v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

4. Segment reporting

The CODM reviews Consolidated net loss for the year when assessing the Group’s performance, allocating resources and establishing management’s compensation. In addition to Consolidated net loss, the CODM receives discrete information for revenue by major customer and geographic location. Consolidated net loss is used to monitor budget versus actual results and is reviewed against the Group’s peers and competitors as benchmarking. The Group operates as one reportable segment in the specific technology field of RNA therapeutics.

The accounting policies of its operating segment are the same as those described in the Group’s summary of significant accounting policies.

The Group derives revenues from customers through royalty income and research collaboration agreements, each representing a major customer, specifically related to the development of RNAi-based medicines. Refer to Note 3 – Revenue for a further description of the types of products from which the Group derives its revenues.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The table below provides segment information about the Group:

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

2024

 

 

$000s

 

 

$000s

 

Revenue

 

 

559

 

 

 

43,258

 

Less:

 

 

 

 

 

 

Cost of sales

 

 

(215

)

 

 

(11,810

)

Contracted research and development costs (a)

 

 

(44,873

)

 

 

(42,902

)

Personnel research and development costs (b)

 

 

(18,086

)

 

 

(20,503

)

Other R&D costs (c)

 

 

(4,794

)

 

 

(4,478

)

General & administrative expenses

 

 

(22,344

)

 

 

(26,884

)

Restructuring

 

 

(1,324

)

 

 

-

 

Tax expense

 

 

(11

)

 

 

(845

)

Other segment items (d)

 

 

2,476

 

 

 

18,855

 

Consolidated net loss

 

 

(88,612

)

 

 

(45,309

)

 

(a)
Contracted research and development costs primarily consist of costs incurred under agreements with CROs 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/ (expense), net inclusive of bank interest receivable and accretion on U.S. Treasury Bills.

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 at December 31, 2024

 

 

-

 

 

 

4,103

 

 

 

11,166

 

 

 

15,269

 

As at December 31, 2025

 

 

-

 

 

 

600

 

 

 

12,184

 

 

 

12,784

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue analysis for the year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Research collaboration

 

 

-

 

 

 

30,934

 

 

 

-

 

 

 

30,934

 

Royalties

 

 

-

 

 

 

-

 

 

 

709

 

 

 

709

 

 

 

-

 

 

 

30,934

 

 

 

709

 

 

 

31,643

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue analysis for the year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Research collaboration

 

 

-

 

 

 

43,114

 

 

 

-

 

 

 

43,114

 

Royalties

 

 

-

 

 

 

-

 

 

 

144

 

 

 

144

 

 

 

-

 

 

 

43,114

 

 

 

144

 

 

 

43,258

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue analysis for the year ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Research collaboration

 

 

-

 

 

 

559

 

 

 

-

 

 

 

559

 

Royalties

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

559

 

 

 

-

 

 

 

559