Derivative financial liability – current (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Financial Liability Current

Schedule of derivative financial liability


		2025 £’000				2024 £’000				2023 £’000
Equity settled derivative financial liability
At 1 January			383				4,160				85
Warrants issued			5,024				3,059				4,562
Transfer to share premium on exercise of warrants			(196	)			(3,618	)			–
Gain recognised in finance (income)/expense within the consolidated statement of comprehensive income			(2,296	)			(3,218	)			(487	)
At 31 December			2,915				383				4,160

Schedule of warrants outstanding

At 31
December
2022

Lapsed

Granted

At 31
December
2023

Lapsed

Granted

Exercised

At 31
December
2024

Lapsed

Granted

Exercised

At 31
December
2025

ADSs

December 2025 grant

–

–

–

–

–

–

–

–

–

6,097,562

–

6,097,562

July 2024 grant

–

–

–

–

–

42,630

–

42,630

(8,594

)

–

(17,018

)

17,018

May 2024 grant

–

–

–

–

–

24,214

–

24,214

(6,695

)

–

(8,085

)

9,434

December 2023 grant

–

–

23,996

23,996

(1,602

)

(17,129

)

5,265

(4,753

)

–

–

512

May 2023 grant

–

–

1,098

1,098

–

–

–

1,098

–

–

1,098

May 2020 grant

2

–

–

2

–

–

–

2

(2

)

–

–

–

October 2019 grant

1

–

–

1

–

–

–

1

(1

)

–

–

–

Ordinary shares

–

–

–

Dara warrants

–

–

–

–

–

–

–

–

–

–

–

Dara options

138

(10

)

–

128

(29

)

–

–

99

(99

)

–

–

–

*	Number and original price of warrants have been adjusted to reflect the share consolidation and ratio change of ADS’s to ordinary shares that occurred on 24 March 2023 and the ratio change of ADS’s to ordinary shares on 5 July 2023, 4 October 2024 and 31 July 2025.