10. Warrant liability

As of March 31, 2026, the former lenders of the Company have warrants outstanding to purchase a total of 1,243,908 ordinary shares at an exercise price of £2.95 per share, exercisable until August 2027 and a total of 1,243,908 ordinary shares at an exercise price of $0.4144 per share, exercisable until dates between August 2027 and October 2028. These warrants outstanding are equivalent to 0.3% and 0.3% of the issued ordinary share capital of the Company as of March 31, 2026 and December 31, 2025, respectively. There were no warrants classified as liabilities exercised during the three months ended March 31, 2026 and 2025.