Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

The table below provides segment information about the Group:


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
	$000s			$000s			$000s			$000s
Revenue		224			756			366			16,455
Less:
Cost of sales		(85	)		(3,333	)		(139	)		(6,133	)
Contracted development costs (a)		(12,232	)		(7,771	)		(26,905	)		(14,074	)
Personnel research and development costs (b)		(4,479	)		(5,138	)		(10,035	)		(10,055	)
Other R&D costs (c)		(936	)		(893	)		(1,520	)		(1,518	)
General & administrative expenses		(5,131	)		(7,009	)		(12,815	)		(13,644	)
Restructuring charges		(1,324	)		—			(1,324	)		—
Tax expense		(10	)		(228	)		(10	)		(472	)
Other segment items (d)		(3,381	)		3,861			(3,502	)		7,374
Consolidated net loss		(27,354	)		(19,755	)		(55,884	)		(22,067	)

(a)

Contracted development costs primarily consist of costs incurred under agreements with contract research
organizations and investigative sites that conduct its preclinical studies and clinical trials; costs related to manufacturing active pharmaceutical ingredients and drug products for its preclinical studies and clinical trials; and costs for materials used for in-house research and development activities.

(b)

Personnel R&D costs primarily consist of salaries and personnel-related costs for personnel performing R&D activities or managing those activities that have been out-sourced; and consultants’ costs associated with target selection, preclinical and clinical research activities, and the progression of programs towards clinical trials.

(c)

Other R&D costs include associated facility costs, equipment and other overheads that are directly attributable to R&D and depreciation of capital assets used for research and development activities.

(d)

The other segment items include foreign currency gain/(loss), net, benefit from R&D credit, and other income, net inclusive of bank interest receivable and accretion on U.S. treasury bills.

Summary of Group's Assets and Revenues by Location

An analysis of the group’s assets and revenues by location is shown below:


	U.S.A.		U.K.		Germany		Total
	$000s		$000s		$000s		$000s
Non-current assets
As of December 31, 2024		-		4,103		11,166		15,269
As of June 30, 2025		-		4,320		12,360		16,680

Revenue analysis for the six months ended June 30, 2024
Research collaboration		-		16,312		-		16,312
Royalties		-		-		143		143
		-		16,312		143		16,455
							`
Revenue analysis for the six months ended June 30, 2025
Research collaboration		-		366		-		366
Royalties		-		-		-		-
		-		366		-		366