Mereo BioPharma (MREO) 6-K 2 Nov 22 Current report (foreign) Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Entity Registrant Name	MEREO BIOPHARMA GROUP PLC
Entity Central Index Key	0001719714
Current Fiscal Year End Date	--12-31
Entity File Number	001-38452

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive (Loss)/Income - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of comprehensive income [abstract]
Revenue		£ 36,464
Cost of revenue	£ 352	(18,137)
Research and development expenses	(13,322)	(9,858)
Administrative expenses	(8,840)	(8,673)
Operating loss	(21,810)	(204)
Finance income	173	1
Finance costs	(1,859)	(1,987)
Changes in the fair value of financial instruments	1,210	14,363
Net foreign exchange gain/(loss)	1,582	(1,269)
Other income and expenses	811	0
(Loss)/profit before tax	(19,893)	10,904
Taxation	735	1,184
(Loss)/profit for the period, attributable to equity holders of the parent	(19,158)	12,088
Items that may be reclassified subsequently to profit or loss:
Currency translation of foreign operations	(1,775)	(26)
Total comprehensive (loss)/income for the period, attributable to equity holders of the parent	£ (20,933)	£ 12,062
Basic (loss)/profit per share for the period (in £)	£ (0.03)	£ 0.02
Diluted loss per share for the period (in £)	£ (0.03)	£ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - GBP (£) £ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment	£ 2,114	£ 2,530
Intangible assets	24,116	24,564
Total non-current assets	26,230	27,094
Current assets
Prepayments	2,741	2,799
R&D tax credits	740
Other taxes receivable	900	809
Other receivables	1,010	1,419
Cash and short-term deposits	76,415	94,296
Total current assets	81,806	99,323
Total assets	108,036	126,417
Non-current liabilities
Provisions	1,389	1,320
Convertible loan notes		14,384
Warrant liability	222	8,336
Lease liability	1,456	1,754
Other liabilities	177	80
Total non-current liabilities	3,244	25,874
Current liabilities
Trade and other payables	2,821	2,499
Accruals	5,088	3,826
Current tax liabilities		1,522
Provisions	2,945	2,803
Convertible loan notes	15,952
Warrant liability	6,904
Lease liability	580	622
Other liabilities	917	1,269
Total current liabilities	35,207	12,541
Total liabilities	38,451	38,415
Net assets	69,585	88,002
Equity
Issued capital	1,755	1,755
Share premium	247,460	247,460
Other capital reserves	132,269	129,835
Employee Benefit Trust shares	(1,058)	(1,140)
Other reserves	7,401	7,401
Accumulated losses	(316,126)	(296,968)
Translation reserve	(2,116)	(341)
Total equity	£ 69,585	£ 88,002

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
(Loss)/profit before tax	£ (19,893)	£ 10,904
Adjustments to reconcile (loss)/profit to net cash flows from operating activities
- Depreciation and impairment of property, plant and equipment	436	260
- Share-based payment expense	2,446	1,760
- Net foreign exchange (gain) loss	(2,100)	1,269
- Increase in provisions and other liabilities	307	1,513
- Finance income	(173)	(1)
- Finance costs	1,696	1,915
- Changes in the fair value of financial instruments	(1,210)	(14,363)
- Other income and expenses	(811)	0
- Out-license of intangible asset		9,457
- Other non-cash movements	330
Working capital adjustments:
- Decrease/(increase) in receivables and prepayments	331	(1,675)
- Increase/(decrease) in trade and other payables and accruals	1,364	(1,137)
- Taxation	(1,529)
Net cash flows (used in)/from operating activities	(18,806)	9,902
Investing activities
Purchase of property, plant and equipment	(10)
Proceeds from intangible asset	1,484
Payments to CVR holders	(673)
Interest earned	173	1
Net cash flows from investing activities	974	1
Financing activities
Proceeds from issuance of ordinary shares		78,532
Transaction costs on issuance of shares		(234)
Proceeds from TAP agreement	153
Payment of lease liabilities	(445)	(290)
Net cash flows (used in)/from financing activities	(292)	78,008
Net (decrease)/increase in cash and cash equivalents	(18,124)	87,911
Cash and cash equivalents at the beginning of the period	94,296	23,469
Effect of exchange rate changes on cash and cash equivalents	243	(1,287)
Cash and cash equivalents at the end of the period	£ 76,415	£ 110,093

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - GBP (£) £ in Thousands	Total	Issued capital [member]	Share premium [member]	Other capital reserves [member]	Employee benefit trust [member]	Other reserves [member]	Accumulated losses [member]	Translation reserve
Beginning balance at Dec. 31, 2020	£ (14,971)	£ 1,017	£ 161,785	£ 128,374	£ (1,305)	£ 5,001	£ (309,693)	£ (150)
Profit (loss) for the period	12,088						12,088
Other comprehensive income/(loss)	(26)							(26)
Total comprehensive (loss)/income for the period, attributable to equity holders of the parent	12,062						12,088	(26)
Share-based payments	1,760			1,760
Issuance of share capital, net	79,210	601	78,609
Exercise of share options	46			(108)	154
Conversion of warrants	2,574	16	158			2,400
Ending balance at Jun. 30, 2021	80,681	1,634	240,552	130,026	(1,151)	7,401	(297,605)	(176)
Beginning balance at Dec. 31, 2021	88,002	1,755	247,460	129,835	(1,140)	7,401	(296,968)	(341)
Profit (loss) for the period	(19,158)						(19,158)
Other comprehensive income/(loss)	(1,775)							(1,775)
Total comprehensive (loss)/income for the period, attributable to equity holders of the parent	(20,933)						(19,158)	(1,775)
Share-based payments	2,446			2,446
Exercise of share options				(82)	82
Issuance of warrants	70			70
Ending balance at Jun. 30, 2022	£ 69,585	£ 1,755	£ 247,460	£ 132,269	£ (1,058)	£ 7,401	£ (316,126)	£ (2,116)

Corporate information

Corporate information	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Corporate information	1. Corporate information Mereo BioPharma Group plc (the “Company” or “Mereo”) is a clinical-stage, United Kingdom (“UK”) based biopharmaceutical company focused on rare diseases and oncology. The Company is a public limited company incorporated and domiciled in the UK, and registered in England, with shares publicly traded on the Nasdaq Global Market via American Depositary Shares (“ADSs”) under the ticker symbol MREO. The Company’s registered office is located at Fourth Floor, 1 Cavendish Place, London, W1G 0QF, United Kingdom. These financial statements are the unaudited condensed consolidated financial statements of Mereo BioPharma Group plc and its subsidiaries for the six months ended June 30, 2022. The principal activities of the Company are the development and commercialization of innovative therapeutic pharmaceutical products.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Significant accounting policies	2. Significant accounting policies Basis of preparation The unaudited condensed consolidated financial statements for the six-month period ended June 30, 2022 have been prepared in accordance with International Accounting Standards (IAS) 34, Interim Financial Reporting The financial information is presented in pound sterling (“£”), which is the presentational currency of the Company. The functional currencies of consolidated subsidiaries are pound sterling and US dollars (“$”). All amounts disclosed in the condensed consolidated financial statements and notes have been rounded to the nearest thousand, unless otherwise stated. The financial information for the year ended December 31, 2021 has been extracted from the Company’s audited financial statements for that year, filed with the SEC on March 31, 2022. These condensed consolidated financial statements are unaudited and do not constitute statutory accounts of the Company as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for financial year ended December 31, 2021 has been delivered to the Registrar of Companies. The auditors reported on those accounts and their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. Segmental information The Company has one operating segment. The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The Company has a single portfolio of product candidates, with only direct research and development expenses monitored by product candidate. The CODM makes decisions over resource allocation at an overall portfolio level and the Company’s financing is managed and monitored on a consolidated basis. Going Concern The going concern basis has been applied in these condensed consolidated financial statements as the Company has adequate resources to meet its liabilities as they fall due for the foreseeable future and at least 12 months from the issuance date of these condensed consolidated financial statements. The Company expects to incur significant operating losses for the foreseeable future as it continues its research and development efforts, seeks to obtain regulatory approval of its product candidates and pursues any future product candidates the Company may develop. Until such time as the Company can generate significant revenue from product sales, or other commercial revenues, if ever, or through licensing and/or collaboration agreements for its rare disease or oncology product candidates, the Company will seek to finance its operations through a combination of public or private equity or debt financings or other sources. Summary of significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2021. Significant accounting estimates and judgments The preparation of these condensed consolidated financial statements requires the management of the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates and judgments on historical experience and on various other assumptions that it considers to be reasonable. Actual results may differ from these estimates under different assumptions or conditions. The significant accounting estimates and judgments adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2021.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Disclosure Of Revenue From Contracts With Customers [Abstract]
Revenue	3. Revenue The Company recognized upfront proceeds of £36.5 million ($50.0 million) from the license and collaboration agreement with Ultragenyx for setrusumab as revenue in the six-month period ended June 30, 2021. The variable consideration relating to future milestones and sales royalties will be recognized in the statement of comprehensive income when the milestones are achieved or the underlying commercial sales are made, in the event regulatory approval is obtained. As a consequence of the license and collaboration agreement with Ultragenyx and in accordance with terms of the 2015 asset purchase with Novartis, the Company made a payment to Novartis of £7.2 million ($10.0 million). The payment included a deduction for costs of £2.4 million which was deferred to be recognized in the statement of comprehensive income when the associated costs are incurred. In the six-month period ended June 30, 2022, £0.4 million (six months ended June 30, 2021: £0.9 million) of these deductions were recognized within “Cost of revenue” in the condensed consolidated (loss)/ income. As of June 30, 2022, the remaining balance to be recognized of £ million (June 30, 2021: £ million and December 31, 2021: £ million) is included within “Other liabilities” in the condensed consolidated balance sheets .

Finance income, finance costs a

Finance income, finance costs and changes in the fair value of financial instruments	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Finance income, finance costs and changes in the fair value of financial instruments	4. Finance income, finance costs and changes in the fair value of financial instruments Finance income Six months £’000 Six months £’000 Interest income on short-term deposits 173 1 Total 173 1 Finance costs Six months £’000 Six months £’000 Interest on convertible loan notes (1,567 ) (1,792 ) Interest on lease liabilities (113 ) (105 ) Discounting of provision for deferred cash consideration (163 ) (72 ) Other (16 ) (18 ) Total (1,859 ) (1,987 ) Changes in the fair value of financial instruments Six months £’000 Six months £’000 Changes in the fair value of warrants – placement 1,091 14,301 Changes in the fair value of warrants – bank loan 119 62 Total 1,210 14,363

Other income and expenses

Other income and expenses	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Other income and expenses	5. Other income and expenses In February 2022, the Company received a milestone payment of $2.0 million (£1.5 million) under the Navi License Agreement with OncXerna. An associated payment was made to the former shareholders of Mereo BioPharma 5, Inc. under the Contingent Value Rights Agreement (“ ”) million (£0.7 million), after deductions of costs, charges and expenditures, which resulted in other income, net of £0.8 million.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Earnings per share	6. Earnings per share Basic (loss)/profit per share is calculated by dividing the (loss)/profit attributable for the period to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is based on dividing the loss attributable for the period, adjusted for the effect of dilutive ordinary shares, by ordinary share equivalents, which includes the weighted average number of ordinary shares outstanding and the effect of dilutive ordinary share equivalents. Six months to 2022 Six months to 2021 Numerator – Basic earnings per share (£’000) (Loss)/profit attributable to equity holders of the parent (19,158 ) 12,088 Denominator – Basic earnings per share Weighted average number of ordinary shares 583,892,445 494,617,344 (Loss)/profit per share – basic (£) (0.03 ) 0.02 Numerator – Diluted earnings per share (£’000): (Loss)/profit attributable to equity holders of the parent (19,158 ) 12,088 Effect of dilutive ordinary shares — (14,363 ) Numerator – Diluted earnings per share (19,158 ) (2,275 ) Denominator – Diluted earnings per share: Number of ordinary shares used for basic earnings per share 583,892,445 494,617,344 Weighted average effect of dilutive ordinary shares — 48,264,422 Weighted average number of diluted ordinary shares outstanding 583,892,445 542,881,766 Loss per share – diluted (£) (0.03 ) (0.00 ) For the period ended June 30, 2021, the effect of dilutive ordinary shares is related to Company’s outstanding warrants. For the period ended June 30, 2022, share options, convertible loan notes and warrants were considered to be anti-dilutive as they would have decreased the loss per share and were therefore excluded from the calculation of diluted loss per share. Therefore, the weighted average shares outstanding used to calculate both the basic and diluted loss per share was the same.

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Property, plant and equipment	7. Property, plant and equipment Right-of-use Right-of-use Leasehold Office IT Total £’000 £’000 £’000 £’000 £’000 £’000 Cost or valuation At January 1, 2022 2,903 295 557 173 180 4,108 Additions — — — 7 3 10 Currency translation effects 4 6 — — — 10 At June 30, 2022 2,907 301 557 180 183 4,128 Depreciation and impairment At January 1, 2022 (1,025 ) (231 ) (124 ) (69 ) (129 ) (1,578 ) Impairment (18 ) — — — — (18 ) Depreciation for the period (309 ) (41 ) (47 ) (11 ) (10 ) (418 ) At June 30, 2022 (1,352 ) (272 ) (171 ) (80 ) (139 ) (2,014 ) Net book value At January 1, 2022 1,878 64 433 104 51 2,530 At June 30, 2022 1,555 29 386 100 44 2,114

Intangible assets

Intangible assets	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Intangible assets	8. Intangible assets Acquired Cost £’000 At January 1, 2022 and June 30, 2022 33,005 Accumulated revision to estimated value At January 1, 2022 (8,441 ) Revision to estimated value (448 ) At June 30, 2022 (8,889 ) Net book value At January 1, 2022 24,564 At June 30, 2022 24,116 The present value of the provision for deferred cash consideration relating to the agreement with AstraZeneca was reviewed at June 30, 2022 (see Note 10 million which was recognized as a reduction of the intangible asset in line with our accounting policies. During the period the Company did not revise the value of any other intangible assets (2021: £nil). As the intangible assets remain under development, no amortization charge has been recognized (2021: £nil).

Issued capital and reserves

Issued capital and reserves	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Issued capital and reserves	9. Issued capital and reserves Number of Ordinary £’000 Share £’000 At January 1, 2021 338,953,141 1,017 161,785 Issued during the period 205,557,122 617 79,001 Transaction costs for issued share capital — — (234 ) At June 30, 2021 544,510,263 1,634 240,552 At January 1, 2022 and June 30, 2022 584,908,239 1,755 247,460 Other capital reserves Share- Equity Other Merger Other Total £’000 £’000 £’000 £’000 £’000 £’000 At January 1, 2021 19,843 34,565 44 40,818 33,104 128,374 Share-based payments expense during the period 1,760 — — — — 1,760 Share option exercise (108 ) — — — — (108 ) At June 30, 2021 21,495 34,565 44 40,818 33,104 130,026 At January 1, 2022 23,026 32,843 44 40,818 33,104 129,835 Share-based payments expense during the period 2,446 — — — — 2,446 Share option exercise (82 ) — — — — (82 ) Issuance of warrants — — 70 — — 70 At June 30, 2022 25,390 32,843 114 40,818 33,104 132,269 Share-based payments The Company has a share option scheme under which options to subscribe for the Company’s shares have been granted to certain executives, non-executive The total charge for the six months to June 30, 2022 in respect of all share option schemes was £2.4 million (June 30, 2021: £1.8 million). During the six months ended June 30, 2022, the Company granted 3,996,400 market value options over ADS under the Mereo 2019 Equity Incentive Plan to certain executives and other employees. The weighted average fair value of options granted was $1.23 per option . per ADS . certain non-executive per option . per ADS . A total of 353,183 deferred restricted stock units, with a weighted average fair value of $1.12 per restricted stock unit , in February 2022

Provisions

Provisions	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Provisions	10. Provisions June 30, £’000 December 31, £’000 Provision for deferred cash consideration 4,334 4,123 Total 4,334 4,123 Current 2,945 2,803 Non-current 1,389 1,320 The deferred cash consideration is the estimate of the quantifiable but not certain future cash payment obligations due to AstraZeneca for the acquisition of certain assets. This provision is calculated as the risk adjusted net present value of future cash payments to be made by the Company. The payments are dependent on reaching certain milestones based on the commencement and outcome of clinical trials. The likelihood of achieving such milestones is reviewed at the balance sheet date and increased or decreased as appropriate (see Note 8).

Convertible loan notes

Convertible loan notes	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Convertible loan notes	11. Convertible loan notes June 30, December 2022 31, 2021 £’000 £’000 Novartis Loan Note 4,094 3,771 Loan Notes – private placement 11,858 10,613 Total 15,952 14,384 Current 15,952 — Non-current — 14,384 Novartis Loan Note is convertible at a fixed price of £0.265 per ordinary share and bears an 0.174 rate

Warrant liability

Warrant liability	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Warrant liability	12. Warrant liability June 30, June 30, At January 1 8,336 50,775 Warrants exercised — (2,400 ) Fair value changes during the period (1,210 ) (14,364 ) At June 30 7,126 34,011 June 30, December 31, £’000 Current 6,904 — Non-current 222 8,336 Total 7,126 8,336 The change in fair value of the warrant liability represents an unrealized gain for the six months ended June 30, 2022 and for the six months ended June 30, 2021. Warrants - private placement As a part of the private placement transaction on June 3, 2020, the participating investors received conditional warrants entitling them to subscribe for an aggregate of 161,048,366 ordinary shares in the Company. The warrants were conditional on certain resolutions being passed at the Company’s general meeting on June 30, 2020. On the passing of the resolutions, the warrants entitled the investors to subscribe for ordinary shares at an exercise price of £0.348 per warrant and are exercisable until June 2023. The warrants are classified as liabilities as the Company does not have an unconditional right to avoid redeeming the instruments for cash. The fair value of the warrant liability was £6.9 million as of June 30, 2022 (£8.0 million as of December 31, 2021). The change in the fair value of £1.1 million was recognized as a gain in the condensed (loss)/ income. In the six months ended June 30, 2022, warrants were exercised. Warrants – bank loan As of June 30, 2022 and December 31, 2021, the former lenders of the Company have warrants outstanding to purchase a total of 1,243,908 ordinary shares at an exercise price of £2.95 per share exercisable until August 2027 exercisable until October 2028. At June 30, 2022, the fair value of these warrants were £0.2 million (December 31, 2021: £0.3 million). The change in the fair value of £0.1 million was recognized as a gain in the condensed (loss)/ income. There were no warrants exercised during the six months ended June 30, 2022. Total outstanding warrants At June 30, 2022, a total of 147,431,351 warrants are outstanding. The warrants outstanding are equivalent to 25% of the ordinary share capital of the Company. The following table lists the weighted average inputs to the models used for the fair value of warrants: June 30, 2022 December 31, 2021 Expected volatility (%) 116 75 Risk-free interest rate (%) 2.4 0.9 Expected life of share options (years) 1.0 1.5 Market price of ADS($) 1.12 1.60 Model used Black-Scholes Black-Scholes Volatility was estimated by reference to the one year historical volatility of the historical share price of the Company.

Financial instruments fair valu

Financial instruments fair value disclosures	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Financial instruments fair value disclosures	1 3 The Company held the following financial instruments at fair value at June 30, 2022. There are no non-recurring Financial liabilities measured at fair value Fair value Fair value Fair value Warrant liabilities — 222 6,904 Provision for deferred — — 4,334 Total — 222 11,238 There were no transfers between Level 1 and Level 2 during 2022. The management of the Company assessed that the fair values of cash and short-term deposits, other receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The movements for level 3 instruments during the period are detailed in the table below: Provision for £’000 Warrant £’000 At January 1, 2022 4,123 7,995 Settled during the period — — Movement during the period 211 (1,091 ) At June 30, 2022 4,334 6,904 The warrant liability is estimated using a Black Scholes model, taking into account appropriate amendments to inputs in respect of volatility, remaining expected life of the warrants and rates of interest at each reporting date. The fair value of the provision for deferred cash consideration is estimated by discounting future cash flows using rates currently available for debt on similar terms and credit risk. In addition to being sensitive to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the deferred cash consideration is also sensitive to a reasonably possible change in the probability of reaching certain milestones. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value. Valuation technique Significant unobservable inputs Input range Sensitivity of the input to Provision for deferred consideration Discounted cash flow WACC 2022: 14% 1% increase/decrease would result in a decrease/increase in fair value by £45,000 WACC 2021: 12% 1% increase/decrease would result in a decrease/increase in fair value by £31,000 Probability of success 2022: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by £0.5 million Probability of success 2021: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by £0.5 million Warrant Liability related to the PIPE Black-Scholes Expected volatility 2022: 116.3% Volatility was estimated by reference to the one year historical volatility of the historical share price of the Company. If the volatility is increased to 149% (six month volatility), the carrying value of the warrants as of June 30, 2022 would increase to Expected volatility 2021: 75.1% In 2021, volatility was estimated by reference to the 1.4

Related party disclosures

Related party disclosures	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Related party disclosures	1 4 Transactions between the parent and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Employee benefit trust In 2016 the Company set up an Employee Benefit Trust (“EBT”). The EBT holds ADS’s to satisfy the exercise of options by employees under the Company’s share-based incentive schemes. No funding was loaned to the EBT by the Company during the period to June 30, 2022 (June 30, 2021: nil). The EBT repaid £45,493 of the funding previously loaned by the Company during the period ended June 30, 2021. The EBT did not purchase any ordinary shares during the period to June 30, 2022 (2021: nil). A total of 78,225 ordinary shares owned by the EBT were used to satisfy exercise of options by employees under the Company’s share-based incentive schemes during the period ended June 30, 2022 (June 30, 2021: 145,830). As of June 30, 2022 a cash balance of £17,741 was held by the EBT. As of December 31, 2021 a cash balance of £17,866 was held by the EBT.

Events after reporting period

Events after reporting period	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Events after reporting period	1 5 On July 8, 2022, the Company issued and allotted 40,020,280 ordinary shares of £0.003 in nominal value in the capital of the Company, equivalent to 8,004,056 ADSs, at an exercise price of £0.174 per ordinary share on conversion of loan notes issued as part of the June 2020 private placement transaction. Following this conversion, the Company ha d On October 18, 2022, the Company announced an updated operating plan, including a targeted reduction in the employee base of up to 40% and a significant reduction in other costs. In connection with the implementation of the operating plan, the Company estimates that it will incur approximately £0.5 million in expenditure, which are expected to primarily relate to employee severance and other termination benefits. The Company expects to recognize substantially all of this expenditure in the fourth quarter of 2022.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Basis of preparation	Basis of preparation The unaudited condensed consolidated financial statements for the six-month period ended June 30, 2022 have been prepared in accordance with International Accounting Standards (IAS) 34, Interim Financial Reporting The financial information is presented in pound sterling (“£”), which is the presentational currency of the Company. The functional currencies of consolidated subsidiaries are pound sterling and US dollars (“$”). All amounts disclosed in the condensed consolidated financial statements and notes have been rounded to the nearest thousand, unless otherwise stated. The financial information for the year ended December 31, 2021 has been extracted from the Company’s audited financial statements for that year, filed with the SEC on March 31, 2022. These condensed consolidated financial statements are unaudited and do not constitute statutory accounts of the Company as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for financial year ended December 31, 2021 has been delivered to the Registrar of Companies. The auditors reported on those accounts and their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
Segmental information	Segmental information The Company has one operating segment. The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The Company has a single portfolio of product candidates, with only direct research and development expenses monitored by product candidate. The CODM makes decisions over resource allocation at an overall portfolio level and the Company’s financing is managed and monitored on a consolidated basis.
Going Concern	Going Concern The going concern basis has been applied in these condensed consolidated financial statements as the Company has adequate resources to meet its liabilities as they fall due for the foreseeable future and at least 12 months from the issuance date of these condensed consolidated financial statements. The Company expects to incur significant operating losses for the foreseeable future as it continues its research and development efforts, seeks to obtain regulatory approval of its product candidates and pursues any future product candidates the Company may develop.
Summary of significant accounting policies	Summary of significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2021.
Significant accounting estimates and judgments	Significant accounting estimates and judgments The preparation of these condensed consolidated financial statements requires the management of the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates and judgments on historical experience and on various other assumptions that it considers to be reasonable. Actual results may differ from these estimates under different assumptions or conditions. The significant accounting estimates and judgments adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2021.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary Of Earnings Per Share	Six months to 2022 Six months to 2021 Numerator – Basic earnings per share (£’000) (Loss)/profit attributable to equity holders of the parent (19,158 ) 12,088 Denominator – Basic earnings per share Weighted average number of ordinary shares 583,892,445 494,617,344 (Loss)/profit per share – basic (£) (0.03 ) 0.02 Numerator – Diluted earnings per share (£’000): (Loss)/profit attributable to equity holders of the parent (19,158 ) 12,088 Effect of dilutive ordinary shares — (14,363 ) Numerator – Diluted earnings per share (19,158 ) (2,275 ) Denominator – Diluted earnings per share: Number of ordinary shares used for basic earnings per share 583,892,445 494,617,344 Weighted average effect of dilutive ordinary shares — 48,264,422 Weighted average number of diluted ordinary shares outstanding 583,892,445 542,881,766 Loss per share – diluted (£) (0.03 ) (0.00 )

Finance income, finance costs_2

Finance income, finance costs and changes in the fair value of financial instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Finance income	Finance income Six months £’000 Six months £’000 Interest income on short-term deposits 173 1 Total 173 1
Summary of Finance Costs	Finance costs Six months £’000 Six months £’000 Interest on convertible loan notes (1,567 ) (1,792 ) Interest on lease liabilities (113 ) (105 ) Discounting of provision for deferred cash consideration (163 ) (72 ) Other (16 ) (18 ) Total (1,859 ) (1,987 )
Summary of Changes in the Fair Value of Financial Instruments	Changes in the fair value of financial instruments Six months £’000 Six months £’000 Changes in the fair value of warrants – placement 1,091 14,301 Changes in the fair value of warrants – bank loan 119 62 Total 1,210 14,363

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Property, Plant and Equipment	Right-of-use Right-of-use Leasehold Office IT Total £’000 £’000 £’000 £’000 £’000 £’000 Cost or valuation At January 1, 2022 2,903 295 557 173 180 4,108 Additions — — — 7 3 10 Currency translation effects 4 6 — — — 10 At June 30, 2022 2,907 301 557 180 183 4,128 Depreciation and impairment At January 1, 2022 (1,025 ) (231 ) (124 ) (69 ) (129 ) (1,578 ) Impairment (18 ) — — — — (18 ) Depreciation for the period (309 ) (41 ) (47 ) (11 ) (10 ) (418 ) At June 30, 2022 (1,352 ) (272 ) (171 ) (80 ) (139 ) (2,014 ) Net book value At January 1, 2022 1,878 64 433 104 51 2,530 At June 30, 2022 1,555 29 386 100 44 2,114

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Detailed Information about Intangible Assets	Acquired Cost £’000 At January 1, 2022 and June 30, 2022 33,005 Accumulated revision to estimated value At January 1, 2022 (8,441 ) Revision to estimated value (448 ) At June 30, 2022 (8,889 ) Net book value At January 1, 2022 24,564 At June 30, 2022 24,116

Issued capital and reserves (Ta

Issued capital and reserves (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Detailed Information of Ordinary Share Capital	Number of Ordinary £’000 Share £’000 At January 1, 2021 338,953,141 1,017 161,785 Issued during the period 205,557,122 617 79,001 Transaction costs for issued share capital — — (234 ) At June 30, 2021 544,510,263 1,634 240,552 At January 1, 2022 and June 30, 2022 584,908,239 1,755 247,460
Summary of Other Capital Reserves	Other capital reserves Share- Equity Other Merger Other Total £’000 £’000 £’000 £’000 £’000 £’000 At January 1, 2021 19,843 34,565 44 40,818 33,104 128,374 Share-based payments expense during the period 1,760 — — — — 1,760 Share option exercise (108 ) — — — — (108 ) At June 30, 2021 21,495 34,565 44 40,818 33,104 130,026 At January 1, 2022 23,026 32,843 44 40,818 33,104 129,835 Share-based payments expense during the period 2,446 — — — — 2,446 Share option exercise (82 ) — — — — (82 ) Issuance of warrants — — 70 — — 70 At June 30, 2022 25,390 32,843 114 40,818 33,104 132,269

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Provisions	June 30, £’000 December 31, £’000 Provision for deferred cash consideration 4,334 4,123 Total 4,334 4,123 Current 2,945 2,803 Non-current 1,389 1,320

Convertible loan notes (Tables)

Convertible loan notes (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Interest-bearing Loans and Borrowings	June 30, December 2022 31, 2021 £’000 £’000 Novartis Loan Note 4,094 3,771 Loan Notes – private placement 11,858 10,613 Total 15,952 14,384 Current 15,952 — Non-current — 14,384

Warrant liability (Tables)

Warrant liability (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Warrant Liability	June 30, June 30, At January 1 8,336 50,775 Warrants exercised — (2,400 ) Fair value changes during the period (1,210 ) (14,364 ) At June 30 7,126 34,011 June 30, December 31, £’000 Current 6,904 — Non-current 222 8,336 Total 7,126 8,336
Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted	The following table lists the weighted average inputs to the models used for the fair value of warrants: June 30, 2022 December 31, 2021 Expected volatility (%) 116 75 Risk-free interest rate (%) 2.4 0.9 Expected life of share options (years) 1.0 1.5 Market price of ADS($) 1.12 1.60 Model used Black-Scholes Black-Scholes

Financial instruments fair va_2

Financial instruments fair value disclosures (Tables)	6 Months Ended
	Jun. 30, 2022
Text block [abstract]
Summary of Fair Value Hierarchy	The Company held the following financial instruments at fair value at June 30, 2022. There are no non-recurring Financial liabilities measured at fair value Fair value Fair value Fair value Warrant liabilities — 222 6,904 Provision for deferred — — 4,334 Total — 222 11,238
Summary of Changes in Level 3	The movements for level 3 instruments during the period are detailed in the table below: Provision for £’000 Warrant £’000 At January 1, 2022 4,123 7,995 Settled during the period — — Movement during the period 211 (1,091 ) At June 30, 2022 4,334 6,904
Summary of Changes in Significant Unobservable Inputs Under Valuation Model Used in Level Fair Value Measurement	Valuation technique Significant unobservable inputs Input range Sensitivity of the input to Provision for deferred consideration Discounted cash flow WACC 2022: 14% 1% increase/decrease would result in a decrease/increase in fair value by £45,000 WACC 2021: 12% 1% increase/decrease would result in a decrease/increase in fair value by £31,000 Probability of success 2022: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by £0.5 million Probability of success 2021: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by £0.5 million Warrant Liability related to the PIPE Black-Scholes Expected volatility 2022: 116.3% Volatility was estimated by reference to the one year historical volatility of the historical share price of the Company. If the volatility is increased to 149% (six month volatility), the carrying value of the warrants as of June 30, 2022 would increase to Expected volatility 2021: 75.1% In 2021, volatility was estimated by reference to the 1.4

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - Ultragenyx collaboration agreement [Member] £ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2022 GBP (£)	Jun. 30, 2021 GBP (£)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 GBP (£)
Disclosure Of Revenue From Contracts With Customers [Line Items]
Upfront Payment Received		£ 36.5	$ 50
Milestone payment to ultragenyx collaboration agreement deductions costs	£ 2.4
Milestone payment to ultragenyx collaboraation agreement deductions costs recognised	0.4	0.9
Milestone payment to ultragenyx collaboration agreement deductions costs yet to be recogised	£ 0.9	1.5		£ 1.3
Novartis [member]
Disclosure Of Revenue From Contracts With Customers [Line Items]
Milestone payment for regulatory and commercial achievements		£ 7.2	$ 10

Finance income, finance costs_3

Finance income, finance costs and changes in the fair value of financial instruments - Summary of Finance income (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Finance Income Explanatory [Line Items]
Interest income on short-term deposits	£ 173	£ 1
Total	£ 173	£ 1

Finance income, finance costs_4

Finance income, finance costs and changes in the fair value of financial instruments - Summary of Finance Costs (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of Other Income Expenses And Adjustment [Line Items]
Interest on convertible loan notes	£ (1,567)	£ (1,792)
Interest on lease liabilities	(113)	(105)
Discounting of provision for deferred cash consideration	(163)	(72)
Other	(16)	(18)
Total	£ (1,859)	£ (1,987)

Finance income, finance costs_5

Finance income, finance costs and changes in the fair value of financial instruments - Summary of Changes in the Fair Value of Financial Instruments (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Disclosure of Changes in the fair value of financial instruments [Line Items]
Changes in the fair value of warrants	£ 1,210	£ 14,363
Placement [Member]
Disclosure of Changes in the fair value of financial instruments [Line Items]
Changes in the fair value of warrants	1,091		£ 14,301
Bank Loan [member]
Disclosure of Changes in the fair value of financial instruments [Line Items]
Changes in the fair value of warrants	£ 119		£ 62

Other income and expenses - Add

Other income and expenses - Additional Information (Detail) - 1 months ended Feb. 28, 2022 - Navi License Agreement [Member] - Mile Stone Achievement [Member] £ in Millions, $ in Millions	GBP (£)	USD ($)
Statement [Line Items]
Upfront Payment Received	£ 1.5	$ 2
Milestone Payment For Regulatory And Commercial Achievements	0.7	$ 0.9
Other income	£ 0.8

Earnings per share - Summary of

Earnings per share - Summary of earning per share (Details) - GBP (£) £ / shares in Units, £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings per share [line items]
(Loss)/profit attributable to equity holders of the parent	£ (19,158)	£ 12,088
Weighted average number of ordinary shares	583,892,445	494,617,344
(Loss)/profit per share – basic (£)	£ (0.03)	£ 0.02
Effect of dilutive ordinary shares		£ (14,363)
Numerator – Diluted earnings per share	£ (19,158)	£ (2,275)
Number of ordinary shares used for basic earnings per share	583,892,445	494,617,344
Weighted average effect of dilutive ordinary shares		48,264,422
Weighted average number of diluted ordinary shares outstanding	583,892,445	542,881,766
Loss per share – diluted (£)	£ (0.03)	£ 0

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) £ in Thousands	6 Months Ended
	Jun. 30, 2022 GBP (£)
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	£ 2,530
Ending balance	2,114
Cost or valuation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	4,108
Additions	10
Currency translation effects	10
Ending balance	4,128
Depreciation/Amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,578)
Impairment	(18)
Depreciation for the period	(418)
Ending balance	(2,014)
Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	433
Ending balance	386
Leasehold improvements [member] | Cost or valuation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	557
Additions	0
Currency translation effects	0
Ending balance	557
Leasehold improvements [member] | Depreciation/Amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(124)
Impairment	0
Depreciation for the period	(47)
Ending balance	(171)
Office equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	104
Ending balance	100
Office equipment [member] | Cost or valuation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	173
Additions	7
Currency translation effects	0
Ending balance	180
Office equipment [member] | Depreciation/Amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(69)
Impairment	0
Depreciation for the period	(11)
Ending balance	(80)
IT equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	51
Ending balance	44
IT equipment [member] | Cost or valuation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	180
Additions	3
Currency translation effects	0
Ending balance	183
IT equipment [member] | Depreciation/Amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(129)
Impairment	0
Depreciation for the period	(10)
Ending balance	(139)
Right-of-use asset (building) [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,878
Ending balance	1,555
Right-of-use asset (building) [member] | Cost or valuation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,903
Additions	0
Currency translation effects	4
Ending balance	2,907
Right-of-use asset (building) [member] | Depreciation/Amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,025)
Impairment	(18)
Depreciation for the period	(309)
Ending balance	(1,352)
Right-of-use asset (equipment) [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	64
Ending balance	29
Right-of-use asset (equipment) [member] | Cost or valuation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	295
Additions	0
Currency translation effects	6
Ending balance	301
Right-of-use asset (equipment) [member] | Depreciation/Amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(231)
Impairment	0
Depreciation for the period	(41)
Ending balance	£ (272)

Intangible Assets - Summary of

Intangible Assets - Summary of Detailed Information about Intangible Assets (Detail) £ in Thousands	6 Months Ended
	Jun. 30, 2022 GBP (£)
Disclosure of detailed information about intangible assets [line items]
Beginning balance	£ 24,564
Ending balance	24,116
Cost or valuation [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	33,005
Depreciation/Amortization and impairment [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(8,441)
Revision to estimated value	(448)
Ending balance	£ (8,889)

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of detailed information about intangible assets [line items]
Amortisation charge recognised on intangible assets	£ 0	£ 0
MPH-966 [member]
Disclosure of detailed information about intangible assets [line items]
Change in fair value due to changes in timelines or probability	0.4
Other intangible assets [member]
Disclosure of detailed information about intangible assets [line items]
Revision in the value of any other intangible assets	£ 0	£ 0

Issued Capital and Reserves - S

Issued Capital and Reserves - Summary of Detailed Information of Ordinary Share Capital (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of classes of share capital [line items]
Beginning balance	£ 88,002	£ (14,971)
Issued during the period		79,210
Ending balance	69,585	80,681
Beginning balance	247,460
Ending balance	247,460
Share premium [member]
Disclosure of classes of share capital [line items]
Beginning balance	247,460	161,785
Issued during the period		78,609
Ending balance	247,460	240,552
Beginning balance		161,785
Issued for public offering		79,001
Ending balance	£ 247,460	240,552
Transaction Costs [Member] | Share premium [member]
Disclosure of classes of share capital [line items]
Transaction costs for issued share capital		£ (234)
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Ordinary shares issued and fully paid, Beginning balance		338,953,141
Issued		205,557,122
Ordinary shares issued and fully paid, Ending balance	584,908,239	544,510,263
Ordinary share capital [member]
Disclosure of classes of share capital [line items]
Beginning balance		£ 1,017
Issued during the period		617
Ending balance	£ 1,755	£ 1,634

Issued Capital and Reserves - A

Issued Capital and Reserves - Additional Information (Detail) £ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2022 shares $ / shares	Jun. 30, 2022 GBP (£) shares yr	Jun. 30, 2022 $ / shares	Jun. 30, 2021 GBP (£)
Disclosure of classes of share capital [line items]
Exercise price, share options granted | £ / shares			$ 1.38
Share-based payment expenses | £		£ 2.4		£ 1.8
Expected volatility (%)		96%
Risk-free interest rate		1.79%
Expected life of share options | yr		10
2019 Equity Incentive Plan [member]
Disclosure of classes of share capital [line items]
Number of options granted | shares		3,996,400
Share based compensation by share based payment arrangement exercise price per option			1.39
Weighted average fair value of options granted			1.23
2019 Non-Executive Director Equity Incentive Plan [member]
Disclosure of classes of share capital [line items]
Number of options granted | shares		507,987
Share based compensation by share based payment arrangement exercise price per option			1.24
Weighted average fair value of options granted	$ 1.12		$ 1.1
Number of deferred restricted stock units granted | shares	353,183

Issued Capital and Reserves -_2

Issued Capital and Reserves - Summary of Other Capital Reserves (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of classes of share capital [line items]
Beginning balance	£ 7,401
Share-based payments expense during the period	2,446	£ 1,760
Ending balance	7,401
Capital reserve [member]
Disclosure of classes of share capital [line items]
Beginning balance	129,835	128,374
Share-based payments expense during the period	2,446	1,760
Share-based payments release for exercise of options	(82)	(108)
Issuance of warrants	70
Ending balance	132,269	130,026
Share-based payments [member] | Capital reserve [member]
Disclosure of classes of share capital [line items]
Beginning balance	23,026	19,843
Share-based payments expense during the period	2,446	1,760
Share-based payments release for exercise of options	(82)	(108)
Ending balance	25,390	21,495
Equity component of convertible loan [member] | Capital reserve [member]
Disclosure of classes of share capital [line items]
Beginning balance	32,843	34,565
Ending balance	32,843	34,565
Other Warrents Issued [Member] | Capital reserve [member]
Disclosure of classes of share capital [line items]
Beginning balance	44	44
Issuance of warrants	70
Ending balance	114	44
Merger reserve [member] | Capital reserve [member]
Disclosure of classes of share capital [line items]
Beginning balance	40,818	40,818
Ending balance	40,818	40,818
Other Reserve [Member] | Capital reserve [member]
Disclosure of classes of share capital [line items]
Beginning balance	33,104	33,104
Ending balance	£ 33,104	£ 33,104

Provisions - Summary of Provisi

Provisions - Summary of Provisions (Detail) - GBP (£) £ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disclosure provisions [line items]
Provisions	£ 4,334	£ 4,123
Current	2,945	2,803
Non-current	1,389	1,320
Provision for deferred cash consideration [member]
Disclosure provisions [line items]
Provisions	£ 4,334	£ 4,123

Convertible loan notes - Summar

Convertible loan notes - Summary of Interest-bearing Loans and Borrowings (Detail) - GBP (£) £ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [abstract]
Novartis Loan Note	£ 4,094	£ 3,771
Loan Notes – private placement	11,858	10,613
Total	15,952	14,384
Current	£ 15,952
Non-current		£ 14,384

Convertible loan notes - Additi

Convertible loan notes - Additional Information (Detail) - Novartis [member]	6 Months Ended
	Jun. 30, 2022 £ / shares
Disclosure of detailed information about borrowings [line items]
Conversion price per share	£ 0.265
Borrowing interest rate	6%
Expiry date of warrants	2023-02
June 2020 private placement [member]
Disclosure of detailed information about borrowings [line items]
Conversion price per share	£ 0.174
Borrowing interest rate	6%
Expiry date of warrants	2023-06

Warrant Liability - Summary of

Warrant Liability - Summary of Warrant Liability (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Warrant Liability [Abstract]
Beginning balance	£ 8,336	£ 50,775
Warrants exercised		(2,400)
Fair value changes during the period	(1,210)	(14,364)
Ending balance	7,126	34,011
Current	6,904
Non-current	222		£ 8,336
Total	£ 7,126	£ 34,011	£ 8,336

Warrant Liability - Additional

Warrant Liability - Additional Information (Detail) £ / shares in Units, £ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 GBP (£) £ / Warrent £ / shares shares	Dec. 31, 2021 GBP (£) £ / shares shares	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares	Jun. 30, 2021 GBP (£)	Dec. 31, 2020 GBP (£)	Jun. 30, 2020 £ / shares shares
Disclosure of classes of share capital [line items]
Percentage of ordinary share capital	25%
Warrant liability | £	£ 7,126	£ 8,336			£ 34,011	£ 50,775
Fair value of the warrant liability | £	6,900	8,000
Private placement [member]
Disclosure of classes of share capital [line items]
Warrants issued | shares							161,048,366
Fair Value Adjustments Of Warrants | £	£ 1,100
Exercise price per warrants | £ / shares							£ 0.348
Number of warrants exercised during period | shares	0
Bank loan [member]
Disclosure of classes of share capital [line items]
Fair Value Adjustments Of Warrants | £	£ 100
Warrant liability | £	£ 200	£ 300
Bank loan [member] | Warrants Subscribed [Member] | Ordinary shares [member]
Disclosure of classes of share capital [line items]
Exercise price per warrants | £ / shares	£ 2.95	£ 2.95
Class of warrant number of securities called by warrants | shares	1,243,908	1,243,908
Warrants and rights outstanding term	2027-08	2027-08
Bank loan [member] | Two Thousand and Twenty Warrants [Member] | Ordinary shares [member]
Disclosure of classes of share capital [line items]
Exercise price per warrants | $ / shares			$ 0.4144	$ 0.4144
Class of warrant number of securities called by warrants | shares	1,243,908	1,243,908
Warrants and rights outstanding term	2028-10	2028-10
Warrant [Member]
Disclosure of classes of share capital [line items]
Number of warrants outstanding | shares	147,431,351
Number of warrants exercised | £ / Warrent	0

Warrant Liability - Summary o_2

Warrant Liability - Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Expected volatility	96%
Risk-free interest rate	1.79%
Warrant liability [member]
Disclosure of classes of share capital [line items]
Expected volatility	116%	75%
Risk-free interest rate	2.40%	0.90%
Expected life of share options (years)	1 year	1 year 6 months
Market price of ADS($)	$ 1.12	$ 1.6
Model used	Black-Scholes	Black-Scholes

Financial instruments fair va_3

Financial instruments fair value disclosures - Summary of Fair Value Hierarchy (Detail) £ in Thousands	Jun. 30, 2022 GBP (£)
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value measurement of liabilities [line items]
Total	£ 222
Level 2 of fair value hierarchy [member] | Warrant liability [member]
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities at fair value	222
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value measurement of liabilities [line items]
Total	11,238
Level 3 of fair value hierarchy [member] | Warrant liability [member]
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities at fair value	6,904
Level 3 of fair value hierarchy [member] | Provision for deferred cash consideration [member]
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities at fair value	£ 4,334

Financial instruments fair va_4

Financial instruments fair value disclosures - Summary of Changes in Level 3 (Detail) £ in Thousands	6 Months Ended
	Jun. 30, 2022 GBP (£)
Summary of changes in level 3 of fair value of hierarchy [Line Items]
Beginning balance	£ 4,123
Ending balance	4,334
Provision for deferred cash consideration [member]
Summary of changes in level 3 of fair value of hierarchy [Line Items]
Beginning balance	4,123
Ending balance	4,334
Level 3 of fair value hierarchy [member]
Summary of changes in level 3 of fair value of hierarchy [Line Items]
Beginning balance	7,995
Settled during the period	0
Movement during the period	(1,091)
Ending balance	6,904
Level 3 of fair value hierarchy [member] | Provision for deferred cash consideration [member]
Summary of changes in level 3 of fair value of hierarchy [Line Items]
Beginning balance	4,123
Movement during the period	211
Ending balance	£ 4,334

Financial instruments fair va_5

Financial instruments fair value disclosures- Summary of Changes In Significant Unobservable Inputs Under Valuation Model Used In Level Fair Value Measurement (Detail) - GBP (£)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Weighted average cost of capital [member] | Provision for deferred cash consideration [member] | Discounted cash flow model [member]
Disclosure of significant unobservable inputs used in fair value measurement [line items]
WACC	14%	12%
Percentage of increase decrease in sensitivity analysis affecting input to fair value	1%	1%
Increase decrease in sensitivity analysis affecting input to fair value	£ 45,000	£ 31,000
Probability of success [member] | Provision for deferred cash consideration [member] | Discounted cash flow model [member]
Disclosure of significant unobservable inputs used in fair value measurement [line items]
Percentage of increase decrease in sensitivity analysis affecting input to fair value	10%	10%
Increase decrease in sensitivity analysis affecting input to fair value	£ 500,000	£ 500,000
Bottom of range [member] | Probability of success [member] | Provision for deferred cash consideration [member] | Discounted cash flow model [member]
Disclosure of significant unobservable inputs used in fair value measurement [line items]
Probability of success	40.60%	40.60%
Top of range [member] | Probability of success [member] | Provision for deferred cash consideration [member] | Discounted cash flow model [member]
Disclosure of significant unobservable inputs used in fair value measurement [line items]
Probability of success	81.20%	81.20%
Weighted average [member] | Expected Volatility Member [Member] | Warrants Related To Pipe member [Member] | Black And Scholes Method [member]
Disclosure of significant unobservable inputs used in fair value measurement [line items]
Expected Volatility	116.30%	75.10%
Weighted average [member] | Expected Volatility One [Member] | Warrants Related To Pipe member [Member] | Black And Scholes Method [member]
Disclosure of significant unobservable inputs used in fair value measurement [line items]
Expected Volatility	149%	67.40%
Financial liabilities, at fair value	£ 10,200,000	£ 6,700,000

Related Party Disclosures - Add

Related Party Disclosures - Additional Information (Detail) - GBP (£)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Amount paid to trust by the company	£ 0	£ 0
Shares purchased by the EBT	0	0
Cash held by employee benefit trust	£ 17,741		£ 17,866
Repayment of debt by Employee benefit trust		£ 45,493
Ordinary Shares [Member]
Disclosure of transactions between related parties [line items]
Stock Held By Employee Benefit Trust	78,225	145,830

Events after reporting period -

Events after reporting period - Additional Information (Detail) £ / shares in Units, £ in Millions	Oct. 18, 2022 GBP (£)	Jul. 08, 2022 $ / shares £ / shares shares
Announcing Or Commencing Implementation Of Operating Plan [Member]
Statement [Line Items]
Percentage of targeted reduction in the employee base	40%
Estimated expenses related to employee severance and other termination benefits to be incurred | £	£ 0.5
ADS [Member] | Major ordinary share transactions [member]
Statement [Line Items]
Par value per share | £ / shares		£ 0.003
Number of shares outstanding		124,918,284
Ordinary shares [member] | Major ordinary share transactions [member]
Statement [Line Items]
Number of shares issued		40,020,280
Proceeds from issue of ordinary shares		8,004,056
Share conversion price per share | $ / shares		£ 0.174