| Intangible assets |
| Schedule of reconciliation of changes in intangible assets and goodwill | |
| | | |
| | | |
| | | |
| | |
| | |
In-process
research and
development
£’000 | | |
Goodwill
£’000 | | |
IT/Website
costs
£’000 | | |
Total
£’000 | |
| Cost | |
| | |
| | |
| | |
| |
| At 1 January 2023 | |
| 13,378 | | |
| 2,291 | | |
| 110 | | |
| 15,779 | |
| Acquisition | |
| 2,938 | | |
| – | | |
| – | | |
| 2,938 | |
| At 31 December 2023 | |
| 16,316 | | |
| 2,291 | | |
| 110 | | |
| 18,717 | |
| Acquisition | |
| 2,707 | | |
| – | | |
| – | | |
| 2,707 | |
| Disposals | |
| – | | |
| – | | |
| (22 | ) | |
| (22 | ) |
| At 31 December 2024 | |
| 19,023 | | |
| 2,291 | | |
| 88 | | |
| 21,402 | |
| Acquisition | |
| – | | |
| – | | |
| – | | |
| – | |
| Disposals | |
| – | | |
| – | | |
| (19 | ) | |
| (19 | ) |
| At 31 December 2025 | |
| 19,023 | | |
| 2,291 | | |
| 69 | | |
| 21,383 | |
| | |
In-process
research and
development
£’000 | | |
Goodwill
£’000 | | |
IT/Website
Costs
£’000 | | |
Total
£’000 | |
| Accumulated amortisation and impairment | |
| | |
| | |
| | |
| |
| At 1 January 2023 | |
| 13,378 | | |
| 2,291 | | |
| 104 | | |
| 15,773 | |
| Amortisation charge for the year | |
| – | | |
| – | | |
| 3 | | |
| 3 | |
| Disposal | |
| – | | |
| – | | |
| – | | |
| – | |
| At 31 December 2023 | |
| 13,378 | | |
| 2,291 | | |
| 107 | | |
| 15,776 | |
| Amortisation charge for the year | |
| – | | |
| – | | |
| 2 | | |
| 2 | |
| Disposal | |
| – | | |
| – | | |
| (22 | ) | |
| (22 | ) |
| At 31 December 2024 | |
| 13,378 | | |
| 2,291 | | |
| 87 | | |
| 15,756 | |
| Amortisation charge for the year | |
| – | | |
| – | | |
| 1 | | |
| 1 | |
| Disposal | |
| – | | |
| – | | |
| (19 | ) | |
| (19 | ) |
| At 31 December 2025 | |
| 13,378 | | |
| 2,291 | | |
| 69 | | |
| 15,738 | |
| Net book value | |
| | | |
| | | |
| | | |
| | |
| At 31 December 2025 | |
| 5,645 | | |
| – | | |
| – | | |
| 5,645 | |
| At 31 December 2024 | |
| 5,645 | | |
| – | | |
| 1 | | |
| 5,646 | |
| At 31 December 2023 | |
| 2,938 | | |
| – | | |
| 3 | | |
| 2,941 | |
The individual intangible asset which is material
to the financial statements is as follows:
| Schedule of condensed financial statements | |
| | | |
| | | |
| | | |
| |
| |
|
| | |
Carrying amount | | |
Remaining amortisation
period |
| | |
2025
£’000 | | |
2024
£’000 | | |
2023
£’000 | | |
2025
(years) | |
2024
(years) | |
2023
(years) |
| MTX228 tolimidone acquired IPRD* | |
| 2,938 | | |
| 2,938 | | |
| 2,938 | | |
n/a | |
n/a | |
n/a |
| MTX230 eRapa acquired IPRD* | |
| 2,707 | | |
| 2,707 | | |
| – | | |
n/a | |
n/a | |
n/a |
| * | asset is not yet in use and has not started amortising |
|