v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

19. Shareholders’ equity

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Authorized, allotted, called up and fully paid ordinary shares,
   par value £0.05

 

 

10,290

 

 

 

10,288

 

 

 

 

 

 

 

 

 

Number

 

 

Number

 

Number of shares in issue

 

 

141,701,848

 

 

 

141,674,074

 

Number of ADS in issue

 

 

47,233,949

 

 

 

47,224,691

 

 

 

The Group has only one class of share. All ordinary shares have equal voting rights and rank pari passu for the distribution of dividends.

On August 11, 2022, the Group announced a registered direct offering (the “Offering”) of 5,950,000 of the Group’s ADSs, each representing three ordinary shares, at a price of $9.50 per ADS, with new and existing institutional and accredited investors. The aggregate gross proceeds of the Offering were $56.5 million before deducting $4.1 million in underwriting discounts, commissions and estimated offering expenses.

On October 15, 2021, the Group entered into an Open Market Sale Agreement (the "Sales Agreement"), with Jefferies LLC ("Jefferies"), pursuant to which the Group may offer and sell, from time to time, its ADSs through Jefferies. On October 15, 2021, the Group filed a registration statement, which became effective on October 22, 2021, for the issuance and sale of up to $100.0 million of ADSs. During the year ended December 31, 2024 the Group raised proceeds of $27.7 million before deducting $0.9 million in placement agent fees and other expenses, from sales of ADSs under the Sales Agreement. On October 22, 2024, the Group filed a new registration statement on Form F-3 which replaced the registration statement originally filed on October 15, 2021, for the issuance and sale, if any, of up to an additional $100 million of its shares represented by ADSs under the Sales Agreement. As of this filing, approximately $139.6 million of ADSs remained.

On February 5, 2024, the Group announced a private placement of 5,714,286 of the Group’s ADSs, each representing three ordinary shares, at a price of $21.00 per ADS, with new and existing institutional and accredited investors. The aggregate gross proceeds of the Private Placement were $120.0 million before deducting $7.7 million in placement agent fees and other expenses.

Details of the shares issued during the current year is as follows:

 

Number of shares in issue at December 31, 2024

 

 

141,674,074

 

Number of ADS in issue at December 31, 2024

 

 

47,224,691

 

Shares issued during the year

 

 

 

Options exercised at $0.20/ADS or $0.07/ordinary share

 

 

17,775

 

Options exercised at $4.23/ADS or $1.41/ordinary share

 

 

9,999

 

Number of shares in issue at December 31, 2025

 

 

141,701,848

 

Number of equivalent ADS in issue at December 31, 2025

 

 

47,233,949

 

 

At December 31, 2025, there were options outstanding of 20,884,098 (2024: 17,455,390) unissued ordinary shares.

Details of the options outstanding are as follows:

 

Year of issue

 

Weighted average Exercise price ($)

 

 

At
January 1, 2025

 

 

Options granted

 

 

Options forfeited

 

 

Options expired

 

 

Options exercised

 

 

At
December 31, 2025

 

 

Weighted average years to expiry date

 

2014

 

 

4.23

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

2015

 

 

4.23

 

 

 

3,333

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,333

)

 

 

-

 

 

 

0.00

 

2016

 

 

5.14

 

 

 

6,524

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

6,524

 

 

 

0.18

 

2017

 

 

8.05

 

 

 

23,333

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

23,333

 

 

 

1.91

 

2018

 

 

0.20

 

 

 

30,593

 

 

 

-

 

 

 

-

 

 

 

(568

)

 

 

(2,259

)

 

 

27,766

 

 

 

2.27

 

2019

 

 

5.36

 

 

 

229,997

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

229,997

 

 

 

3.76

 

2020

 

 

8.23

 

 

 

234,178

 

 

 

-

 

 

 

(2,400

)

 

 

(3,833

)

 

 

(3,666

)

 

 

224,279

 

 

 

4.41

 

2021

 

 

22.37

 

 

 

576,136

 

 

 

-

 

 

 

(1,615

)

 

 

(5,999

)

 

 

 

 

 

568,522

 

 

 

5.81

 

2022

 

 

18.49

 

 

 

1,310,498

 

 

 

 

 

 

(123,132

)

 

 

(12,668

)

 

 

 

 

 

1,174,698

 

 

 

6.29

 

2023

 

 

13.88

 

 

 

2,148,357

 

 

 

-

 

 

 

(290,974

)

 

 

(9,287

)

 

 

 

 

 

1,848,096

 

 

 

7.21

 

2024

 

 

18.05

 

 

 

1,255,514

 

 

 

 

 

 

(138,543

)

 

 

(4,438

)

 

 

 

 

 

1,112,533

 

 

 

8.05

 

2025

 

 

6.96

 

 

 

 

 

 

1,966,485

 

 

 

(220,867

)

 

 

 

 

 

 

 

 

1,745,618

 

 

 

8.87

 

Total (ADSs)

 

 

 

 

 

5,818,463

 

 

 

1,966,485

 

 

 

(777,531

)

 

 

(36,793

)

 

 

(9,258

)

 

 

6,961,366

 

 

 

 

Total (Ordinary
   Shares)

 

 

 

 

 

17,455,390

 

 

 

5,899,455

 

 

 

(2,332,593

)

 

 

(110,379

)

 

 

(27,774

)

 

 

20,884,098

 

 

 

 

 

ADSs represent three ordinary shares.