Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income (Loss) from Continuing Operations Before Income Taxes |
Income (loss) from continuing operations before income taxes:
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
|
$000s |
|
(Loss)/Income from continuing operations: |
|
|
|
UK |
|
|
(89,679 |
) |
Foreign |
|
|
1,078 |
|
Total |
|
|
(88,601 |
) |
|
| Schedule of Components of Tax Expense |
The significant components of income tax expense attributable to income from continuing operations for the years ended December 31, 2025 and December 31, 2024 are as follows:
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|
|
|
|
|
|
|
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|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
$000s |
|
|
$000s |
|
Current Tax Expense |
|
|
|
|
|
|
Current Year |
|
|
11 |
|
|
|
845 |
|
Changes in estimate related to prior years |
|
|
- |
|
|
|
- |
|
Total current tax |
|
|
11 |
|
|
|
845 |
|
Deferred Tax Expense |
|
|
|
|
|
|
Origination and reversal of temporary differences |
|
|
- |
|
|
|
- |
|
Recognition of previously unrecognized tax losses |
|
|
- |
|
|
|
- |
|
Recognition of previously unrecognized tax losses (derecognition of previously recognized) deductible temporary differences |
|
|
- |
|
|
|
- |
|
Taxation |
|
|
11 |
|
|
|
845 |
|
|
| Schedule of Reconciliation of Income Tax Credit |
Income tax expense (benefit) attributable to income (loss) from continuing operations for the year ended December 31, 2025 differed from the amounts computed by applying the statutory UK federal income tax rate of 25 percent to pretax income (loss) from continuing operations as a result of the following:
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|
|
|
|
|
|
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
% |
|
|
|
$000s |
|
|
|
|
UK Statutory Income Tax (Benefit) at 25% |
|
|
(22,150 |
) |
|
|
25.00 |
% |
Domestic Federal |
|
|
|
|
|
|
Tax credits |
|
|
(1,948 |
) |
|
|
2.20 |
% |
Changes in valuation allowance |
|
|
14,857 |
|
|
|
-16.77 |
% |
Non-taxable and non-deductible items |
|
|
|
|
|
|
Stock Compensation |
|
|
1,726 |
|
|
|
-1.95 |
% |
Research and Development costs |
|
|
7,881 |
|
|
|
-8.89 |
% |
Other reconciling items |
|
|
(108 |
) |
|
|
0.12 |
% |
Foreign tax effects |
|
|
|
|
|
|
Other foreign jurisdictions |
|
|
(269 |
) |
|
|
0.30 |
% |
Total |
|
|
(11 |
) |
|
|
0.01 |
% |
Reconciliation of the income tax credit at standard rate of U.K. corporation tax to the current tax credit for the year ended December 31, 2024 is as follows:
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|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
|
$000s |
|
Loss before tax |
|
|
(44,464 |
) |
|
|
|
|
UK Statutory Income Tax (Benefit) at 25% |
|
|
11,116 |
|
Income not taxable |
|
|
3,356 |
|
Foreign Tax Rate Differential |
|
|
308 |
|
Change in valuation allowance |
|
|
(15,423 |
) |
Effect of overseas taxes |
|
|
(202 |
) |
Total |
|
|
(845 |
) |
|
| Schedule of Income Taxes Paid |
A schedule of income taxes paid by jurisdiction is as follows:
|
|
|
|
|
|
|
2025 |
|
|
|
$000s |
|
UK Federal |
|
|
— |
|
Foreign |
|
|
|
Germany |
|
|
637 |
|
Other |
|
|
— |
|
Total |
|
|
637 |
|
|
| Schedule of Deferred Tax Assets |
Components of the Group’s deferred tax assets as at December 31, 2025 and 2024 are as follows:
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|
Year ended December 31, |
|
|
|
Gross |
|
|
Gross |
|
|
|
2025 |
|
|
2024 |
|
|
|
$000s |
|
|
$000s |
|
Deferred tax assets: |
|
|
|
|
|
|
Trading Losses 1 |
|
|
73,529 |
|
|
|
55,316 |
|
Share-based payments |
|
|
4,233 |
|
|
|
3,663 |
|
Capital losses |
|
|
2,651 |
|
|
|
2,467 |
|
Gross deferred tax asset |
|
|
80,413 |
|
|
|
61,446 |
|
Valuation allowance |
|
|
(80,413 |
) |
|
|
(61,446 |
) |
Total deferred tax, net |
|
|
- |
|
|
|
- |
|
(1)Included in trading losses is $8.2 million of accumulated tax losses as of December 31, 2025 ($7.4 million as of December 31, 2024) related to its operations in Germany for corporate income taxes and $7.1 million of accumulated losses related to trade taxes in its German entity ($6.5 million as of December 31, 2024).
|
| Schedule of Movements in Deferred Tax Valuation Allowance |
Movements in deferred tax valuation allowance:
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|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Valuation allowance at January 1 |
|
|
61,446 |
|
|
|
63,739 |
|
Increase/(decrease) in valuation allowance |
|
|
18,967 |
|
|
|
(2,293 |
) |
Valuation allowance at December 31 |
|
|
80,413 |
|
|
|
61,446 |
|
|