Share Capital and Share Premium

6 Months Ended

Jun. 30, 2025

Disclosure Of Classes Of Share Capital [Abstract]

9. Share capital and share premium


	June 30, 2025		December 31, 2024
	(in thousands)
	£		£
Share capital		9,832		5,681
Share premium		161,841		146,146

		171,673		151,827


	Number (in thousands)
	Nominal value £0.0004		Nominal value £0.04
Issued share capital comprises:
Ordinary shares		9,540,891		142,037
Deferred shares		15,040,466		—

		24,581,357		142,037


	Number		Ordinary share capital			Deferred share capital		Share premium
	(in thousands)
Fully paid shares:			£			£		£
Balance at December 31, 2024		142,037		5,681			—		146,146
Exercise of share options		29		1			—		—
Issue of share capital		9,858		394			—		81
Share issue expenses		—		—			—		(14	)

Balance pre-subdivision and reclassification		151,924		6,076			—		146,213
Subdivision and reclassification of share capital		15,040,466		(6,016	)		6,016		—
Issue of share capital		61,323		25			—		722
Exercise of warrants		9,327,644		3,731			—		15,188
Share issue expenses		—		—			—		(282	)

Balance at June 30, 2025		24,581,357		3,816			6,016		161,841

On April 23, 2025, the Company subdivided and redesignated the issued share capital of 151,923,897 ordinary shares of £0.04 each into 151,923,897 ordinary shares and 15,040,465,803 deferred shares, in each case, of £0.0004 each. The deferred shares have no economic value, dividend or voting rights.