v3.26.1
Financial instruments – risk management (Tables)
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Schedule of consolidated derivative financial instruments
               
   2025
£’000		   2024
£’000		   2023
£’000		 
Cash and cash equivalents   8,534    1,669    5,971 
Trade receivables   35    11    – 
Other receivables   64    131    282 
Total financial assets   8,633    1,811    6,253 

 

Financial liabilities – amortised cost

 

   2025
£’000		   2024
£’000		   2023
£’000		 
Trade payables   97    707    314 
Other payables   17    6    7 
Accruals   1,860    1,273    857 
Deferred consideration   1,208    1,844    – 
Borrowings   61    727    464 
Total financial liabilities – amortised cost   3,243    4,557    1,642 

 

Financial liabilities – fair value through profit and loss – current

 

   2025
£’000		   2024
£’000		   2023
£’000		 
Equity settled derivative financial liability   2,915    383    4,160 
Schedule of consolidated financial assets and liabilities at fair value
            
Financial
liabilities		 Fair value as
at
31/12/2025		 Fair
value
hierarchy		 Valuation
technique(s)
and key input(s)		 Significant unobservable input(s)  Relationship of
unobservable inputs to
fair value
Equity settled financial derivative liability – Series L warrants £2,914,000 Level 3

Black-Scholes Model

 Volatility rate of 110.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 4.97 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.73% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series J warrants £1,000 Level 3

Black-Scholes Model

 Volatility rate of 115.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 3.56 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.60% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series G warrants £– Level 3

Black-Scholes Model

 Volatility rate of 115.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 3.39 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.59% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series E warrants £– Level 3

Black-Scholes Model

 Volatility rate of 115.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 2.98 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.55% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series D warrants £– Level 3

Black-Scholes Model

 Volatility rate of 120.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 2.47 years determined using the remaining life of the share options.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.51% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Total £2,915,000         

 

Financial
liabilities		 Fair value as
at
31/12/2024		 Fair
value
hierarchy		 Valuation
technique(s)
and key input(s)		 Significant unobservable input(s)  Relationship of
unobservable inputs to
fair value
Equity settled financial derivative liability – Series K warrants £ – Level 3

Black-Scholes
Model

 Volatility rate of 75.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 0.51 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.24% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            
Equity settled financial derivative liability – Series J warrants £231,000 Level 3

Black-Scholes Model

 Volatility rate of 100.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 4.56 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.36% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series H warrants £– Level 3

Black-Scholes Model

 Volatility rate of 75.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 0.39 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.29% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            
Equity settled financial derivative liability – Series G warrants £102,000 Level 3

Black-Scholes Model

 Volatility rate of 105.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
        Expected life between a range of 0.1 and 4.39 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.35% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            

 

Equity settled financial derivative liability – Series E warrants £47,000 Level 3

Black-Scholes Model

 Volatility rate of 105.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 3.98 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.32% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            
Equity settled financial derivative liability – Series D warrants £2,000 Level 3

Black-Scholes Model

 Volatility rate of 110.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 3.47 years determined using the remaining life of the share options.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.30% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            
Equity settled financial derivative liability – May 2020 warrants £– Level 3

Black-Scholes Model

 Volatility rate of 100.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 0.89 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.18% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            
Equity settled financial derivative liability – October 2019 warrants £– Level 3

Black-Scholes Model

 Volatility rate of 80.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 0.48 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.24% determined using the expected life assumptions.  The higher the risk-free rate the higher the fair value.
            
Total £383,000         

Financial
liabilities		 Fair value as
at
31/12/2023		 Fair
value
hierarchy		 Valuation
technique(s)
and key input(s)		 Significant unobservable input(s)  Relationship of
unobservable inputs to
fair value
Equity settled financial derivative liability – Series E warrants £2,592,000 Level 3

Black-Scholes Model

 Volatility rate of 90.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 0.98 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.79% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series F warrants £1,444,000 Level 3

Black-Scholes Model

 Volatility rate of 95.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 4.98 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.84% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – Series D warrants £124,000 Level 3

Black-Scholes Model

 Volatility rate of 95.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 4.40 years determined using the remaining life of the share options.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 3.93% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – May 2020 warrants £– Level 3

Black-Scholes Model

 Volatility rate of 100.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 1.88 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.23% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Equity settled financial derivative liability – October 2019 warrants £– Level 3

Black-Scholes Model

 Volatility rate of 100.0% determined using historical volatility of comparable companies.  The higher the volatility the higher the fair value.
            
        Expected life between a range of 0.1 and 1.50 years determined using the remaining life of the warrant.  The shorter the expected life the lower the fair value.
            
        Risk-free rate of 4.51% determined using the expected life assumptions.  The higher the risk-free rate
the higher the fair value.
            
Total £4,160,000         
Schedule of foreign exchange risk
               
   2025
£’000		   2024
£’000		   2023
£’000		 
Cash and cash equivalents:               
Pounds Sterling   97    212    2,244 
US Dollar   8,436    1,457    3,727 
Other   1    –    – 
Total   8,534    1,669    5,971 
Schedule of foreign currency exchange rates
               
Year ended 31 December 2025  US Dollar
£’000		   Euro
£’000		   Other
£’000		 
Loss before tax   1,068    –    – 
Total equity   1,068    –    – 

 

Year ended 31 December 2024  US Dollar
£’000		   Euro
£’000		   Other
£’000		 
Loss before tax   146    –    (1)
Total equity   146    –    (1)

 

Year ended 31 December 2023  US Dollar
£’000		   Euro
£’000		   Other
£’000		 
Loss before tax   373    2    – 
Total equity   373    2    – 
Schedule of contractual maturities of financial liabilities
                         
2025  Up to 3
months
£’000		   Between
3 and 12
months
£’000		   Between
1 and 2
years
£’000		   Between
2 and 5
years
£’000		   Over
5 years
£’000		 
Trade and other payables   1,974    –    –    –    – 
Deferred considerations   166    497    662    –    – 
Promissory note   –    –    –    –    – 
Lease liabilities   48    16         –    – 
Total   2,188    513    662    –    – 

 

2024  Up to 3
months
£’000		   Between
3 and 12
months
£’000		   Between
1 and 2
years
£’000		   Between
2 and 5
years
£’000		   Over
5 years
£’000		 
Trade and other payables   1,986    –    –    –    – 
Deferred considerations   178    533    711    711    – 
Promissory note   –    479    –    –    – 
Lease liabilities   47    142    111    –    – 
Total   2,211    1,154    822    711    – 

 

2023  Up to 3
months
£’000		   Between
3 and 12
months
£’000		   Between
1 and 2
years
£’000		   Between
2 and 5
years
£’000		   Over
5 years
£’000		 
Trade and other payables   1,178    –    –    –    – 
Lease liabilities   47    141    189    112    – 
Total   1,225    141    189    112    –