v3.25.4
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:

 

 

 

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:

 

 

 

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:

 

 

 

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:

 

 

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:

 

 

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