive loss for the year				(13,985)	(13,985)
Issue of share capital	433	12,989			13,422
Cost of issuance		(749)			(749)
Exercise of share options and warrants	10	343			353
Share-based payments				941	941
Ending balance at Dec. 31, 2018	$ 4,032	$ 93,456	$ 9,938	$ (116,352)	$ (8,926)

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Operating loss for the year	$ (18,623)	$ (38,017)	$ (39,624)
Adjustments to reconcile net loss to net cash used in activities:
Share-based payments	941	1,708	513
Warrant issued for services performed		110
Gain on settlement of contract disputes			(83)
Interest received	97	134	70
Changes in operating assets and liabilities:
Prepaid expenses and other receivables	91	60	(233)
Trade payables and accrued liabilities	(3,952)	(1,431)	11,415
Net cash used in operating activities	(21,446)	(37,436)	(27,942)
Financing activities
Proceeds from issuance of term loan		15,000
Costs of issuance of term loan		(576)
Proceeds from issue of share capital	13,422	25,417	24,996
Costs of issuance of share capital	(749)	(1,734)	(3,370)
Proceeds from exercise of warrants and options	145	419	117
Interest paid	(1,585)	(71)	(315)
Net cash provided by financing activities	11,233	38,455	21,428
Net change in cash	(10,213)	1,019	(6,514)
Cash, beginning of the year	22,651	21,830	28,595
Effect of foreign exchange rate changes	(159)	(198)	(251)
Cash, end of the year	$ 12,279	22,651	21,830
Non-cash financing activity
Conversion of notes payable to ordinary shares			3,551
Fair value of warrants issued in conjunction with issuance of share capital			$ 5,662
Fair value of warrants issued in conjunction with issuance of term loan		$ 420

General information

General information	12 Months Ended
	Dec. 31, 2018
General information
General information	1. General information Motif Bio plc is a biopharmaceutical company focused on the development and commercialization of novel antibiotics that are designed to be effective against serious and life-threatening infections caused by multi-drug resistant bacteria. Motif Bio Limited (“the Company”) was incorporated in England and Wales on November 20, 2014 with company registration number 09320890. The Company’s registered office is at: 201 Temple Chambers, 3-7 Temple Avenue, London EC4Y 0DT, U.K. On April 1, 2015, the Company was re-registered as a public company limited by shares and changed its name to Motif Bio plc. Motif BioSciences Inc. was incorporated in the US State of Delaware on December 2, 2003 and has its registered office at 251 Little Falls Drive, Wilmington, Delaware, 19808. On April 1, 2015, Motif BioSciences Inc. became a wholly owned subsidiary of the Company by way of a group reorganization by plan of merger. The principal place of business is 5 Independence Way, Suite 300, Princeton, NJ 08540, USA. The Company’s country of domicile is the U.K. The consolidated financial statements include the accounts of Motif Bio plc and its wholly owned subsidiary, Motif BioSciences Inc. (“the Group”). The financial statements were approved by the Board of Directors on April 15, 2019. Going concern As of December 31, 2018, the Group had $12.3 million in cash, of which $0.6 million was held by the parent organization Motif Bio plc (or the Company). The Group also had $15 million drawn under its loan facility with Hercules Capital Inc. (‘Hercules’) as of December 31, 2018. Net cash used in operating activities was $21.4 million for the year ended December 31, 2018. Net loss for the year ended December 31, 2018 was $14.0 million. The Group expects to incur losses for the next several years as it continues to advance its product candidate iclaprim through regulatory approval in the United States and Europe, while continuing to support ongoing business operations and commercial preparatory activities. The Group is unable to predict the extent of any future losses or when the Group will become profitable, if at all. In February 2019, the Group received a Complete Response Letter from the U.S. Food & Drug Administration notifying Motif that the New Drug Application for iclaprim could not be approved as submitted. The FDA has asked for additional data to assess the potential for liver toxicity and the Company has a confirmed a Type A meeting with the FDA on May 3, 2019 to discuss the concerns noted in the CRL. After receiving the CRL from the FDA, Motif entered into discussions, and amended its loan agreement with Hercules, making early repayments amounting to $7.5 million and extended an interest only payment period through to June 2019, as further described in Note 13 to the financial statements. Furthermore, in March 2019, Motif successfully raised $3.3 million in net proceeds from an equity offering. Following the aforementioned early debt repayment and receipt of the net proceeds from the equity raise, the Group’s cash resources are expected to be sufficient to fund the business through June 2019. The Group continues to evaluate the options for iclaprim and future funding through June 2019 and beyond when the formal minutes of its Type A meeting with FDA are expected to be published. Minutes are generally provided within 30 days of the meeting. The Group will require additional funds to meet all obligations and, assuming a viable route to approval, to resubmit the NDA and reach a new target decision date. There can be no certainty that the results from the Type A meeting will be positive, or that additional funding will be available to the Group and Company, and therefore the Group and Company may not be able to satisfy all obligations that may exist at the end of June 2019. At the date when these financial statements were approved, the Group’s believes that the matters identified by the FDA as communicated in its CRL are addressable and that routes to raise funds are available. To the extent that the Group and Company raise additional funds by issuing equity securities, its existing stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Group’s and Company’s ability to conduct business and achieve its objectives. If the Group and Company are unable to raise additional capital when required and/or on acceptable terms, the Group and Company may have to (i) significantly delay, scale back or discontinue the development and/or commercialisation of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products on unfavorable terms that the Group and Company would otherwise seek to develop or commercialize itself. As a result, these financial statements have been prepared under the assumption that the Group and Company will continue as a going concern. However, due to the Group’s and Company’s recurring and expected continuing operating losses, as well as significant outstanding payables and accrued expenses, the Directors have concluded there is a material uncertainty which may cast significant doubt on the Group’s and Company’s ability to continue as a going concern for at least one year from the date of issuance of these financial statements. The financial statements do not include any adjustments that might result from this uncertainty. Significant events Subsequent to December 31, 2018, the Group announced on February 14, 2019 the receipt of a Complete Response Letter (CRL) from the U.S. Food & Drug Administration (FDA) regarding the New Drug Application (NDA) for iclaprim for the treatment of acute bacterial skin and skin structure infections. The CRL states that the FDA cannot approve the NDA in its present form and indicates that additional data are needed to further evaluate the risk for liver toxicity before the NDA may be approved. The Group is evaluating and taking action on potential options to address the deficiencies. The Group is scheduled to meet with the FDA on May 3, 2019. On March 25, 2019, the Group placed 45,000,000 new ordinary shares at £0.06 per share and received $3.3 million of net proceeds. On May 17, 2018, the Group placed 32,258,064 new ordinary shares at £0.31 per share and received $12.7 million of net proceeds. On January 19, 2018, the Group filed a “universal” shelf registration statement on Form F-3 with the SEC, which was declared effective by the SEC on January 31, 2018. The shelf registration, which can remain effective for up to three years, will allow the Company to offer, issue and sell, in one or more offerings at any time (as long as the shelf registration statement remains effective), up to an aggregate of $80 million of ordinary shares, including ADSs, where each ADS represents 20 ordinary shares), preference shares, warrants, subscription rights, debt securities and a combination of such securities, separately or as units. The Group has not issued any securities under this shelf registration. On November 15, 2017, the Group entered into a credit agreement (the “Hercules Loan Agreement”) with Hercules Capital, Inc. (“Hercules”). Pursuant to the credit agreement, Hercules agreed to loan the Group up to $20.0 million in two tranches. The first tranche of $15.0 million was drawn down at closing. The milestones for the second tranche of $5.0 million were not achieved and that capital is no longer available to the Group. The terms include an initial interest-only period of 15 months; a 30-month capital and interest repayment period thereafter; an initial interest rate of 10% tied to a margin above the U.S. prime rate and customary security over all assets of the Group, except for intellectual property where there is a negative pledge. Under the Hercules Loan Agreement, the Group issued Hercules a warrant to purchase up to 73,452 of its American Depositary Shares (ADSs) at an exercise price of $9.53 per ADS, representing 3.5% warrant coverage of the total loan facility. Hercules also has the right, in its discretion, to participate in any subsequent financing, such as an equity offering, in an amount up to $1 million. Subsequent to December 31, 2018, the Group announced that it amended the Hercules Loan Agreement, effective February 17, 2019. Pursuant to the amendment, the Group made an early repayment of $7 million is required to make an additional repayment of $0.5 million on the earlier of 90 days May 18, 2019, or receipt of funds from an equity raise of $2 million or greater. The amendment provides for a three-month interest-only period on the remaining loan balance for the period from March 2019 to May 2019 and the waiver of any prepayment charges for the remaining term of the loan. On March 22, 2019, we entered into another amendment agreement that provided for one additional month of the interest only period for the month of June 2019. In addition, Hercules Capital, Inc. provided the Group a letter stating that the receipt and aging of invoices relating to a validation campaign of iclaprim mesylate from a third-party vendor are excluded from the determination of compliance with covenants under the Hercules Loan Agreement, as amended. On June 23, 2017, the Group placed 66,666,667 new ordinary shares at £0.30 per share and received $23.7 million of net proceeds. On November 18, 2016, the Group announced the pricing of the underwritten U.S. offering and European placement, which were concurrently conducted, of 71,633,248 ordinary shares, comprised of 22,863,428 ordinary shares plus 2,438,491 ADSs (representing 48,769,820 ordinary shares at a 20 to 1 ratio). The Group offered 48,769,820 ordinary shares in a U.S. firm commitment offering in the form of 2,438,491 ADSs, together with warrants to purchase 1,219,246 ADS Warrants. Each ADS represents 20 of the Group’s ordinary shares and was sold together with 0.5 of an ADS Warrant in a fixed combination. Each full ADS Warrant is exercisable for one ADS at an exercise price of $8.03 per ADS, exercisable from the date of issuance until five years thereafter. In Europe, the Group offered in a concurrent placement on a best efforts basis 22,863,428 ordinary shares, together with warrants to purchase 11,431,714 ordinary shares. Each ordinary share was sold together with 0.5 of an Ordinary Share Warrant in a fixed combination. Each full Ordinary Share Warrant is exercisable for one ordinary share at an exercise price of £0.32 ($0.40), exercisable from the date of issuance until five years thereafter. The offering price of the ADSs and ADS Warrants in the U.S. offering was $6.98 per ADS and ADS Warrant combination, and the offering price of the Group’s ordinary shares and Ordinary Share Warrants in the European placement was £0.28 ($0.35) per ordinary share and Ordinary Share Warrant combination. Net proceeds to the Group following the offering, after deducting underwriting discounts and commissions and offering expenses of approximately $3.5 million, were approximately $21.5 million. None of the underwriting discounts and commissions or other offering expenses were paid to directors or officers of the Group or their associates or to persons owning 10 percent or more of any class of the Group’s equity securities or to any affiliates of the Group. H.C. Wainwright & Co., LLC was the underwriter for the above described offering. On September 7, 2016, the Group amended and restated the convertible notes with Amphion Innovations plc and Amphion Innovations US Inc. to provide that any outstanding principal under the notes as of the maturity date will be paid to the holders on the maturity date, at the Group’s election, through the issuance of (i) a number of ordinary shares, based on the conversion price set forth in the notes, or (ii) a number of ADSs, which is equal to a number determined by dividing the number of ordinary shares the holder would otherwise be entitled to by the then applicable ADS to ordinary share ratio. The amended and restated convertible promissory notes also provide that except in the event of a default, no interest will accrue or be payable with respect to the amounts due under the notes. In consideration for its agreement to forego interest payments under its convertible promissory notes, the Group issued 409,000 ordinary shares to Amphion Innovations plc. The amended and restated notes also permit the Group or the holders to convert all or any portion of the outstanding principal under the notes into ordinary shares or ADSs (as determined by the Group) at any time prior to the maturity date. In December 2016, the Group issued 14,510,770 new ordinary shares following the conversion of convertible promissory notes by Amphion Innovations plc and Amphion Innovations US Inc. The notes totaled US $3.6 million and were converted in accordance with their terms at US $0.2447 per share. Group reorganization and initial public offering On February 18, 2015, the Company incorporated a Delaware subsidiary, Motif Acquisition Sub, Inc. On December 31, 2014 Motif BioSciences Inc., the Company, and Motif Acquisition Sub, Inc. entered into an agreement where, upon the Company’s admission to AIM of the London Stock Exchange on April 2, 2015, Motif Acquisition Sub, Inc. merged with and into Motif BioSciences Inc. and Motif BioSciences Inc. continued as the surviving entity and became a wholly-owned subsidiary of the Company. Prior to the merger, Motif BioSciences Inc. completed a reverse stock split in order to increase the share price of Motif BioSciences Inc. so that the share price was closer to the Company’s admission price. The former Motif BioSciences Inc. stockholders were issued 36,726,242 ordinary shares of the Company in a share-for-share exchange for their common stock in Motif BioSciences Inc. so that the former Motif BioSciences Inc. stockholders owned an equivalent number of ordinary shares in the Company as the number of shares of common stock that they had previously owned in Motif BioSciences Inc. All outstanding, unexercised, and vested stock options for shares of common stock in Motif BioSciences Inc. were converted into options for ordinary shares of the Company (Note 16). This was a common control transaction and therefore outside the scope of IFRS 3—“Business Combinations.” The transaction has therefore been accounted for as a group reorganization and the Group is presented as if the Company has always owned Motif BioSciences Inc. The comparatives presented in these financial statements therefore represent the results and capital structure of the Company. The reserve on consolidation represents the difference between the nominal value of the shares of the Company issued to the former stockholders of Motif BioSciences Inc. and the share capital and share premium of Motif BioSciences Inc. at the date of the transaction. As stated, the nominal value of the Company shares was used in the calculation of the reorganization reserve. On April 2, 2015, the Company was admitted to AIM and issued 14,186,140 ordinary shares at a price of £0.20 per share. On July 22, 2015, the Company completed a subsequent placing of 44,000,000 ordinary shares at a price of £0.50 per share. Acquisition of Nuprim Assets On April 1, 2015, Motif BioSciences Inc. acquired the assets owned by Nuprim Inc. (“Nuprim”), a Maryland corporation, related to iclaprim (the “Nuprim Assets”). Motif BioSciences Inc. issued 1,513,040 (post-reverse stock split) shares of common stock to the shareholders of Nuprim. that were held in escrow until the closing of the reorganization. These shares of common stock in Motif BioSciences Inc. were converted into ordinary shares of the Company upon the Company’s admission to AIM on April 2, 2015. Upon admission, 9,805,400 ordinary shares of the Company and 9,432,033 warrants were issued to the former Nuprim shareholders (Note 9).

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2018
Significant accounting policies
Significant accounting policies	2. Significant accounting policies a. Basis of preparation The accounting policies set out below have been applied consistently to all periods presented in this financial information. The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in conformity with IFRS as adopted by the European Union. This basis of preparation describes how the financial statements have been prepared in accordance with IFRS. The financial statements have been prepared under the historical cost convention. A summary of the more important Group accounting policies is set out below. The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of revenue and expenses during the period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. a. New and amended standards effective from January 1, 2018 IFRS 2, Share-based Payments (as amended) was adopted with an effective date of January 1, 2018. IFRS 2 related to the classification and measurement of share-based payment transactions. The amendments are intended to eliminate diversity in practice regarding (i) accounting for cash-settled share-based payment transactions that include a performance condition, (ii) share-based payments in which the manner of settlement is contingent on future events, (iii) share-based payments settled net of tax withholdings, and (iv) modification of share-based payment transactions from cash-settled to equity-settled. The adoption of this guidance did not have a material impact on the Group’s 2018 consolidated financial statements and any future impact would be primarily dependent on future modifications to share-base payment awards, if any. IFRS 9, Financial Instruments (as revised in 2014) was adopted with an effective date of January 1, 2018. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. The adoption of this guidance did not have an impact on the Group’s 2018 consolidated financial statements and any future impact would be primarily dependent on future financial instrument transactions, if any. IFRS 15, Revenue from Contracts with Customers was adopted with an effective date of January 1, 2018. IFRS 15 establishes a comprehensive guideline for determining when to recognize revenue and how much revenue to recognize. The Group currently has no revenues. However, all applicable revenues generated by the Group prospectively will be accounted for in accordance with IFRS 15, or, where applicable, other relevant guidance. On January 1, 2017, the Group adopted amendments to IAS 7, Disclosure Initiative. The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The Group believes that the disclosures contained herein adequately satisfy this requirement. There are no other new standards and amendments that have been applied from January 1, 2018, which have had an impact on the Group’s financial statements. New standards and interpretations effective after 2018 Certain new accounting standards and interpretations have been published that are not mandatory for the reporting periods covered by these consolidated financial statements and have not been early adopted by the Group. The new standards potentially relevant to the Group are discussed below. IFRS 16, Leases — Effective date — January 1, 2019 — IFRS 16 will replace IAS 17. It will eliminate the distinction between classification of leases as finance or operating leases for lessees. As of the issuance date of this Annual Report, the adoption of IFRS 16 did not have a significant impact on the Group’s net results or net assets and any future impact would be primarily dependent on future leasing transactions, if any. Principles of consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances, and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group ceases to consolidate because of a loss of control, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture, or financial asset. b. Segment reporting The chief operating decision-maker is considered to be the Board of Directors of Motif Bio plc. The chief operating decision-maker allocates resources and assesses performance of the business and other activities at the operating segment level. In addition, they review the IFRS consolidated financial statements. The chief operating decision-maker has determined that Motif has one operating segment to support its strategy for the development and commercialization of pharmaceutical formulations. The Group maintains a presence and has some activities in the U.K.; however, the finance and most other management functions take place in the U.S. c. Foreign currency translation (a) Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in United States Dollars (US $), which is Motif Bio plc’s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in comprehensive loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses are presented in the statement of comprehensive loss on a net basis within other income or other expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as available-for-sale financial assets are recognized in other comprehensive income. d. Research and development costs Expenditure on drug development activities is capitalized only if all of the following conditions are met: · it is probable that the asset will create future economic benefits; · the development costs can be measured reliably; · technical feasibility of completing the intangible asset can be demonstrated; · there is the intention to complete the asset and use or sell it; · there is the ability to use or sell the asset; and · adequate technical, financial, and other resources to complete the development and to use or sell the asset are available. These conditions are generally met when a filing is made for regulatory approval for commercial production. Otherwise, costs on research activities are recognized as an expense in the period in which they are incurred. At this time, the Group does not meet all conditions and therefore development costs are recorded as expense in the period in which the cost is incurred. The Group’s preclinical studies and clinical trials have been performed utilizing third-party contract research organizations (“CROs”) and other vendors. For preclinical studies, the significant factors used in estimating accruals include the percentage of work completed to date and contract milestones achieved. For clinical trial expenses, the significant factors used in estimating accruals include the number of patients enrolled, duration of enrollment, percentage of work completed to date and contract milestones achieved. The Group monitors patient enrollment levels and related activities to the extent possible through internal reviews, correspondence and status meetings and review of contractual terms. Estimates are dependent on the timeliness and accuracy of data provided by the CROs and other vendors. In this event, the Group could record adjustments to research and development expenses in future periods when the actual activity levels become known. e. Intangible assets Intangible assets acquired separately from a business are initially stated at cost, net of any amortization and any provision for impairment. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization but is tested for impairment annually or more frequently whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. f. Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortization and are tested annually in the second half of each fiscal year for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. g. Financial instruments—initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. a) Financial assets, initial recognition and measurement All financial assets, such as receivables and deposits, are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. b) Financial liabilities, initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, and payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and borrowings and warrants classified as liabilities. c) Subsequent measurement The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method if the time value of money is significant. h. Financial assets and liabilities Financial assets and financial liabilities are included in the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Non-derivative financial instruments Cash and cash equivalents Cash and cash equivalents include bank balances, demand deposits, and other short-term, highly liquid investments (with less than three months to maturity) that are readily convertible into a known amount of cash and are subject to an insignificant risk of fluctuations in value. Financial liabilities and equity The Group classifies an instrument, or its component parts, on initial recognition as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An instrument is classified as a financial liability when it is either (i) a contractual obligation to deliver cash or another financial asset to another entity; or (ii) a contract that will or may be settled in the Group’s own equity instruments and is a non-derivative for which the Group is, or may be, obliged to deliver a variable number of the Group’s own equity instruments or a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. An equity instrument is defined as any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. An instrument is an equity instrument only if the issuer has an unconditional right to avoid settlement in cash or another financial asset. Trade payables and accrued liabilities Trade payables and accrued liabilities are obligations to pay for goods or services that have been acquired in the ordinary course of business from or rendered by suppliers. All are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables and accrued liabilities are initially measured at fair value, and, where applicable, are subsequently measured at amortized cost, using the effective interest rate method. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received. Direct issuance costs are processed as a deduction on equity. Derivative financial instruments The Group does not have a policy of engaging in speculative transactions, nor does it issue or hold financial instruments for trading purposes. The Group has entered into various financing arrangements with its investors, including convertible loans. These convertible loans each include embedded financial derivative elements (being the right to acquire equity in the Group at a future date for a pre-determined price). Therefore, while the Group does not engage in speculative trading of derivative financial instruments, it may hold such instruments from time to time as part of its financing arrangements. The Group has also entered into financing arrangements that include the issuance of warrants. These warrants may be considered derivative financial instruments based on the terms of the agreements. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The resulting gain or loss is recognized in the consolidated statement of comprehensive loss, as the Group currently does not apply hedge accounting. Impairment of financial assets From January 1, 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. An expected credit losses model replaces the incurred loss impairment model used in IAS 39. The accounting policy applied under IAS 39 in previous accounting periods is described below. The Group assessed at the end of each reporting period whether there was objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization, and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognized in the consolidated statement of comprehensive loss. If a loan or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the reversal of the previously recognized impairment loss is recognized in the consolidated statement of comprehensive loss. i. Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency, or bankruptcy of the Company or the counterparty. j. Share-based payment transactions The fair value of options and warrants granted to employees, directors, and consultants is recognized as an expense, with a corresponding increase in equity, over the period in which the option and warrant holders become unconditionally entitled to the options and warrants unless incremental and directly attributable to an equity transaction in which case it is deducted from equity. The fair value of the options and warrants granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. k. Financial income and expenses Financial income comprises interest receivable on funds invested. Financial expenses comprise interest payable. Interest income and interest payable are recognized in the consolidated statement of comprehensive loss as they accrue, using the effective interest method. l. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the consolidated statement of comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. m. Earnings per share The Company presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shares of the Company by the weighted average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential shares, which comprise share options and warrants granted to employees and non-employees. Refer to Note 8 for calculation of EPS for all periods presented. n. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. o. Equity The Company classifies an instrument, or its component parts, on initial recognition as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An instrument is classified as a financial liability when it is either (i) a contractual obligation to deliver cash or another financial asset to another entity; or (ii) a contract that will, or may be, settled in the Company’s own equity instruments and is a non-derivative for which the Company is, or may be, obliged to deliver a variable number of the Company’s own equity instruments or a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. An equity instrument is defined as any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. An instrument is an equity instrument only if the issuer has an unconditional right to avoid settlement in cash or another financial asset. Ordinary Shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds p. Critical accounting estimates and judgments In preparing the financial information, the Directors make judgments on how to apply the Group’s accounting policies and make estimates about the future. The critical judgments that have been made in arriving at the amounts recognized in the financial information and the key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below: Acquisition and valuation of the iclaprim assets The directors, on assessing if the acquisition of the Nuprim iclaprim assets was of a business or of a group of assets, considered: · the identified elements of the acquired group; · the capability of the acquired group to produce outputs; and · the impact that any missing elements have on a market participant’s ability to produce outputs with the acquired group. As the acquired group was not accompanied by any associated processes and because the acquired assets do not have planned principal activities, or a plan to produce outputs, the Directors considered the acquisition to be of a group of assets, not a business. The Directors use their judgment to identify the separate intangible assets and then determine a fair value for each based upon the consideration paid, the nature of the asset, industry statistics, future potential, and other relevant factors. Asset acquisitions are measured based on their cost to the acquiring entity, which generally includes transaction costs. An asset’s acquisition cost or the consideration transferred by the acquiring entity is assumed to be equal to the fair value of the net assets acquired, unless contrary evidence exists. These fair values are tested for impairment annually. Research and development expenditures Research and development expenditures are currently not capitalized because the criteria for capitalization are not met. At each balance sheet date, the Group estimates the level of service performed by the vendors and the associated costs incurred for the services performed. Although the Group does not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period. Share based payments and fair value of warrants The Directors have to make judgments when deciding on the variables to apply in arriving at an appropriate valuation of share based compensation and warrants, including appropriate factors for volatility, risk free interest rate, and applicable future performance conditions and exercise patterns.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2018
Financial risk management
Financial risk management	3. Financial risk management This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance. a. Credit risk Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, and if a counterparty will default on its contractual obligations resulting in financial loss to the Group. The credit risk on liquid funds is limited because cash balances are held with bank and financial institutions with credit-ratings assigned by international credit-rating agencies. All deposits are held with banks that have a minimum S&P rating of A or A-3 for short term deposits. At December 31, 2018, no current asset receivables were aged over three months. No receivables were impaired. b. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The principal risk to which the Group is exposed is liquidity risk. See discussion in Note 1 as it relates to the Group’s ability to continue as a going concern. The Group has financed its operations to date using cash raised through the issuance of debt and equity. The Directors acknowledge that uncertainty remains over the ability of the Group to have the resources to fully support advancing iclaprim through regulatory approval and commercialization in the United States and Europe. To fund these activities and maintain business operations, the Group will need additional funding which may come through public markets, private financing, and/or partnering opportunities. The Group is heavily dependent on the public markets both in the United States and United Kingdom. A downturn in the public markets, especially for biotech companies, may make it difficult for the Group to obtain sufficient funds on acceptable terms. A delay obtaining additional funding could have a negative impact on the Group’s prospects for the commercialization of iclaprim. In the event that the Group does not have adequate capital to maintain or develop its business, additional capital may not be available to the Group on a timely basis, on favorable terms, or at all, which could have a material negative impact on the Group’s business and results of operations. Contractual maturities of financial liabilities: Between 1 Between 2 (in thousands) < 1 year and 2 years and 5 years Over 5 years At December 31, 2018 US $ US $ US $ US $ Total Trade payables and accrued liabilities 7,207 — — — 7,207 Derivative liabilities — — 5,789 — 5,789 Term Loan and other non-current (Note 13) 4,655 5,642 5,133 — 15,430 11,862 5,642 10,922 — 28,426 Between 1 Between 2 (in thousands) < 1 year and 2 years and 5 years Over 5 years At December 31, 2017 US $ US $ US $ US $ Total Trade payables and accrued liabilities 10,890 — — — 10,890 Payable on completion of clinical trial 500 — — — 500 Derivative liabilities — — 12,626 — 12,626 Term Loan and other non-current (Note 13) — 4,700 10,730 — 15,430 11,390 4,700 23,356 — 39,446 c. Market risk Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed by minimizing the balance of foreign currencies to cover expected cash flows during periods where there is strengthening in the value of the foreign currency. The Group holds part of its cash resources in US dollars and British pounds sterling. The valuation of the cash fluctuates along with the US dollar/sterling exchange rate. No hedging of this risk is undertaken. The carrying amounts of foreign currency denominated monetary net assets at the reporting date are as follows: December 31, 2018 December 31, 2017 (in thousands) US $ US $ Sterling - Cash 491 462 The exchange rate between British Pound and the United States Dollar at December 31, 2018 and 2017 was 1.28 and 1.35, respectively. At December 31, 2018, a change in foreign currency exchange rates is not expected to have a significant impact on the profit or losses of the Group. Interest rate risk The Group’s exposure to interest rate risk is limited to interest earned on the cash and cash equivalent balance of $12.3 million and its financing exposures on the Hercules loan, which had an initial interest rate of 10% tied to a margin above the U.S. prime rate. The interest rate at December 31, 2018 was 11%. A change in interest rates is not expected to have a significant impact on the profit or losses of the Group. d. Capital risk management The Directors define capital as the total equity of the Group. The Directors’ objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure to reduce the cost of capital. In order to maintain an optimal capital structure, the Directors may adjust the amount of dividends paid to shareholders, return capital to shareholders and issue new shares to reduce debt.

Other income and expense items

Other income and expense items	12 Months Ended
	Dec. 31, 2018
Other income and expense items
Other income and expense items	4. Other income and expense items This note provides a breakdown of the items included in other income, finance income, and costs and an analysis of expenses by nature for the years ended December 31, 2018, 2017 and 2016. a. Other income Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ Gains on settlement of contract disputes — — 83 The gain on settlement of contract disputes for the year ended December 31, 2016 relates to a write off of a payable due to a consultant as a result of a settlement with him. This amount was written off in a settlement agreement. b. Breakdown of expenses by nature Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ General and administrative expenses Employee compensation, benefits and share-based payments 3,062 2,779 1,445 Director, legal and professional fees 2,405 3,491 2,496 Investor and public relations advisory fees 1,180 1,283 648 Other expenses 988 989 323 7,635 8,542 4,912 (in thousands) Research and development costs Employee benefits expenses, including share-based payments 1,153 1,469 678 Contract research organization expenses — 22,066 30,446 Chemistry and manufacturing development and other non-clinical development 3,444 2,933 2,146 Other research and development costs (1) 6,391 3,007 1,525 10,988 29,475 34,795 (1) Other research and development costs incurred during 2018 were primarily comprised of regulatory and related preparatory activities for the iclaprim product candidate. (in thousands) 2018 2017 2016 Auditors’ Remuneration US $ US $ US $ Audit Fees 435 526 871 Audit-Related Fees — — — Tax Fees — — — Other Fees 2 — — Total 437 526 871 c. Finance income and costs Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ Finance income Interest from financial assets 113 134 70 113 134 70 (in thousands) Finance costs Interest expense (1,585) (200) (383) Accretion of end of term payment (174) (22) — Amortization of deferred financing costs (401) (53) — (2,160) (275) (383) Net finance costs (2,047) (141) (313)

Employee numbers and costs

Employee numbers and costs	12 Months Ended
	Dec. 31, 2018
Employee numbers and costs
Employee numbers and costs	5. Employee numbers and costs The monthly average number of persons employed by the Group (including Executive Directors but excluding Non-executive Directors) and key management personnel during the year, analyzed by category, was as follows: Year ended Year ended Year ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Executive Directors 2 1 2 Key management personnel 5 7 4 Total 7 8 6 The aggregate payroll costs of Executive Directors and key management personnel were as follows: Year ended Year ended Year ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 (in thousands) US $ US $ US $ Short term benefits: Wages and salaries 3,040 2,288 1,528 Social security and other employer costs 234 252 67 Share based payments (1) 941 1,120 120 4,215 3,660 1,715 (1) The total share based payments does not reflect the out-of-period adjustment recorded in 2017 (Note 15).

Directors' remuneration

Directors' remuneration	12 Months Ended
	Dec. 31, 2018
Directors' remuneration
Directors' remuneration	6. Directors’ remuneration Salaries Social 2018 2017 2016 and fees Bonuses Security Total Total Total US $ US $ US $ US $ (2) US $ US $ Executive Graham Lumsden (1)(7) 446,250 264,000 16,389 726,639 567,999 488,510 Jonathan Gold (2) 612,500 250,000 19,017 881,517 194,004 114,094 Non-executive Robert Bertoldi (3)(7) 125,000 — 9,563 134,563 134,563 137,783 Richard Morgan (4) 113,500 — — 113,500 113,500 177,725 Charlotta Ginman (5) 69,680 — — 69,680 67,279 57,475 Zaki Hosny 62,500 — — 62,500 63,000 57,475 Mary Lake Polan 60,000 — — 60,000 60,000 54,094 John Stakes (6) — — — — — 30,869 Bruce Williams (4) 64,000 — — 64,000 64,000 54,094 Craig T. Albanese 57,500 — — 57,500 38,333 — Total 1,610,930 514,000 44,969 2,169,899 1,302,678 1,172,119 (1) Dr. Lumsden’s incentive bonus listed above includes the receipt of $50,000 in 2018 for achieving the operational milestones related to a supplemental bonus granted in the previous year. (2) The compensation listed above is for Mr. Gold’s services as Chief Financial Officer and Executive Director. Mr. Gold assumed the executive role of Chief Financial Officer on February 2, 2017. (3) Effective July 16, 2018, Mr. Bertoldi resigned from the Board of Directors. Mr. Bertoldi continued to provide consultancy services under the terms of the consultancy agreement with Amphion Innovation plc until December 31, 2018. The compensation listed above represents consideration paid to Mr. Bertoldi during the entire year. (4) Effective March 18, 2019, Richard Morgan resigned from the Board of Directors. In addition, Bruce Williams was appointed interim Chairman. (5) Ms. Ginman’s compensation for 2018 was £52,195 or US$69,680 based on an average exchange rate of 1.335 for the period. (6) Mr. Stakes resigned from the Board of Directors effective July 1, 2016. (7) The compensation for Dr. Lumsden, Mr. Gold and Mr. Bertoldi exclude $8,100, $8,100 and $3,750 in employer provided 401k pension during 2018. The Directors’ remuneration included in the table above represents the amount paid and/or awarded to each director during the years ending December 31, 2018, 2017 and 2016. The highest paid director’s aggregate emolument was $881,517 for the year ending December 31, 2018. No director exercised share options during the year ending December 31, 2018. Directors of the Company have been awarded rights to subscribe for shares in the Group as set out below. Exercise January 1, December 31, price Grant Expiry 2018 Granted 2018 US $ date date Richard Morgan 73,215 — 73,215 $ 0.70 Jan 1, 2010 Jan 1, 2020 6,179 — 6,179 $ 0.70 Jan 1, 2011 Jan 1, 2021 502,950 — 502,950 0.14 Dec 4, 2014 Dec 4, 2024 582,344 — 582,344 Craig T. Albanese 100,000 — 100,000 $ 0.44 May 4, 2017 May 4, 2027 100,000 — 100,000 Robert Bertoldi 53,887 — 53,887 $ 0.70 Jan 1, 2010 Jan 1, 2020 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 305,362 — 305,362 Charlotta Ginman 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 251,475 — 251,475 Jonathan Gold 73,502 — 73,502 $ 0.70 Jan 1, 2010 Jan 1, 2020 5,964 — 5,964 $ 0.70 Jan 1, 2011 Jan 1, 2021 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 — 1,000,000 1,000,000 $ 0.50 Feb 28, 2018 Feb 28, 2028 330,941 1,000,000 1,330,941 Zaki Hosny 53,888 — 53,888 $ 0.70 Jun 18, 2009 Jun 18, 2019 14,370 — 14,370 $ 0.70 Jan 1, 2010 Jan 1, 2020 2,587 — 2,587 $ 0.70 Jan 1, 2011 Jan 1, 2021 107,774 — 107,774 $ 0.14 Jan 30, 2013 Jan 30, 2023 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 430,094 — 430,094 Graham Lumsden 574,800 — 574,800 $ 0.14 May 25, 2013 May 25, 2023 2,874,000 — 2,874,000 $ 0.14 Dec 4, 2014 Dec 4, 2024 1,000,000 — 1,000,000 $ 0.33 Feb 7, 2017 Feb 7, 2027 700,000 — 700,000 $ 0.33 Feb 7, 2017 Feb 7, 2027 — 2,000,000 2,000,000 $ 0.50 Feb 28, 2018 Feb 28, 2028 — 1,000,000 1,000,000 $ 0.50 Feb 28, 2018 Feb 28, 2028 5,148,800 3,000,000 8,148,800 Mary Lake Polan 67,036 — 67,036 $ 0.70 Jan 1, 2010 Jan 1, 2020 5,461 — 5,461 $ 0.70 Jan 1, 2011 Jan 1, 2021 251,474 — 251,474 $ 0.14 Dec 4, 2014 Dec 4, 2024 323,971 — 323,971 Bruce Williams 67,252 — 67,252 $ 0.70 Jan 1, 2010 Jan 1, 2020 28,740 — 28,740 $ 0.70 Jan 16, 2010 Jan 16, 2020 71,850 — 71,850 $ 0.70 Nov 15, 2010 Jan 16, 2020 2,802 — 2,802 $ 0.70 Jan 1, 2011 Jan 1, 2021 251,474 — 251,474 $ 0.14 Dec 4, 2014 Dec 4, 2024 422,118 — 422,118

Income tax expense

Income tax expense	12 Months Ended
	Dec. 31, 2018
Income tax expense
Income tax expense	7. Income tax expense Recognized in the consolidated statement of comprehensive loss: Year ended Year ended Year ended (in thousands) Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Current tax expense US $ US $ US $ U.K. corporation taxes — — — Overseas taxes 9 22 — 9 22 — The main rate of U.K. corporation tax was reduced from 21% to 19% from April 1, 2015 and has been reflected in these consolidated financial statements. The tax expense recognized for the years ended December 31, 2018, 2017 and 2016 is lower than the standard rate of corporation tax in the U.K. of 19%. The differences are reconciled below: (in thousands) 2018 2017 2016 Reconciliation of effective tax rate: US $ US $ US $ Loss on ordinary activities before taxation (13,976) (44,788) (40,324) U.K. Corporation tax at 19% 921 (1,571) (450) Overseas tax at higher rate (3,953) (7,669) (12,955) Effects of: Unrecognized losses (3,032) (9,240) (13,405) Other adjustments-overseas taxes 9 22 — Total tax charge 9 22 — There is an unrecognized cumulative net deferred tax asset of US$1.3 million. The net deferred tax asset relates to deferred tax on $4.8 million of a gain generated in the United Kingdom during the year ended December 31, 2018 offset by deferred tax on $12.2 million of cumulating historical losses. The Group has $115.4 million of cumulative net operating losses (“NOLs”) generated in the United States as of December 31, 2018. NOLs are subject to review and possible adjustment by taxing authorities in the United States and may become subject to an annual limitation, which could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities.

Loss per share

Loss per share	12 Months Ended
	Dec. 31, 2018
Loss per share
Loss per share	8. Loss per share Basic loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of shares in issue during the year. Diluted EPS is computed by dividing net income (loss) by the weighted average of all potentially diluted share of common stock that were outstanding during the periods presented. The treasury stock method is used in the calculation of diluted EPS for potentially dilutive liability classified options and warrants, which assumes that any proceeds received from the exercise of in-the-money options and warrants, would be used to purchase common shares at the average market prices for the period. Year ended Year ended Year ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 (in thousands, except share and per share data) US $ US $ US $ Basic Net loss (13,985) (44,810) (40,324) Basic weighted average shares in issue 284,530,534 231,530,091 116,558,191 Basic loss per share (0.05) (0.19) (0.35) Diluted Net loss (13,985) (44,810) (40,324) Effect of dilutive securities: liability-classified warrants (6,654) — — Diluted net loss (20,639) (44,810) (40,324) Weighted average shares in issue - basic 284,530,534 231,530,091 116,558,191 Incremental dilutive shares from liability-classified warrants (treasury stock method) 2,601,154 — — Weighted average shares in issue - diluted 287,131,688 231,530,091 116,558,191 Diluted net loss (0.07) (0.19) (0.35) The following potentially dilutive securities outstanding at December 31, 2018, 2017 and 2016 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive. 2018 2017 2016 Warrants 12,878,944 49,399,947 5,726,364 Share options 18,387,038 17,065,534 6,810,357 31,265,982 66,465,481 12,536,721

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2018
Intangible assets
Intangible assets	9. Intangible assets (in thousands) As of December 31, 2016 Cost 6,196 Accumulated amortization and impairment — Net book amount at December 31, 2016 6,196 Additions — Amortization charge — Net book amount at December 31, 2017 6,196 As of December 31, 2017 Cost 6,196 Accumulated amortization and impairment — Net book amount at December 31, 2017 6,196 Additions — Amortization charge — Net book amount at December 31, 2018 6,196 The fair value of the assets acquired under the merger arrangement represent the aggregate estimated value of: · 11,318,439 ordinary shares in Motif Bio plc at the placing price of £0.20 per share; · 9,432,033 warrants at the placing price of £0.20 per ordinary share; and · a milestone payment of US $0.5 million paid by Motif BioSciences Inc. to Acino Pharma AG in 2018 upon completion of the first Phase III trial. The value of the warrants has been estimated using the Black Scholes option pricing model with appropriate factors for volatility and risk-free interest rate. The Directors considered the separable value of the active pharmaceutical ingredients and determined it did not constitute a material component of the fair value of the assets acquired. No discount was applied to the expected milestone payment of US $0.5 million as the liability was settled in full in 2018. Details of the purchase consideration and amounts attributed to net assets acquired are as follows: (in thousands) US $ Purchase consideration: Ordinary shares in Motif Bio plc 3,356 Warrants to subscribe for ordinary shares in Motif Bio plc 2,340 Total purchase consideration 5,696 Iclaprim assets 6,196 Milestone payment (500) Net assets acquired 5,696 As the IPR&D asset is not yet available for commercial use, no amortization has been charged to date. The Group performs an impairment test over the indefinite lived asset on an annual basis or when a triggering event has occurred. The Group conducted its annual impairment test for iclaprim as of December 31, 2018. In performing the test, the Group developed a discounted cash flow model, which utilized assumptions including, but not limited to, probability of success, market size and related growth assumptions, market share and related growth assumptions, expected period of treatment, pricing, patent life, operating costs, and a discount rate reflective of market conditions and Company specific risk. The aforementioned discounted cash flow model and related assumptions took into account the conditions that existed as December 31, 2018 including inquiries and data requests that had been received from the U.S. Food & Drug Administration (“FDA”) as a part of the normal submission process related to the New Drug Application (“NDA”) for iclaprim.The Group’s indefinite lived intangible asset passed the impairment test as the net present value of cash flows was in excess of the carrying value as of December 31, 2018, and therefore, there was no impairment to the indefinite lived intangible asset. In order to evaluate the sensitivity of its fair value calculations on the impairment test, the Company compared the carrying value of the asset to the fair value. As of December 31, 2018, the fair value of the indefinite lived intangible asset exceeded the carrying value with sufficient headroom. Subsequent to December 31, 2018, the Group announced on February 14, 2019 the receipt of a Complete Response Letter (CRL) from the FDA regarding the NDA for iclaprim for the treatment of acute bacterial skin and skin structure infections. The CRL states that the FDA cannot approve the NDA in its present form and indicates that additional data is needed to further evaluate the risk for liver toxicity before the NDA may be approved. The Group is evaluating and taking action on potential options to address the deficiencies and is scheduled to meet with the FDA on May 3, 2019. The Group evaluated these subsequent events and determined that they were non-adjusting to the statement of financial position as they were not knowable or expected as of December 31, 2018. While Management believes the assumptions used in their impairment assessment are reasonable and there continues to have sufficient headroom even after taking into considerations the subsequent events identified, if the Group is unable to execute its strategies regarding the remediation effort or the ability to finance, it may be necessary to record an impairment charge in the future.

Prepaid expenses and other rece

Prepaid expenses and other receivables	12 Months Ended
	Dec. 31, 2018
Prepaid expenses and other receivables
Prepaid expenses and other receivables	10. Prepaid expenses and other receivables (in thousands) Dec 31, 2018 Dec 31, 2017 Amounts due within one year US $ US $ Prepayments and other receivables 231 318 231 318 The maximum exposure to credit risk at the end of each reporting period is the fair value of each class of receivables set out above. The Group held no collateral as security. The Directors estimate that the carrying value of receivables approximated their fair value.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2018
Cash and cash equivalents
Cash and cash equivalents	11. Cash and cash equivalents Dec 31, 2018 Dec 31, 2017 (in thousands) US $ US $ Cash and cash equivalents at bank 12,279 22,651 12,279 22,651

Trade payables and accrued liab

Trade payables and accrued liabilities	12 Months Ended
	Dec. 31, 2018
Trade payables and accrued liabilities
Trade payables and accrued liabilities	12. Trade payables and accrued liabilities (in thousands) Dec 31, 2018 Dec 31, 2017 Amounts due within one year US $ US $ Trade payables (1) 3,169 6,464 Accrued expenses — Contract research organization 74 1,294 Accrued expenses — Other (2) 3,964 3,008 Other payable — 124 7,207 10,890 (1) Trade payables include $2.3 million and $5.7 million billed by the Group’s contract research organization at December 31, 2018 and 2017, respectively. (2) Accrued expenses – Other include $2.4 million and $1.3 million in obligations for the manufacturing of the active pharmaceutical ingredient for iclaprim at December 31, 2018 and 2017, respectively. The Directors estimate that the carrying value of trade and other payables approximated their fair value. The amounts due to the Group’s contract research organization and third party contract manufacturers are due in 2019.

Interest bearing loans and borr

Interest bearing loans and borrowings	12 Months Ended
	Dec. 31, 2018
Interest bearing loans and borrowings
Interest bearing loans and borrowings	13. Interest bearing loans and borrowings Dec 31, 2018 Dec 31, 2017 (in thousands) US $ US $ Term loan, non-current 10,345 15,000 Unamortized deferred financing costs (214) (943) Net non-current 10,131 14,057 Term loan, current portion 4,655 — Unamortized deferred financing costs (328) — Net current portion 4,327 — On November 15, 2017, the Group entered into a credit agreement (the “Hercules Loan Agreement”) for up to $20 million in debt financing with Hercules Capital, Inc. (“Hercules”). Pursuant to the credit agreement, Hercules agreed to loan the Group $20.0 million in two tranches. The first tranche of $15.0 million was drawn down at closing. The milestones for the second tranche of $5.0 million were not achieved and that capital is no longer available to the Group. The terms include an initial interest-only period of 15 months; a 30-month capital and interest repayment period thereafter; an interest rate tied to a margin above the US prime rate, currently 11% as of December 31, 2018, and customary security over all assets of the Group, except for intellectual property where there is a negative pledge. The Group is subject to customary covenants, including a restriction on the amount of the Group’s cash resources that can be held outside the United States to $0.8 million. Under the credit agreement, the Group issued Hercules warrants to purchase up to 73,452 of its ADS (each representing 20 ordinary shares) at an exercise price of US$9.53 per ADS, representing 3.5% warrant coverage of the total loan facility. Hercules also has the right, in its discretion, to participate in any subsequent financing, such as an equity offering, in an amount up to US$1 million. In connection with the Hercules Loan Agreement closing, the Group incurred US$0.5 million in fees and issued warrants with a fair value of approximately US$0.4 million. Both items are classified as a direct reduction from the Hercules Loan Agreement balance and will be amortized over the life of the Loan using the effective interest rate method. The Group is also subject to an end of term charge equal to 2.15% of the total loan capacity, or US$0.4 million. The end of term charge is payable upon loan maturity or the date that the Group prepays the outstanding loan balance. For the year ended December 31, 2018, the Group recognized total interest expense of US$2.2 million, comprised of interest expense of US$1.6 million, accretion expense related to the end-of-term payment of US$0.2 million and amortization expense related to the deferred financing costs of US$0.4 million. The Group believes and represents that it is in compliance with covenant requirements as of December 31, 2018 and as of the date that these financial statements are issued. Subsequent to December 31, 2018, the Group announced that it amended the Hercules Loan Agreement, effective February 17, 2019. Pursuant to the amendment, the Group made an early repayment of $7 million and an additional repayment of $0.5 million on the earlier of 90 days (May 18, 2019), or receipt of funds from an equity raise of $2 million or greater. The additional repayment was remitted on April 1, 2019. The amendment provides for a three-month interest-only period on the remaining loan balance for the period from March 2019 to May 2019 and the waiver of any prepayment charges for the remaining term of the loan. On March 22, 2019, we entered into another amendment agreement that provided for one additional month of the interest only period for the month of June 2019. In addition, Hercules Capital, Inc. provided the Group a letter stating that the receipt and aging of invoices relating to a validation campaign of iclaprim mesylate from a third-party vendor are excluded from the determination of compliance with covenants under the Hercules Loan Agreement, as amended. The financial data included in the above table does not include the effect of these amendments.

Warrants

Warrants	12 Months Ended
	Dec. 31, 2018
Warrants
Warrants	14. Warrants Warrant activity The Group has issued warrants for services performed and in conjunction with various equity financings. The Group’s warrants represent ordinary shares or ADS and have either a Pounds Sterling or US Dollar exercise price. The ADS warrants are exercisable to purchase ADS’s, which each represent 20 ordinary shares. Depending on the terms of the warrant agreements, the ordinary share or ADS warrants are classified as either equity or a liability. Liability classified warrants are remeasured each reporting period, with changes in fair value recorded in the statements of comprehensive loss. The following is a summary of the Group’s warrant activity during the year ended December 31, 2018: Weighted Average Number of Warrants Exercise Price Ordinary shares ADS Ordinary shares ADS Outstanding as of January 1, 2018 22,672,867 1,336,354 £ 0.272 $ 8.08 Granted — — — $ — Exercised (757,315) — £ 0.246 $ — Outstanding as of December 31, 2018 21,915,552 1,336,354 £ 0.273 $ 8.08 The Group’s warrants outstanding and exercisable as of December 31, 2018 were as follows: Type of Warrant Outstanding Number Outstanding and Exercisable Exercise Price Expiration Date Ordinary shares (1) 1,367,089 GBP £ 0.20 April 2, 2020 Ordinary shares (1) 1,082,384 GBP £ 0.50 July 21, 2020 Ordinary shares (2) 10,505,648 GBP £ 0.322 November 23, 2021 ADS (2) (3) 1,202,902 US $ 8.03 November 23, 2021 Ordinary shares (1) 8,960,431 GBP £ 0.20 April 2, 2025 ADS (2) (3) (4) 10,000 US $ 7.26 July 31, 2022 ADS (2) 73,452 US $ 9.53 November 14, 2022 (1) Warrants totaling 11,881,506 of ordinary shares are equity classified. (2) Warrants totaling 10,505,648 of ordinary shares and 1,336,354 of ADS are liability classified. (3) Each ADS represents 20 ordinary shares. (4) Warrant provides for purchase up to 60,000 ADSs, of which 10,000 ADSs were vested and exercisable as of December 31, 2018. Liability classified warrants ADS warrants On November 23, 2016, the Group closed an initial U.S. offering of 2,438,491 ADS and 1,219,246 ADS warrants at a price of US $6.98 per ADS/Warrant combination. Each ADS represents 20 ordinary shares. The warrants have an exercise price of US $8.03 per ADS and expire on November 23, 2021. In the event the Group fails to maintain the effectiveness of its Registration Statement and a Restrictive Legend Event has occurred, the warrant shall only be exercisable on a cashless basis. This would result in variability in the number of shares issued and therefore, the warrants were designated as a financial liability carried at fair value through profit and loss. On issuance of the ADS warrants, the Group recorded a derivative liability of US $3.8 million using the Black-Scholes model. The Group develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Group’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Group has a limited trading history in its common stock, therefore, expected volatility is based on that of reasonably similar publicly traded companies. Due to the nature of these inputs, the valuation of the warrants is considered Level 1 and 2 measurements. On August 1, 2017, the Group issued to a third party a warrant to purchase up to 60,000 ADSs at an exercise price of $7.26 per ADS. The warrant vests 5,000 ADS at issuance, with the remaining 55,000 ADS vesting upon satisfaction of various performance conditions related to the Group’s stock price and trading volumes. A total of 10,000 ADSs were vested as of December 31, 2018. Once vested, the warrant may be exercised on a cashless basis, and expires on July 31, 2022. Exercising on a cashless basis would result in variability in the number of shares issued and therefore, the warrants were designated as a financial liability carried at fair value through profit and loss. On issuance of the ADS warrants, the Group recorded a derivative liability of US $0.1 million using the Black-Scholes model. At issuance, the following assumptions were used in the Black-Scholes model. August 1, 2017 Share price (US $) 7.26 Exercise price (US $) 7.26 Expected volatility 70 % Number of periods to exercise 5.0 Risk-free rate 1.80 % Expected dividends — On November 14, 2017, in conjunction with the Hercules Loan Agreement, the Group issued Hercules a warrant to purchase up to 73,452 ADSs at an exercise price of $9.53 per ADS, representing 3.5% warrant coverage of the total loan facility. The warrant may be exercised on a cashless basis, and is immediately exercisable through November 14, 2022. Exercising on a cashless basis would result in variability in the number of shares issued and therefore, the warrants were designated as a financial liability carried at fair value through profit an d loss. On issuance of the ADS warrants, the Group recorded a derivative liability of US $0.4 million using the Black-Scholes model. At issuance, the following assumptions were used in the Black-Scholes model. November 14, 2017 Share price (US $) 9.53 Exercise price (US $) 9.53 Expected volatility 72 % Number of periods to exercise 5.0 Risk-free rate 2.06 % Expected dividends — At December 31, 2018 and 2017, the liability classified ADS warrants had a fair value of US $3.8 million and $8.9 million using the following weighted-average assumptions in the Black-Scholes model: December 31, December 31, 2018 2017 Share price (US $) 6.59 10.81 Exercise price (US $) 8.08 8.08 Expected volatility 75 % 76 % Number of periods to exercise 2.98 3.97 Risk-free rate 2.46 % 2.10 % Expected dividends — — Ordinary warrants On November 23, 2016 the Group placed 22,863,428 ordinary shares together with 11,431,714 warrants over ordinary shares at a price of £0.28 per share/warrant combination. The warrants have an exercise price of £0.322 per warrant and expire on November 23, 2021. In the event that the Group fails to maintain the effectiveness of the Registration Statement, the warrant shall only be exercisable on a cashless basis. This would result in variability in the number of shares issued and therefore, the warrants were designated as a financial liability carried at fair value through profit and loss. On issuance of the warrants, the Group recorded a derivative liability of US $1.8 million using the Black-Scholes model. At December 31, 2018 and 2017, the liability classified ordinary warrants had a fair value of US $2.0 million and $3.7 million using the Black-Scholes model and the following assumptions: December 31, December 31, 2018 2017 Share price (GBP) 0.31 0.41 Exercise price (GBP) 0.322 0.322 Expected volatility 74 % 76 % Number of periods to exercise 2.90 3.90 Risk free rate 2.46 % 2.09 % Expected dividends — — The following is a summary of the Group’s liability classified warrant activity, including both ADS and Ordinary warrants, during the years ended December 31, 2018 and 2017: (in thousands) Fair value Liability classified warrants US$ Balance at January 1, 2017 5,798 Issued during the year 529 Exercised during the year (285) Impact of foreign exchange 192 Loss from revaluation of derivative liabilities 6,392 Balance at December 31, 2017 12,626 Issued during the year — Exercised during the year (84) Impact of foreign exchange (99) Gain from revaluation of derivative liabilities (6,654) Balance at December 31, 2018 5,789

Share based payments

Share based payments	12 Months Ended
	Dec. 31, 2018
Share based payments
Share based payments	15. Share based payments Motif BioSciences Inc. issued options and warrants to employees, directors, consultants, and note holders. As part of the merger between Motif Acquisition Sub, Inc. and Motif BioSciences Inc., described in Note 1, each outstanding share option granted by Motif BioSciences Inc. was assumed and converted by Motif Bio plc into options to subscribe for ordinary shares in Motif Bio plc. The number of share options and the exercise prices have been adjusted to reflect the reverse stock split in the capital of Motif BioSciences Inc. on March 13, 2015. On December 4, 2014, Motif BioSciences Inc. adopted a Share Option Plan (the “Plan”) under which options can be granted to employees, consultants, and directors. The share price used for the Plan prior to being traded on AIM was based on management’s assessment of the valuation of the Group given the net assets and future potential of the Group at the time of granting. Motif Bio plc adopted a Share Option Plan (the “New Plan”) on April 1, 2015. The New Plan replaces Motif BioSciences Inc.’s previous share plan. There were no changes to the fair value of share options granted under the Plan with the only change being to grant the holders shares in Motif Bio plc rather than Motif BioSciences Inc. upon exercising options. The exercise price for each option will be established at the discretion of the Board provided that the exercise price for each option shall not be less than the nominal value of the relevant shares if the options are to be satisfied by a new issue of shares by the Company and provided that the exercise price per share for an option shall not be less than the fair market value of a share on the effective date of grant of the option. Options will be exercisable at such times or upon such events and subject to such terms, conditions and restrictions as determined by the Board on grant date. However, no option shall be exercisable after the expiration of ten years after the effective date of grant of the option. Weighted average Number of exercise price share options US $ Outstanding at January 1, 2017 15,563,182 0.37 Granted during the year 5,800,000 0.33 Forfeited during the year (4,153,948) 0.53 Exercised during the year (143,700) 0.14 Expired during the year — — Outstanding at December 31, 2017 17,065,534 0.32 Granted during the year 5,050,000 0.49 Forfeited during the year (2,656,116) 0.34 Cancelled during the year (946,644) 0.56 Exercised during the year (125,736) 0.14 Outstanding at December 31, 2018 18,387,038 0.34 Exercisable at December 31, 2018 12,360,958 0.30 The range of exercise prices of the options at December 31, 2018 was US $0.14 - $0.91. The weighted average remaining contractual term of options outstanding at December 31, 2018 and 2017 was 6.7 years and 7.0 years, respectively. The weighted average remaining contractual term of options exercisable at December 31, 2018 was 5.9 years. The fair value of options granted have been valued using the Black Scholes option pricing model. The weighted-average fair value of options granted during the year ended December 31, 2018 was $0.40 per option. Volatility is based on reported data from selected reasonably similar publicly traded companies for which the historical information is available. The Group does not have sufficient history to estimate the volatility of its share price. The weighted-average assumptions for option grants were as follows: Year ended Dec 31, 2018 Share price (US $) 0.49 Exercise price (US $) 0.49 Expected volatility 77.34 % Term 10 years Risk free rate 2.87 % Expected dividends — The total expense recognized for the years arising from stock-based payments are as follows: Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ General and administrative expense 750 1,143 513 Research and development expense 191 565 — Total share-based payment expense 941 1,708 513 During the preparation of the interim financial statements for the six months ended June 30, 2017, the Group identified and corrected a prior period error whereby stock based compensation expense was understated $1.2 million. The Group assessed the materiality of the out-of-period adjustments on all impacted periods and determined that they were not material to any of the period. The Group concluded that the cumulative adjustment to correct the error should be recorded in the year ended December 31, 2017.The out-of-period correction increased General and Administrative expense by $0.8 million and Research and Development expense by $0.4 million for the year ended December 31, 2017. None of these adjustments had an impact on the cash resources of the Group.

Share capital

Share capital	12 Months Ended
	Dec. 31, 2018
Share capital
Share capital	16. Share capital Allotted, called up and fully paid: Number US $ (in thousands, except share data) In issue at December 31, 2016 195,741,528 2,728 Issued: Ordinary shares of 1p each 143,700 2 Ordinary shares of 1p each 326,880 4 Ordinary shares of 1p each 66,666,667 847 Ordinary shares of 1p each 250,000 3 Ordinary shares of 1p each 390,353 5 In issue at December 31, 2017 263,519,128 3,589 Issued: Ordinary shares of 1p each 757,315 9 Ordinary shares of 1p each 32,258,064 433 Ordinary shares of 1p each 125,736 1 In issue at December 31, 2018 296,660,243 4,032 In January 2017, 143,700 ordinary shares were issued upon the exercise of options. In May 2017, 326,880 ordinary shares were issued upon the exercise of warrants. In June 2017, Motif Bio plc issued 66,666,667 ordinary shares at a price of £0.30 per share. In July 2017, 250,000 ordinary shares were issued upon the exercise of warrants. In November 2017, a total of 390,353 ordinary shares were issued upon the exercise of warrants. During January through June of 2018, 757,315 ordinary shares were issued upon the exercise of warrants. On May 17, 2018, the Group placed 32,258,064 new ordinary shares at £0.31 per share and received US$12.7 million of net proceeds. In June 2018, 125,736 ordinary shares were issued upon the exercise of a stock option. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issue. Retained deficit represents accumulated losses. The group re-organization reserve arose when Motif Bio plc became the parent of the Group. The transaction, falling as it does outside the scope of IFRS 3, has been accounted for as a group re-organization and not a business combination. The re-organization reserve can be derived by calculating the difference between the nominal value of the shares in Motif Bio plc issued to the former shareholders in Motif BioSciences Inc. and the share capital and share premium of Motif BioSciences Inc. at the date of the merger.

Financial assets and financial

Financial assets and financial liabilities	12 Months Ended
	Dec. 31, 2018
Financial assets and financial liabilities
Financial assets and financial liabilities	17. Financial assets and financial liabilities The Group holds the following financial instruments: Financial assets (in thousands) at amortized cost Financial assets US $ 2018 Prepaid expenses and other receivables 231 Cash and cash equivalents 12,279 12,510 2017 Prepaid expenses and other receivables 318 Cash and cash equivalents 22,651 22,969 Financial liabilities (in thousands) at amortized cost Financial liabilities US $ 2018 Trade payable and accrued liabilities 7,207 Derivative liabilities 5,789 12,996 2017 Trade and other payables 10,890 Payable on completion of clinical trial 500 Derivative liabilities 12,626 24,016 Fair value disclosures The Group’s cash, prepaid expenses and other current assets and trade and other payables are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. These are measured at fair value using Level 1 inputs. The Group’s derivative liabilities are measured at fair value using Level 1 or 2 inputs. See discussion in Note 14 on the inputs utilized in the Black-Scholes option pricing model and for a rollforward of the derivative liability from December 31, 2017 to December 31, 2018. The Group determined that the book value of the Hercules Loan Agreement (Note 13) approximates its fair value as of December 31, 2018 due the proximity of the transaction date and the interest being tied to the U.S. Prime Rate. There were no transfers between fair value levels during the years ended December 31, 2018 or 2017. There were no non-recurring fair value measurements for the years ended December 31, 2018 or 2017. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. 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).

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2018
Subsidiaries
Subsidiaries	18. Subsidiaries Method used Country of Percentage Percentage to account for Company name incorporation shareholding voting power investment Motif BioSciences Inc. Delaware, USA 100 % 100 % Consolidation The principal activity of Motif BioSciences Inc. is proprietary drug discovery research and development.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2018
Related party transactions
Related party transactions	19. Related party transactions Transactions with Amphion Innovations plc and Amphion Innovations US, Inc. At December 31, 2018, Amphion Innovations plc and its wholly owned subsidiary, Amphion Innovations US, Inc., or collectively, the Amphion Group owned 8.51% of the issued ordinary shares in Motif Bio plc. In addition, the Amphion Group previously provided funding for the activities of Motif BioSciences Inc. through the issue of convertible interest bearing loan notes, which were converted to shares in December 2016. Richard Morgan and Robert Bertoldi were directors of both the Company and Amphion Innovations plc in the period. Transactions between the Group and the Amphion Group are disclosed below: Advisory And Consultancy Agreement With Amphion Innovations US, Inc. On April 1, 2015, the Group entered into an Advisory and Consultancy Agreement with Amphion Innovations US, Inc. The consideration for the services is $120,000 per annum. The agreement was amended in December 2016 so that either party may terminate the agreement at any time, for any reason, upon giving the other party ninety-days advance written notice. The Group paid $120,000 to Amphion Innovations US, Inc. during each year ending December 31, 2018, 2017 and 2016 in accordance with the terms of the agreement. Notice was provided in September 2018 to terminate the agreement as of December 31, 2018. Consultancy Agreement With Amphion Innovations plc On April 1, 2015, the Group entered into a Consultancy Agreement with Amphion Innovations plc for the services of Robert Bertoldi, an employee of Amphion Innovations plc. The consideration for his services was $5,000 per month. On November 1, 2015, the consideration was increased to $180,000 per annum. On July 1, 2016, the consideration decreased to US $75,000 per annum. The agreement was for an initial period of 12 months and would automatically renew each year on the anniversary date unless either party notifies the other by giving ninety-days written notice prior to expiration. The agreement was amended in December 2016 so that either party may terminate the agreement at any time, for any reason, upon giving the other party ninety-days advance written notice. In July 2017, the Group amended the consulting agreement with Amphion Innovations plc to increase the annual consideration to $125,000 to better reflect Robert Bertoldi’s time commitment to the Group with and effective date of January 1, 2017. The Group paid Robert Bertoldi $125,000 during the years ended December 31, 2018 and 2017 in accordance with the terms of the agreement. Notice was provided in September 2018 to terminate the agreement as of December 31, 2018. Consultancy Agreement With Amphion Innovations US, Inc. On September 7, 2016, the Group entered into a Consultancy Agreement with Amphion Innovations US, Inc., pursuant to which Amphion Innovations US, Inc. will provide consultancy services in relation to the Group’s obligations as a NASDAQ listed company. The consideration for the services was $15,500 per month. The agreement was for an initial period of 12 months, after which the agreement will terminate automatically unless renewed by the parties by mutual agreement. The agreement was not extended past the initial term and ended in 2017. The Group paid $170,500 and $19,633 during the years ended December 31, 2017 and 2016 in accordance with the terms of the agreement. Consultancy Agreement With Jonathan Gold On April 13, 2016, the Group entered into a consultancy agreement with Mr. Gold, a member of the Group’s Board of Director. Under the terms of this agreement, Mr. Gold received a fixed fee of $10,000 per month for strategic financial expert advice and guidance. The term of this agreement was six months, commencing January 1, 2016. The term of the agreement would automatically renew each month following the initial term, provided that each party provided its mutual agreement to renew in a signed writing, no later than 30 days prior to the expiration of the term. This agreement was not extended beyond the initial term. On April 7, 2017, the Group entered into a new consultancy agreement with Mr. Gold. Under the terms of this agreement, Mr. Gold received a fixed fee of $16,167 per month for strategic financial expert advice and guidance. The term of this agreement was twelve months, commencing January 1, 2017. The term of the agreement would automatically renew each month following the initial term, as long as either party did not provide notice to the other party of its election not to continue to renew the agreement with at least 30-days advance notice. In connection with Mr. Gold assuming the executive role as Chief Financial Officer of February 2, 2018, this agreement was suspended as of December 31, 2017.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2018
Subsequent events
Subsequent events	20. Subsequent events On February 14, 2019, the Group announced the receipt of a Complete Response Letter (CRL) from the U.S. Food & Drug Administration (FDA) regarding the New Drug Application (NDA) for iclaprim for the treatment of acute bacterial skin and skin structure infections. The CRL states that the FDA cannot approve the NDA in its present form and indicates that additional data are needed to further evaluate the risk for liver toxicity before the NDA may be approved. The Group is evaluating and taking action on potential options to address the deficiencies. On February 17, 2019, the Group announced it entered into an amendment agreement with its lender Hercules Capital, Inc. (Hercules) in relation to the Hercules Loan Agreement dated November 15, 2017. Pursuant to the amendment, Motif BioSciences Inc. made an early repayment of $7 million and an additional repayment of $0.5 million on the earlier of 90 days, May 18, 2019, or receipt of funds from an equity raise of $2 million or greater. This additional repayment was remitted on April 1, 2019. The amendment provides for a three-month interest-only period on the remaining loan balance for the period from March 2019 to May 2019 and the waiver of any prepayment charges for the remaining term of the loan. On March 22, 2019, we entered into another amendment agreement that provided for one additional month of the interest only period for the month of June 2019. In addition, Hercules Capital, Inc. provided Motif BioSciences, Inc. a letter stating that the receipt and aging of invoices relating to a validation campaign of iclaprim mesylate from a third-party vendor are excluded from the determination of compliance with covenants under the Hercules Loan Agreement, as amended. On March 20, 2019, the Group announced that FDA granted the Group’s Type A meeting request with FDA and is scheduled for May 3, 2019. On March 25, 2019, the Group raised $3.3 million of net proceeds, after deducting $0.3 million of issuance costs, from a placement in the United Kingdom of 45,000,000 new ordinary shares at £0.06 per share.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2018
Significant accounting policies
Basis of preparation	a. Basis of preparation The accounting policies set out below have been applied consistently to all periods presented in this financial information. The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in conformity with IFRS as adopted by the European Union. This basis of preparation describes how the financial statements have been prepared in accordance with IFRS. The financial statements have been prepared under the historical cost convention. A summary of the more important Group accounting policies is set out below. The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of revenue and expenses during the period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. a. New and amended standards effective from January 1, 2018 IFRS 2, Share-based Payments (as amended) was adopted with an effective date of January 1, 2018. IFRS 2 related to the classification and measurement of share-based payment transactions. The amendments are intended to eliminate diversity in practice regarding (i) accounting for cash-settled share-based payment transactions that include a performance condition, (ii) share-based payments in which the manner of settlement is contingent on future events, (iii) share-based payments settled net of tax withholdings, and (iv) modification of share-based payment transactions from cash-settled to equity-settled. The adoption of this guidance did not have a material impact on the Group’s 2018 consolidated financial statements and any future impact would be primarily dependent on future modifications to share-base payment awards, if any. IFRS 9, Financial Instruments (as revised in 2014) was adopted with an effective date of January 1, 2018. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. The adoption of this guidance did not have an impact on the Group’s 2018 consolidated financial statements and any future impact would be primarily dependent on future financial instrument transactions, if any. IFRS 15, Revenue from Contracts with Customers was adopted with an effective date of January 1, 2018. IFRS 15 establishes a comprehensive guideline for determining when to recognize revenue and how much revenue to recognize. The Group currently has no revenues. However, all applicable revenues generated by the Group prospectively will be accounted for in accordance with IFRS 15, or, where applicable, other relevant guidance. On January 1, 2017, the Group adopted amendments to IAS 7, Disclosure Initiative. The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The Group believes that the disclosures contained herein adequately satisfy this requirement. There are no other new standards and amendments that have been applied from January 1, 2018, which have had an impact on the Group’s financial statements. New standards and interpretations effective after 2018 Certain new accounting standards and interpretations have been published that are not mandatory for the reporting periods covered by these consolidated financial statements and have not been early adopted by the Group. The new standards potentially relevant to the Group are discussed below. IFRS 16, Leases — Effective date — January 1, 2019 — IFRS 16 will replace IAS 17. It will eliminate the distinction between classification of leases as finance or operating leases for lessees. As of the issuance date of this Annual Report, the adoption of IFRS 16 did not have a significant impact on the Group’s net results or net assets and any future impact would be primarily dependent on future leasing transactions, if any. Principles of consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances, and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group ceases to consolidate because of a loss of control, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture, or financial asset.
Segment reporting	b. Segment reporting The chief operating decision-maker is considered to be the Board of Directors of Motif Bio plc. The chief operating decision-maker allocates resources and assesses performance of the business and other activities at the operating segment level. In addition, they review the IFRS consolidated financial statements. The chief operating decision-maker has determined that Motif has one operating segment to support its strategy for the development and commercialization of pharmaceutical formulations. The Group maintains a presence and has some activities in the U.K.; however, the finance and most other management functions take place in the U.S.
Foreign currency translation	c. Foreign currency translation (a) Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in United States Dollars (US $), which is Motif Bio plc’s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in comprehensive loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses are presented in the statement of comprehensive loss on a net basis within other income or other expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as available-for-sale financial assets are recognized in other comprehensive income.
Research and development costs	d. Research and development costs Expenditure on drug development activities is capitalized only if all of the following conditions are met: · it is probable that the asset will create future economic benefits; · the development costs can be measured reliably; · technical feasibility of completing the intangible asset can be demonstrated; · there is the intention to complete the asset and use or sell it; · there is the ability to use or sell the asset; and · adequate technical, financial, and other resources to complete the development and to use or sell the asset are available. These conditions are generally met when a filing is made for regulatory approval for commercial production. Otherwise, costs on research activities are recognized as an expense in the period in which they are incurred. At this time, the Group does not meet all conditions and therefore development costs are recorded as expense in the period in which the cost is incurred. The Group’s preclinical studies and clinical trials have been performed utilizing third-party contract research organizations (“CROs”) and other vendors. For preclinical studies, the significant factors used in estimating accruals include the percentage of work completed to date and contract milestones achieved. For clinical trial expenses, the significant factors used in estimating accruals include the number of patients enrolled, duration of enrollment, percentage of work completed to date and contract milestones achieved. The Group monitors patient enrollment levels and related activities to the extent possible through internal reviews, correspondence and status meetings and review of contractual terms. Estimates are dependent on the timeliness and accuracy of data provided by the CROs and other vendors. In this event, the Group could record adjustments to research and development expenses in future periods when the actual activity levels become known.
Intangible assets	e. Intangible assets Intangible assets acquired separately from a business are initially stated at cost, net of any amortization and any provision for impairment. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization but is tested for impairment annually or more frequently whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Impairment of non-financial assets	f. Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortization and are tested annually in the second half of each fiscal year for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Financial instruments-initial recognition and subsequent measurement	g. Financial instruments—initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. a) Financial assets, initial recognition and measurement All financial assets, such as receivables and deposits, are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. b) Financial liabilities, initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, and payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and borrowings and warrants classified as liabilities. c) Subsequent measurement The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method if the time value of money is significant.
Financial assets and liabilities	h. Financial assets and liabilities Financial assets and financial liabilities are included in the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Non-derivative financial instruments Cash and cash equivalents Cash and cash equivalents include bank balances, demand deposits, and other short-term, highly liquid investments (with less than three months to maturity) that are readily convertible into a known amount of cash and are subject to an insignificant risk of fluctuations in value. Financial liabilities and equity The Group classifies an instrument, or its component parts, on initial recognition as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An instrument is classified as a financial liability when it is either (i) a contractual obligation to deliver cash or another financial asset to another entity; or (ii) a contract that will or may be settled in the Group’s own equity instruments and is a non-derivative for which the Group is, or may be, obliged to deliver a variable number of the Group’s own equity instruments or a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. An equity instrument is defined as any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. An instrument is an equity instrument only if the issuer has an unconditional right to avoid settlement in cash or another financial asset. Trade payables and accrued liabilities Trade payables and accrued liabilities are obligations to pay for goods or services that have been acquired in the ordinary course of business from or rendered by suppliers. All are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables and accrued liabilities are initially measured at fair value, and, where applicable, are subsequently measured at amortized cost, using the effective interest rate method. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received. Direct issuance costs are processed as a deduction on equity. Derivative financial instruments The Group does not have a policy of engaging in speculative transactions, nor does it issue or hold financial instruments for trading purposes. The Group has entered into various financing arrangements with its investors, including convertible loans. These convertible loans each include embedded financial derivative elements (being the right to acquire equity in the Group at a future date for a pre-determined price). Therefore, while the Group does not engage in speculative trading of derivative financial instruments, it may hold such instruments from time to time as part of its financing arrangements. The Group has also entered into financing arrangements that include the issuance of warrants. These warrants may be considered derivative financial instruments based on the terms of the agreements. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The resulting gain or loss is recognized in the consolidated statement of comprehensive loss, as the Group currently does not apply hedge accounting. Impairment of financial assets From January 1, 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. An expected credit losses model replaces the incurred loss impairment model used in IAS 39. The accounting policy applied under IAS 39 in previous accounting periods is described below. The Group assessed at the end of each reporting period whether there was objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization, and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognized in the consolidated statement of comprehensive loss. If a loan or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the reversal of the previously recognized impairment loss is recognized in the consolidated statement of comprehensive loss.
Offsetting financial instruments	i. Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency, or bankruptcy of the Company or the counterparty.
Share-based payment transactions	j. Share-based payment transactions The fair value of options and warrants granted to employees, directors, and consultants is recognized as an expense, with a corresponding increase in equity, over the period in which the option and warrant holders become unconditionally entitled to the options and warrants unless incremental and directly attributable to an equity transaction in which case it is deducted from equity. The fair value of the options and warrants granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted.
Financial income and expenses	k. Financial income and expenses Financial income comprises interest receivable on funds invested. Financial expenses comprise interest payable. Interest income and interest payable are recognized in the consolidated statement of comprehensive loss as they accrue, using the effective interest method.
Taxation	l. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the consolidated statement of comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized.
Earnings per share	m. Earnings per share The Company presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shares of the Company by the weighted average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential shares, which comprise share options and warrants granted to employees and non-employees. Refer to Note 8 for calculation of EPS for all periods presented.
Borrowings	n. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.
Equity	o. Equity The Company classifies an instrument, or its component parts, on initial recognition as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An instrument is classified as a financial liability when it is either (i) a contractual obligation to deliver cash or another financial asset to another entity; or (ii) a contract that will, or may be, settled in the Company’s own equity instruments and is a non-derivative for which the Company is, or may be, obliged to deliver a variable number of the Company’s own equity instruments or a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. An equity instrument is defined as any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. An instrument is an equity instrument only if the issuer has an unconditional right to avoid settlement in cash or another financial asset. Ordinary Shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds
Critical accounting estimates and judgments	p. Critical accounting estimates and judgments In preparing the financial information, the Directors make judgments on how to apply the Group’s accounting policies and make estimates about the future. The critical judgments that have been made in arriving at the amounts recognized in the financial information and the key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below: Acquisition and valuation of the iclaprim assets The directors, on assessing if the acquisition of the Nuprim iclaprim assets was of a business or of a group of assets, considered: · the identified elements of the acquired group; · the capability of the acquired group to produce outputs; and · the impact that any missing elements have on a market participant’s ability to produce outputs with the acquired group. As the acquired group was not accompanied by any associated processes and because the acquired assets do not have planned principal activities, or a plan to produce outputs, the Directors considered the acquisition to be of a group of assets, not a business. The Directors use their judgment to identify the separate intangible assets and then determine a fair value for each based upon the consideration paid, the nature of the asset, industry statistics, future potential, and other relevant factors. Asset acquisitions are measured based on their cost to the acquiring entity, which generally includes transaction costs. An asset’s acquisition cost or the consideration transferred by the acquiring entity is assumed to be equal to the fair value of the net assets acquired, unless contrary evidence exists. These fair values are tested for impairment annually. Research and development expenditures Research and development expenditures are currently not capitalized because the criteria for capitalization are not met. At each balance sheet date, the Group estimates the level of service performed by the vendors and the associated costs incurred for the services performed. Although the Group does not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period. Share based payments and fair value of warrants The Directors have to make judgments when deciding on the variables to apply in arriving at an appropriate valuation of share based compensation and warrants, including appropriate factors for volatility, risk free interest rate, and applicable future performance conditions and exercise patterns.

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
	Dec. 31, 2018
Financial risk management
Schedule of contractual maturities of financial liabilities	Between 1 Between 2 (in thousands) < 1 year and 2 years and 5 years Over 5 years At December 31, 2018 US $ US $ US $ US $ Total Trade payables and accrued liabilities 7,207 — — — 7,207 Derivative liabilities — — 5,789 — 5,789 Term Loan and other non-current (Note 13) 4,655 5,642 5,133 — 15,430 11,862 5,642 10,922 — 28,426 Between 1 Between 2 (in thousands) < 1 year and 2 years and 5 years Over 5 years At December 31, 2017 US $ US $ US $ US $ Total Trade payables and accrued liabilities 10,890 — — — 10,890 Payable on completion of clinical trial 500 — — — 500 Derivative liabilities — — 12,626 — 12,626 Term Loan and other non-current (Note 13) — 4,700 10,730 — 15,430 11,390 4,700 23,356 — 39,446
Schedule of carrying amounts of foreign currency denominated monetary net assets	December 31, 2018 December 31, 2017 (in thousands) US $ US $ Sterling - Cash 491 462

Other income and expense items

Other income and expense items (Tables)	12 Months Ended
	Dec. 31, 2018
Other income and expense items
Schedule of other income	Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ Gains on settlement of contract disputes — — 83
Schedule of breakdown of expenses by nature	Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ General and administrative expenses Employee compensation, benefits and share-based payments 3,062 2,779 1,445 Director, legal and professional fees 2,405 3,491 2,496 Investor and public relations advisory fees 1,180 1,283 648 Other expenses 988 989 323 7,635 8,542 4,912 (in thousands) Research and development costs Employee benefits expenses, including share-based payments 1,153 1,469 678 Contract research organization expenses — 22,066 30,446 Chemistry and manufacturing development and other non-clinical development 3,444 2,933 2,146 Other research and development costs (1) 6,391 3,007 1,525 10,988 29,475 34,795 (1) Other research and development costs incurred during 2018 were primarily comprised of regulatory and related preparatory activities for the iclaprim product candidate. (in thousands) 2018 2017 2016 Auditors’ Remuneration US $ US $ US $ Audit Fees 435 526 871 Audit-Related Fees — — — Tax Fees — — — Other Fees 2 — — Total 437 526 871
Schedule of finance income and costs	Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ Finance income Interest from financial assets 113 134 70 113 134 70 (in thousands) Finance costs Interest expense (1,585) (200) (383) Accretion of end of term payment (174) (22) — Amortization of deferred financing costs (401) (53) — (2,160) (275) (383) Net finance costs (2,047) (141) (313)

Employee numbers and costs (Tab

Employee numbers and costs (Tables)	12 Months Ended
	Dec. 31, 2018
Employee numbers and costs
Schedule of monthly average number of persons employed by the Group	Year ended Year ended Year ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Executive Directors 2 1 2 Key management personnel 5 7 4 Total 7 8 6
Schedule of aggregate payroll costs of Executive Directors and key management personnel	Year ended Year ended Year ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 (in thousands) US $ US $ US $ Short term benefits: Wages and salaries 3,040 2,288 1,528 Social security and other employer costs 234 252 67 Share based payments (1) 941 1,120 120 4,215 3,660 1,715 (1) The total share based payments does not reflect the out-of-period adjustment recorded in 2017 (Note 15).

Directors' remuneration (Tables

Directors' remuneration (Tables)	12 Months Ended
	Dec. 31, 2018
Directors' remuneration
Schedule of directors remuneration	Salaries Social 2018 2017 2016 and fees Bonuses Security Total Total Total US $ US $ US $ US $ (2) US $ US $ Executive Graham Lumsden (1)(7) 446,250 264,000 16,389 726,639 567,999 488,510 Jonathan Gold (2) 612,500 250,000 19,017 881,517 194,004 114,094 Non-executive Robert Bertoldi (3)(7) 125,000 — 9,563 134,563 134,563 137,783 Richard Morgan (4) 113,500 — — 113,500 113,500 177,725 Charlotta Ginman (5) 69,680 — — 69,680 67,279 57,475 Zaki Hosny 62,500 — — 62,500 63,000 57,475 Mary Lake Polan 60,000 — — 60,000 60,000 54,094 John Stakes (6) — — — — — 30,869 Bruce Williams (4) 64,000 — — 64,000 64,000 54,094 Craig T. Albanese 57,500 — — 57,500 38,333 — Total 1,610,930 514,000 44,969 2,169,899 1,302,678 1,172,119 (1) Dr. Lumsden’s incentive bonus listed above includes the receipt of $50,000 in 2018 for achieving the operational milestones related to a supplemental bonus granted in the previous year. (2) The compensation listed above is for Mr. Gold’s services as Chief Financial Officer and Executive Director. Mr. Gold assumed the executive role of Chief Financial Officer on February 2, 2017. (3) Effective July 16, 2018, Mr. Bertoldi resigned from the Board of Directors. Mr. Bertoldi continued to provide consultancy services under the terms of the consultancy agreement with Amphion Innovation plc until December 31, 2018. The compensation listed above represents consideration paid to Mr. Bertoldi during the entire year. (4) Effective March 18, 2019, Richard Morgan resigned from the Board of Directors. In addition, Bruce Williams was appointed interim Chairman. (5) Ms. Ginman’s compensation for 2018 was £52,195 or US$69,680 based on an average exchange rate of 1.335 for the period. (6) Mr. Stakes resigned from the Board of Directors effective July 1, 2016. (7) The compensation for Dr. Lumsden, Mr. Gold and Mr. Bertoldi exclude $8,100, $8,100 and $3,750 in employer provided 401k pension during 2018.
Schedule of directors of the company that have been awarded rights to subscribe for shares in the Group	Exercise January 1, December 31, price Grant Expiry 2018 Granted 2018 US $ date date Richard Morgan 73,215 — 73,215 $ 0.70 Jan 1, 2010 Jan 1, 2020 6,179 — 6,179 $ 0.70 Jan 1, 2011 Jan 1, 2021 502,950 — 502,950 0.14 Dec 4, 2014 Dec 4, 2024 582,344 — 582,344 Craig T. Albanese 100,000 — 100,000 $ 0.44 May 4, 2017 May 4, 2027 100,000 — 100,000 Robert Bertoldi 53,887 — 53,887 $ 0.70 Jan 1, 2010 Jan 1, 2020 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 305,362 — 305,362 Charlotta Ginman 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 251,475 — 251,475 Jonathan Gold 73,502 — 73,502 $ 0.70 Jan 1, 2010 Jan 1, 2020 5,964 — 5,964 $ 0.70 Jan 1, 2011 Jan 1, 2021 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 — 1,000,000 1,000,000 $ 0.50 Feb 28, 2018 Feb 28, 2028 330,941 1,000,000 1,330,941 Zaki Hosny 53,888 — 53,888 $ 0.70 Jun 18, 2009 Jun 18, 2019 14,370 — 14,370 $ 0.70 Jan 1, 2010 Jan 1, 2020 2,587 — 2,587 $ 0.70 Jan 1, 2011 Jan 1, 2021 107,774 — 107,774 $ 0.14 Jan 30, 2013 Jan 30, 2023 251,475 — 251,475 $ 0.14 Dec 4, 2014 Dec 4, 2024 430,094 — 430,094 Graham Lumsden 574,800 — 574,800 $ 0.14 May 25, 2013 May 25, 2023 2,874,000 — 2,874,000 $ 0.14 Dec 4, 2014 Dec 4, 2024 1,000,000 — 1,000,000 $ 0.33 Feb 7, 2017 Feb 7, 2027 700,000 — 700,000 $ 0.33 Feb 7, 2017 Feb 7, 2027 — 2,000,000 2,000,000 $ 0.50 Feb 28, 2018 Feb 28, 2028 — 1,000,000 1,000,000 $ 0.50 Feb 28, 2018 Feb 28, 2028 5,148,800 3,000,000 8,148,800 Mary Lake Polan 67,036 — 67,036 $ 0.70 Jan 1, 2010 Jan 1, 2020 5,461 — 5,461 $ 0.70 Jan 1, 2011 Jan 1, 2021 251,474 — 251,474 $ 0.14 Dec 4, 2014 Dec 4, 2024 323,971 — 323,971 Bruce Williams 67,252 — 67,252 $ 0.70 Jan 1, 2010 Jan 1, 2020 28,740 — 28,740 $ 0.70 Jan 16, 2010 Jan 16, 2020 71,850 — 71,850 $ 0.70 Nov 15, 2010 Jan 16, 2020 2,802 — 2,802 $ 0.70 Jan 1, 2011 Jan 1, 2021 251,474 — 251,474 $ 0.14 Dec 4, 2014 Dec 4, 2024 422,118 — 422,118

Income tax expense (Tables)

Income tax expense (Tables)	12 Months Ended
	Dec. 31, 2018
Income tax expense
Schedule of current tax expense	Year ended Year ended Year ended (in thousands) Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Current tax expense US $ US $ US $ U.K. corporation taxes — — — Overseas taxes 9 22 — 9 22 —
Schedule of reconciliation of effective tax rate	(in thousands) 2018 2017 2016 Reconciliation of effective tax rate: US $ US $ US $ Loss on ordinary activities before taxation (13,976) (44,788) (40,324) U.K. Corporation tax at 19% 921 (1,571) (450) Overseas tax at higher rate (3,953) (7,669) (12,955) Effects of: Unrecognized losses (3,032) (9,240) (13,405) Other adjustments-overseas taxes 9 22 — Total tax charge 9 22 —

Loss per share (Tables)

Loss per share (Tables)	12 Months Ended
	Dec. 31, 2018
Loss per share
Schedule of basic and diluted loss per share	Year ended Year ended Year ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 (in thousands, except share and per share data) US $ US $ US $ Basic Net loss (13,985) (44,810) (40,324) Basic weighted average shares in issue 284,530,534 231,530,091 116,558,191 Basic loss per share (0.05) (0.19) (0.35) Diluted Net loss (13,985) (44,810) (40,324) Effect of dilutive securities: liability-classified warrants (6,654) — — Diluted net loss (20,639) (44,810) (40,324) Weighted average shares in issue - basic 284,530,534 231,530,091 116,558,191 Incremental dilutive shares from liability-classified warrants (treasury stock method) 2,601,154 — — Weighted average shares in issue - diluted 287,131,688 231,530,091 116,558,191 Diluted net loss (0.07) (0.19) (0.35)
Schedule of potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding , as they would be antidilutive	2018 2017 2016 Warrants 12,878,944 49,399,947 5,726,364 Share options 18,387,038 17,065,534 6,810,357 31,265,982 66,465,481 12,536,721

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2018
Intangible assets
Schedule of intangible assets	(in thousands) As of December 31, 2016 Cost 6,196 Accumulated amortization and impairment — Net book amount at December 31, 2016 6,196 Additions — Amortization charge — Net book amount at December 31, 2017 6,196 As of December 31, 2017 Cost 6,196 Accumulated amortization and impairment — Net book amount at December 31, 2017 6,196 Additions — Amortization charge — Net book amount at December 31, 2018 6,196
Schedule of purchase consideration amounts attributed to net assets acquired	(in thousands) US $ Purchase consideration: Ordinary shares in Motif Bio plc 3,356 Warrants to subscribe for ordinary shares in Motif Bio plc 2,340 Total purchase consideration 5,696 Iclaprim assets 6,196 Milestone payment (500) Net assets acquired 5,696

Prepaid expenses and other re_2

Prepaid expenses and other receivables (Tables)	12 Months Ended
	Dec. 31, 2018
Prepaid expenses and other receivables
Schedule of prepaid expenses and other receivables	(in thousands) Dec 31, 2018 Dec 31, 2017 Amounts due within one year US $ US $ Prepayments and other receivables 231 318 231 318

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2018
Cash and cash equivalents
Schedule of cash and cash equivalents	Dec 31, 2018 Dec 31, 2017 (in thousands) US $ US $ Cash and cash equivalents at bank 12,279 22,651 12,279 22,651

Trade payables and accrued li_2

Trade payables and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Trade payables and accrued liabilities
Schedule of trade payables and accrued liabilities	(in thousands) Dec 31, 2018 Dec 31, 2017 Amounts due within one year US $ US $ Trade payables (1) 3,169 6,464 Accrued expenses — Contract research organization 74 1,294 Accrued expenses — Other (2) 3,964 3,008 Other payable — 124 7,207 10,890 (1) Trade payables include $2.3 million and $5.7 million billed by the Group’s contract research organization at December 31, 2018 and 2017, respectively. (2) Accrued expenses – Other include $2.4 million and $1.3 million in obligations for the manufacturing of the active pharmaceutical ingredient for iclaprim at December 31, 2018 and 2017, respectively.

Interest bearing loans and bo_2

Interest bearing loans and borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Interest bearing loans and borrowings
Schedule of interest bearing loans and borrowings	Dec 31, 2018 Dec 31, 2017 (in thousands) US $ US $ Term loan, non-current 10,345 15,000 Unamortized deferred financing costs (214) (943) Net non-current 10,131 14,057 Term loan, current portion 4,655 — Unamortized deferred financing costs (328) — Net current portion 4,327 —

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2018
Warrants
Schedule of warrant activity	Weighted Average Number of Warrants Exercise Price Ordinary shares ADS Ordinary shares ADS Outstanding as of January 1, 2018 22,672,867 1,336,354 £ 0.272 $ 8.08 Granted — — — $ — Exercised (757,315) — £ 0.246 $ — Outstanding as of December 31, 2018 21,915,552 1,336,354 £ 0.273 $ 8.08
Schedule of warrants outstanding and exercisable	Type of Warrant Outstanding Number Outstanding and Exercisable Exercise Price Expiration Date Ordinary shares (1) 1,367,089 GBP £ 0.20 April 2, 2020 Ordinary shares (1) 1,082,384 GBP £ 0.50 July 21, 2020 Ordinary shares (2) 10,505,648 GBP £ 0.322 November 23, 2021 ADS (2) (3) 1,202,902 US $ 8.03 November 23, 2021 Ordinary shares (1) 8,960,431 GBP £ 0.20 April 2, 2025 ADS (2) (3) (4) 10,000 US $ 7.26 July 31, 2022 ADS (2) 73,452 US $ 9.53 November 14, 2022 (1) Warrants totaling 11,881,506 of ordinary shares are equity classified. (2) Warrants totaling 10,505,648 of ordinary shares and 1,336,354 of ADS are liability classified. (3) Each ADS represents 20 ordinary shares. (4) Warrant provides for purchase up to 60,000 ADSs, of which 10,000 ADSs were vested and exercisable as of December 31, 2018.
Schedule of assumptions used in fair value of derivative liability of warrants over ADS	August 1, 2017 Share price (US $) 7.26 Exercise price (US $) 7.26 Expected volatility 70 % Number of periods to exercise 5.0 Risk-free rate 1.80 % Expected dividends — November 14, 2017 Share price (US $) 9.53 Exercise price (US $) 9.53 Expected volatility 72 % Number of periods to exercise 5.0 Risk-free rate 2.06 % Expected dividends — December 31, December 31, 2018 2017 Share price (US $) 6.59 10.81 Exercise price (US $) 8.08 8.08 Expected volatility 75 % 76 % Number of periods to exercise 2.98 3.97 Risk-free rate 2.46 % 2.10 % Expected dividends — —
Schedule of assumptions used in fair value of derivative liability of warrants over Ordinary shares	December 31, December 31, 2018 2017 Share price (GBP) 0.31 0.41 Exercise price (GBP) 0.322 0.322 Expected volatility 74 % 76 % Number of periods to exercise 2.90 3.90 Risk free rate 2.46 % 2.09 % Expected dividends — —
Schedule of warrant liability	(in thousands) Fair value Liability classified warrants US$ Balance at January 1, 2017 5,798 Issued during the year 529 Exercised during the year (285) Impact of foreign exchange 192 Loss from revaluation of derivative liabilities 6,392 Balance at December 31, 2017 12,626 Issued during the year — Exercised during the year (84) Impact of foreign exchange (99) Gain from revaluation of derivative liabilities (6,654) Balance at December 31, 2018 5,789

Share based payments (Tables)

Share based payments (Tables)	12 Months Ended
	Dec. 31, 2018
Share based payments
Schedule of number of share options and weighted average exercise price	Weighted average Number of exercise price share options US $ Outstanding at January 1, 2017 15,563,182 0.37 Granted during the year 5,800,000 0.33 Forfeited during the year (4,153,948) 0.53 Exercised during the year (143,700) 0.14 Expired during the year — — Outstanding at December 31, 2017 17,065,534 0.32 Granted during the year 5,050,000 0.49 Forfeited during the year (2,656,116) 0.34 Cancelled during the year (946,644) 0.56 Exercised during the year (125,736) 0.14 Outstanding at December 31, 2018 18,387,038 0.34 Exercisable at December 31, 2018 12,360,958 0.30
Schedule of weighted-average assumptions for option grants	Year ended Dec 31, 2018 Share price (US $) 0.49 Exercise price (US $) 0.49 Expected volatility 77.34 % Term 10 years Risk free rate 2.87 % Expected dividends —
Schedule of expense recognized from stock-based payments	Year ended Dec Year ended Dec Year ended Dec 31, 2018 31, 2017 31, 2016 (in thousands) US $ US $ US $ General and administrative expense 750 1,143 513 Research and development expense 191 565 — Total share-based payment expense 941 1,708 513

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2018
Share capital
Schedule of share capital	Allotted, called up and fully paid: Number US $ (in thousands, except share data) In issue at December 31, 2016 195,741,528 2,728 Issued: Ordinary shares of 1p each 143,700 2 Ordinary shares of 1p each 326,880 4 Ordinary shares of 1p each 66,666,667 847 Ordinary shares of 1p each 250,000 3 Ordinary shares of 1p each 390,353 5 In issue at December 31, 2017 263,519,128 3,589 Issued: Ordinary shares of 1p each 757,315 9 Ordinary shares of 1p each 32,258,064 433 Ordinary shares of 1p each 125,736 1 In issue at December 31, 2018 296,660,243 4,032

Financial assets and financia_2

Financial assets and financial liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Financial assets and financial liabilities
Schedule of financial assets	Financial assets (in thousands) at amortized cost Financial assets US $ 2018 Prepaid expenses and other receivables 231 Cash and cash equivalents 12,279 12,510 2017 Prepaid expenses and other receivables 318 Cash and cash equivalents 22,651 22,969
Schedule of financial liabilities	Financial liabilities (in thousands) at amortized cost Financial liabilities US $ 2018 Trade payable and accrued liabilities 7,207 Derivative liabilities 5,789 12,996 2017 Trade and other payables 10,890 Payable on completion of clinical trial 500 Derivative liabilities 12,626 24,016

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2018
Subsidiaries
Schedule of subsidiaries	Method used Country of Percentage Percentage to account for Company name incorporation shareholding voting power investment Motif BioSciences Inc. Delaware, USA 100 % 100 % Consolidation

General information (Details)

General information (Details)	May 18, 2019USD ($)	Mar. 25, 2019USD ($)GBP (£)shares	Mar. 22, 2019	Feb. 17, 2019USD ($)	May 17, 2018USD ($)£ / sharesshares	Nov. 15, 2017USD ($)tranche$ / sharesshares	Nov. 14, 2017£ / shares$ / sharesshares	Jun. 23, 2017USD ($)£ / sharesshares	Nov. 23, 2016£ / sharesshares	Nov. 23, 2016$ / sharesshares	Nov. 18, 2016£ / sharesshares	Nov. 18, 2016USD ($)GBP (£)$ / sharesEquityInstrumentsshares	Jan. 31, 2018USD ($)shares	Jun. 30, 2017£ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)
General information
Cash | $															$ 12,279,000	$ 22,651,000	$ 21,830,000	$ 28,595,000
Net cash used in operating activities | $															21,446,000	37,436,000	27,942,000
Loss for the year | $															13,985,000	44,810,000	40,324,000
Net proceeds from issuance of shares | $												$ 21,500,000			$ 13,422,000	25,417,000	24,996,000
Duration shelf registration will remain effective													3 years
Number of ordinary shares for one ADS													20		20
Total number of ADS warrants issued												1,219,246
Number of ADS warrants issued in alliance with ADS issuance												0.5
Underwriting discounts, commissions and offering expenses | $												$ 3,500,000			$ 749,000	$ 1,734,000	$ 3,370,000
Percentage of equity securities												10.00%
Ordinary shares
General information
Number of shares issued									22,863,428	22,863,428	71,633,248	71,633,248			296,660,243	263,519,128	195,741,528
Share price per share/warrant combination | £ / shares									£ 0.28
ADS
General information
Number of shares issued									2,438,491	2,438,491
Number of ordinary shares for one ADS									20	20
Share price per share/warrant combination | $ / shares										$ 6.98
Ordinary shares issued, March 25, 2019
General information
Number of shares issued		45,000,000
Share price | £		0.06
Net proceeds from issuance of shares | $		$ 3,300,000
Ordinary shares issued, June 2017
General information
Number of shares issued								66,666,667						66,666,667
Share price | £ / shares								0.30						0.30
Net proceeds from issuance of shares | $								$ 23,700,000
Ordinary shares issued, May 17, 2018
General information
Number of shares issued					32,258,064
Share price | £ / shares					0.31
Net proceeds from issuance of shares | $					$ 12,700,000
U.S. public offering
General information
Number of ordinary shares for one ADS												20
Number of ADS warrants issued in alliance with ADS issuance												0.5
U.S. public offering | Ordinary shares
General information
Number of shares issued											48,769,820	48,769,820
U.S. public offering | ADS
General information
Number of shares issued											2,438,491	2,438,491
Number of warrants issued												1,219,246
ADS exercisable per ADS warrant | EquityInstruments												1
Warrants exercise price | $ / shares												8.03
Share price per share/warrant combination | $ / shares												$ 6.98
ADS Warrant period (in years)												5 years
European placement
General information
Warrants exercise price												0.32
Ordinary share per ordinary share warrant | EquityInstruments												1
Number of warrants issued in alliance with ordinary shares issuance												0.5
Ordinary share warrant period (in years)												5 years
European placement | Ordinary shares
General information
Number of shares issued											22,863,428	22,863,428
Number of securities called by warrants											11,431,714	11,431,714
Share price per share/warrant combination | (per share)											£ 0.28	$ 0.35
Maximum
General information
Potential aggregate value of shares offered to sell | $													$ 80,000,000
Parent
General information
Cash | $															$ 600,000
Term Loan | Hercules
General information
Share price | £ / shares							9.53
Debt financing | $						$ 20,000,000
Number of tranches | tranche						2
Term Loan | $						$ 15,000,000
Remaining borrowing capacity | $						$ 5,000,000
Interest-only period (in months)						15 months
Capital and interest repayment period (in months)						30 months
Interest rate (as a percent)						10.00%									11.00%
Number of ordinary shares for one ADS						20
Term Loan | Hercules | ADS
General information
Number of securities called by warrants						73,452	73,452
Exercise price of warrants | $ / shares						$ 9.53	$ 9.53
Warrants issued, in terms of loan coverage (as a percent)						3.50%	3.50%
Term Loan | Hercules | Maximum
General information
Right to participate in any subsequent financing | $						$ 1,000,000
Borrowings transactions | Amendment, Term Loan | Hercules
General information
Term Loan | $															$ 15,000,000
Interest-only period (in months)				3 months
Additional interest only period (in months)			1 month
Repayments of borrowings | $	$ 500,000			$ 7,000,000											$ 7,500,000
Repayment period				90 days
Borrowings transactions | Amendment, Term Loan | Hercules | Minimum
General information
Net proceeds from issuance of shares | $				$ 2,000,000

General information - Convertib

General information - Convertible Notes (Details) - USD ($)	Sep. 07, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Nov. 23, 2016	Nov. 18, 2016
Ordinary shares
Interest bearing loans and borrowings
Number of shares issued		195,741,528	296,660,243	263,519,128	22,863,428	71,633,248
Amended and restated convertible notes
Interest bearing loans and borrowings
Interest costs incurred	$ 0
Amount of outstanding principal and accrued interest of notes converted into ordinary shares		$ 3,600,000
Number of ordinary shares issued for conversion of notes		14,510,770
Conversion rate (in dollars per share)		$ 0.2447
Amphion Innovations plc | Amended and restated convertible notes | Ordinary shares
Interest bearing loans and borrowings
Number of shares issued	409,000

General information - Group reo

General information - Group reorganization (Details)	Jul. 22, 2015GBP (£)shares	Apr. 02, 2015GBP (£)shares	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares	Nov. 23, 2016shares	Nov. 18, 2016shares	Feb. 18, 2015EquityInstruments
Motif BioSciences Inc
General information
Number of shares issued to shareholders | EquityInstruments								36,726,242
Ordinary shares
General information
Number of shares issued			296,660,243	263,519,128	195,741,528	22,863,428	71,633,248
Ordinary shares | AIM
General information
Number of shares issued		14,186,140
Share price | £		0.20
Ordinary shares | Subsequent placement
General information
Number of shares issued	44,000,000
Share price | £	0.50
ADS
General information
Number of shares issued						2,438,491

General information - Acquisiti

General information - Acquisition of assets (Details)	Apr. 02, 2015shares	Dec. 31, 2018shares	Apr. 01, 2015EquityInstruments	Feb. 18, 2015EquityInstruments
Motif BioSciences Inc
General information
Number of shares issued to shareholders | EquityInstruments				36,726,242
Nuprim Inc
General information
Ordinary shares as consideration		11,318,439
Warrants issued		9,432,033
Nuprim Inc | AIM
General information
Ordinary shares as consideration	9,805,400
Warrants issued	9,432,033
Nuprim Inc | Motif BioSciences Inc
General information
Number of shares issued to shareholders | EquityInstruments			1,513,040

Significant accounting polici_3

Significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017segment
Significant accounting policies
Revenues | $	$ 0
Number of operating segments | segment		1

Financial risk management - Cre

Financial risk management - Credit risk (Details) - Credit risk - Receivables $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Credit risk
Impairment	$ 0
Over three months
Credit risk
Financial assets	$ 0

Financial risk management - Liq

Financial risk management - Liquidity risk (Details) - Liquidity risk - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Liquidity risk
Financial liabilities	$ 28,426	$ 39,446
Trade payables and accrued liabilities
Liquidity risk
Financial liabilities	7,207	10,890
Payable on completion of clinical trial
Liquidity risk
Financial liabilities		500
Derivative liabilities
Liquidity risk
Financial liabilities	5,789	12,626
Term Loan and other non-current (Note 13)
Liquidity risk
Financial liabilities	15,430	15,430
Less than 1 year
Liquidity risk
Financial liabilities	11,862	11,390
Less than 1 year | Trade payables and accrued liabilities
Liquidity risk
Financial liabilities	7,207	10,890
Less than 1 year | Payable on completion of clinical trial
Liquidity risk
Financial liabilities		500
Less than 1 year | Term Loan and other non-current (Note 13)
Liquidity risk
Financial liabilities	4,655
Between 1 and 2 years
Liquidity risk
Financial liabilities	5,642	4,700
Between 1 and 2 years | Term Loan and other non-current (Note 13)
Liquidity risk
Financial liabilities	5,642	4,700
Between 2 and 5 years
Liquidity risk
Financial liabilities	10,922	23,356
Between 2 and 5 years | Derivative liabilities
Liquidity risk
Financial liabilities	5,789	12,626
Between 2 and 5 years | Term Loan and other non-current (Note 13)
Liquidity risk
Financial liabilities	$ 5,133	$ 10,730

Financial risk management - Mar

Financial risk management - Market risk (Details) $ in Thousands	Dec. 31, 2018USD ($)$ / £	Dec. 31, 2017USD ($)$ / £	Nov. 15, 2017
Foreign currency risk
Currency risk
Foreign exchange rate | $ / £	1.28	1.35
Foreign currency risk | Sterling
Currency risk
Sterling - Cash	$ 491	$ 462
Interest rate risk | Cash and cash equivalents
Interest rate risk
Financial assets	$ 12,300
Hercules | Term Loan
Interest rate risk
Interest rate (as a percent)	11.00%		10.00%
Hercules | Term Loan | Interest rate risk
Interest rate risk
Interest rate (as a percent)	11.00%		10.00%

Other income and expense item_2

Other income and expense items - Other income and Breakdown of expenses by nature (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other income and expense items
Gains on settlement of contract disputes			$ 83
General and administrative expenses
Employee compensation, benefits and share-based payments	$ 3,062	$ 2,779	1,445
Director, legal and professional fees	2,405	3,491	2,496
Investor and public relations advisory fees	1,180	1,283	648
Other expenses	988	989	323
Total general and administrative expenses	7,635	8,542	4,912
Research and development costs
Employee benefits expenses, including share-based payments	1,153	1,469	678
Contract research organization expenses		22,066	30,446
Chemistry and manufacturing development and other non-clinical development	3,444	2,933	2,146
Other research and development costs	6,391	3,007	1,525
Total research and development costs	$ 10,988	$ 29,475	$ 34,795

Other income and expense item_3

Other income and expense items - Auditors' Remuneration and Finance income and costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Auditors' Remuneration
Audit Fees	$ 435	$ 526	$ 871
Other Fees	2
Total Auditor's Remuneration	437	526	871
Finance income
Interest from financial assets	113	134	70
Total finance income	113	134	70
Finance costs
Interest expense	(1,585)	(200)	(383)
Accretion of end of term payment	(174)	(22)
Amortization of deferred financing costs	(401)	(53)
Total finance costs	(2,160)	(275)	(383)
Net finance costs	$ (2,047)	$ (141)	$ (313)

Employee numbers and costs (Det

Employee numbers and costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)employee	Dec. 31, 2017USD ($)employee	Dec. 31, 2016USD ($)employee
Employee numbers and costs
Monthly average number of persons employed | employee	7	8	6
Wages and salaries	$ 3,040	$ 2,288	$ 1,528
Social security and other employer costs	234	252	67
Share based payments	941	1,120	120
Short term benefits	$ 4,215	$ 3,660	$ 1,715
Executive
Employee numbers and costs
Monthly average number of persons employed | employee	2	1	2
Key management personnel
Employee numbers and costs
Monthly average number of persons employed | employee	5	7	4

Directors' remuneration (Detail

Directors' remuneration (Details)	12 Months Ended
	Dec. 31, 2018GBP (£)$ / £director	Dec. 31, 2018USD ($)$ / £director	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Directors' remuneration
Salaries and fees		$ 1,610,930
Bonuses		514,000
Social Security		44,969
Total		$ 2,169,899	$ 1,302,678	$ 1,172,119
Number of directors exercising share options | director	0	0
Graham Lumsden
Directors' remuneration
Salaries and fees		$ 446,250
Bonuses		264,000
Social Security		16,389
Total		726,639	567,999	488,510
Achieving the operational milestone		50,000
Amount of employer 401k pension contributions		8,100
Jonathan Gold
Directors' remuneration
Salaries and fees		612,500
Bonuses		250,000
Social Security		19,017
Total		881,517	194,004	114,094
Amount of employer 401k pension contributions		8,100
Robert Bertoldi
Directors' remuneration
Salaries and fees		125,000
Social Security		9,563
Total		134,563	134,563	137,783
Amount of employer 401k pension contributions		3,750
Richard Morgan
Directors' remuneration
Salaries and fees		113,500
Total		113,500	113,500	177,725
Charlotta Ginman
Directors' remuneration
Salaries and fees		69,680
Total	£ 52,195	$ 69,680	67,279	57,475
Average exchange rate | $ / £	1.335	1.335
Zaki Hosny
Directors' remuneration
Salaries and fees		$ 62,500
Total		62,500	63,000	57,475
Mary Lake Polan
Directors' remuneration
Salaries and fees		60,000
Total		60,000	60,000	54,094
John Stakes
Directors' remuneration
Total				30,869
Bruce Williams
Directors' remuneration
Salaries and fees		64,000
Total		64,000	64,000	$ 54,094
Craig T. Albanese
Directors' remuneration
Salaries and fees		57,500
Total		$ 57,500	$ 38,333

Directors' remuneration - Right

Directors' remuneration - Rights to subscribe for shares (Details)	12 Months Ended
	Dec. 31, 2018USD ($)OptionsOption	Dec. 31, 2017OptionsOption
Directors' remuneration
Outstanding at the beginning of the year (in shares) | Option	17,065,534	15,563,182
Granted (in shares) | Option	5,050,000	5,800,000
Outstanding at the end of the year (in shares) | Option	18,387,038	17,065,534
Exercise price (in dollars per share) | $	$ 0.49
Richard Morgan
Directors' remuneration
Outstanding at the beginning of the year (in shares)	582,344
Outstanding at the end of the year (in shares)	582,344	582,344
Richard Morgan | Granted on January 1, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	73,215
Outstanding at the end of the year (in shares)	73,215	73,215
Exercise price (in dollars per share) | $	$ 0.70
Richard Morgan | Granted on January 1, 2011
Directors' remuneration
Outstanding at the beginning of the year (in shares)	6,179
Outstanding at the end of the year (in shares)	6,179	6,179
Exercise price (in dollars per share) | $	$ 0.70
Richard Morgan | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	502,950
Outstanding at the end of the year (in shares)	502,950	502,950
Exercise price (in dollars per share) | $	$ 0.14
Craig T. Albanese
Directors' remuneration
Outstanding at the beginning of the year (in shares)	100,000
Outstanding at the end of the year (in shares)	100,000	100,000
Craig T. Albanese | Granted on May 4, 2017
Directors' remuneration
Outstanding at the beginning of the year (in shares)	100,000
Outstanding at the end of the year (in shares)	100,000	100,000
Exercise price (in dollars per share) | $	$ 0.44
Robert Bertoldi
Directors' remuneration
Outstanding at the beginning of the year (in shares)	305,362
Outstanding at the end of the year (in shares)	305,362	305,362
Robert Bertoldi | Granted on January 1, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	53,887
Outstanding at the end of the year (in shares)	53,887	53,887
Exercise price (in dollars per share) | $	$ 0.70
Robert Bertoldi | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,475
Outstanding at the end of the year (in shares)	251,475	251,475
Exercise price (in dollars per share) | $	$ 0.14
Charlotta Ginman
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,475
Outstanding at the end of the year (in shares)	251,475	251,475
Charlotta Ginman | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,475
Outstanding at the end of the year (in shares)	251,475	251,475
Exercise price (in dollars per share) | $	$ 0.14
Jonathan Gold
Directors' remuneration
Outstanding at the beginning of the year (in shares)	330,941
Granted (in shares)	1,000,000
Outstanding at the end of the year (in shares)	1,330,941	330,941
Jonathan Gold | Granted on January 1, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	73,502
Outstanding at the end of the year (in shares)	73,502	73,502
Exercise price (in dollars per share) | $	$ 0.70
Jonathan Gold | Granted on January 1, 2011
Directors' remuneration
Outstanding at the beginning of the year (in shares)	5,964
Outstanding at the end of the year (in shares)	5,964	5,964
Exercise price (in dollars per share) | $	$ 0.70
Jonathan Gold | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,475
Outstanding at the end of the year (in shares)	251,475	251,475
Exercise price (in dollars per share) | $	$ 0.14
Jonathan Gold | Granted on February 28, 2018
Directors' remuneration
Granted (in shares)	1,000,000
Outstanding at the end of the year (in shares)	1,000,000
Exercise price (in dollars per share) | $	$ 0.50
Zaki Hosny
Directors' remuneration
Outstanding at the beginning of the year (in shares)	430,094
Outstanding at the end of the year (in shares)	430,094	430,094
Zaki Hosny | Granted on June 18, 2009
Directors' remuneration
Outstanding at the beginning of the year (in shares)	53,888
Outstanding at the end of the year (in shares)	53,888	53,888
Exercise price (in dollars per share) | $	$ 0.70
Zaki Hosny | Granted on January 1, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	14,370
Outstanding at the end of the year (in shares)	14,370	14,370
Exercise price (in dollars per share) | $	$ 0.70
Zaki Hosny | Granted on January 1, 2011
Directors' remuneration
Outstanding at the beginning of the year (in shares)	2,587
Outstanding at the end of the year (in shares)	2,587	2,587
Exercise price (in dollars per share) | $	$ 0.70
Zaki Hosny | Granted on January 30, 2013
Directors' remuneration
Outstanding at the beginning of the year (in shares)	107,774
Outstanding at the end of the year (in shares)	107,774	107,774
Exercise price (in dollars per share) | $	$ 0.14
Zaki Hosny | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,475
Outstanding at the end of the year (in shares)	251,475	251,475
Exercise price (in dollars per share) | $	$ 0.14
Graham Lumsden
Directors' remuneration
Outstanding at the beginning of the year (in shares)	5,148,800
Granted (in shares)	3,000,000
Outstanding at the end of the year (in shares)	8,148,800	5,148,800
Graham Lumsden | Granted on May 25, 2013
Directors' remuneration
Outstanding at the beginning of the year (in shares)	574,800
Outstanding at the end of the year (in shares)	574,800	574,800
Exercise price (in dollars per share) | $	$ 0.14
Graham Lumsden | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	2,874,000
Outstanding at the end of the year (in shares)	2,874,000	2,874,000
Exercise price (in dollars per share) | $	$ 0.14
Graham Lumsden | Granted on February 7, 2017
Directors' remuneration
Outstanding at the beginning of the year (in shares)	1,000,000
Outstanding at the end of the year (in shares)	1,000,000	1,000,000
Exercise price (in dollars per share) | $	$ 0.33
Graham Lumsden | Granted on February 7, 2017
Directors' remuneration
Outstanding at the beginning of the year (in shares)	700,000
Outstanding at the end of the year (in shares)	700,000	700,000
Exercise price (in dollars per share) | $	$ 0.33
Graham Lumsden | Granted on February 28, 2018
Directors' remuneration
Granted (in shares)	2,000,000
Outstanding at the end of the year (in shares)	2,000,000
Exercise price (in dollars per share) | $	$ 0.50
Graham Lumsden | Granted on February 28, 2018
Directors' remuneration
Granted (in shares)	1,000,000
Outstanding at the end of the year (in shares)	1,000,000
Exercise price (in dollars per share) | $	$ 0.50
Mary Lake Polan
Directors' remuneration
Outstanding at the beginning of the year (in shares)	323,971
Outstanding at the end of the year (in shares)	323,971	323,971
Mary Lake Polan | Granted on January 1, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	67,036
Outstanding at the end of the year (in shares)	67,036	67,036
Exercise price (in dollars per share) | $	$ 0.70
Mary Lake Polan | Granted on January 1, 2011
Directors' remuneration
Outstanding at the beginning of the year (in shares)	5,461
Outstanding at the end of the year (in shares)	5,461	5,461
Exercise price (in dollars per share) | $	$ 0.70
Mary Lake Polan | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,474
Outstanding at the end of the year (in shares)	251,474	251,474
Exercise price (in dollars per share) | $	$ 0.14
Bruce Williams
Directors' remuneration
Outstanding at the beginning of the year (in shares)	422,118
Outstanding at the end of the year (in shares)	422,118	422,118
Bruce Williams | Granted on January 1, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	67,252
Outstanding at the end of the year (in shares)	67,252	67,252
Exercise price (in dollars per share) | $	$ 0.70
Bruce Williams | Granted on January 16, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	28,740
Outstanding at the end of the year (in shares)	28,740	28,740
Exercise price (in dollars per share) | $	$ 0.70
Bruce Williams | Granted on November 15, 2010
Directors' remuneration
Outstanding at the beginning of the year (in shares)	71,850
Outstanding at the end of the year (in shares)	71,850	71,850
Exercise price (in dollars per share) | $	$ 0.70
Bruce Williams | Granted on January 1, 2011
Directors' remuneration
Outstanding at the beginning of the year (in shares)	2,802
Outstanding at the end of the year (in shares)	2,802	2,802
Exercise price (in dollars per share) | $	$ 0.70
Bruce Williams | Granted on December 4, 2014
Directors' remuneration
Outstanding at the beginning of the year (in shares)	251,474
Outstanding at the end of the year (in shares)	251,474	251,474
Exercise price (in dollars per share) | $	$ 0.14

Income tax expense (Details)

Income tax expense (Details) - USD ($) $ in Thousands	Apr. 01, 2015	Mar. 31, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income tax expense
Current tax expense			$ 9	$ 22
U.K. corporation tax rate	19.00%	21.00%	19.00%	19.00%	19.00%
Loss on ordinary activities before taxation			$ (13,976)	$ (44,788)	$ (40,324)
U.K. Corporation tax at 19%			921	(1,571)	(450)
Overseas tax at higher rate			(3,953)	(7,669)	(12,955)
Effects of:
Unrecognized losses			(3,032)	(9,240)	$ (13,405)
Other adjustments-overseas taxes			9	22
Total tax charge			9	22
U.K.
Income tax expense
Loss on ordinary activities before taxation			4,800
Effects of:
Unrecognized cumulative net deferred tax asset			1,300
Cumulative historical losses			12,200
Cumulative net operating losses			115,400
Overseas taxes
Income tax expense
Current tax expense			$ 9	$ 22

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic
Loss for the year	$ (13,985)	$ (44,810)	$ (40,324)
Basic weighted average shares in issue	284,530,534	231,530,091	116,558,191
Basic loss per share	$ (0.05)	$ (0.19)	$ (0.35)
Diluted
Loss for the year	$ (13,985)	$ (44,810)	$ (40,324)
Effect of dilutive securities: liability-classified warrants	(6,654)
Diluted net loss	$ (20,639)	$ (44,810)	$ (40,324)
Weighted average number of ordinary shares, basic	284,530,534	231,530,091	116,558,191
Incremental dilutive shares from liability-classified warrants (treasury stock method)	2,601,154
Weighted average shares in issue - diluted	287,131,688	231,530,091	116,558,191
Diluted net loss	$ (0.07)	$ (0.19)	$ (0.35)
Potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding	31,265,982	66,465,481	12,536,721
Warrants
Diluted
Potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding	12,878,944	49,399,947	5,726,364
Share options
Diluted
Potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding	18,387,038	17,065,534	6,810,357

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Intangible assets
Intangible assets	$ 6,196	$ 6,196
Changes in intangible assets
Intangible assets other than goodwill at beginning of period	6,196	6,196
Intangible assets other than goodwill at end of period	6,196	6,196
Cost
Intangible assets
Intangible assets	6,196	6,196
Changes in intangible assets
Intangible assets other than goodwill at beginning of period	$ 6,196	6,196
Intangible assets other than goodwill at end of period		$ 6,196

Intangible assets - Acquisition

Intangible assets - Acquisition of exclusive rights (Details)	12 Months Ended
	Dec. 31, 2018USD ($)£ / shares	Dec. 31, 2018USD ($)shares
Indefinite lived intangible asset
Purchase consideration:
Impairment loss		$ 0
Nuprim Inc
Intangible assets
Ordinary shares as consideration | shares		11,318,439
Ordinary shares as consideration (per share) | £ / shares	£ 0.20
Warrants issued | shares		9,432,033
Warrants issued (per share) | £ / shares	£ 0.20
Discount	£ 0	$ 0
Purchase consideration:
Ordinary shares in Motif Bio plc	3,356,000	3,356,000
Warrants to subscribe for ordinary shares in Motif Bio plc	2,340,000	2,340,000
Total purchase consideration	5,696,000	5,696,000
Iclaprim assets	6,196,000	6,196,000
Milestone payment	(500,000)	(500,000)
Net assets acquired	£ 5,696,000	5,696,000
Amortisation expense		$ 0

Prepaid expenses and other re_3

Prepaid expenses and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Prepaid expenses and other receivables
Prepayments and other receivables	$ 231	$ 318
Collateral held as security	$ 0

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and cash equivalents
Cash and cash equivalents at bank	$ 12,279	$ 22,651
Cash and cash equivalents at bank	$ 12,279	$ 22,651	$ 21,830	$ 28,595

Trade payables and accrued li_3

Trade payables and accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade payables and accrued liabilities
Trade payables	$ 3,169	$ 6,464
Other payable		124
Trade payables and accrued liabilities	7,207	10,890
Contract research organization
Trade payables and accrued liabilities
Trade payables	2,300	5,700
Accrued expenses	74	1,294
Other
Trade payables and accrued liabilities
Accrued expenses	3,964	3,008
iclaprim
Trade payables and accrued liabilities
Accrued expenses	$ 2,400	$ 1,300

Interest bearing loans and bo_3

Interest bearing loans and borrowings (Details) $ / shares in Units, $ in Thousands	May 18, 2019USD ($)	Mar. 22, 2019	Feb. 17, 2019USD ($)	Nov. 15, 2017USD ($)tranche$ / sharesshares	Nov. 14, 2017$ / sharesshares	Nov. 23, 2016shares	Nov. 18, 2016USD ($)	Jan. 31, 2018shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Interest bearing loans and borrowings
Term loan, non-current									$ 10,345	$ 15,000
Unamortized deferred financing costs									(214)	(943)
Net non-current									10,131	14,057
Term loan, current portion									4,655
Unamortized deferred financing costs									(328)
Net current portion									4,327
Maximum cash resources that can be held outside the united states.									$ 800
Number of ordinary shares for one ADS | shares								20	20
Interest expense									$ 2,160	275	$ 383
Cash interest expense									1,585	200	383
Accretion expense									174	22
Amortization expense									401	53
Proceeds from issuing shares							$ 21,500		$ 13,422	$ 25,417	$ 24,996
ADS
Interest bearing loans and borrowings
Number of ordinary shares for one ADS | shares						20
Term Loan | Hercules
Interest bearing loans and borrowings
Term Loan				$ 15,000
Debt financing				$ 20,000
Number of tranches | tranche				2
Remaining borrowing capacity				$ 5,000
Interest-only period (in months)				15 months
Capital and interest repayment period (in months)				30 months
Interest rate (as a percent)				10.00%					11.00%
Total loan capacity subject to a term charge (as a percent)									2.15%
Term charge of loan									$ 400
Number of ordinary shares for one ADS | shares				20
Fees incurred in connection with warrants									500
Fair value of warrants issued									400
Interest expense									2,200
Cash interest expense									1,600
Accretion expense									200
Amortization expense									400
Term Loan | Hercules | Maximum
Interest bearing loans and borrowings
Right to participate in any subsequent financing				$ 1,000
Term Loan | ADS | Hercules
Interest bearing loans and borrowings
Number of securities called by warrants | shares				73,452	73,452
Exercise price of warrants | $ / shares				$ 9.53	$ 9.53
Warrants issued, in terms of loan coverage (as a percent)				3.50%	3.50%
Amendment, Term Loan | Hercules | Borrowings transactions
Interest bearing loans and borrowings
Term Loan									15,000
Interest-only period (in months)			3 months
Additional interest only period (in months)		1 month
Repayment period			90 days
Repayments of borrowings	$ 500		$ 7,000						$ 7,500
Amendment, Term Loan | Hercules | Minimum | Borrowings transactions
Interest bearing loans and borrowings
Proceeds from issuing shares			$ 2,000

Warrants - Warrant activity (De

Warrants - Warrant activity (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2018GBP (£)EquityInstrumentsshares	Jan. 31, 2018USD ($)EquityInstrumentsshares	Dec. 31, 2018GBP (£)EquityInstrumentsshares	Dec. 31, 2018USD ($)EquityInstrumentsshares	Dec. 31, 2018USD ($)EquityInstrumentsshares	Dec. 31, 2017GBP (£)	Dec. 31, 2017USD ($)
Warrants
Number of shares per each American Depository Share | shares	20	20	20	20
Ordinary warrants
Number of Warrants
Outstanding as of January 1, 2018	22,672,867	22,672,867	22,672,867	22,672,867
Exercised			(757,315)	(757,315)
Outstanding as of December 31, 2018			21,915,552	21,915,552
Weighted Average Exercise Price
Outstanding as of January 1, 2018 | £	£ 0.272		£ 0.272
Exercised | £			0.246
Outstanding as of December 31, 2018 | £			£ 0.273
Ordinary shares classified as liability | shares			10,505,648		10,505,648
Exercise Price | £			£ 0.322			£ 0.322
Ordinary Shares Expiration April 2, 2020
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			1,367,089		1,367,089
Exercise Price | £			£ 0.20
Ordinary Shares Expiration July 21, 2020
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			1,082,384		1,082,384
Exercise Price | £			£ 0.50
Ordinary Shares Expiration November 23, 2021
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			10,505,648		10,505,648
Exercise Price | £			£ 0.322
Ordinary Shares Expiration April 2, 2025
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			8,960,431		8,960,431
Exercise Price | £			£ 0.20
Ordinary Shares Expiration between April 2, 2020 and April 2, 2025
Weighted Average Exercise Price
Ordinary shares classified as equity | shares			11,881,506		11,881,506
ADS warrants
Warrants
Number of shares per each American Depository Share | shares			20	20
Number of Warrants
Outstanding as of January 1, 2018	1,336,354	1,336,354	1,336,354	1,336,354
Outstanding as of December 31, 2018			1,336,354	1,336,354
Weighted Average Exercise Price
Outstanding as of January 1, 2018 | $		$ 8.08		$ 8.08
Outstanding as of December 31, 2018 | $				$ 8.08
Ordinary shares classified as liability | shares			1,336,354		1,336,354
Number of securities called by warrants | shares			60,000		60,000
Warrants vested and exercisable | shares			10,000	10,000
Exercise Price | $					$ 8.08		$ 8.08
ADS Expiration November 23, 2021
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			1,202,902		1,202,902
Exercise Price | $					$ 8.03
ADS Expiration July 31, 2022
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			10,000		10,000
Exercise Price | $					$ 7.26
ADS Expiration November 14, 2022
Weighted Average Exercise Price
Number Outstanding and Exercisable (in shares)			73,452		73,452
Exercise Price | $					$ 9.53

Warrants - Liability classified

Warrants - Liability classified warrants (Details)	Nov. 15, 2017$ / sharesshares	Nov. 14, 2017USD ($)£ / shares$ / sharesshares	Aug. 01, 2017USD ($)$ / sharesshares	Nov. 23, 2016USD ($)£ / sharesshares	Nov. 23, 2016USD ($)$ / sharesshares	Jan. 31, 2018shares	Dec. 31, 2018USD ($)£ / shares$ / sharesshares	Dec. 31, 2017USD ($)£ / shares$ / shares	Dec. 31, 2018GBP (£)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017GBP (£)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Nov. 18, 2016shares
Warrants
Number of ordinary shares for one ADS						20	20
Derivative liabilities | $										$ 5,789,000		$ 12,626,000	$ 5,798,000
Ordinary shares
Warrants
Number of shares issued				22,863,428	22,863,428				296,660,243	296,660,243	263,519,128	263,519,128	195,741,528	71,633,248
Share price per share/warrant combination | £ / shares				£ 0.28
ADS
Warrants
Number of shares issued				2,438,491	2,438,491
Share price per share/warrant combination | $ / shares					$ 6.98
Number of ordinary shares for one ADS				20	20
ADS warrants
Warrants
Number of warrants issued				1,219,246	1,219,246
Number of ordinary shares for one ADS							20
Warrants exercise price | $ / shares					8.03
Number of securities called by warrants									60,000	60,000
Derivative liabilities | $				£ 3,800,000	$ 3,800,000
Fair value of derivative liability | $							$ 3,800,000	$ 8,900,000
Share price | $ / shares							6.59	10.81
Exercise price | $										$ 8.08		$ 8.08
Expected volatility							75.00%	76.00%
Number of periods to exercise							2.98	3.97
Risk-free rate							2.46%	2.10%
Performance warrant
Warrants
Exercise price of warrants | $ / shares			$ 7.26
Number of securities called by warrants			60,000
Number of warrants vested at the time of issuance			5,000
Number of warrants vested upon satisfying performance conditions			55,000
Number of warrants vested							10,000
Derivative liabilities | $			$ 100,000
Share price | $ / shares			7.26
Exercise price | $			$ 7.26
Expected volatility			70.00%
Number of periods to exercise			5
Risk-free rate			1.80%
Ordinary warrants
Warrants
Number of warrants issued				11,431,714	11,431,714
Warrants exercise price | £ / shares				0.322
Derivative liabilities | $				£ 1,800,000	$ 1,800,000
Fair value of derivative liability | $							$ 2,000,000	$ 3,700,000
Share price | £ / shares							0.31	0.41
Exercise price | £									£ 0.322		£ 0.322
Expected volatility							74.00%	76.00%
Number of periods to exercise							2.90	3.90
Risk-free rate							2.46%	2.09%
Term Loan | Hercules
Warrants
Number of ordinary shares for one ADS	20
Derivative liabilities | $		$ 400,000
Share price | £ / shares		9.53
Exercise price | $		$ 9.53
Expected volatility		72.00%
Number of periods to exercise		5
Risk-free rate		2.06%
Term Loan | Hercules | ADS
Warrants
Warrants issued, in terms of loan coverage (as a percent)	3.50%	3.50%
Exercise price of warrants | $ / shares	$ 9.53	$ 9.53
Number of securities called by warrants	73,452	73,452

Warrants - Liability classifi_2

Warrants - Liability classified warrant activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Warrants
Balance at beginning of the period	$ 12,626	$ 5,798
Issued during the year		529
Exercised during the year	(84)	(285)
Impact of foreign exchange	(99)	192
Loss from revaluation of derivative liabilities		6,392
Gain from revaluation of derivative liabilities	(6,654)
Balance at end of the period	$ 5,789	$ 12,626

Share based payments - Share Op

Share based payments - Share Option Plan (Details)	Apr. 01, 2015Options	Dec. 31, 2018USD ($)OptionY	Dec. 31, 2017USD ($)OptionY
Number and weighted average exercise prices of share options
Outstanding at the beginning of the year (in shares) | Option		17,065,534	15,563,182
Granted during the year (in shares) | Option		5,050,000	5,800,000
Forfeited during the year (in shares) | Option		(2,656,116)	(4,153,948)
Cancelled during the year (in shares) | Option		(946,644)
Exercised during the year (in shares) | Option		(125,736)	(143,700)
Outstanding at the end of the year (in shares) | Option		18,387,038	17,065,534
Outstanding at the beginning of the year (in dollars)		$ 0.32	$ 0.37
Granted during the year (in dollars)		0.49	0.33
Forfeited during the year (in dollars)		0.34	0.53
Cancelled during the year (in dollars)		0.56
Exercised during the year (in dollars)		0.14	0.14
Outstanding at the end of the year (in dollars)		$ 0.34	$ 0.32
Number of options exercisable (in shares) | Option		12,360,958
Weighted average exercise price, exercisable (in dollars)		$ 0.30
Weighted average contractual term of options outstanding (in years) | Y		6.7	7
Weighted average remaining contractual term of options exercisable (in years)		5 years 10 months 24 days
Weighted-average fair value of options granted		$ 0.40
New Plan
Share based payments
Options exercisable | Options	0
Expiration period	10 years
Minimum
Number and weighted average exercise prices of share options
Exercise price		0.14
Maximum
Number and weighted average exercise prices of share options
Exercise price		$ 0.91

Share based payments - Weighted

Share based payments - Weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2018USD ($)Y
Share based payments
Share price	$ 0.49
Exercise price	$ 0.49
Expected volatility	77.34%
Term | Y	10
Risk free rate	2.87%

Share based payments - Stock-ba

Share based payments - Stock-based payments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share based payments
Share-based payment expense		$ 941	$ 1,708	$ 513
Stock based compensation expense understated	$ 1,200
General and administrative expense
Share based payments
Share-based payment expense		750	1,143	$ 513
Increase in expense due to out-of-period correction			800
Research and development expense
Share based payments
Share-based payment expense		$ 191	565
Increase in expense due to out-of-period correction			$ 400

Share capital (Details)

Share capital (Details) $ in Thousands

May 17, 2018USD ($)£ / shares

Jun. 23, 2017USD ($)£ / sharesshares

Nov. 18, 2016USD ($)shares

Jun. 30, 2018USD ($)

Nov. 30, 2017USD ($)

Jul. 31, 2017USD ($)

Jun. 30, 2017USD ($)£ / shares

May 31, 2017USD ($)

Jan. 31, 2017USD ($)

Jun. 30, 2018USD ($)

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Dec. 31, 2016USD ($)shares

Jun. 30, 2018£ / sharesshares

May 17, 2018£ / sharesshares

Nov. 30, 2017£ / sharesshares

Jul. 31, 2017£ / sharesshares

Jun. 30, 2017£ / sharesshares

May 31, 2017£ / sharesshares

Jan. 31, 2017£ / sharesshares

Nov. 23, 2016shares

Shares issued

Shares issued (in value)

$ 4,032

$ 3,589

Shares issued during the period (in value)

13,422

25,417

$ 19,599

Net proceeds from issuance of shares

$ 21,500

$ 13,422

$ 25,417

$ 24,996

Ordinary shares

Shares issued

Number of shares issued | shares

71,633,248

296,660,243

263,519,128

195,741,528

22,863,428

Shares issued (in value)

$ 4,032

$ 3,589

$ 2,728

Ordinary shares issued, January 2017

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

143,700

Shares issued during the period (in value)

$ 2

Ordinary shares issued, May 2017

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

326,880

Shares issued during the period (in value)

$ 4

Ordinary shares issued, June 2017

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

66,666,667

66,666,667

Shares issued during the period (in value)

$ 847

Net proceeds from issuance of shares

$ 23,700

Share price | £ / shares

0.30

0.30

Ordinary shares issued, July 2017

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

250,000

Shares issued during the period (in value)

$ 3

Ordinary shares issued, November 2017

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

390,353

Shares issued during the period (in value)

$ 5

Ordinary shares issued, January through June 2018

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

757,315

Shares issued during the period (in value)

$ 9

Ordinary shares issued, May 17, 2018

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

32,258,064

Shares issued during the period (in value)

$ 433

Net proceeds from issuance of shares

$ 12,700

Share price | £ / shares

0.31

Ordinary shares issued, June 2018

Shares issued

Par value per share | £ / shares

£ 1

Number of shares issued | shares

125,736

Shares issued during the period (in value)

$ 1

Financial assets and financia_3

Financial assets and financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial liabilities at amortized cost
Financial assets and financial liabilities
Financial liabilities	$ 12,996	$ 24,016
Financial liabilities at amortized cost | Trade payables and accrued liabilities
Financial assets and financial liabilities
Financial liabilities	7,207	10,890
Financial liabilities at amortized cost | Payable on completion of clinical trial
Financial assets and financial liabilities
Financial liabilities		500
Financial liabilities at amortized cost | Derivative liabilities
Financial assets and financial liabilities
Financial liabilities	5,789	12,626
Financial assets at amortized cost
Financial assets and financial liabilities
Financial assets	12,510	22,969
Financial assets at amortized cost | Prepaid expenses and other receivables
Financial assets and financial liabilities
Financial assets	231	318
Financial assets at amortized cost | Cash and cash equivalents
Financial assets and financial liabilities
Financial assets	$ 12,279	$ 22,651

Financial assets and financia_4

Financial assets and financial liabilities - Transfers of fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Financial assets and financial liabilities
Transfer of financial assets fair value from Level 1 to Level 2	$ 0	$ 0
Transfer of financial assets fair value from Level 2 to Level 1	0	0
Financial assets fair value transfer into Level 3	0	0
Financial assets fair value transfer out of Level 3	0	0
Transfer of financial liabilities fair value from Level 1 to Level 2	0	0
Transfer of financial liabilities fair value from Level 2 to Level 1	0	0
Financial liabilities fair value transfer into Level 3	0	0
Financial liabilities fair value transfer out of Level 3	$ 0	$ 0

Subsidiaries (Details)

Subsidiaries (Details) - Motif BioSciences Inc	12 Months Ended
	Dec. 31, 2018
Subsidiaries
Percentage shareholding	100.00%
Percentage voting power	100.00%

Related party transactions (Det

Related party transactions (Details)	Dec. 31, 2018
Amphion Group
Directors' remuneration
Ordinary shares held by the related parties (in percentage)	8.51%

Related party transactions - Ag

Related party transactions - Agreements (Details) - USD ($)

Apr. 07, 2017

Sep. 07, 2016

Jul. 01, 2016

Apr. 13, 2016

Nov. 01, 2015

Apr. 01, 2015

Dec. 31, 2017

Jul. 31, 2017

Dec. 31, 2016

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Advisory and Consultancy Agreement | Amphion Innovations US Inc

Directors' remuneration

Consideration for services

$ 120,000

$ 120,000

$ 120,000

Annual consideration for services

$ 120,000

Advance written notice period for termination of agreement (in days)

90 days

Consultancy Agreement | Amphion Innovations US Inc

Directors' remuneration

Consideration for services

170,500

$ 19,633

Monthly consideration for services

$ 15,500

Initial agreement term (in months)

12 months

Consultancy Agreement | Amphion Innovations plc

Directors' remuneration

Consideration for services

$ 125,000

$ 125,000

Annual consideration for services

$ 75,000

$ 180,000

$ 125,000

Written notice period for renewal of agreement(in days)

90 days

Monthly consideration for services

$ 5,000

Initial agreement term (in months)

12 months

Advance written notice period for termination of agreement (in days)

90 days

Consultancy Agreement | Jonathan Gold

Directors' remuneration

Monthly consideration for services

$ 16,167

$ 10,000

Initial agreement term (in months)

12 months

6 months

Advance written notice period for termination of agreement (in days)

30 days

30 days

Subsequent events (Details)

Subsequent events (Details) $ in Thousands	May 18, 2019USD ($)	Mar. 25, 2019USD ($)£ / sharesshares	Mar. 22, 2019	Feb. 17, 2019USD ($)	Nov. 18, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Subsequent events
Net proceeds from issuance of shares					$ 21,500	$ 13,422	$ 25,417	$ 24,996
Payments for share issue costs					$ 3,500	749	$ 1,734	$ 3,370
Borrowings transactions | Amendment, Term Loan | Hercules
Subsequent events
Repayments of borrowings	$ 500			$ 7,000		$ 7,500
Repayment period				90 days
Interest-only period (in months)				3 months
Additional interest only period (in months)			1 month
Borrowings transactions | Amendment, Term Loan | Hercules | Minimum
Subsequent events
Net proceeds from issuance of shares				$ 2,000
Major ordinary share transactions
Subsequent events
Net proceeds from issuance of shares		$ 3,300
Payments for share issue costs		$ 300
Number of shares issued | shares		45,000,000
Share price | £ / shares		0.06