v3.26.1
Share capital and other reserves (Tables)
12 Months Ended
Dec. 31, 2025
Share capital and other reserves  
Summary of allotted, called up and fully paid shares

December 31, 

December 31, 

2025

2024

  ​ ​

No.

  ​ ​

£

  ​ ​

No.

  ​ ​

£

Ordinary, of $0.001 each

101,602,621

79,328

69,542,515

54,753

 

101,602,621

 

79,328

 

69,542,515

 

54,753

Summary of ordinary shares issued

  ​ ​ ​

Shares issued

  ​ ​ ​

Share capital issued

  ​ ​ ​

Proceeds received

  ​ ​ ​

Premium arising

No.

£

£ 000

£ 000

January 2025 Offering

15,000,000

11,972

44,203

44,066

July 2025 Offering

13,800,000

10,181

48,550

48,502

At-the-market offering

2,986,768

2,219

12,740

12,739

Tranche A Warrants

50,000

37

220

275

2021 Incentive Plan

196,262

146

EMI Scheme

27,076

20

47

47

32,060,106

24,575

105,760

105,629

Summary of nature and purpose of other reserves

  ​ ​ ​

December 31, 

  ​ ​ ​

December 31, 

  ​ ​ ​

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

£ 000

£ 000

£ 000

Share based payment reserve

 

34,215

 

27,073

 

21,140

Foreign currency translation reserve

 

11,139

 

3,910

 

1,484

Warrant reserve

 

36,638

 

13,475

 

9,292

Merger reserve

 

54,841

 

54,841

 

54,841

 

136,833

 

99,299

 

86,757