Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

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.

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 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