Barinthus Biotherapeutics (BRNS) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-40367
Entity Registrant Name	Vaccitech plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	00-0000000
Entity Address, Country	GB
Entity Address, Address Line One	Unit 6-10, Zeus Building Rutherford Avenue
Entity Address, Address Line Two	Harwell
Entity Address, City or Town	Didcot
Entity Address, Postal Zip Code	OX11 0DF
City Area Code	+44 (0)
Local Phone Number	1865 818 808
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,369,838
Entity Central Index Key	0001828185
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Ordinary shares
Document Information
Title of 12(b) Security	Ordinary shares, nominal value £0.000025 per share
American Depositary Shares
Document Information
Title of 12(b) Security	American Depositary Shares
Trading Symbol	VACC
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Current assets:
cash and cash equivalents		$ 191,328	$ 194,385
Accounts receivable		172	323
Accounts receivable - related parties		768	5,524
Research and Development Incentives Receivable		2,501	4,541
Prepaid expenses and other current assets		5,896	8,268
Total current assets		200,665	213,041
Goodwill		12,209	12,209
Property and equipment, net		12,712	7,957
Intangible assets, net		27,479	28,269
Right of use assets, net		7,723	7,753
Other assets		1,028	976
Total assets		261,816	270,205
Current liabilities:
Accounts payable		4,327	3,748
Accrued expenses and other current liabilities		7,012	8,061
Operating lease liability, current		649	433
Total current liabilities		11,988	12,242
Non-Current liabilities:
Operating lease liability, non-current		10,005	8,340
Contingent consideration		1,710	1,711
Deferred tax liability, net		3,230	3,746
Other non-current liabilities		1,314	965
Total liabilities		28,247	27,004
Commitments and contingencies
Shareholders' equity:
Ordinary shares, £0.000025 nominal value; 38,357,025 shares authorized, issued and outstanding (December 31, 2022: authorized, issued and outstanding: 37,683,531)		1	1
Additional paid-in capital		383,523	379,504
Accumulated deficit		(121,423)	(103,243)
Accumulated other comprehensive loss - foreign currency translation adjustments		(28,886)	(33,460)
Total shareholders' equity attributable to Vaccitech plc shareholders'		233,301	242,896
Noncontrolling interest		268	305
Total shareholders' equity		233,569	243,201
Total liabilities and shareholders' equity		261,816	270,205
Deferred A shares
Shareholders' equity:
Deferred shares		$ 86	86
Deferred B shares
Shareholders' equity:
Deferred shares			8
Deferred C shares
Shareholders' equity:
Deferred shares	[1]		$ 0
[1]indicates amount less than thousand

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - £ / shares	Mar. 31, 2023	Dec. 31, 2022
Ordinary shares, nominal value	£ 0.000025	£ 0.000025
Ordinary shares, authorized	38,357,025	37,683,531
Ordinary shares, issued	38,357,025	37,683,531
Ordinary shares, outstanding	38,357,025	37,683,531
Deferred A shares
Deferred shares, nominal value	£ 1	£ 1
Deferred shares, authorized	63,443	63,443
Deferred shares, issued	63,443	63,443
Deferred shares, outstanding	63,443	63,443
Deferred B shares
Deferred shares, nominal value	£ 0.01	£ 0.01
Deferred shares, authorized	0	570,987
Deferred shares, issued	0	570,987
Deferred shares, outstanding	0	570,987
Deferred C shares
Deferred shares, nominal value	£ 0.000007	£ 0.000007
Deferred shares, authorized	0	27,828,231
Deferred shares, issued	0	27,828,231
Deferred shares, outstanding	0	27,828,231

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Total revenue		$ 468	$ 15,018
Operating expenses
Research and development		9,814	10,701
General and administrative		12,138	3,663
Total operating expenses		21,952	14,364
(Loss)/income from operations		(21,484)	654
Other income/(expense):
Interest income		1,588	83
Interest expense			(74)
Research and development incentives		1,157	1,048
Total other income/(expense)		2,745	1,057
(Loss)/profit before income tax		(18,739)	1,711
Tax benefit		516	863
Net (loss)/income		(18,223)	2,574
Net loss attributable to noncontrolling interest		43	22
Net (loss)/income attributable to Vaccitech plc shareholders		$ (18,180)	$ 2,596
Weighted-average ordinary shares outstanding, basic		38,013,399	37,191,022
Weighted-average ordinary shares outstanding, diluted		38,013,399	38,346,668
Net (loss)/income per share attributable to ordinary shareholders, basic		$ (0.48)	$ 0.070
Net (loss)/income per share attributable to ordinary shareholders, diluted		$ (0.48)	$ 0.068
Net Income / (loss)		$ (18,223)	$ 2,574
Other comprehensive gain/(loss) - foreign currency translation adjustments		4,580	(5,983)
Comprehensive loss		(13,643)	(3,409)
Comprehensive loss attributable to noncontrolling interest		37	37
Comprehensive loss attributable to Vaccitech plc shareholders		(13,606)	(3,372)
License revenue
Total revenue	[1]	$ 468	15,009
Research grants and contracts
Total revenue			$ 9
[1]Includes license revenue from related parties for the three month periods ended March 31, 2023 and 2022, of $0.5 million and $15.0 million, respectively.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
License revenue
Revenue from related parties	$ 0.5	$ 15

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands		Deferred A Shares Deferred Shares	Deferred B Shares Deferred Shares	Deferred C Shares Deferred Shares		Ordinary Shares		Additional Paid-in-capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Total
Balance at the beginning at Dec. 31, 2021		$ 86	$ 8	$ 0	[1]	$ 1		$ 369,103	$ (108,585)	$ (8,488)	$ 437	$ 252,562
Balance at the beginning (in shares) at Dec. 31, 2021		63,433	570,987	27,828,231		37,188,730
Increase (Decrease) in Stockholders' Equity
Share based compensation								3,984				3,984
Foreign currency translation adjustments										(5,968)	(15)	(5,983)
Net Income / (loss)									2,596		(22)	2,574
Issue of ordinary shares	[1]					$ 0		0				0
Issue of ordinary shares (in shares)						4,637
Balance at the end at Mar. 31, 2022		$ 86	$ 8	$ 0	[1]	$ 1		373,087	(105,989)	(14,456)	400	253,137
Balance at the end (in shares) at Mar. 31, 2022		63,443	570,987	27,828,231		37,193,367
Balance at the beginning at Dec. 31, 2022		$ 86	$ 8	$ 0	[1]	$ 1		379,504	(103,243)	(33,460)	305	243,201
Balance at the beginning (in shares) at Dec. 31, 2022		63,443	570,987	27,828,231		37,683,531
Increase (Decrease) in Stockholders' Equity
Share based compensation								2,222				2,222
Foreign currency translation adjustments										4,574	6	4,580
Cancellation of deferred shares			$ (8)	$ 0	[1]			8
Cancellation of deferred shares (in shares)			(570,987)	(27,828,231)
Net Income / (loss)									(18,180)		(43)	(18,223)
Issue of ordinary shares						$ 0	[1]	1,789				1,789
Issue of ordinary shares (in shares)						673,494
Balance at the end at Mar. 31, 2023		$ 86	$ 0	$ 0		$ 1		$ 383,523	$ (121,423)	$ (28,886)	$ 268	$ 233,569
Balance at the end (in shares) at Mar. 31, 2023		63,443	0	0		38,357,025
[1]Indicates amount less than thousand

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income / (loss)		$ (18,223)	$ 2,574
Adjustments to reconcile net income / (loss) to net cash used in operating activities:
Share based compensation		2,222	3,984
Depreciation and amortization		1,221	966
Non-cash lease expenses		279	228
Non-cash gain on foreign currency remeasurement and other non-cash adjustments		3,504
Change in contingent consideration		85	143
Deferred tax benefit		(516)	(863)
Other non-cash expenses			12
Changes in operating assets and liabilities:
Accounts receivable (including related parties)		4,961	(18,352)
Prepaid expenses and other current assets		4,090	(1,121)
Research and development incentives receivable		2,102	1,300
Accounts payable		(1,707)	1,739
Accrued expenses and other current liabilities		(1,315)	2,830
Deferred revenue			(15)
Other assets		123	(4)
Net cash used in operating activities		(3,174)	(6,579)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(2,507)	(1,092)
Net cash used in investing activities		(2,507)	(1,092)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issue of shares from the exercise of stock options	[1]	0	0
Proceeds from issue of ordinary shares		1,789
Payment of contingent consideration		(100)
Repayment of debt			(159)
Net cash provided by/(used in) financing activities		1,689	(159)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		935	(5,628)
Net (decrease) in cash and cash equivalents		(3,057)	(13,458)
Cash and cash equivalents, beginning of the period		194,385	214,054
Cash and cash equivalents, end of the period		191,328	200,596
Supplemental cash flow disclosures:
Cash paid for interest	[1]	0
Cash paid for income taxes	[1]	0
Non-Cash investing and financing activities
Issue of ordinary shares	[1]	0
Capital expenditures included in accounts payable and accrued expenses		2,247	1,365
Asset retirement obligation		282	443
Changes to right-of-use asset resulting from lease reassessment event		$ 4	$ (36)
[1]Indicates amounts less than thousand

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Vaccitech plc (“Vaccitech”) is a public limited company incorporated pursuant to the laws of England and Wales in March 2021. Vaccitech is engaged in the discovery and development of novel immunotherapeutics and vaccines for the treatment and prevention of infectious disease, cancer and immune tolerance. Vaccitech is headquartered in Harwell, Oxfordshire, United Kingdom. Vaccitech and its direct and indirect subsidiaries, Vaccitech (UK) Limited, Vaccitech Australia Pty Limited, Vaccitech Oncology Limited (“VOLT”), Vaccitech North America, Inc., Vaccitech Switzerland GmbH and Vaccitech Italia S.R.L, are collectively referred to as the “Company”. In connection with the initial public offering of American Depositary Shares (“ADSs”), in March 2021, Vaccitech completed a corporate reorganization wherein the shareholders of Vaccitech (UK) Limited exchanged each of their ordinary shares, series A shares and series B shares of Vaccitech (UK) Limited (formerly Vaccitech Limited) for the same quantity of ordinary shares, series A shares and series B shares in Vaccitech plc (resulting in the shareholders of the Company holding the same percentage and class of shares in Vaccitech plc (formerly Vaccitech Rx Limited) as they had in Vaccitech (UK) Limited. The group reorganization under common control constituted a change in reporting entity and has been given retrospective effect reflecting the net assets of Vaccitech (UK) Limited and its subsidiaries and Vaccitech plc at their historical carrying amounts. On April 4, 2022, a merger was effected between subsidiaries Vaccitech USA, Inc. and Vaccitech North America, Inc., with Vaccitech North America, Inc. being the surviving entity. The Company operates in an environment of rapid technological change and substantial competition from pharmaceutical and biotechnology companies. The Company is subject to risks common to companies in the biopharmaceutical industry in a similar stage of its life cycle including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its vaccine product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of any of its products that are approved, and protection of proprietary technology. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant product sales. If the Company does not successfully commercialize any of its products or mitigate any of these other risks, it will be unable to generate revenue or achieve profitability. Basis of presentation The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Company’s audited financial statements and related notes as of and for the year ended December 31, 2022. The condensed consolidated balance sheet as of December 31, 2022, was derived from the audited financial statements but does not contain all of the footnote disclosures from the annual financial statements. As of March 31, 2023, the Company had cash and cash equivalents of $191.3 million and an accumulated deficit of $121.4 million, the Company expects to incur losses for the foreseeable future. The Company expects that its cash and cash equivalents will be sufficient to fund current operations for at least the next twelve months from the issuance of the financial statements. The Company expects to seek additional funding through equity financings, government or private-party grants, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or rights of the Company's stockholders. If the Company is unable to obtain sufficient capital, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Unaudited Condensed Financial Information The accompanying Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022, the Condensed Consolidated Statements of Operations and Comprehensive Loss, Condensed Consolidated Statements of Changes in Shareholders’ Equity and the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities Exchange Commission (the “Annual Report”) on March 24, 2023. In our opinion, the unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of March 31, 2023, our results of operations for the three months ended March 31, 2023, and 2022, and our cash flows for the three months ended March 31, 2023, and 2022. The results of operations for the three months ended March 31, 2023, are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or any other interim periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies of the Company are set forth in Note 2 to the consolidated financial statements as of and for the year ended December 31, 2022, except as discussed below related to newly adopted accounting pronouncements. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue, and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the unaudited condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. We have reviewed all recently issued standards and have determined that such standards will not have a material impact on our condensed consolidated financial statements or do not otherwise apply to our current operations.

Foreign currency translation in

Foreign currency translation in General and Administrative Expenses	3 Months Ended
	Mar. 31, 2023
Foreign currency translation in General and Administrative Expenses
Foreign currency translation in General and Administrative Expenses	3. Foreign currency translation in General and Administrative Expenses The aggregate, net foreign exchange gain or loss included in determining net (loss)/income recognized in general and administrative expenses for the three months ended March 31, 2023, was a loss of $ 3.5 million (three months ended March 31, 2022: $ 5.3 million gain).

Net (Loss)_Income Per Share

Net (Loss)/Income Per Share	3 Months Ended
	Mar. 31, 2023
Net (Loss)/Income Per Share
Net (Loss)/Income Per Share	4. Net (Loss)/Income Per Share The following table sets forth the computation of basic and diluted net (loss)/income per share for the three months ended March 31, 2023, and 2022 (in thousands, except number of shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 ​ 2022 Numerator: ​ ​ Net (loss)/income ​ $ (18,223) ​ $ 2,574 Net loss attributable to noncontrolling interest ​ 43 ​ ​ 22 Net (loss)/income attributable to Vaccitech shareholders ​ $ (18,180) ​ $ 2,596 Denominator: ​ ​ ​ ​ ​ Weighted-average ordinary shares outstanding, basic ​ 38,013,399 ​ ​ 37,191,022 Effect of dilutive stock options ​ ​ — ​ ​ 1,155,646 Weighted-average ordinary shares outstanding, diluted ​ ​ 38,013,399 ​ ​ 38,346,668 Net (loss)/income per share attributable to ordinary shareholders, basic ​ $ (0.48) ​ $ 0.070 Net (loss)/income per share attributable to ordinary shareholders, diluted ​ $ (0.48) ​ $ 0.068 ​ For the three month period ended March 31, 2023 and 2022, 4,134,286 and 2,014,204 potential ordinary shares issuable for stock options, respectively, were excluded from the computation of diluted weighted-average shares outstanding because including them would have had an anti-dilutive effect.

Property and equipment, net

Property and equipment, net	3 Months Ended
	Mar. 31, 2023
Property and equipment, net
Property and equipment, net	5. Property and equipment, net During the three months ended March 31, 2023, the Company’s additions to property and equipment, net were $4.8 million, which primarily related to an increase in leasehold improvements from the Company’s U.S. office in Germantown, Maryland (three months ended March 31, 2022: $3.2 million, related to leasehold improvements of the Company’s corporate headquarters). Depreciation expense for the three months ended March 31, 2023 was $0.4 million (March 31, 2022: $0.2 million).

Intangible assets, net

Intangible assets, net	3 Months Ended
	Mar. 31, 2023
Intangible assets, net
Intangible assets, net	6. Intangible assets, net The gross amount of amortizable intangible assets, consisting of developed technology, was $31.6 million and $31.6 million as of March 31, 2023 and December 31 2022, respectively, and accumulated amortization was $4.1 million and $3.3 million as of March 31, 2023 and December 31, 2022, respectively. The amortization expense for the three months ended March 31, 2023 was $0.8 million (three months ended March 31, 2022: $0.8 million). The estimated annual amortization expense is $3.1 million for the years 2023 through to 2031.

Prepaid expenses and other curr

Prepaid expenses and other current assets	3 Months Ended
	Mar. 31, 2023
Prepaid expenses and other current assets
Prepaid expenses and other current assets	7. Prepaid expenses and other current assets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 Prepayments and accrued income ​ $ 5,294 ​ $ 5,887 Employee retention and payroll tax credit ​ 53 ​ 48 Lease incentive receivable ​ ​ — ​ ​ 1,770 Others ​ 549 ​ 563 Total ​ $ 5,896 ​ $ 8,268 ​

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Mar. 31, 2023
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	8. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2022 Accrued manufacturing and clinical expenses ​ $ 2,097 ​ $ 2,997 Accrued board of director compensation ​ 19 ​ 9 Accrued bonus ​ 539 ​ 1,925 Accrued payroll and employee benefits ​ 653 ​ 928 Accrued professional fees ​ 1,108 ​ 1,270 Accrued leasehold improvements ​ ​ 1,163 ​ ​ — Accrued other ​ 1,433 ​ 932 Total ​ $ 7,012 ​ $ 8,061 ​

Ordinary Shares

Ordinary Shares	3 Months Ended
	Mar. 31, 2023
Ordinary Shares
Ordinary Shares	9. Ordinary Shares All ordinary shares rank pari passu as a single class. The following is a summary of the rights and privileges of the holders of ordinary shares as of March 31, 2023: Liquidation preference: in the event of the liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to holders of the ordinary shares shall be distributed amongst all holders of the ordinary shares in proportion to the number of shares held irrespective of the amount paid or credited as paid on any share. Dividends: the Company may, subject to the provisions of the Companies Act 2006 and our Articles, by ordinary resolution from time to time declare dividends to be paid to shareholders not exceeding the amount recommended by the Company’s board of directors. Subject to the provisions of the Companies Act 2006, in so far as, in the board of directors’ opinions, the Company’s profits justify such payments, the board of directors may pay interim dividends on the Company’s ordinary shares. Voting Rights: each holder of ordinary shares has the right to receive notice of, and to vote at, the Company’s general meetings. Each holder of ordinary shares who is present (in person or by proxy) at a general meeting on a show of hands has one vote and, on a poll, every such holder who is present (in person or by proxy) has one vote in respect of each share of which they are the holder. Preemption rights: pursuant to section 561 of the Companies Act 2006, shareholders are granted preemptive rights when new shares are issued for cash. However, it is possible for our Articles, or shareholders at a general meeting representing at least 75% of our ordinary shares present (in person or by proxy) and eligible to vote at that general meeting, to disapply these preemptive rights by passing a special resolution. Such a disapplication of preemption rights may be for a maximum period of up to five years from the date on which the shareholder resolution was passed. In either case, this disapplication would need to be renewed by our shareholders upon its expiration ( i.e. On April 21, 2021, our shareholders approved the disapplication of preemptive rights for a period of five years from the date of approval by way of a special resolution of our shareholders. This included the disapplication of preemption rights in relation to the allotment of our ordinary shares in connection with the IPO. This disapplication will need to be renewed upon expiration ( i.e.

Deferred Shares

Deferred Shares	3 Months Ended
	Mar. 31, 2023
Deferred Shares
Deferred Shares	10. Deferred Shares All deferred shares rank pari passu as a single class. The deferred shares do not have rights to dividends or to any other right of participation in the profits of the Company. On a return of assets on liquidation, the deferred shares shall confer on the holders thereof an entitlement to receive out of the assets of the Company available for distribution amongst the shareholders (subject to the rights of any new class of shares with preferred rights) the amount credited as paid up on the deferred shares held by them respectively after (but only after) payment shall have been made to the holders of the ordinary shares of the amounts paid up or credited as paid up on such shares and the sum of £1.0 million in respect of each ordinary share held by them respectively. The deferred shares shall confer on the holders thereof no further right to participate in the assets of the Company. On March 29, 2023, the Company transferred back to the Company and subsequently cancelled all of its deferred B shares (nominal value of £0.01 each) and deferred C shares (nominal value of £0.00000736245954692556 each) which were previously in issue. These deferred shares had previously been issued to certain pre-IPO shareholders in connection with the implementation of certain stages of the Company’s pre-IPO share capital reorganization. The Company received shareholder approval on April 21, 2021 (pursuant to the shareholder resolutions passed on that date) in order to effect the transfer back and cancellation of the deferred shares for nil consideration in accordance with sections 659 and 662 of the Companies Act 2006. The Company’s deferred A shares with a nominal value of £1.00 each remain in issue for the purposes of satisfying the minimum share capital requirements for a public limited company as prescribed by the Companies Act 2006.

Fair value

Fair value	3 Months Ended
	Mar. 31, 2023
Fair value
Fair value	11. Fair value The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, certain accrued expenses, and contingent consideration. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximated their respective fair value due to the short-term nature and maturity of these instruments. As of March 31, 2023, the Company had a contingent consideration liability of $1.7 million related to the acquisition of Avidea Technologies, Inc. The fair value of the contingent consideration is a Level 3 valuation with the significant unobservable inputs being the probability of success of achievement of the milestone and the expected date of the milestone achievement. Significant judgment is employed in determining the appropriateness of certain of these inputs. ​ The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2023 2022 Beginning balance ​ $ 1,711 ​ $ 2,371 Change in fair value recognized in net (loss)/ income ​ ​ (1) ​ ​ 143 Foreign exchange loss ​ ​ (37) ​ ​ — Foreign exchange translation recognized in other comprehensive loss ​ ​ 37 ​ ​ (70) Ending balance ​ $ 1,710 ​ $ 2,444 ​

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill.
Goodwill	12. Goodwill The Company identified qualitative indicators of impairment in 2022 due to a sustained decline in the price of the Company’s American Depositary Shares, whereby the market capitalization continues to be below the value of the net assets of the Company. Therefore, the Company performed an interim qualitative assessment as of March 31, 2023 to determine whether it was more likely than not that the fair value of the reporting unit is less than its carrying amount. Based on this assessment, management determined it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. No additional qualitative indicators of impairment were identified during the three month period ended March 31, 2023.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Compensation
Share-Based Compensation	13. During the three month period ended March 31, 2023, in accordance with the terms of the Annual Increase of the Vaccitech plc Share Award Plan 2021 (the “Plan”), the total number of ordinary shares available for issuance under the Plan increased by 4% of the Company’s issued and outstanding ordinary shares as of January 1, 2023. ​ For the three months ended March 31, 2023, the Company granted 1,987,289 ​ The fair value of each stock option issued to employees was estimated at the date of grant using the Black-Scholes model with the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2023 2022 Expected volatility 97.4 % 92.3 % Expected term (years) 6.00 6.00 ​ Risk-free interest rate 3.6 % 1.9 % Expected dividend yield — % — % ​ As of March 31, 2023, 6,807,859 options with a weighted average exercise price of $9.69 were outstanding. As of March 31, 2023, there was $9.0 million unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 2.1 years. As of March 31, 2022, 4,814,173 options with a weighted average exercise price of $9.52 were outstanding. As of March 31, 2022, there was $14.8 million unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 2.36 years. Share based compensation expense is classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Research and development ​ $ 1,119 ​ $ 842 General and administrative ​ 1,103 ​ 3,142 Total ​ $ 2,222 ​ $ 3,984 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies In-License Agreements The Company is party to a number of licensing agreements, most of which are with related parties. These agreements serve to provide the Company with the right to develop and exploit the counterparties’ intellectual property for certain medical indications. As part of execution of these arrangements, the Company paid certain upfront fees, which have been expensed as incurred because the developing technology has not yet reached technical feasibility, the lack of alternative use, and the lack of proof of potential value. The agreements cover a variety of fields, including influenza, cancer, human papillomavirus infection, (“HPV”), hepatitis B virus (“HBV”) and middle east respiratory syndrome (“MERS”). The Company’s obligations for future payments under these arrangements are dependent on its ability to develop promising drug candidates, the potential market for these candidates and potential competing products, and the payment mechanisms in place in countries where the Company retains the right to sell. Each agreement provides for specific milestone payments, typically triggered by achievement of certain testing phases in human candidates, and future royalties ranging from 1 to 5% for direct sales of a covered product to 3 to 7% of net payments received for allowable sublicenses of technology developed by the Company. The obligation to make these payments is contingent upon the Company’s ability to develop candidates for submission for phased testing and approvals, and for the development of markets for the products developed by the Company. The Company has not made or accrued any material payments under these license agreements during the three months ended March 31, 2023, and March 31, 2022. Leases The Company leases certain laboratory and office space under operating leases, which are described below. The Harwell Science and Innovation Campus, Oxfordshire On September 3, 2021, the Company entered into a lease agreement for the lease of approximately 31,000 square feet in Harwell, Oxfordshire which expires in September 2031. The property is the Company’s corporate headquarters. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date, being the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The Company has provided the lessor with a refundable security deposit of $0.7 million which is included in Other assets. Germantown, Maryland On June 14, 2022, the Company entered into a lease agreement for the lease of approximately 19,700 square feet in Germantown, Maryland. The site will house the Company’s, state-of-the-art wet laboratory in the United States of America. The lease expires on February 28, 2034, with the Company having a single right to extend for an additional five years on the same terms and conditions other than for the base rent. The Company has a rent-free period up to February 29, 2024, and is entitled to up to $3.5 million for leasehold improvements to the premises desired by the Company. The Company has provided the lessor with a refundable security deposit of $0.2 million which is included in Other assets. The Company recorded a right-of-use asset and a lease liability on the effective date of the lease term. The Company’s right-of-use asset and lease liability are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2023 2022 ​ Right-of-use asset ​ $ 7,723 ​ $ 7,753 Operating lease liability, current $ 649 $ 433 ​ Operating lease liability, non-current $ 10,005 $ 8,340 ​ Weighted average remaining lease term (years) ​ ​ 9.71 ​ ​ 9.44 ​ Weighted average discount rate ​ ​ 7.6 % ​ 7.6 % Other information ​ ​ ​ ​ ​ ​ ​ Short-term lease costs ​ $ 152 ​ $ 529 ​ Operating cash flows operating leases ​ $ 220 ​ $ 1,081 ​ ​ Future annual minimum lease payments under operating leases as of March 31, 2023, were as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2023 $ (1,457) 2024 ​ 1,752 2025 ​ 1,904 2026 ​ 1,928 2027 ​ 1,952 Thereafter ​ 9,890 Total minimum lease payments ​ $ 15,969 Less: imputed interest ​ (5,315) Total operating lease liability ​ $ 10,654 ​ Other contingencies As of the date of this Quarterly Report on Form 10-Q, we do not believe we are party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggreagate be reasonably expected to have a material adverse effect on our business. However, from time to time, we could be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Regardless of the outcome, legal proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	15. During the three months ended March 31, 2023, the Company incurred $Nil expenses from its shareholder, Oxford Science Enterprises plc. During the three months ended March 31, 2022, the Company recognized net income of $55 thousand after offsetting lease costs for laboratory and office space in Oxford of $74 thousand, against a refund of $129 thousand from its shareholder, Oxford Science Enterprises plc. During the three months ended March 31, 2023, the Company incurred expenses of $ Nil During the three months ended March 31, 2023, the Company incurred expenses of $98 thousand (three months ended March 31, 2022: $193 thousand) and recognized license revenue of $0.5 million (three months ended March 31, 2022: $15.0 million) from Oxford University Innovation Limited which is a wholly owned subsidiary of the Company’s shareholder, the University of Oxford. As of March 31, 2023, the Company was owed $0.8 million (December 31, 2022: $5.5 million) from Oxford University Innovation Limited.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue, and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the unaudited condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Recently issued accounting pronouncements	Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. We have reviewed all recently issued standards and have determined that such standards will not have a material impact on our condensed consolidated financial statements or do not otherwise apply to our current operations.

Net (Loss)_Income Per Share (Ta

Net (Loss)/Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net (Loss)/Income Per Share
Schedule of computation of basic and diluted net (loss)/income per share	The following table sets forth the computation of basic and diluted net (loss)/income per share for the three months ended March 31, 2023, and 2022 (in thousands, except number of shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 ​ 2022 Numerator: ​ ​ Net (loss)/income ​ $ (18,223) ​ $ 2,574 Net loss attributable to noncontrolling interest ​ 43 ​ ​ 22 Net (loss)/income attributable to Vaccitech shareholders ​ $ (18,180) ​ $ 2,596 Denominator: ​ ​ ​ ​ ​ Weighted-average ordinary shares outstanding, basic ​ 38,013,399 ​ ​ 37,191,022 Effect of dilutive stock options ​ ​ — ​ ​ 1,155,646 Weighted-average ordinary shares outstanding, diluted ​ ​ 38,013,399 ​ ​ 38,346,668 Net (loss)/income per share attributable to ordinary shareholders, basic ​ $ (0.48) ​ $ 0.070 Net (loss)/income per share attributable to ordinary shareholders, diluted ​ $ (0.48) ​ $ 0.068 ​

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Tables)	3 Months Ended
	Mar. 31, 2023
Prepaid expenses and other current assets
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 Prepayments and accrued income ​ $ 5,294 ​ $ 5,887 Employee retention and payroll tax credit ​ 53 ​ 48 Lease incentive receivable ​ ​ — ​ ​ 1,770 Others ​ 549 ​ 563 Total ​ $ 5,896 ​ $ 8,268

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued expenses and other current liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2022 Accrued manufacturing and clinical expenses ​ $ 2,097 ​ $ 2,997 Accrued board of director compensation ​ 19 ​ 9 Accrued bonus ​ 539 ​ 1,925 Accrued payroll and employee benefits ​ 653 ​ 928 Accrued professional fees ​ 1,108 ​ 1,270 Accrued leasehold improvements ​ ​ 1,163 ​ ​ — Accrued other ​ 1,433 ​ 932 Total ​ $ 7,012 ​ $ 8,061

Fair value (Tables)

Fair value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair value
Schedule of financial instruments carried at fair value and classified within Level 3	The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2023 2022 Beginning balance ​ $ 1,711 ​ $ 2,371 Change in fair value recognized in net (loss)/ income ​ ​ (1) ​ ​ 143 Foreign exchange loss ​ ​ (37) ​ ​ — Foreign exchange translation recognized in other comprehensive loss ​ ​ 37 ​ ​ (70) Ending balance ​ $ 1,710 ​ $ 2,444

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Compensation
Schedule of fair value stock option issued to employees	​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2023 2022 Expected volatility 97.4 % 92.3 % Expected term (years) 6.00 6.00 ​ Risk-free interest rate 3.6 % 1.9 % Expected dividend yield — % — % ​
Schedule of share based compensation expense	Share based compensation expense is classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Research and development ​ $ 1,119 ​ $ 842 General and administrative ​ 1,103 ​ 3,142 Total ​ $ 2,222 ​ $ 3,984

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Schedule of right-of-use asset and a lease liability	The Company’s right-of-use asset and lease liability are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2023 2022 ​ Right-of-use asset ​ $ 7,723 ​ $ 7,753 Operating lease liability, current $ 649 $ 433 ​ Operating lease liability, non-current $ 10,005 $ 8,340 ​ Weighted average remaining lease term (years) ​ ​ 9.71 ​ ​ 9.44 ​ Weighted average discount rate ​ ​ 7.6 % ​ 7.6 % Other information ​ ​ ​ ​ ​ ​ ​ Short-term lease costs ​ $ 152 ​ $ 529 ​ Operating cash flows operating leases ​ $ 220 ​ $ 1,081 ​ ​
Schedule of future annual minimum lease payments under operating leases	Future annual minimum lease payments under operating leases as of March 31, 2023, were as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2023 $ (1,457) 2024 ​ 1,752 2025 ​ 1,904 2026 ​ 1,928 2027 ​ 1,952 Thereafter ​ 9,890 Total minimum lease payments ​ $ 15,969 Less: imputed interest ​ (5,315) Total operating lease liability ​ $ 10,654 ​

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Nature of Business and Basis of Presentation
cash and cash equivalents	$ 191,328	$ 194,385
Accumulated deficit	$ (121,423)	$ (103,243)

Foreign currency translation _2

Foreign currency translation in General and Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign currency translation in General and Administrative Expenses
Net foreign exchange gain (loss)	$ (3.5)	$ 5.3

Net (Loss)_Income Per Share (De

Net (Loss)/Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net (loss)/income	$ (18,223)	$ 2,574
Net loss attributable to noncontrolling interest	43	22
Net (loss)/income attributable to Vaccitech plc shareholders	$ (18,180)	$ 2,596
Denominator:
Weighted-average ordinary shares outstanding, basic	38,013,399	37,191,022
Effect of dilutive stock options		1,155,646
Weighted-average ordinary shares outstanding, diluted	38,013,399	38,346,668
Net (loss)/income per share attributable to ordinary shareholders, basic	$ (0.48)	$ 0.070
Net (loss)/income per share attributable to ordinary shareholders, diluted	$ (0.48)	$ 0.068

Net (Loss)_Income Per Share - D

Net (Loss)/Income Per Share - Diluted weighted-average shares outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive securities excluded from computation of earnings per share
Shares excluded from the computation of diluted weighted-average shares outstanding		1,155,646
Stock options
Antidilutive securities excluded from computation of earnings per share
Shares excluded from the computation of diluted weighted-average shares outstanding	4,134,286	2,014,204

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property and Equipment
Depreciation expense	$ 0.4	$ 0.2
Leasehold improvements
Property and Equipment
Additions to property and equipment	$ 4.8	$ 3.2

Intangible assets, net (Details

Intangible assets, net (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, net
Amortization expense for intangible assets	$ 0.8	$ 0.8
Estimated annual amortization expense			$ 3.1
Developed technology
Intangible assets, net
Intangible assets, gross	31.6			$ 31.6
Intangible assets, accumulated amortization	$ 4.1			$ 3.3

Prepaid expenses and other cu_3

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Prepayments and accrued income	$ 5,294	$ 5,887
Employee retention and payroll tax credit	53	48
Lease incentive receivable		1,770
Others	549	563
Total	$ 5,896	$ 8,268

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Accrued expenses and other current liabilities
Accrued manufacturing and clinical expenses		$ 2,997	$ 2,097
Accrued board of director compensation		9	19
Accrued bonus		1,925	539
Accrued payroll and employee benefits		928	653
Accrued professional fees		1,270	1,108
Accrued leasehold improvements			1,163
Accrued other		932	1,433
Total	$ 7,012	$ 8,061	$ 7,012

Ordinary Shares (Details)

Ordinary Shares (Details) - Vote		3 Months Ended
	Apr. 21, 2021	Mar. 31, 2023
Ordinary Shares
Common shares, votes per share		1
Percentage of ordinary shares present to exercise preemptive rights		75%
Maximum period to exercise preemptive rights		5 years
IPO
Ordinary Shares
Maximum period to exercise preemptive rights	5 years

Deferred Shares (Details)

Deferred Shares (Details) - GBP (£) £ / shares in Units, £ in Millions	Mar. 31, 2023	Mar. 29, 2023	Dec. 31, 2022
Deferred A Shares
Deferred Shares
Nominal value	£ 1	£ 1	£ 1
Deferred A Shares
Deferred Shares
Ordinary shares, liquidation preference	£ 1
Deferred B Shares
Deferred Shares
Nominal value	£ 0.01	0.01	0.01
Deferred C Shares
Deferred Shares
Nominal value	£ 0.000007	£ 0.00000736245954692556	£ 0.000007

Fair value - Additional informa

Fair value - Additional information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Avidea
Convertible loan notes
Contingent consideration liability	$ 1.7

Fair value - Embedded derivativ

Fair value - Embedded derivatives (Details) - Embedded derivatives - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair value and classified within Level 3
Beginning balance	$ 1,711	$ 2,371
Change in fair value recognized in net (loss)/ income	(1)	143
Foreign exchange loss	(37)
Foreign exchange translation recognized in other comprehensive loss	37	(70)
Ending balance	$ 1,710	$ 2,444

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock option
Share-Based Compensation
Exercise of stock options	6,807,859	4,814,173
Weighted average exercise price of options outstanding	$ 9.69	$ 9.52
Unrecognized compensation expenses related to options	$ 9	$ 14.8
Unrecognized compensation cost which is expected to be recognized over a weighted-average period	2 years 1 month 6 days	2 years 4 months 9 days
Vaccitech plc Share Award Plan 2021
Share-Based Compensation
Number of unvested options canceled	57,970	0
Vaccitech plc Share Award Plan 2021 | Stock option
Share-Based Compensation
Options granted	1,987,289
Weighted-average grant date per-share fair value of stock options granted	$ 2.01
Weighted average exercise price of options granted	$ 2.53	$ 11.24
Vaccitech plc Share Award Plan 2021 | Restricted share units, options, share appreciation rights and restricted shares
Share-Based Compensation
Percentage of issued and outstanding ordinary shares available for issuance under the Plan	4%
Enterprise Management Incentive Share Option Scheme | Stock option
Share-Based Compensation
Options granted		1,632,922
Weighted-average grant date per-share fair value of stock options granted		$ 3.75

Share-Based Compensation - Fair

Share-Based Compensation - Fair value of each stock option issued to employees - (Details) - Employee - Enterprise Management Incentive Share Option Scheme	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation
Expected volatility	97.40%	92.30%
Expected term (years)	6 years	6 years
Risk-free interest rate	3.60%	1.90%

Share-Based Compensation - Shar

Share-Based Compensation - Share based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation
Share based compensation expense	$ 2,222	$ 3,984
Research and development
Share-Based Compensation
Share based compensation expense	1,119	842
General and administrative
Share-Based Compensation
Share based compensation expense	$ 1,103	$ 3,142

Commitments and Contingencies -

Commitments and Contingencies - Effective data of the lease term (Details) $ in Thousands			3 Months Ended	12 Months Ended
	Jun. 14, 2022 USD ($) item	Sep. 03, 2021 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitment and Contingencies
Number of square feet under lease agreement | item		31,000
Leases
Right-of-use asset			$ 7,723	$ 7,753
Operating lease liability, current			649	433
Operating lease liability, non-current			$ 10,005	$ 8,340
Weighted average remaining lease term (years)			9 years 8 months 15 days	9 years 5 months 8 days
Weighted average discount rate			7.60%	7.60%
Short-term lease costs			$ 152	$ 529
Operating cash flows from operating leases			$ 220	$ 1,081
Other Non-current Assets
Commitment and Contingencies
Refundable security deposit		$ 700
MARYLAND | Laboratory
Commitment and Contingencies
Number of square feet under lease agreement | item	19,700
Additional lease term	5 years
Leasehold improvement expense	$ 3,500
MARYLAND | Other Non-current Assets | Laboratory
Commitment and Contingencies
Refundable security deposit	$ 200
Maximum | In-License Agreements
Commitment and Contingencies
Percentage of future royalties for direct sales of a covered product			5%
Net payments received for allowable sublicenses of technology developed			7%
Minimum | In-License Agreements
Commitment and Contingencies
Percentage of future royalties for direct sales of a covered product			1%
Net payments received for allowable sublicenses of technology developed			3%

Commitments and Contingencies_2

Commitments and Contingencies - Future annual minimum lease payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future annual minimum lease payments under operating leases
Remainder of 2023	$ (1,457)
2024	1,752
2025	1,904
2026	1,928
2027	1,952
Thereafter	9,890
Total minimum lease payments	15,969
Less: imputed interest	(5,315)
Total operating lease liability	$ 10,654

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
License revenue
Related Party Transactions
Revenue from related party transactions	$ 500	$ 15,000
Shareholder of Oxford Sciences Innovation Plc
Related Party Transactions
Related party expenses	98	193
Shareholder, the University of Oxford
Related Party Transactions
Due to related party		0	$ 0
Oxford University Innovation Limited
Related Party Transactions
Due to related party	800		$ 5,500
Oxford University Innovation Limited | License revenue
Related Party Transactions
Revenue from related party transactions	500	15,000
Lease of a laboratory and office space in Oxford | Shareholder Of Oxford Sciences Enterprises Plc
Related Party Transactions
Related party expenses	0	74
Income from related party transactions		55
Refund received		129
Clinical study costs | Shareholder, the University of Oxford
Related Party Transactions
Related party expenses	$ 0	$ 1